Not Done – Money Is No Longer An Issue For Higher Education: How Graduate Student Loans Can Help You Earn Your Masters’ or Professional Degree
When a person is ready to go back to college and achieve their masters’ or professional degree, they may wonder if they’re eligible to receive any sort of financial aid. Many people are under the mistaken impression that they must take out private loans to earn this degree. However, this assumption is wrong. The federal government has a loan called the Federal Graduate PLUS Loan and it’s designed to help people achieve that higher education. If you want to go to school, it’s time to learn more about the graduate student loans that are available and how you can benefit from them.
When people talk about college and loans, they generally focus on the undergraduate side of higher education. Yet, there is still more to college than just undergraduate studies. There’s also the graduate side of college life and these students also have bills they must pay. It must be stated that graduate and/or professional school is quite costly; thus, getting graduate student loans is very important to fund the education.
The loan designed for graduate students is called the Federal Graduate PLUS Loan and it’s designed specifically for students who are trying to obtain masters or professional degree. The PLUS Loan is government guaranteed with very low interest rates. This loan differs from the Federal PLUS Loan for Parents because the student is able to take the loan out in his/her name, which allows them to build up their credit.
Six Benefits To Obtaining Federal Student Loans For College Graduates and/or Professionals
When graduate and/or professional students look at the different benefits of having graduate student loans, they’re going to notice six things:
- First, you can borrow all the money you need up to the education cost even if you have money from other sources; thus, allowing you to buy everything you need for your classes and paying tuition and fees.
- Second, this loan is not based upon needs but rather your credit history. If you’ve got a decent credit rating and want assistance paying for college, you can get this loan.
- Third, this type of loan has a fixed 8.5 percent interest rate, which means you can afford the monthly payments.
- Fourth, there’s no reason for collateral since a credit check is performed on the student who wants to obtain the GradPLUS Loan.
- Fifth, while you’re in college, you can defer the graduate student loans payments until after you graduate. Now, you’ll still be accountable for the interest accruing on the loan but you can always consolidate the loan and get a better interest rate.
- Sixth, any interest you pay on the loan can be tax-deductible.
How Can You Get This Loan
If you’re ready to go back to college as a college graduate, you may wonder how you can obtain this loan. Again, you’ll need to fill in the questions on the Free Application for Financial Student Assistance form (FAFSA) to be considered for this loan. After it’s been filed, you’ll receive by mail the Student Aid Report; it will detail what amount you’ll be responsible for. After this, you’ll receive the award letter. If you’ve been qualified for graduate student loans, you’ll learn about it here. If you really want the loan, be sure to indicate your decision and send it back.
After this, you’ll get the promissory note, which will lay out the loan terms. If you’re borrowing the loan from the federal government, you’ll be filing the note with the school and Department of Education.
Once you’ve done all this, you’ll get the money through the college, which will take its tuition portion out of the loan. Whatever you have leftover can help you purchase books and other needs. When you’re looking toward graduate college upon graduating, federal grants and loans such as the graduate student loans are the best way to pay for it all. Apply today and see if you qualify.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.