The Graduate PLUS loan, or GradPLUS loan, is a low, fixed interest rate student loan guaranteed by the U.S. Government. The Grad PLUS loan is a non-need credit based loan similar to a private student loan with the benefit of having a fixed interest rate and federal guarantee.
The GradPLUS Loan allows graduate students to borrow the total cost for their graduate school needs, including tuition, room and board, supplies, lab expenses, and travel, less any other aid. Key benefits include:
* Interest rate on the Graduate PLUS Student Loan is fixed at 7.9%
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* GradPLUS payments can be deferred while you are in school
* Cosigner not required
* Interest is tax deductible for most grad students