Grad School Loans

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While scholarships and grants are gifts, graduate school loans must be repaid with interest. Nevertheless, you may want to consider taking out a loan if necessary. Remember, education is an investment, gaining a higher degree can lead to better job security and higher pay.

Loans can be federal or private. Some federal loans, but not all, are need-based. Federal loans are either subsidized or unsubsidized. If you are interested in using federal loans for graduate school, start your search as soon as possible. 

You can also apply for a private graduate school loans through other organizations. Benefits of private loans include: 

  • Funding that can pay for tuition, books, housing, and other living expenses. 
  • Interest from student loans is tax deductible. 

With low interest rates and often no loan fees, private loans can be a good alternative to using high interest rate credit cards or home equity to pay for the cost of study abroad. Shop around for the best student loan deals.

Must Ask Questions

  • Is the loan private or federal? If it is federal, is it subsidized or unsubsidized? 
  • What is the interest rate? 
  • What are the eligibility requirements? 
  • Do I need a cosigner? 
  • Are there any restrictions on the funds? Can I use them for things like airfare? 
  • When do I start repaying my loans? 
  • What are the deferment options? 
  • What are the tax breaks available for each loan? 

Tips for searching for loans

  • Start your search early, at least six months in advance if possible. 
  • Shop around to get the best rates. 
  • While not all loans require a cosigner, it is a good idea to have one ready. 
  • Speak to you financial aid office at your graduate school of choice to find out what loan options they offer.  

Search for Graduate School Loans


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