student loans for graduate students

Student loans for graduate students grad

Student loans for graduate students offered by lenders to meets your needs. Learn how to apply for student loans for graduate students.

As the new semester begins, graduate students who are need to pay tuition and other costs related, begin their education. In such cases, student loans for graduate students are the good choice to cover their costs. If you are a grad student who attending graduate degree and do not have a good salary, you must apply for student loans for graduate students to fund your studies.

There are student loans for graduate students available for you that offered by lenders, whether by the federal government or private lenders such as banks and other financial institutions. Student loans for graduate students can be applied at any time if you are eligible and meet all requirements or procedures required.

Student loans are not only available for undergraduate students. There are also available student loans for graduate students to help you reach a higher education.

The major categories of student loans for graduate students are federal loans and private loans.

1. Federal student loans for graduate students are funded or backed by the federal government.
   


1. Federal Direct Stafford Loans.
   Federal Direct Stafford Loans consists of Direct Subsidized Loans and Direct Unsubsidized Loan. Through Direct Subsidized Loans, your interest will be paid by the federal government while in school after you show your financial need. Direct Unsubsidized Loan which is not need-based loan will not cover your interest.
   
   To be qualified for Federal Stafford loans, you should enroll or attending at least for half time. The annual maximum limit of loan amount is $20,500 which not over than $65,500 when consolidate with undergraduate Stafford loans. However, there are higher limits available for specific health programs. The interest rate of Federal Direct Stafford Loans is 6.8% fixed rate. The loan repayment begins at 6 months of grace period or enrolls at least for half time.
   


2. Federal Perkins Loan.
   The Federal Perkins Loan has a fixed interest rate of 5% and 9 months grace period. Federal Perkins Loan gives the maximum limit for $8,000 per year and the total amount is not more than $60,000 in combination with undergraduate Perkins loans.
   


3. Federal Direct PLUS Loans for Graduate and Professional Degree Students.
   Federal Grad PLUS Loans are unsubsidized loan which not supported by the federal government to pay the interest. This type of Federal Grad PLUS Loans requires you to pass a credit check and loan deferment is occur when you attending college at least half time. Federal Direct PLUS Loans for Graduate and Professional Degree Students are non need-based loan which not require you to show your financial need to be qualified. You may available to borrow up to your total educational costs minus other financial aid you received.


2. Private student loans for graduate students.
   
   The interest rates of private grad loans are vary based on your credit history and the rules from different lenders. The interest can be added to your balance in many cases which can increase the amount of costs charged.
   
   You can borrow private grad loans through private lenders such as banks, private companies, credit unions, or other financial institutions to cover all your expenses including the total cost of attendance and living expenses.
   
   Some lenders avoid bad credit students and students who currently receiving financial aid, such as scholarships. However, there are lenders that offer you private grad loans if you were rejected by other lenders.
   
   Bad credit history makes the loan rate higher. Since private student loans for graduate students are credit-based, you may require for a cosigner to sign the loan contract when you have a bad credit history. A cosigner can make the rate lower.
   
   Private student loans for graduate students have a feature that offered a very simple repayment option. However, the terms on private student loans for graduate students varies according to the rules applied by lenders.
   
   The loan amount of private grad loans is determined by the lenders and the interest rates are lower than other personal loans. If you have collateral, you have a better opportunity to get your loan approved with lower rate.

The graduate students have the option of student loan consolidation to pay their advanced education. Students can continue into student loan consolidation to choose if they want to mix loans from different types. Get some financial advice in order to get student loan consolidation before your graduation. Student loan consolidation can save you money over the loan period.