Can you take out subsidized loans for graduate studies?

You cannot get subsidized loans for graduate studies. Previously, you could take out these loans – on which the government pays the interest while you are in school – but the subsidized loans for graduate students were phased out on July 1, 2012. Undergraduates can still get loans. subsidized.

Federal unsubsidized loans are available if you are enrolled at least part-time in a higher school. Exhaust these loans first if you need to take out graduate student loans. Although unsubsidized loans cost more than subsidized loans, they are still probably the cheapest option available.

Can You Get a Parent PLUS Graduate Loan?

Parent PLUS loans are not available for graduate studies. Only parents of undergraduate students can get these loans. Graduate students can subscribe graduate loans PLUS. These are like Parent PLUS Loans, but on behalf of the student, not the parents.

Parents who wish to help pay for graduate degrees can take out or co-sign private graduate loans for their children. Private student loans have lower fees than PLUS loans and may have lower interest rates, depending on your credit history.

How much money can you get for your graduate studies?

Loan limits for graduate students may vary depending on the type of loan, as well as the amount you have taken out as an undergraduate student:

  • Federal subsidized and unsubsidized loans. Graduate students are not eligible for subsidized loans, but can borrow up to $ 20,500 per year in federal unsubsidized loans. You cannot receive more than $ 138,000 in total unsubsidized and subsidized loans, including loans that you took out as an undergraduate student.

  • Federal Graduate Loans PLUS. There is no specific annual or lifetime limit for PLUS graduate loans. You can borrow up to your school’s official tuition fees, less any other aid you have received. For example, if your cost of attendance was $ 70,000 and you got $ 30,000 through scholarship and unsubsidized loans, you could take $ 40,000 into a grad PLUS loan.

  • Private loans to graduate students. The amount that you can get will depend on the lender. Many cap your annual borrowing at the cost of participation, as with graduate PLUS loans, but have aggregate lifetime limits. These amounts may depend on your graduate degree. For example, you can borrow more from Citizens Bank if you are looking for a professional graduate degree versus a college degree.

How to take out a loan for graduate studies

You can apply for Federal Student Loans for Graduate Studies by submitting the Free Application for Federal Student Aid, or FAFSA. Graduate students do not have to include their parents’ income information in the FAFSA.

You must not have adverse credit history to take out a PLUS loan for graduate studies. If you are not eligible due to your credit, you can appeal this decision or reapply with an eligible endorser. An endorser, like a co-signer, will share responsibility for the PLUS loan. All graduate students can receive unsubsidized loans regardless of their credit.

If you want to take out a private graduate student loan, apply directly to the lender. You may need a co-signer to qualify.

Which graduate student loan is right for you?

Federal loans are generally the best choice when pay for higher education because programs like income-based plans can help keep payments manageable. However, if you have good credit and enter a profession with high earning potential, private loans can be cheaper in the long run.

Many lenders offer student loans for graduate studies. Some also have loan programs for specific vocational degrees. Evaluate all of your options to get the best deal possible.

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