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Loan Information
Comparison of Graduate Plus Loans and Private/Alternative Loans
| PLUS LOAN | PRIVATE LOAN | |
|---|---|---|
| Interest Rate | Fixed 8.5% | Variable, usually changes quarterly, usually no maximum |
| Fees | 3%-4% | Varies, according to lender |
| Borrower | Student only, an endorser may be required depending on student's credit | May require credit-worthy cosigner |
| Credit Requirement | Credit score not used. Credit approval is based on federal standards. (See GRAD Plus loan information above.) | Credit approval based on credit score and history |
| Deferment/Forbearance | Options are available | May be available, depending on lender. Less flexible than Federal loan deferments |
| Cancellation | Forgiven if student dies or becomes totally disabled. | Not usually discharged |
| Repayment incentives | Varies by lender | Varies by lender |
| Repayment options | Up to 25 years, standard principal and interest, interest only, graduated and extended repayment options | Varies by lender |