Graduate Student Loans

Graduation loans are designed for graduates, recent grads, and those still in school who are seeking financing for any type of education-related costs. Graduation loans are intended to help students pay for their education expenses after they have completed their studies.

No Credit Check: No credit check is necessary to apply for a graduate student loan. In fact, many lenders don’t perform a credit check until well into the loan approval process. So, once you submit your application, you can begin making payments immediately!

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Student Loan Consolidation

This option can save you money if you have student debt. All financial institutions offer consolidation programs. You may not know about these programs. However, they do exist. If you decide to use one of the loan consolidators, make sure that you compare rates, fees, and terms. You should look at how long you will be paying off the consolidated loan to see if it makes sense financially. There are many factors involved in choosing the right program for you, and we recommend seeking out help from professionals who specialize in this type of loan.

Making Payments While In School

Many universities allow you to take out private loans while in school. These loans are often referred to as “PLUS Loans.” Make sure that you are aware of any interest rate adjustments before signing the contract.

Paying Off Your Loans Early

If you find yourself unable to pay back your student loans, consider using the public service loan forgiveness program. This program was created under the Obama administration. Many students qualify for forgiveness even though they never go into repayment. However, a few things need to happen first. First, you must work for 10 years after graduation. After that time period, your federal student aid will be forgiven (you will no longer owe the government anything). Second, you must make 120 payments. Lastly, you cannot obtain additional student loans while enrolled in public service jobs.

Federal student loans

You have options if you want to borrow money for school—Federal Student Loans (FSL) or private student loans. FSLs are given by the federal government and they work best for people who need financial assistance to pay for college. Private student loans are given out by banks, credit unions, and other lending institutions. These loans tend to offer better terms than federal loans unless you qualify for subsidized education. You can get information on both types of loans at www.studentaid.ed.gov.

State grants and scholarships

States give out funds to help pay for higher education. If you live in an area that offers state funding, check to find out what programs apply to you. Many colleges offer grant aid and scholarships to their graduate students. Check to see how much money you qualify for.

Government assistance

If you plan to attend community college, you may not need any kind of loan. However, if you’re going to a four-year university, you should consider applying for a Stafford Loan. A Stafford Loan is a federal student loan that is based on your income. Income guidelines change each year, so check to make sure that you meet the requirements.

Scholarships

Scholarships are cash awards that are based on academic merit. There are many different kinds of scholarships.

Grants

Grants are awards that you receive from organizations outside of education. Grants usually cover tuition, room and board, books, travel expenses, and sometimes even stipends.

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