Grad PLUS Loans were created to help professional and graduate students cross the chasm between their financial aid and their graduate degrees. Federal Grad PLUS Loans are similar to traditional FFELP PLUS Loans, and Direct PLUS Loans. However, with the Federal Grad PLUS Loan, the student is the borrower and is the party responsible for the financial obligation.
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In order to qualify for Grad PLUS Loans, the applying student must pass a credit check.
Factors which may prevent a student from qualifying for Grad PLUS Loans are:
Payment delinquency – The applicant has an outstanding debt which has a delinquency in payment of 90 days or more.
Bankruptcy – The applicant has had a debt discharged through a bankruptcy within five years of applying for the loan.
Default – The applicant has received a determination of default on a debt, tax lien, garnishment of wages, or Title–IV write-off within five years of applying for the loan.
Grad PLUS Loans are available to students that need to pursue their professional or graduate degrees and have a good credit history and meet the eligibility requirement necessary to successfully meet their financial obligations. Just as with traditional PLUS Loans, if the student is not able to qualify for the loan, a credit worthy endorser may be able to cosign the loan for the student. Interested students should check with their lender regarding the determination of endorsers for Federal Grad PLUS Loans.
As with traditional Federal PLUS Loans, the current interest rate on Grad PLUS Loans is fixed at 8.5% , yet there are lenders which are offering discounts on the loans. There are also no limitations on the amount which can be borrowed either. The formula for calculating the loan, is based on the Cost of Attendance (CoA), minus the amount of any financial aid received. Repayment for PLUS Loans is required 60 days after the final disbursement of payment.
No Credit Check School Loans
Many students that prepare themselves for higher education need a no-credit check student loan. After years of discipline, Hard work, and preparation in elementary and high school, many students are facing the greatest hurdle in realizing their dreams: skyrocketing tuition costs. Without extensive work history, credit score, or bill payment record, so no credit history, these students must aggressively pursue various options to meet the financial requirements of acquiring a continued academic education. Fortunately, there are many types of no-credit check student loans available.
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The options available to students to get a loan without a credit check may seem daunting at first sight, however this is truly not the case. In fact, all loans from the Federal Direct Student Loan Program require absolutely no credit check, and except in instances of previous Federal Direct Student Program Loans being in default, there are literally no restrictions on access to these loans based on credit history or score.
The benefits of loans not requiring student credit scores include:
• Prevents exorbitant interest rates
• Circumvents cosigner requirements
• Facilitates covering an otherwise insurmountable cost of college
• Allows the development of student credit
Private lending institutions, which are unaffiliated with the Department of Education, regularly offer student loans in lieu of a built-up credit history. Students and their parents can access these loans almost instantly throughout the academic year unlike traditional government student loan award money. In addition, lenders frequently offer competitive rates similar to those offered by the government as the result of price competition between the two entities over academic lending.
In many instances, no credit check student loans actually provide students with their first introduction into the world of credit ratings. In order to appreciate fully the opportunity to receive no credit check student loans, students should understand the lifelong implications associated with one’s credit rating. Institutions, organizations, and agencies extending this type of loan afford students a foundation to establish a satisfactory credit rating when preparing for the future. There are various stipulations attached to these loans and consultation with an applications specialist is necessary.
The two of the most popular Federal Direct Loan Program awards are Perkins Loans and Stafford Loan, which the Department of Education reports 2.9 million students opted to borrow for the academic year ending in 2013. The primary mandate for both of these loans is providing an opportunity to students experiencing financial hardships that would otherwise prohibit or exclude attending an institution of higher learning.
They are eligible to be used in conjunction with grants or any other sources of funding, which students may qualify for in the Federal Direct Student Loan Program, as well as any other university provided financial aid package or personally achieved scholarships. The Perkins and Stafford Loans offer below market interest rates (5.0% and 6.8% respectively in earlier years, but much lower now), and afford generous repayment terms for students and their grateful parents.
Being prepared is essential. The benefits granted are highlighted within the array of simple qualification requirements; no credit scores, no cosigner, and liberal repayment terms accent the ease of qualifying. A consultation with an application specialist will stipulate any additional terms based upon the loan program selected to best meet your individual needs.