Why federal grad PLUS loans are best for graduate students without a co-signer: While grad PLUS loans check your credit, there is no minimum credit score threshold, and these loans let you borrow up to the full cost of your education.
Overview: Grad PLUS loans are designed for graduate and professional students. Grad PLUS loans have higher interest rates than Direct Unsubsidized Loans, but they also have higher loan limits — up to the full cost of your education. A co-signer is not required, although you may need an endorser if you have an adverse credit history. Like Direct Unsubsidized and Subsidized Loans, these loans give you access to income-driven repayment plans, extensive forbearance programs and more.
- Borrow up to the full cost of attendance, minus other financial assistance you receive.
- Access to federal protections and benefits.
- No minimum credit score requirement.
What to watch out for:
- Requires a credit check.
- Higher interest rates than those of other federal loans.
- Steep origination fees.
- Federal grad PLUS loans
- Fixed: 6.28%
- LOAN AMOUNT:
- Up to the total cost of attendance
- LOAN TERMS:
- Standard repayment is 10 years
- MIN. CREDIT SCORE:
- Origination fee: 4.228%