Types of Graduate School Student Loans

2007-03-08 10:33:40

( Financial )



You may be overwhelmed or dreading the fact that you have to get another student loan to go to graduate school. You may have a significant amount of college loans from your days as an undergraduate and you do not want to add any more to that debt by getting another student loan. However, a lot of graduate students need financial assistance to get themselves through graduate school. And there are also a lot of organizations out there who are willing to help you.

As a graduate student, you can get financial aid or funding in the form of a graduate school student loans from both private and federal sources. You can also get financial aid from scholarships, grants similar to undergraduate student loans. However, there are some differences. If you are eligible for federal loans, the loan limit is higher than that of an undergraduate federal student loan. As with undergraduate student loans, the government may subsidize the interest on your graduate school student loans while you are still in school or you will pay the interest but have repayment deferred until after you graduate.

If you are not eligible for any of federal graduate school student loan programs or the funds provided to you are still not sufficient to attend graduate school, there are still ways to get a student loan through alternative funding. Alternative funding can come from lending institutions offering private student loans. The amount you can borrow will depend on your degree program and the length of the student loan. Law and medical schools may have higher loan limits than a normal business degree. The interest rates on these types of loans are a little higher than a federal loan. Benefits of a federal student loan like subsidized interest are also not applicable to alternative loans. Repayment for alternative graduate school student loans can also be deferred until after you graduate.


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