The Graduate PLUS Loan can cover the full cost of attendance for your graduate program, with the exception of other financial aid received – like scholarships, fellowships, grants, etc. There is no aggregate loan limit. The cost of attendance includes: Tuition and fees.
Beside above, can you be denied a Grad PLUS loan?
Options If Your Federal Direct PLUS Loan is Denied
If the Direct PLUS application is denied, you can obtain an endorser. … You will need to complete a Master Promissory Note (MPN) for each endorsed loan.
Secondly, can you use Graduate PLUS loan for living expenses?
They may also be borrowing their first Graduate PLUS loan, federally backed student debt, which covers up to the full cost of graduate school, including living expenses, minus any other financial aid.
How can I increase my student loan amount?
If you are a dependent student for financial aid purposes, and your parent wishes to request a PLUS (parent) Loan, or wishes to request a PLUS loan increase, he/she should submit a Federal PLUS loan request form to the Financial Aid Office.
Parent Plus Loan request can only be requested from the parent who was approved on the Plus Loan application. If you have an approved endorser on your application then the increase request would have to be done at www.studentloans.gov. Increase amount request will be approved by the financial aid office.
The maximum amount you can borrow each academic year in Direct Unsubsidized Loans ranges from $5,500 to $12,500 for undergraduates, depending on your year in school and your dependency status. Direct Unsubsidized Loans have an annual limit of $20,500 for graduate or professional students.
$138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
If you are a graduate or professional student, you can borrow up to $20,500 each year in Direct Unsubsidized Loans. Direct PLUS Loans can also be used for the remainder of your college costs, as determined by your school, not covered by other financial aid.
|Max Loan Length||30 years, depending on amount borrowed and repayment plan chosen|
|Max Loan Amount||$2,625 to $8,500|
|Fees||Up to 4% of the loan|