Does the Grad PLUS program replace the Parent PLUS program?
No. The Deficit Reduction Act of 2005 expands the availability of Federal PLUS loans to graduate and professional students. This new expansion allows graduate-level students to borrow on their own behalf. Sallie Mae will continue to offer the existing federal PLUS loan to the parents of undergraduate, dependent students. A parent borrower can get a Parent PLUS for his dependent child and, at the same time, get a Graduate PLUS for his own graduate and professional school financing needs.
