Graduate school is expensive, but it doesn’t have to be when you look at the different grants and loans for graduate school. When someone is interested in going to graduate school, they are going to find that there are a good amount of grants and loans for graduate school. Here are some of the more well known loans that are available for graduate school.
Perkins Loans – When it comes to grants and loans for graduate school, the least expensive option for loans for graduate school are Perkins Loans. These are the least expensive graduate school loans that are backed by the government and they are only awarded to the students that have low incomes. Qualifying graduate students are able to get as much as $8,000 annually with an interest rate of a very low rate of 5%, which won’t be charged while the student’s attending.
Stafford Loans(subsidized) – The second option that a graduate school student can look for are the Stafford loans that have been subsidized. These are awarded to students that need help with paying their tuition based on their FAFSA. The loan’s interest rate is no higher than 6.8%, the fee isn’t any more than 1%, meaning that the yearly percentage rate is approximately 7%. When a loan is subsidized, it means that there’s no interest charged while the graduate student’s attending school, which means that there is money that is saved.
Stafford loans(unsubsidized) – The third option in loans when it comes to looking for grants and loans for graduate school is Stafford loans that aren’t subsidized. These loans are available to just about anyone who applies as long as they’re legally a resident of the US and have no defaults on any loans that they received from the government. The interest rate is the same as the other Stafford loans but the interest on them keeps accruing while the student’s in school.
These three loans are ones that graduate students can consider when they are looking for grants and loans for graduate schools. They are good for people who are looking for inexpensive ways to attend graduate school. They are low interest loans and they are intended for those people who may not have a lot of money to begin with. Money should not be a consideration when it comes to getting a good education and that is why the government makes loans such as the ones above.