You have just graduated from college yet you are still considering the thought of going to graduate school. The problem is that you barely had the finances to get through college, let alone through graduate school. If the government provides assistance to those who need financial aid in order to get into college, it has also come up with a way to help those who are interested in getting into graduate school and continuing their studies. For this, a graduate student loan may help you with the all the expenses for your educational needs without much hassle.
The Stafford loan is the most common program availed by most students. In provides financial aid to those who are about to get into college or are still in college, and for those who have decided to get into graduate school as well. The Stafford Loan can be both subsidized, meaning the interest will be paid by the government while the student is still in college; or unsubsidized, wherein the student may only choose to pay for the interest while in college or choose to defer the loan.
The Stafford and PLUS loans for graduates is an ideal solution provided by the Federal government together with other student loan programs. Here, the applicant is allowed to borrow a maximum of $8,500 for subsidized loans and $12,000 for unsubsidized loans.
The Federal Graduate PLUS loan is a low interest plan backed by the government. The maximum interest rate for the said plan is only 9% (may change), and is guaranteed by the US Federal government. The Graduate PLUS loan is dependent on credit ratings and history unlike other loan types which are purely financial need-based. Like the undergraduate versions, this type of loan plan allows the student to defer payment until after he/she has graduated. The easy credit eligibility requirements make it easy to qualify for this program. And since it is backed by the US government, it is widely available and is easy to acquire.
Getting a graduate student loan may be a very helpful option, but it always comes down to the fact that one will be incurring debts through this. It is always worth it to think and weigh things first before applying for a graduate student loan after graduating from college. Like the loans provided for undergraduates, these programs require an application and will also be processed to see if one is qualified for it. Before anything however, it is highly recommended that the applicant find out everything there is to know about student loans and the responsibility s/he is to take once s/he avails of these loans. It is advisable to learn all the terms and conditions before agreeing and signing on any document. Most of all, it is important to assess one’s capabilities in paying for the monthly requirements.
In order to fully understand the terms in every loan program, the students are made to follow certain guidelines upon filing the FAFSA or the Free Application for Student Aid. Once this is processed, the SAR or Student Aid Report is sent to the student to give him/her an idea of where he/she currently stands and how much he/she is expected to contribute or pay every month after collecting the financial aid rendered.
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