The Basics of Graduate College Loans
Graduate school is for students who have already obtained their Bachelor's degree and are pursuing a Master's or Doctorate degree. Graduate college loans are available to help these students pay for their expenses. There are both federal and private loans that graduate students can apply for. It's important to review the terms and conditions of various loans before deciding which one is best suited for you.
The U.S. Department of Education offers PLUS Loans for graduate students and professional degree students. Students can borrow the cost of school attendance, minus any financial assistance from other loan programs. These loans have the same terms and conditions as the Parent PLUS Loans, and are awarded based on credit worthiness. Students applying for a PLUS Loan must complete a FAFSA, or Free Application for Federal Student Aid. It is also required for students to have applied for federal Stafford Loans before applying for A PLUS loan. There are subsidized Stafford Loans for students in financial need and unsubsidized Stafford Loans that are not need-based.
In addition to federal loans for graduate students, there are private loans available as well. Sources of private loans include banks, credit unions and private lending companies. Many of these companies can be researched online. Sallie Mae is one example of a private loan provider. The interest rates on private student loans vary but are usually comparatively low. Private loans are based on credit worthiness just like PLUS loans. If the student applying for the loan has no credit or bad credit, they will need a cosigner who does have good credit. In some cases the cosigner can be discharged from the loan after a certain number of consecutive payments.
Many aspects of graduate college loans are similar to undergraduate student loans. Students who have been through the financial aid process before may find it easier the second time around. A student financial aid advisor can help you if you have any questions about the process. For students with more than one graduate loan, consolidation may be an option to help save money and make the repayment process more convenient. Instead of sending multiple payments to numerous creditors you will send one payment to the consolidation company.
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