1330 Fin Aid Grad Plus Application qxp - southalabama-2025

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  1. Click ‘Get Form’ to open the 1330 Fin Aid Grad Plus Application in the editor.
  2. Begin by entering your personal information, including your last name, first name, middle initial, Social Security number, and date of birth. Ensure accuracy as this information is crucial for processing your application.
  3. Fill in your permanent address, city, state, ZIP code, and telephone number. Optionally provide an email address for communication regarding your application.
  4. Indicate your citizenship status by selecting either 'Yes' or 'No' for U.S. citizenship. If you are a resident alien, enter your Resident Alien Number.
  5. In the Loan Request Information section, select the terms for which you wish to apply and specify the loan amount if not requesting maximum eligibility.
  6. Complete the Grad PLUS denial section if applicable, indicating whether you will appeal a credit decision or seek an endorser.
  7. Review and sign the Student’s Certification/Statement of Educational Purpose and Credit Record Authorization sections to confirm your understanding of responsibilities and consent to credit checks.
  8. Finally, authorize the disbursement of funds and review repayment responsibilities before submitting your completed application to the Financial Aid Office.

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PLUS loans have large borrowing limits, making it possible to take on too much debt. How PLUS Loans Work. Danger 1: Theres No Automatic Grace Period. Danger 2: PLUS Loans Arent Eligible for Most Income-Driven Repayment Plans. Danger 3: You Can Easily Borrow More Than You Need.
These lawmakers argue that unlimited borrowing under the program inflates the cost of graduate degrees and places an undue debt burden on students. Theyve introduced bills such as the College Cost Reduction Act of 2024, which proposed eliminating Direct PLUS loans.
Here is the TLDR: Graduate PLUS loans are eliminated for new students on July 1, 2026. Current students are permitted to borrow Graduate PLUS loans for up to three years. New loan limits begin on July 1, 2026 for new students. Current students/borrowers are exempt from the new lending limits for up to three years.
Key Takeaways. The Big Beautiful Bill eliminates Grad PLUS loans for new borrowers after July 1, 2026, requiring graduate students to seek alternative funding options. Federal borrowing caps for graduate and Parent PLUS loans have docHubly decreased, potentially causing funding shortfalls.
What Are Some Reasons to Avoid PLUS Loans? First, PLUS loans have no automatic grace period. Then theres the fact they arent eligible for most IDR plans. Then, borrowing too much is easy to do, and finally, theyre nearly impossible to get out of, even in bankruptcy.

People also ask

PLUS Loans for Graduate and Professional Students With benefits similar to the traditional PLUS loan for parents, the graduate student PLUS loan program (GradPLUS) allows graduate students or professional students to borrow up to the cost of education at a particular institution minus any other financial aid.
Yes, Grad PLUS Loans are eligible for certain forgiveness programs.
Since there is no minimum credit score for a Grad PLUS Loan, you may also want to review your credit history. You can review your credit report from all three credit bureaus: Equifax, Experian, and TransUnion. Your credit reports include details for every credit account under your name and their payment status.

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