Grad Plus Limit Question

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Villanova3
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Joined: Tue Feb 21, 2012 3:32 pm

Grad Plus Limit Question

Postby Villanova3 » Thu Apr 26, 2012 11:22 am

Hey,

I'm pretty sure I've seen this somewhere before but can't remember... but, Grad PLUS loans are unlimited, right? Like you can borrow as much as COA and COL, etc., as long as you're in school, correct?

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tedalbany
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Joined: Wed Apr 11, 2012 11:15 pm

Re: Grad Plus Limit Question

Postby tedalbany » Thu Apr 26, 2012 11:24 am

Yes, but no more than COA (COA = Tuition + COL).

Villanova3
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Joined: Tue Feb 21, 2012 3:32 pm

Re: Grad Plus Limit Question

Postby Villanova3 » Thu Apr 26, 2012 11:30 am

Got it; thanks!

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mxmatt137
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Re: Grad Plus Limit Question

Postby mxmatt137 » Fri Apr 27, 2012 4:53 pm

This is actually NOT true. The Federal Grad PLUS loan has a maximum of $8,500 per year, regardless of COA. The Federal Stafford Loan that is for grad students has a maximum of $20,500 per year. In other words the maximum amount you can obtain from the federal government (aside from grants) is $29,000 or COA, whichever is lower.

Edit: For Federal Loans the COA that they consider is COA minus any scholarships.

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birdlaw117
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Re: Grad Plus Limit Question

Postby birdlaw117 » Fri Apr 27, 2012 4:57 pm

mxmatt137 wrote:This is actually NOT true. The Federal Grad PLUS loan has a maximum of $8,500 per year, regardless of COA. The Federal Stafford Loan that is for grad students has a maximum of $20,500 per year. In other words the maximum amount you can obtain from the federal government (aside from grants) is $29,000 or COA, whichever is lower.

Edit: For Federal Loans the COA that they consider is COA minus any scholarships.

No. Subsidized Stafford limit is 8500. Total Stafford is 20,500. Grad Plus can cover the remainder up to COA.

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RedBirds2011
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Joined: Wed Nov 02, 2011 3:26 pm

Re: Grad Plus Limit Question

Postby RedBirds2011 » Fri Apr 27, 2012 4:57 pm

mxmatt137 wrote:This is actually NOT true. The Federal Grad PLUS loan has a maximum of $8,500 per year, regardless of COA. The Federal Stafford Loan that is for grad students has a maximum of $20,500 per year. In other words the maximum amount you can obtain from the federal government (aside from grants) is $29,000 or COA, whichever is lower.

Edit: For Federal Loans the COA that they consider is COA minus any scholarships.


No. What you said is not true. Gradplus covers any additional costs AFTER the initial 20,500 or whatever. If people could only take out as much as you say, there really wouldn't be a debt problem like there is. Unless of course I just misunderstood you. Reread it, nope didn't misunderstand.




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