Are you already graduating this spring and need to start paying back your student loans? No matter what stage you’re in in life, it’s never too late to take action now. Here’s how you can apply for your Grad Plus Loan today!
How to Apply for Your Grad Plus Loan
If you are wondering how to apply for your Grad Plus Loan, here are the steps to help you through your application.
To apply for your Grad Plus Loan, you will need to fill out the Free Application for Federal Student Aid. This form can be found online at fafsa.gov and is only available to U.S. citizens or permanent residents who have been accepted into an eligible institution or are a dependent of an eligible student. You will also need to provide documentation that verifies your identity, including a copy of your passport, birth certificate, or driver’s license and two proofs of residency.
Benefits of a Grad Plus Loan
A Grad Plus loan is a type of undergraduate or graduate student loan designed for students who are pursuing their degree or certificate at a less expensive school. Many schools offer a Grad Plus loan to their students and it can be used for all aspects of education, including tuition, fees, books, supplies and more.
Grad Plus loans allow students to finance their education by borrowing money from the government, in exchange for payments over ten years. Grad Plus loans are available to undergraduate and graduate students who are attending an eligible institution. The maximum loan amount is $20,000.
Examples of Loans
One of the most common types of loans that a graduate student could take out are federal loans. You can apply for a Grad Plus (or Parent Plus) Loan to help you pay for your education.
A student loan can provide the financial aid needed to cover many of life’s expenses. Whether students opt for a Stafford Loan, Perkins Loan, or other type of loan, they will have to submit an application for the loan in order to borrow money. There are two types of loan applications: federal and private.
Getting Started with the Application Process
The first thing that you need to do after deciding to apply for the Grad Plus loan is to figure out if the program is right for you. Once you’ve done that, read the Frequently Asked Questions and find out more information on www.gradplusloan.com and then enroll in an application appointment!
The process starts by following the links and filling out the application. You will need to select the federal school in which you are applying and will then be directed to complete a number of questions about your personal and financial situation. Your application can take up to 45 minutes.
Tips on What to Avoid When Applying
One tip that borrowers commonly overlook is to avoid using loan funds to pay for expenses not related to the loan. For example, when applying for a Grad Plus Loan, it’s not wise to use the funds on groceries or rent as they are not part of your monthly living expenses.
Be sure to avoid any errors or omissions. If you have made a mistake with your loan application, this could delay processing and cause you to be in a situation where you would need to reapply. It’s important to address any questions you have about your loan application.
Alternatives to the Grad Plus Loan
The Grad Plus Loan is a loan for students who are not eligible for other federal loans because their family’s income is too high. The eligibility requirements are the same as with any other loan: you must have a FICO score of 580 or higher and demonstrate financial need. You can use the Grad Plus Loan to cover tuition costs, books, living expenses while in school and even some on-campus apartments.
You can receive a Grad Plus loan if you are a graduate student and you have been working for at least 10-months. The loan is not limited to just graduate students, however, they must be employed and they cannot have otherwise received any other federal borrowing. A few other alternatives include taking out a private loan or getting a job at the company that will be sponsoring your degree.
The application process is easy, and the loan is approved in as little as 30 minutes. Plus, if your loans are awarded, credits and scholarships are also given to you automatically. Don’t hesitate any longer – apply today!
With the Fall semester coming, now is the time to apply for your Grad Plus Loan. For those who have a high school diploma or GED and are attending a 2 or 4-year, public institution of higher education, you can apply for a loan of up to $5,500 a year. That could be used on tuition and fees, books and supplies, transportation, living costs, and even computer equipment!