There is a new *FEDERAL* loan coming out for graduate and professional students! It is called the GradPLUS. It is similar to the current federal loans, especially the federal PLUS loan. Why is this loan wonderful?
1. It's federal, which means fixed interest rate and 10-25 years to repay!
2. They DO NOT use fico scores or credit ratings in the decision process!
3. The student does not require a co-signer and parental information is not a part of the application process (this is what makes it different from the original PLUS loan)!
The loan is still fairly new and not tested yet, but let me tell you I am THE perfect person to try it out as my credit has gone to hell.
**NOTE: There seems to be a caveat about not having a recent report of a current bill 90+ days past due . . . I will be sure to post when this loan becomes available (supposed to be NEXT MONTH) and my results after applying because I actually do I have late payments, although none recent**
Go here to sign up to receive the packet and be notified when the loan becomes available:http://www.edamerica.net/money/loan options/gradplus.htm
Go here to see a comparison sheet: http://www.wm.edu/financialaid/gradplusloan.pdf
1. It's federal, which means fixed interest rate and 10-25 years to repay!
2. They DO NOT use fico scores or credit ratings in the decision process!
3. The student does not require a co-signer and parental information is not a part of the application process (this is what makes it different from the original PLUS loan)!
The loan is still fairly new and not tested yet, but let me tell you I am THE perfect person to try it out as my credit has gone to hell.
**NOTE: There seems to be a caveat about not having a recent report of a current bill 90+ days past due . . . I will be sure to post when this loan becomes available (supposed to be NEXT MONTH) and my results after applying because I actually do I have late payments, although none recent**
Go here to sign up to receive the packet and be notified when the loan becomes available:http://www.edamerica.net/money/loan options/gradplus.htm
Go here to see a comparison sheet: http://www.wm.edu/financialaid/gradplusloan.pdf
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