NEW Graduate PLUS Loan

Program Information

Program Information	A federal loan program for graduate and professional students.
School Requirements	Title-IV eligible.
Eligibility Criteria	Student must be a U.S. citizen or eligible non-citizen, a graduate or professional student enrolled at least half-time, and not be in default or owe a refund on any federal student aid program.
Primary Borrower	Graduate or professional student.
Endorser/Cosigner Option	Yes.
Online Cosigner/Endorser Process	No.
FAFSA Completion	Yes.
School Certification Required	Yes.
Credit Check	Yes.
Credit Cleanup Service	Yes.
Interest Rate	8.5% fixed; set by the federal government.
Interest Rate Cap	8.5%
Fees	Guarantee/Federal Default Fee: Up to 1% Origination Fee: 3%**
Annual Loan Limits for AY 06-07	Cost of attendance minus financial aid received.
Grace	Yes. ⁽¹⁾
Deferment	In-school, unemployment, economic hardship, graduate fellowship, military deferment.
Forbearance	Yes.
Repayment Term	Standard is up to 10 years; up to 25 years for eligible borrowers.
First Payment Due Date	Within 60 days of final loan disbursement. In-school deferment will be automatically granted based on school certification.
Repayment Incentive	Yes.
Online Application	Yes.
Loan Forgiveness Due to Death, Disability and Identity Theft	Yes.
Application/MPN Availability	Yes.
Federal Consolidation-eligible	Yes.
**Deducted from loan amount. ⁽¹⁾ Repayment of Graduate PLUS loan may be aligned with grace period on any Stafford loan.

For more information, please e-mail us at AMSGradPLUS@amsweb.com.