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Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government, student loan lenders and others. Student loans without ...
Direct PLUS Loan: The direct PLUS loan is a federal loan that graduate or professional students and parents of undergraduate students can use to pay for their education. These loans can be used to help pay for education expenses not covered by financial aid. The Direct PLUS loan is not based on financial need, but credit is necessary.
Graduate PLUS is a type of federal student aid, in the form of student loans, which is available to graduate and professional students. [1] Similar to the Parent PLUS loan for parents of dependent undergraduate students , the Graduate PLUS loan is an unsubsidized federally guaranteed education loan with no annual or aggregate limits.
Private student loan programs generally issue loans based on the credit history of the applicant and any applicable cosigner, co-endorser or coborrower. [9] Students may find that their families have too much income or too many assets to qualify for federal aid, but lack sufficient assets and income to pay for school without assistance. [ 10 ]
Except for Direct PLUS loans for graduate and professional students and the parents of undergraduate students, there is no student loan credit score requirement included for federal student loans.
As of September 29, 2022, borrowers with federal student loans not held by the Education Department are not eligible for debt relief by consolidating those loans into federal direct loans.
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