Graduate Plus Loan?

Paying for College
1

<p>I am simply just curious about this. </p>

<p>Is the Graduate Plus loan like the Parent Plus loan? </p>

<p>Do you have to have parents to try and apply for it. </p>

<p>Also, what is the credit criteria and income criteria for the Graduate Plus Loan? Is it as easy to get as the Parent Plus Loan?</p>

<p>I am just thinking ahead a smidgen and wondering.</p>

2

<p>From Wachovia Bank:</p>

<p><a href=“http://www.wachovia.com/personal/page/0,,325_496_9159,00.html[/url]”>http://www.wachovia.com/personal/page/0,,325_496_9159,00.html&lt;/a&gt;&lt;/p&gt;

<p>The Graduate PLUS Loan is an affordable, low-interest loan for graduate and professional students.</p>

<p>Cover the Total Cost of Education
The Graduate PLUS Loan can be used to cover up to 100 percent of your total cost of education, minus other financial aid you’ve been awarded. The total amount can pay for tuition, books, food, housing, transportation, and more.</p>

<p>Though eligibility for this loan is not based on household income, assets or financial need, you will be required to pass a credit check. However, many students with limited or no credit history can qualify for this loan.</p>

<p>By choosing us for your Graduate PLUS Loan, you get:</p>

<p>An immediate reduced fixed interest rate of 7.9%, only from Wachovia</p>

<p>A rebate equal to 3% of your loan amount 6 months after disbursement</p>

<p>The freedom to make no payments while enrolled at least half-time </p>

<p>Fast access to funds, including pre-approval in minutes </p>

<p>No collateral requirements or income limitations </p>

<p>Flexible repayment options </p>

<p>Graduate PLUS vs. Private Loans</p>

<p>The Graduate PLUS Loan can be a better option than taking out a private education loan. Most private loans come with a variable interest rate that may adjust several times a year with no interest rate cap. The PLUS Loan, on the other hand, offers a competitive fixed rate for the life of the loan. And with the PLUS Loan, your income and credit score will not affect your eligibility.</p>

3

<p>Simple answer:</p>

<p>GradPlus is only for GRADUATE students - where ParentPlus loans are what your parent woudl take out in the students behalf during Undergraduate years. </p>

<p>GradPlus = In the students name
ParentPlus = In the parents’ name</p>

4

<p>Thank you smartie sybbie. I was just thinking ahead a smidgen and all because I do not earn my BS until this time next year.</p>

<p>I was thinking that one would have to have parents for the Graduate Plus Loan!</p>