In most cases, the tuition fee for graduate students is significantly higher than that of an undergraduate student. As a result, the primary objective of graduate student loans is to provide financial assistance for the recipient’s continued education.
Graduate students looking for financial assistance have the option of applying for loans from either the government or private businesses (who provide alternative graduate loans). Each of these will be covered in further depth in the following paragraphs.
Loans from the Government for Graduate Students
The loan for Undergraduate Students Loan is the same as this sort of loan. The sole distinction is in the name. Graduate students, much like undergraduate students, are eligible to apply for a Stafford or Perkins loan from the federal government.
Any graduate student, regardless of their current or projected level of income, is eligible to apply for a Stafford graduate loan. There is the subsidised Stafford graduate loan and the unsubsidized Stafford Graduate Loan. Who is responsible for paying the interest is what differentiates the two options.
The federal government covers the interest on Stafford graduate loans that are subsidised by it. Although students are responsible for paying the interest on unsubsidized Stafford graduate loans, they do have the option to defer payment until after they have graduated from their program.
Students who can demonstrate that they are facing significant financial challenges are eligible for a Perkins loan for graduate school. It comes with an interest rate as low as 5% and can fund up to $4,000 worth of the graduate student’s education.
The Perkins loan is an option that should not be discounted for use by graduate students who face severe financial constraints. Having said that, it is imperative to keep in mind that a quick and consistent payment receipt is still anticipated at all times. It is possible to make a request to have your loan installments delayed in extreme cases until you are back in a position to make regular payments.
A completed FAFSA form is required to be sent to the government in order to be considered for either the Perkins or the Stafford graduate loans. After the paperwork has been processed, the government will issue a SAR, which stands for Student Aide Report. This report will provide additional instructions on how to apply for these loans.
Alternate Graduate Loans
This loan, which has also been referred to as private graduate loans, is a loan that is funded by entities that are not affiliated with the government. It’s possible that banks, credit card companies, or any other business with an interest in assisting graduate students in securing student loans are the companies that are offering these loans.
One organization that provides this kind of loan is known as the Education Resources Institute (TERI), to give just one example. The program is officially known as the ACT Graduate Student loan program. You can submit your application by going to http://gradloans.com and filling it out there. In as little as 15 minutes, decisions are made available to those involved.
To begin with, you may give the websites of the nation’s main banks a look; a good number of them provide assistance with student loans. You might also use a search engine and look up the names of banks that you are familiar with.
Some financial institutions even provide graduate loan comparison charts to their consumers, so they may examine how their loans measure up to those offered by other financial institutions. Researching graduate school funding options is made easier with the help of these charts.
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