If you or your child has attended a four-year degree program and you choose to continue your education beyond this, there are many ways you can find student loans for graduate school. Forbes Magazine recommends the following types of financial aid for students seeking to further their education through graduate programs.
Stafford loans are federal loans that offer graduate students an opportunity to further their education through federally subsidized loans. You can borrow $20,000 per year or a total of $138,500 to obtain a graduate degree.
Graduate PLUS Loans
These loans are for student and parent borrowers, and they allow borrowers to borrow up to the required tuition for the full time the student is in school to complete the degree. You do need good credit to qualify for this type of loan.
Private Student Loans
You can get private student loans that are set up on either a fixed or variable interest rate. If the interest rate is fixed, it stays the same throughout the loan period. If it is variable, this means it can increase or decrease based on current interest rates and other market factors. You can borrow up to the required school costs, but you often must start paying back the loan before graduation.
For students who want to pursue a graduate degree, there are many ways to find funding. Just make sure you genuinely need the advanced degree in your chosen profession and that it will help you get a leg up on your competition. MBA degrees, for example, can do a lot to put you on the short list if you’re applying for office management or CFO positions in the business or finance world. Other careers do not require a master’s degree, so students in these fields might be better off to spend their time getting additional certificates or online coursework that will help them improve their level of skills rather than pouring more money into colleges.
Four-year degrees (and master’s degrees) are not for everyone. But if your chosen career rewards you in dollars for continuing your education, in many cases, it could be worth it. Look for student loans for graduate school to learn more. Use all of the resources you have available such as our site and visit FAFSA to start an application for all types of aid to see what you might be eligible for. Then find a college that fits your needs and starts on your path to learning!