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Additional Information for Graduate Students

Graduate/Professional PLUS Loans
If you are a graduate or professional student, consider a Graduate/Professional PLUS loan before an alternative loan or maxing out your credit cards. Unlike some alternative loans that come with variable rates that can climb several times a year, this loan has a fixed rate for the life of the loan.

Grad PLUS borrowers are eligible to borrow up to the cost of attendance. You complete the Free Application for Federal Student Aid (FAFSA) and pass a credit check prior to the loan being processed.

Learn more about Grad PLUS loans and how to apply.

Alternative Loans
Borrowing an alternative loan is a serious financial commitment. Alternative loans have higher interest rates and most charge fees making them more expensive than federal loan options. Be sure to exhaust all federal loan eligibility before borrowing an alternative loan.

If an alternative loan is needed, graduate borrowers will secure better terms and pricing by adding a credit worthy co-signer to their application. Always check the interest rate, fees, interest capitalization policy, repayment period, prepayment penalties and other terms and conditions of the loan before you sign a promissory note.

Also, many lenders offer separate loans for professional areas of study such as medical, dental, law or MBA programs. These alternative loans may offer more competitive interest rates, fees and repayment terms for specific programs of study. Be sure to indicate your program of study during the alternative loan process to see if lenders offer loans within your area of study.