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Financing graduate school can be expensive. An important option to consider for covering the total cost of graduate school (including tuition and living expenses) is a Graduate PLUS Loan. The federally-guaranteed loans are available to U.S. citizens who attend graduate school at least half time and have acceptable credit.
Benefits of a Grad PLUS LoanGrad PLUS loans are available to cover the total cost of graduate school such as tuition, room and board, living expenses, textbooks, supplies, lab costs, and other out-of-pocket expenses minus any other financial aid received.
Loan eligibility for a Grad PLUS loan is not based on need nor is it awarded based on a particular FICO score. Grad PLUS loan recipients do need to have credit without an adverse credit history or have a co-signor with a good credit record.
Grad PLUS loans can be used for online graduate degree programs if the program is offered by a college or university that accepts federal financial aid.
Rates are fixed at 7.9 percent and will not change throughout the life of the loan. Up front fees of up to 4 percent can be charged by the lender, bringing the total interest rate maximum to 8.85 percent. Interest is tax-deductible for many students.
The Downside to a Grad PLUS LoanPayments on the Grad PLUS loan are due to begin 60 days after the loan is funded, although most schools can file for a deferment from the Department of Education. If a graduate student falls below the half-time requirement, payments are due within 45 days.
As with all federally-subsidized financial aid, a Grad PLUS loan cannot be discharged as part of bankruptcy.
The interest rate can be slightly higher than other graduate school financial aid, so be sure to thoroughly research all of the graduate school financing options available.
There are several websites with more detailed information about Grad PLUS loans: Student Loan Network's Gradloans.com: www.gradloans.com/graduate-plus-loan, Information for Financial Aid Professionals' website: www.ifap.ed.gov/dlbulletins/attachments/DLB0703Attach.pdf and U.S. News & World Report's website: http://www.usnews.com/education/best-graduate-schools/top-graduate-schools/paying/articles/2011/03/16/graduate-plus-loan-faqs.
What else can I help you with?
What are my options for financing graduate school at Auburn University?
Financial aid is available in the form of Federal Stafford Unsubsidized Loans. The loans are based on annual and aggregate loan limits and are not needs based.
What Is Debt Financing Option?
Debt financing option refers to the financing method that borrowers want to repaying the amount borrowed with interest throughout an agreed upon time frame. For instance, SBA loans, term loans, cash flow loans, LOCand so forth. These are few of the examples of debt financing options.
Tips on Financing Graduate School?
More often than not, financing graduate school is difficult for the average student. Most people rely upon federal financial aid, private loans, and whatever funds they can come up with through other means. The average graduate education will cost over $30,000 these days. Obviously, students must find financing wherever they can in order to attend their program of choice. In reality, applying for federal aid is the best course of action in the beginning.
Graduate Stafford Loans?
If you are attending graduate school, you are probably wondering how you will manage to pay for your education. Graduate school can be expensive, but you can reduce the costs by assisting professors teach undergraduate courses and by taking loans such as Stafford loans. A Stafford loan graduate can reduce the amount of overall money that he or she owes because Graduate Stafford loans offer students lower interest rates than other educational loans that are available.
Is there any company in the East coast that offer student loans for graduate school?
There is a company in the east coast that offers students loans for graduate school. You could check out Sallie Mae, which is affiliated with the school, too.
What are the available options for financing a house loan?
The available options for financing a house loan include conventional loans, FHA loans, VA loans, and USDA loans. Each option has different requirements and benefits, so it's important to research and compare them to find the best fit for your situation.
What are the best financing options available for purchasing a car?
The best financing options for buying a car include auto loans from banks or credit unions, dealership financing, and personal loans. It's important to compare interest rates and terms to find the most affordable option.
If you get a job before you graduate and decide to quit school can you consolidate your loans?
Yes.
What other options do I have to getting my graduate degree funded?
http://www.studentgrants.org/masters/ is a useful site for you to check out. This will show you the available loans for students going to Graduate school. Many loans are seemingly expensive, but this is because people who go to Graduate school tend to make more money and are able to pay back these expensive loans.
Pros and Cons of Grad School Loans?
If you were not able to secure a fellowship or grant to cover the total cost of your graduate school, consider applying for grad school loans. Grad school loans may not be your first choice of how to pay for your education beyond your bachelor's degree, but they constitute one option that can help fill in gaps in your tuition and living expenses during your grad school years.AdvantagesOne of the advantages to grad school loans is being able to not put off going to graduate school. Some undergraduate students feel that if they wait too long after they receive their bachelor's degrees, they will not ever go to graduate school. Grad school loans make it possible for them to attend graduate school right away. Grad school loans also enable students to pay bills their other financial aid does not cover. If a student had poor grades as an undergraduate student or was not able to get a fellowship or grant for some other reason, grad school loans make it possible for them to earn their master's degrees or Ph.D.s.DisadvantagesGrad school loans also come with some important drawbacks. They are not grants. They must be repaid with interest. As of January 2012, the federal Direct PLUS loan, for which some graduate students are eligible, has an interest rate of 7.9 percent. Private loan rates are typically higher than federal loan rates. Think about your expected earning power when you graduate, the current job market, and the feasibility of repaying your loans within the time period set forth by lenders before you sign any loan promissory note.Where to LookWhen you look for grad school loans, start by first filling out the Free Application for Federal Student Aid, which is available online. The results of this application will tell you whether you are eligible for any federal graduate school grants or loans. The federal government has a few loans available to graduate students and their parents. The amount you may be eligible for in loans depends on your household income, the cost of attendance at the school you wish to attend and other factors. Borrow only as much as is absolutely necessary to attend graduate school.
If you drop out then go back to school are your loans frozen till you graduate?
It totally depends on the loans; consult with a loan officer to see.
What are the benefits of financing cars on PCP compared to traditional car loans?
PCP financing offers lower monthly payments and the option to return the car at the end of the term, while traditional car loans involve higher monthly payments and ownership of the car from the start.
