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Graduate student loan

Student Loan

Graduate student loans are the education loans given to the students.

There are two types of graduate student loans the federal loans and the private loans.

The post graduate studies require more funds and the life is full of stress. But there are loans available as security to the students. These loans are available for students also those are not working.

There are various types of graduate student loans available. They are for living expenses, for students with bad credit records, without co signer, graduate student loans and grants, federal graduate student loans and graduate loans for studies in various countries like UK or Canada.

If many graduate loans are compared then the Stafford graduate loans are the best. For additional requirement the loans from private sources can be taken. While taking a private graduate student loan the interest rates and the terms should be compared. Generally graduate student loans are more expensive than the loans for under graduate studies but they are cheaper than the personal loans. But the graduation studies are important to with stand the coming competition.

Graduate loans have low interest rates in order to make the repayments easy. There are many loan lenders giving loans for graduate studies. Many loan lenders have tied up with the graduate schools and they can have packages. Before opting for any such package the entire loan plan should be understood well.

There are many advantages and disadvantages of graduate loans. In graduate loans the interest rates are fixed. By this time the student knows how much is the monthly expenditure and accordingly he can arrange the loan. In graduate student loan the loan can be repaid in five to ten years time period. Graduate loans are the best to consolidate the other loans or even credit card payments. One must fill the FAFSA (free application for federal student aid). In this the family income, students savings are involved. Based on this the federal government expects the financial support from the family to support the child’s education. In the application form all the institutions should be mentioned which are considered by the student for his graduate studies. The federal government sends report to all the mentioned institutions.

The federal graduate loans have lowest interest rates so they should be used as far as possible. But they are not sufficient and privet loan is required. The private graduate loans are based on the credit record and the students need to apply for them in advance. They take time to get sanction. If there are high chances of getting a good job after graduation then a private graduate loan with high interest is also ok. But if the student and his or her parents have good credit history then the loan can be received at lower interest rate also.

The students should take any loans only for the required amount. In such cases the chances of getting the loan are high.