Review:
Grad Plus Loans
overall review score: 3.5
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score is between 0 and 5
Grad Plus Loans are federal student loans available to graduate or professional students to help cover higher education costs that are not fully met by other financial aid. These loans typically have higher borrowing limits and may require a credit check, providing additional financing options for students pursuing advanced degrees.
Key Features
- Available to graduate and professional students enrolled at least half-time
- Unsubsidized loan, meaning interest accrues from disbursement
- Loan limits can be used to cover the full cost of attendance minus other financial aid received
- Fixed interest rates set annually by the federal government
- Repayment begins after graduation, unemployment, or dropping below half-time enrollment
- Eligibility requires a credit check; co-signers are generally not permitted
Pros
- Provides additional funding options beyond subsidized loans
- No requirement for demonstrating financial need
- Flexible borrowing limits for qualified students
- Fixed interest rate offers predictable repayment terms
Cons
- Higher interest rates compared to subsidized loans
- Interest accrues from disbursement, increasing the total amount owed
- Requires a credit check, which can be a barrier for some applicants
- Potential for substantial debt if not managed carefully