Graduate Student Loans

Looking for graduate student loans can be hard. Sorting through the options takes time and energy. If each loan option had the same benefits and disadvantages there wouldn't be a problem, but the differences are stark. Research and knowledge are the keys to making the right decision. Time is well spent by doing your research and applying to multiple sources. You can always decline a loan if it turns out to not work in your favor.

Federal Student Loans
Perkins Loan, Stafford Loan, and Direct Loan are just some of the common Federal loans for graduate students. Since there is no credit check, for some students these are an excellent choice. They are guaranteed by the Federal government therefore past credit is not a problem for the lender. Typically the rates are low and payment options are often flexible.

Unfortunately these types fo graduate student loans are usually not big enough to cover everything. Some other form of funding is almost always needed to complement Federal loans in order to pay the full tuition and living expenses. In fact the money goes directly to the educational institute and can only be used for tuition, housing or books

PLUS Loans
PLUS loans are also funded by the Federal government but the requirements for these loans are different than for a standard Federal loan. With a PLUS loan it is the parents, not the student, that applies for the loan. The up side is that the loan can be larger and may even be used to cover all necessary expenses. The interest rates also tend to be quite low. The down side, depending on your perspective, is that the parents become responsible for repaying the loan and a credit check is required.

Private Student Loans
When Federal loans are not enough, private loans can make up the difference.  Typically these loans can be used for all sorts of expenses and the time from application to cash in hand is relatively short. For many, private graduate students loans are a good choice. High interest rates and credit checks are the main negatives of private loans. They are basically personal loans and the requirements are the same.
What seems like a lot of work securing the right loan will some day seem like time well spent. In the big picture it is worth doing what it takes to get this component of your education right.