Direct Stafford Loans-Graduate Plus Loans
Direct Stafford Loans
� Graduate students are eligible and they will have to be enrolled at least part -time
� Economic conditions is not really essential, funds are released based on cost of education for the program the student is attending.
� If economic requirements are verified, the U.S. Department of Education will pay the interest that ensues on this loan during assured periods
� The money is borrowed directly from the U.S. Department of Education at contributing schools
� The settlement is directly to the U.S. Department of Education. More or less 10-30 years will be given for repayment, depending on total allocated funds and kind of settlement plan chosen
� Interest will be adjusted annually and also it will depends on the position of loan repayment like settlement, grace, etc.
� Eligible for consolidation.
Graduate PLUS Loans
� Students must be enrolled at least part -time in a graduate or professional program
� May be obtained irrespective of income
� You can borrow up to the cost of your education minus other predictable economic support required in both the FFEL and Direct Loan Program(s).
� Have to apply through Federal Sub/Unsubsidized Stafford Loan Program.
� Credit check is necessary, must not have a bad credit history
� Settlement starts on the date of the last payment of the loan (no grace period)
� Fixed interest rate of 8.5% in the FFEL program and 7.9% in the Direct Loan program
� Eligible for consolidation