Sallie Mae Private Student Loan - Undergraduate Verses Graduate Financial Aid Information
Sallie Mae Private Student Loan - Undergraduate Verses Graduate Financial Aid Information
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The cost to obtain an education are far more today than they ever have been in the past. However those differences become even more bleak when viewing undergraduate versus graduate programs. Both types of students can benefit from the resources available to help pay for the price of an education.
Undergraduates typically rely on a complex mixture of scholarships, grants and loans. Usually the undergraduate takes out loans alone, other situations show that parents have taken out loans, and then of course, there is a mixture of the two in the case of a parent being a co signer or named as a co borrower on the loan.
Commonly students use the unsubsidized and subsidized Stafford Loan plans. With the government making interest payments on a subsidized loan while you are in school, its easy to understand why this is the most sought after loan. However this is a need based program. A much larger group of students can get an unsubsidized loan as they are not need based.
Graduates, on the other hand, frequently have fewer options for scholarships and grants just at the time when tuition costs jump. To make up the difference, students can be a teaching or research assistant. Normally these are long hours and low paying positions while you are attending classes and doing research.
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Lately a new option has become available to graduate students PLUS loans. Though the acronym means Parent Loans for Undergraduate Students, they are now an option for many grad students. In the undergraduate case, parents become the borrower and are responsible for repayment. In the example of graduate students, they become the responsible party.
Various benefits can be seen with the PLUS loans.
First, they are easy to get. They are not a need based loan, it is contingent upon your credit history making it available to more students. Often graduate students havent had the time to have credit trouble like other working adults. This leaves them with less negative reports on their credit file. This is what makes the eligibility determination easy for the financial aid officers.
On the other hand, current interest rates for PLUS loans are not low by historical measures. The particular kind of loan will determine if you will get a 7.9% or 8.5% interest rate. Even at the lowest rate, on $10,000 borrowed the first years interest amount is well over $750 and repayments start within 60 days of when the loans are disbursed with no grace period.
Another difference in graduate and undergraduate loans is the caps put on all non private loans. The maximum amount that can be borrowed over the period of the loan varies between undergraduates and graduates also.
Research on options for both types of graduates will need to be done. Even though money to pay for school is now more available than ever, it may take a combination of many different providers to accomplish your goal. The total funds borrowed last year by all students was over $50 billion. The money will be distributed to lots of students. You could get your part of this money.
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