New borrowers aren’t eligible for Grad Plus loans starting in July.

The elimination of Graduate PLUS loans is expected to create a funding gap for some graduate students. Private student loan lenders are stepping in and offering expanded access to their funds.

As a graduate student, you have the option to take out federal direct unsubsidized loans, graduate PLUS loans or private student loans. Federal direct unsubsidized loans generally have both the lowest interest rates and the most flexible repayment options.

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Emily Elconin / Bloomberg via Getty Images The Department of Education is eliminating the ...

The changes will affect how much students and their parents can borrow, as well as their repayment options.