Graduate/Professional Loan Comparison Chart
Important Note: Federal Direct Loans should always be borrowed before borrowing a Grad PLUS or a Private Alternative Loan
|
FEDERAL DIRECT UNSUBSIDIZED LOAN |
FEDERAL DIRECT GRAD PLUS |
PRIVATE ALTERNATIVE LOAN |
|
|
INTEREST RATE |
Fixed at 7.94 percent for loans disbursed between July 1, 2025 and June 30, 2026 |
Fixed at 8.94 percent for loans disbursed between July 1, 2025 and June 30, 2026 |
Accrues quarterly or monthly at variable rate determined by lender |
|
INTEREST RATE CAP |
9.50 percent |
10.50 percent |
Varies by lender and loan |
|
IN-SCHOOL INTEREST |
Yes |
Yes |
Yes |
|
LOAN FEES (FOR LOANS FIRST DISBURSED) |
1.057 percent between 10/1/20 and 9/30/25 |
4.228 percent between 10/1/20 and 9/30/25 |
Varies by lender and loan |
|
ENROLLMENT REQUIREMENTS |
Minimum half-time |
Minimum half-time |
Varies by lender and loan |
|
CREDIT CHECK |
No |
Yes (No adverse credit) |
Yes (Must meet FICO requirements set by lender) |
|
COSIGNER REQUIRED |
No |
No |
Varies by lender and loan |
|
ANNUAL LOAN LIMIT |
$20,500 – Grad/Prof $47,167 – Dental (years 1,2,3) $40,500 – Dental, year 4 |
Cost minus aid |
Cost minus aid |
|
AGGREGATE LOAN LIMIT |
$138,500 – Grad/Prof $224,000 – Dental and CLPS-PHD |
No |
Varies by lender |
|
HOW TO APPLY |
|
|
|
|
MASTER PROMISSORY NOTE |
Yes |
Yes |
Varies by lender |
|
GRACE PERIOD |
6 months |
Yes |
Varies by lender |
|
DEFERMENTS OR FORBEARANCE |
Yes |
Yes |
Varies by lender |
|
ELIGIBLE FOR FEDERAL CONSOLIDATION |
Yes |
Yes |
No |
Graduate/Professional loan comparison chart
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