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Student loans may allow people to bridge the gap between what they can afford for college and the overall cost of an education. If you’ve already used your “free money” (scholarship, grants, and your savings) to pay for college and still find that you’re unable to pay for school, a student loan could be a good option.
When considering your options, federal student loans should always take precedence over private ones. Federal loans have the lowest interest rates and come with a level of protection that private lenders don’t offer.
The Best Graduate Student Loans of 2023
Federal Direct Unsubsidized Loan – Product Name Only
Federal Direct PLUS Loan – Product Name Only
Ascent Graduate Student Loans – Product Name Only
College Ave Graduate Student Loans – Product Name Only
Earnest Graduate Student Loans – Product Name Only
Sallie Mae Graduate Student Loan – Product Name Only
Custom Choice Graduate Student Loans – Product Name Only
Take the Biden administration’s move to cancel federal student loan debt. If the plan survives court challenges and is implemented, the Department of Education will forgive $10,000 in student loans for borrowers making less than $125,000 per year, and as much as $20,000 for Pell Grant recipients. Federal loans will qualify for forgiveness, but private loans won’t.
Graduate students don’t qualify for all types of federal loans, but they are able to take out Direct Unsubsidized loans and Direct PLUS loans.
Here are some of the best options for graduate students looking to take out loans.
Compare the Best Graduate Student Loans
Graduate Student Loans Frequently Asked Questions
Should I borrow a student loan?
Your choice depends on your financial situation and the value you place on your education. You may consider alternatives such as a less expensive school, scholarships, or a side job to bring in more cash. Whatever your decision, make sure you fully understand the terms of your loan before making a commitment.
Does it make sense to pay student loans while you’re still in school?
Keep in mind that interest will still accrue while you’re in school, so it may be beneficial to make …read more
Source:: Business Insider