GRADUATE SCHOOL LOANS: Towards Career Advancement

2007-03-08 10:33:40

( Financial )



If you are thinking of expanding your career prospects by making yourself more marketable through a graduate degree, read on. A graduate degree is a definite plus for those who are aiming for higher corporate positions. It can also open avenues to other professions for those planning on continuing their studies.

However, a graduate degree may pose financial challenges that you may find difficult to overcome. A lot of graduate students are overwhelmed when they realize the cost a graduate degree entails. With this dilemma, graduate school loans may be a timely solution.

Depending on your credit history and paying ability, graduate school loans can let you borrow substantial amounts that can cover all your education-related expenses. Unlike college student loans, graduate school loans normally do not require a co-signer. Nevertheless, getting a credit-worthy person to co-sign for you can maximize your loan amount and give you more beneficial loan terms.

Many lenders offering graduate student loans have plans with low interest rates. Consider nonetheless that when you acquire graduate student loans, you are still getting yourself in debt so make sure that you loan only the amount that you need to avoid paying unnecessary interest charges for your loan.

Just like other types of loan, graduate student loans can be consolidated where the interest rate applied is the weighted average of your bundled loans’ individual interest rates. Before consolidating, do your homework and calculate first. The last thing you want is paying more debt because a much higher interest rate has now been applied to a former low-interest loan. Remember, a consolidated loan can never be unconsolidated.

Take into account also the repayment terms. A lender may offer you a much longer repayment term but with a much higher interest. While longer repayment period means lower and more manageable monthly repayment fees, it doesn’t change the fact that you are getting into more debt with a higher interest.

Acquiring graduate student loans is your first step towards a more aggressive career move, but it can do you no harm to sit down first and work out how much a graduate degree will cost you.


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