Graduate PLUS Loans
Graduate PLUS Loans are additional Federal Loans for graduate or professional students and are similar to Parent PLUS Loans. Under this program, Graduate or Professional students may borrow up to their cost of attendance minus other aid received.
Grad students are required to have completed the Free Application for Federal Student Aid (FAFSA) and must undergo a credit check.
| Example: |
| Total Cost of Attendance | $20,000 |
| Financial Aid Received |
- $3,000 |
|
| Graduate PLUS Loan Eligibility | = $17,000 |
Applicants for Graduate PLUS Loans are required to have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate PLUS Loan.
- Low interest rates, currently 8.50% fixed (7/1/2006)* APR
- Covers up to 100% of education cost
- Automatically deferred while in school
- Flexible repayment terms (no prepayment penalties)
- Interest paid may qualify for a tax deduction**
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Easy to apply - get loan Pre-Approval in minutes or
Questions?
Whether you're just getting started or you're already part way through the process, Commerce can help. Just call, click, or come by and we'll help you through the process to find the solution that is right for you.
†To send an email that contains confidential information, please visit the Secure Message center where there are additional instructions about whether to use Secure Email or Online Banking messaging.
Subject to credit approval.
* Interest rates are effective 7-1-2006. The rates and other information set forth above have been obtained from sources deemed reliable, but do not constitute representations of Commerce Bank, nor shall this be considered an offer by Commerce Bank to fund any loan at rates other than those established by the United States Department of Education.
** Consult a tax advisor for details. IRS Publication 970, Tax Benefits for Higher Education, explains these credits and other tax benefits.
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