NEW GRAD PLUS Program

LOAN LIMITS

10. How much can I borrow in PLUS Loans?

There are no set annual or aggregate limits. You may borrow up to your full cost of attendance, minus any other financial aid you receive (including Stafford Loans, scholarships, and certain fellowships).

11. Do PLUS Loan amounts count toward the $138,500 Stafford Loan aggregate loan limit for graduate/professional students?

No. Only Direct and Federal Stafford Loans (subsidized and unsubsidized) made through the Federal Family Education Loan (FFEL) Program (private lenders such as banks and other financial institutions) count toward the $138,500 aggregate.

12. Am I eligible for a PLUS Loan if I have reached the $138,500 Stafford Loan aggregate loan limit for graduate/professional students?

Yes. However, if you have exceeded the $138,500 aggregate, you must either repay the excess loan amount or make satisfactory arrangements to repay it before you can receive any additional Federal Student Aid, including PLUS Loans.

13. If I have an adverse credit history but cannot find an endorser, can I receive additional unsubsidized Stafford Loan funds?

No. If you are not eligible for a PLUS Loan, the regular Stafford Loan annual loan limit for graduate and professional students applies. You may not borrow more than $18,500 (maximum $8,500 subsidized) for an academic year. (Certain health professions students may receive increased unsubsidized Stafford Loan amounts.)

14. If I am in a health professions program that allows me to receive increased unsubsidized Stafford Loan amounts, can I also receive PLUS Loans?

Yes. You may receive PLUS Loans in addition to the increased unsubsidized Stafford Loan amounts.

Sources include U.S. Department of Education, FinAid.com, and National Council of Higher Education Loan Programs (NCHELP).

July 2006