Direct PLUS Loans are federal loans that graduate or professional students can use to help pay for college or career school. PLUS loans can help pay for education expenses not covered by other financial aid.

Can you get loans for a master’s degree?

Federal loans available to grad students include unsubsidized Stafford and Graduate PLUS loans. Students need to pass a credit check to take out a PLUS loan, and those with a bankruptcy, foreclosure or an account in collections may be denied.

What is the maximum you can borrow for graduate school?

$20,500
If you are a graduate/professional student, the maximum amount you can borrow each academic year is $20,500 in Direct Unsubsidized Loans. A graduate/professional student is also eligible to borrow a Direct PLUS Loan.

Can you get unsubsidized loans for grad school?

Direct Unsubsidized Loans are available to both undergraduates and graduate or professional degree students. You are not required to show financial need to receive a Direct Unsubsidized Loan.

Are graduate PLUS loans eligible for forgiveness?

Yes. Direct PLUS Loans are made to graduate or professional students and to parents of dependent undergraduate students. Like other Direct Loans, Direct PLUS Loans are eligible for PSLF.

Does Pell Grant cover graduate school?

Federal grants for graduate students Pell Grants are generally for undergraduate students only. However, there are several federal programs that offer money to graduate students. Federal grants are generally need-based, but they can also be available for a student who is studying to fill a special need or discipline.

Is there a lifetime limit on Grad PLUS loans?

Currently, graduate and professional degree students can borrow from the Grad PLUS Loan program up to their cost of attendance (COA) per academic year, with no lifetime limit.

Are there any student loans for Graduate School?

This overall limit includes any federal direct loans that you previously borrowed, including to obtain an undergraduate degree. Interest rates are set every year and are somewhat higher for graduate students than for undergraduate students.

Where can I get a Graduate PLUS loan?

Federal loans are funded by the federal government, and you apply for Federal Direct Loans and Direct Graduate PLUS Loans by filling out a FAFSA. Private student loans are offered by banks and credit unions, and you apply directly from the lender.

Are there any government programs for student loan forgiveness?

As a general rule of thumb, most people who receive student loan forgiveness have federal Direct Loans. But student loan forgiveness programs are a possibility for certain private loans as well. If you’re buried under a mountain of student loan debt, you could qualify for student loan forgiveness.

What’s the current interest rate on graduate student loans?

Each year, under federal law, Congress sets the interest rate on federal student loans with an effective date of July 1. The current interest rate for Direct Unsubsidized Loans for graduate students from July 1, 2016 – June 30, 2017 is 5.31%.