Federal Graduate PLUS LoanFederal loan to help fill the gap between the total cost of attendance and the combined amount of all other scholarships, grants, and federal institutional aid. Borrowers must meet credit requirements for this loan.Interest Rates and FeesFixed 8.5% interest.Up to a 3% origination fee to the government and up to a 1% insurance fee to the loan guarantor may be charged. These fees are deducted from the loan amount prior to disbursement. Loan MaximumThe maximum amount is limited by the actual cost of attendance minus the combined amount of all other scholarships, grants, federal, and institutional aid.RepaymentRepayment begins after disbursement but graduate studnets can request a deferment while they are in school. The minimum monthly payment is $50. However, because the maximum loan repayment term is 10 years, monthly payment may be higher. There is no pre-payment penalty for early repayment of Stafford loans. There are several repayment options available to PLUS borrowers, such as graduated repayment, income-sensitive repayment, and extended repayment. In addition, there are deferment and forbearance options. Borrowers should review all options carefully before they enter repayment |
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