Repayment
No payments due while you’re in school.
Your repayment on your Grad PLUS student loan is set to begin 30 to 60 days after the final disbursement of your student loan funds.
But as long as you’re still in school, you can request to defer making any student loan payments until you’ve graduated or dropped below half-time enrollment. Just give us a call!
Get more time to repay.
The standard repayment term for a Grad PLUS student loan is 10 years.
But consolidate your Graduate PLUS loans, and get up to 30 years to repay.
You’re eligible to consolidate your Grad PLUS and other federal student loans once you’ve left school.
Repay early with no prepayment penalties.
You won’t be ever be charged for making more than the minimum payment or for paying off your Grad PLUS loan early.
What if I have trouble making my payments?
Once you’ve received all your Grad PLUS loans, you can choose from different repayment options, such as income-sensitive and extended payment plans, which can help make your student loan repayment more affordable.
If you’re unemployed or experiencing financial difficulties, you may qualify for deferment or forbearance benefits. With the deferment and forbearance benefits that come with your Grad PLUS student loan, you can temporarily postpone making payments without affecting your credit rating.
If I’m temporarily not making any student loan payments because I’m in school, in deferment or in forbearance, am I still being charged interest?
Yes. Even if you’re deferring repayment on your Grad PLUS loan while you’re in school or while you’re in any other deferment or forbearance period, your Grad PLUS loan will be accruing interest. Any unpaid interest that accrues during a deferment or forbearance period will be added to the principal of your Grad PLUS loan for you to repay once your repayment resumes.
If you want to avoid having any accrued interest added to your principal college loan balance, you can choose to make interest-only payments on your Grad PLUS loan during any of these postponement periods.
What are my repayment options?
You have four student loan repayment plans available to you for your Federal Grad PLUS Loan. Besides the standard 10-year repayment plan, once you’ve received your final Grad PLUS disbursement, you can also choose one of three alternate payment plans that could help make repayment more affordable:
- Standard Repayment: the typical repayment period for a Federal Grad PLUS Loan is 10 years. In a standard repayment plan, the monthly payment amount on your Grad PLUS student loan will remain the same throughout your repayment period.
- Extended Repayment: a repayment plan that allows you to extend your repayment period up to a 25-year term, depending on your loan amount. This option is available to you if your college loans total more than $30,000 and if you received your first student loan on or after October 7, 1998.
- Graduated Repayment: a repayment plan that allows you to start with a lower monthly payment and then gradually increases the monthly payment amount over the repayment term. The payment amount generally increases every two years and must be at least enough to cover the monthly interest.
- Income-Sensitive Repayment: a repayment plan that bases your monthly payment amount on your monthly income. The monthly payment must be at least enough to cover the monthly interest. You’ll need to submit income documentation to qualify for this repayment plan, and you need to requalify each year.
What’s a Grad PLUS loan?
Who qualifies?
How do I apply?
How much can I borrow?
How much do Grad PLUS loans cost?
What’s my interest rate?
Grad PLUS loan FAQs
