Student Loans for Graduate Students

Receiving a higher education can be costly with today’s tuition fees and other college expenses. Students will use student loans in order to receive the education they need to reach their goals. However, after a student graduates and receives their four year degree, they may want to continue their education and receive their graduate degree. Graduate degrees are the next step of getting a higher education. A student must earn a four year degree first in order to attend graduate school. Graduate school can also be expensive, but with student loans for graduate students, achieving a graduate degree is possible.

The government offers student loans for graduate students in the form of Stafford loans. Stafford loans are the most popular form of government assistance that helps students receive their four year degree. They are also the most popular form of government assistance for students who want to receive their graduate degree. The good news about graduate student loans is the fact that the government makes these loans possible with low fixed interest rates. The cost of earning a graduate degree has increases around 30 percent over the last 10 years, which is why students will need financial assistance when attending graduate school.

There are two different types of Stafford graduate loans made available to graduate students. Subsidized graduate loans and unsubsidized graduate loans are offered to students by the government. Subsidized graduate loans are not based on the student’s income, while unsubsidized graduate loans are. In order to qualify for a Stafford graduate student loan, the student must be attending graduate school at least half time. The first year of a graduate school, the student is allowed to borrow no more than $8,500 for their education. The total maximum that a student can borrow with a Stafford graduate student loan is $65,000.

Students who are attending graduate school also have options for student loans that are private student loans. Private student loans for graduate students are used to cover the entire cost the student will experience when working towards their graduate degree. Private graduate student loans are used for tuition, education fees, books, room and board and other expenses like computers. Private loans are usually used to cover the expenses in which government student loans like Stafford loans do not cover. In other words, private graduate student loans are used to cover the gap of expenses that other student loans do not cover.

Graduate PLUS loans are also a type of student loans for graduate students who students have access to. This type of student loan requires a credit check on the student in order to qualify for the loan. The government enforces a low fixed interest rate on Graduate PLUS student loans, which will help the student afford the cost of paying the loan. All graduate student loans have a grace period of 6 months after the student earns their graduate degree. This means that the student will not have to pay on their student loan until 6 months after they graduate.

The grace period allows the student some time to land a rewarding career and get their financial affairs in order before paying on the loan. Student loans for graduate students are made easy to apply for by visiting the FAFSA website and filling out the proper application and other documentation. These loans are an absolute necessity for students to earn their graduate degree, unless the student has tens of thousands of dollars at their disposal. Getting a higher education is a must in today’s competitive world. Graduate degrees are professional degrees that help individuals succeed in the field of studies that they have majored in.