Are you a graduate student looking for something beyond Stafford direct loans and scholarships for an advanced degree? Two of your options are the Graduate PLUS and Graduate Private loans. Both tend to be overlooked but can go a long way toward helping you pay for grad school tuition and expenses.
Grad PLUS Loans
One of the benefits of a PLUS loan is the fixed interest rate, as well a set of helpful repayment options from the Department of Education’s Direct Loan program. For example, with a PLUS loan, if you are having difficulty making ends meet even with a full-time job, you may be eligible for income-based repayment which allows you to postpone repaying your loans. The Grad PLUS loan requires a credit check, but it is fairly relaxed. The yearly limit on a Graduate PLUS Loan is equal to your cost of attendance minus all other financial aid.
Graduate Private Student Loans
The best reason to apply for a private student loan is to cover a wide variety of expenses. If you need to cover tuition or pay rent, you can use a private loan. If you have extra books to buy or you need a new computer for school, you can use a private loan.
Graduate private loans, like PLUS loans, don’t necessarily require a co-signer to pass the credit check, though it is much stricter than a PLUS loan and you will want a stronger credit history in order to get a better interest rate, which will most likely be higher than that of a PLUS loan.
No comments:
Post a Comment