Both undergraduates and graduate students have to pay a lot of money for tuition. Their situation could be even worse because some graduate schools are more expensive than others. Graduate students can, however, get graduate loans to help pay for their education.
There are two places for graduate students to get loans: the government and private companies (who provide alternative graduate loans). Below, we'll talk more about each of these:
GOVERNMENT GRADUATE LOANS
The only real difference between government graduate loans and "regular" undergraduate loans is in the name. Graduates can get a Perkins or Stafford loan from the government, just like undergraduates can.
- Perkins Graduate loan
Students who have trouble paying their bills can get a Perkins graduate loan. It has an interest rate of only 5% and can pay for a graduate student's education up to $4,000. The Perkins loan is a good choice for graduate students who have trouble making ends meet. But it's important to remember that payments are still expected to be made on time and always. In very bad situations, it is possible to ask to put off loan payments until you can pay them normally.
- Stafford Loan for Graduates
Any graduate student, no matter how much money they have, can get a Stafford graduate loan. There are two types of Stafford graduate loans: those that are subsidised and those that are not. Who pays the interest is the difference between the two. The government pays the interest on Stafford loans for graduate school that are subsidised. Students pay the interest on unsubsidized Stafford graduate loans, but they can wait to pay until after they graduate if they want to.
For either the Perkins or the Stafford graduate loans, you need to send the government an FAFSA form. Once the form has been processed, the government will send a SAR (Student Aide Report) with more information on how to apply for these loans.
OTHER OPTIONS FOR GRADUATE LOANS
Alternative graduate loans, which are also called "private graduate loans," are loans that are paid for by organisations other than the government. These loans could be offered by banks, credit card companies, or any other business that wants to help graduate students get student loans. One company that gives out this kind of loan is the Education Resources Institute (TERI). The Act Graduate Student Loan Program is what it is called. At gradloans.com, you can find and fill out the application. In as little as 15 minutes, a decision is made.
Wells Fargo is another company that is known for giving out a lot of graduate loans. They offer a total of five loans: the Wells Fargo Graduate Loan, the Wells Fargo Collegiate Loan, the Wells Fargo Advance Loan, the Wells Fargo Education Connection Loan, and the Wells Fargo Education Career Loan. You can find more information at wellsfargo.com.
If you want to learn more about other types of graduate loans, all you have to do is use your favourite search engine. To make your search a little easier, start by calling all the big banks you know, since many of them do offer student loans. So, if your favourite bank is Bank of America, you could try searching for "Bank of America graduate loan." This will make it possible for a more detailed answer to come up. Some banks even give their customers graduate loan comparison charts so they can see how their loans compare to those of other banks. These charts can help you find out more about graduate loans. To find one, just type "graduate loan comparison chart" into a search engine.
