GradPlus Direct Loans
The GradPLUS Loan is based on the original PLUS Loan which was designed for parents of undergraduate students. Unlike the original, GradPLUS is borrowed by the student, not the parent. Since there is a credit-worthiness evaluation involved, a parent or other endorser may be added if the student is not approved. Only a small percentage of students do not pass the credit check. Harvard University is a Direct Lending School, so our Subsidized, Unsubsidized and PLUS Loans are processed through Direct Loans. Through that program, a lender is not involved since the loans are handled directly from the Department of Education.
All students should review all information pertaining to the different programs that are offered before choosing which is best for them. Please review the loan comparison worksheet.
Interest Rate and fees
The GradPLUS loan is a federal loan with a fixed 7.21% interest rate and a 4.292% federal guarantee fee.
To qualify, applicants must be a U.S. citizen or permanent resident and must have a satisfactory credit history. Individuals who apply and are turned down credit check are eligible to obtain an endorser (co-signer) and reapply. Borrowers are eligible to borrow the difference between their academic budget and other awarded aid.