QandAs: Loans

Can I Get a Student Loan for Graduate School?

Answer:
Yes. There are several low-interest

loan options available for graduate students. These options compare to undergraduate loans; however, they usually have a higher annual loan limit. The Federal Stafford loan, based on need, and the Graduate PLUS loan, based on credit, are both loans with fixed interest rates.

Before you can apply for either of these loans, you must complete a Free Application for Federal Student Aid, most commonly known as FAFSA. If these options aren’t available, or do not completely meet the cost, you may need to consider borrowing from a private lender. A private loan usually requires a borrower to have a co-signer on the note and has a variable interest rate.

Also, before you borrow consider pulling money out of your college savings if you’re lucky enough to have such an account. Or, if you’re not quite ready for graduate school consider taking on a part-time job to help decrease your loan balance or offset the amount you may need to borrow. And don’t forget to check out possible grants or scholarships.


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