Student Loan Consolidation FAQ - Current Financial Aid Guide for Graduates and Undergraduates
Student Loan Consolidation FAQ - Current Financial Aid Guide for Graduates and Undergraduates
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The expenses of education today are ten fold what they were less than 40 years ago. These differences become even greater when looking at undergraduate programs compared to graduate programs. But, there are programs available to help pay for the price of college for both kinds of students.
Normally, a complex mix of scholarships, grants and loans are relied on by undergraduates. Those loans are usually taken out by undergraduates alone, others by their parents alone, sometimes a mix of the two as when the parent becomes a co borrower or co signer.
Currently the Stafford Loan is the most popular program for students either subsidized or unsubsidized. The most sought after program is the subsidized loans because the government picks up the interest payments whilst the student remains in school. However they are need based. A larger range of students can gain from the unsubsidized loans, they are not based on need.
Graduates, on the other hand, frequently have less opportunities for scholarships and grants just at the time when tuition costs jump. But teaching and or research assistantships normally more than make up the shortfall. These kind of jobs are low paying with long hours but you can work around your course and research schedule.
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Now available to graduate students are the PLUS loans. Even though PLUS stands for Parent Loans for Undergraduate students, it is the latest option for many graduate students as well. With an undergraduate, the parents become the borrowers and are the ones responsible for the loan. Grad students are the person responsible for the PLUS loan.
Plus Loans offer several benefits.
PLUS loans are widely available to students. This kind of loan is based on your credit worthiness and not need based, allowing many borrowers to qualify. Relatively few graduate students have had time to get into the credit binds that working adults often fall into. So even if graduates have little or no credit, they usually do not have any bad ratings either. The determination is then easier for the financial aid officials to make.
Historically, PLUS loans have shown to have lower interest in the past. Rates are either 7.9% or 8.5%, depending on the specific kind of loan. 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.
Undergraduate and graduate non private loans have different caps on the amount that can be borrowed. This makes the total amount over the period of the program vary also between graduates and undergraduates.
Graduates and undergraduates should both explore all of the options available to them. Even though funding to pay for college is now more available than ever, it will take a combination of several different sources to accomplish your goal. The total funds borrowed last year by all students was over $50 billion. The money has to go to somebody. It could happen for you.
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