geoanthem wrote: sentinal5656 wrote:
geoanthem wrote:What is Gradplus?
Really. Is it for loans? I guess I am not familiar with it since I don't have to take out any loans.
Everyone gets the standard Stafford loans. That will equal in some combination of unsubsidized and subsidized, $20,500. That typically never covers the full cost of tuition and living. Therefore, students need something called "GradPlus" loans to fill the GAP. These are loans you receive via a private lender. The limit is the full cost of tuition. Here a formula:
Scholarship + Stafford + GradPLus = Cost of Attendance (Tuition + Living)
If your scholarship is massive, then you might not need Stafford loans or GradPlus loans. You only go to GradPlus loans when your Stafford loans and your Scholarship cannot cover the cost. The reason for this is because the GradPlus loans have a higher interest rate.
I hope this helps. Let me know if there are any other questions.