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March 23, 2022

Smart Students Guide to Graduate Student Loans Navigating Loan Options, Repayment and Forgiveness for an Advanced Degree

Smart Students Guide to Graduate Student Loans Navigating Loan Options, Repayment and Forgiveness for an Advanced Degree

TYPES OF LOANS FOR GRADUATE STUDENTS

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The student loan debt crisis is real. Today’s students owe an average loan debt of about $23,000, with graduate students averaging about of $50,000. In this guide, prospective graduate students can learn how to utilize student loan options, including repayment plans and loan forgiveness programs, without acquiring exorbitant debt.

  • STAFFORD LOANS
  • GRADUATE PLUS LOANS
  • PERKINS LOANS
  • PRIVATE LOANS

Stafford loans are supplied to graduate students by the U.S. Department of Education. These loans are given out on an unsubsidized basis, which means they begin to accrue interest immediately while the borrowers are completing their degree programs.

The interest rates that are applied to Stafford loans depend on when the student borrows money. In 2013, the federal government passed legislation that sets these student loan interest rates at the same amount as the 10-year Treasury note, which can change from year to year.

For example, students who took out loans in the 2013-2014 school year had an interest rate set at 5.41 percent, which is locked in for the life of the loan.

Graduate students who take out Stafford loans can borrow up to $20,500 annually. Students should keep in mind however that the federal government caps the amount that they can borrow at $138,500 – an amount that includes any funding they may have borrowed during their undergraduate years. Additionally https://worldpaydayloans.com/payday-loans-il/burbank/, those studying in certain health fields lifetime loan amount is capped at $224,000.

Also offered by the federal government, Graduate PLUS loans can be borrowed by students who want to use the funds to not only pay their tuition and fees, but also reasonable living expenses. Read More

November 25, 2021

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