Graduate Plus Loan
The Graduate PLUS Loan, like its undergraduate counterpart, has a low interest rate and can be used to pay for the total cost of education less any aid a student has already been awarded. Also like the undergraduate version, eligibility for the Graduate PLUS Loan is largely dependent on the borrower’s credit rating and history, as opposed to the Direct Loan. The annual interest rate is fixed at 7.21 percent. It has a 4.292 percent origination fee and no grace period.