The government of the United States has made it possible for students at the undergraduate and graduate level to be able to pursue tertiary education, thanks to PLUS loans and graduate PLUS loans. These loans have been made available to help parents with good credit ratings borrow up to the cost of attendance for their undergraduate kids. In the case of graduate loans, students wishing to pursue graduate studies can also gain access to funding to accomplish that. While there are conditions for acquiring either of these loans, meeting the criteria is very straightforward and has allowed many kids the opportunity to gain tertiary qualification.
PLUS loans can be used for just about any undergraduate related expense, including tuition, books, supplies and housing. The main factor is that financial aid from other sources would have to be deducted from the total amount needed, after which the PLUS loan is issued. What most people like about the PLUS loan is the fact that there are flexible re-payment terms, as well as the option to defer payments. This simply means that the parents can wait until their child has finished his or her studies before starting to repay the loan.
Federal Education Services, a federal student loan funding company, offers a Graduate PLUS Loan Program that extends directly to graduate and professional students the same benefits that traditional PLUS loans extend to the parents of undergraduate students.
The Graduate PLUS loan is a federally sponsored student loan that offers generous borrowing limits. Graduate and professional student borrowers can cover the full cost of their graduate education (less any financial aid received), including tuition, room and board, books, supplies and even computers.
To be eligible for a Graduate PLUS loan, students must be a U.S. citizen or an eligible noncitizen. Graduate PLUS loans offer several repayment options including deferred repayment while students are enrolled in school at least half time. There never are any prepayment penalties. Federal Education Services makes a graduate degree more available to student borrowers who wish to take their higher education to the next level.