If you are a fresh college graduate and you are ready to pursue your post graduate studies, then you are more than likely to be looking for graduate student loans. Getting a doctorate or a masters degree proves to be more expensive than any type of education. Even undergraduates need to apply for loans for them to finish their studies, how much more for the graduate students? Pursuing post graduate studies gives you a greater competitive advantage when it comes to finding a job.
Having that additional degree always sets you high above the others who only finished their bachelor’s degree. It can definitely help you land in that high paying job but you also have to consider the amount that you should spend in order to finish your post graduate degree. This is why you should try to get the best possible deal in choosing graduate student loans.
The most common option is the Graduate Stafford Loan. This type of loan can either be subsidized or unsubsidized by the government. By being subsidized, it means that the government will be paying for the interest that your loan will accumulate while you are still studying. You will then only pay for the loan interest once you have graduated. On the other hand, having an unsubsidized loan requires you to pay for the interest from the beginning of the approval of your loan.
To apply for this loan, you need to get the free application form from the Federal Student Aid. Your school will then determine if you are qualified and deliberate your approval. Once you have been approved, you are required to sign a Master Promissory Note which acts as your contract for the loan. Usually, you are given 10 years to repay the money that you borrowed.
There is also another option that you might want to consider. The Graduate Private Alternative student loan is a different type of loan since it is acquired from private companies. This loan can often be acquired very easily since you don’t have to pay for application fees. This is often the solution for graduate students who need more money in covering school-related expenses like board and lodging, food, etc. You can even have your application determined for approval through the Internet.
You can also choose to apply for a Grad Plus loan for graduate students. This type of loan has a low interest rate and it is recognized by the U.S. government. The benefits of this loan is that it covers your tuition fees as well as other expenses like board and lodging, supplies, laboratory fees, and others. This loan also requires the Free Application for Federal Student Aid. You can apply for this loan and have a fixed interest rate of 8.5%. You are only required to repay the loan after you have graduated.
Getting a post graduate degree is a big step in advancing your knowledge and your status in life. For you to achieve that, you are going to need some financial aid. Getting the right kind of graduate student loans can definitely help you finish graduate school without worrying about your finances.