In terms of paying a large tuition bill, graduate students are no different than undergraduates. Their situation might even be worse because grad schools are sometimes pricier than other types of institutions. Fortunately, however, graduate students can utilize graduate loans to help fund their education.
There are two venues in which graduate students can obtain graduate loans: the government and private entities, (who provide alternative graduate loans). Each of these are discussed in more detail below:
GOVERNMENT GRADUATE LOANS
Government graduate loans differ from ‘regular’ undergraduate loans really in name only. So just like undergraduates, graduates have the opportunity to get a Perkins or Stafford loan from the government.
1) Perkins Graduate loan
A Perkins graduate loan is available to students who demonstrate financial hardship. It has an interest rate of only 5 percent and can finance up to $4,000 of the graduate student’s education. For graduate students who are adversely limited economically, the Perkins loan is not a bad option. However, one must keep in mind that payments are still expected to be received...
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