CONSIDER A DIRECT PLUS LOAN AMONG OTHER OPTIONS, IF YOU NEED MORE FINANCIAL HELP
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Direct PLUS Loans are available to graduate students and parents of dependent undergraduate students. These loans are not based on your financial need. But Direct PLUS Loans require a separate application process that includes a credit check. If you’re thinking about taking out a private loan, consider a Direct PLUS Loan first. There are several advantages when you compare federal loans to private loans. Special note for grad students: Make sure you maximize your Direct Unsubsidized Loan eligibility before taking out a Direct PLUS Loan. NOTE THE “TUITION GAP” FOR EACH SCHOOL When you’ve documented all your costs and the aid package you’re being offered, you’ll have the amount you’ll need to pay. This amount is also called the “tuition gap” or “net price.” Don’t assume that just because a school’s more expensive that it will cost you more to attend – that school may offer you a better package than a less-expensive school, so your COA will actually be lower there. 11
Calculate your school’s net price after you receive your award letter.
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