Student loans are an important piece of consideration when financing a college education. For students who have exhausted their savings, grants, and scholarship offers yet still fall short paying for their entire education, student loans are a viable second option.
Statistics show that a majority of college students borrow money in the form of student loans, both from public and private sources.
Unlike free types of financial aid such as school grants or scholarships, student loans (in addition to the interest accrued) have to be repaid over a specified time-period after graduation.
Prospective college students should remember, though, that college graduates earn an average of $1.5 million more over the course of their careers than their counterparts without college degrees.
Graduate Student Loans:
Whether advancing a professional career or seeking intellectual fulfillment, a graduate degree is a demanding commitment of time, effort, and money.
Many prospective graduate students may be facing a gap between the cost of such professional education and available funds.
Accordingly, there are a variety of low-interest loan opportunities available to graduate students. Graduate school loans are similar to their undergraduate counterparts in most capacities, although graduate loans typically allow for higher annual loan limit amounts.
There are even some loans that are unique to specific graduate programs of study, such as medicine or law.
Recent News about Graduate Student Loans:
Federal graduate student loans, which include Graduate Stafford loans and Graduate PLUS loans, are often the least expensive way for graduate students to borrow money for their education.
Like undergraduates, it is recommended that graduate students first exhaust their federal Stafford loan eligibility before considering the Graduate PLUS loan or any private loans to help cover unmet costs.
For graduate students who pass on the Graduate PLUS loan opportunity to help meet additional grad school expenses not covered with federal Stafford loans and other free aid, there are also private student loans with competitive rates and fees. For graduate students attending dental school, business school, law school, or medical school, there may be program-specific private loans available.