Graduate school loan

The most convenient types of graduate school loan are those provided by the federal government; they have low interest rate, deferment or forbearance benefits, no payments during school and sometimes no interest charged while in school (for subsidized loans). The major graduate school loan programs include Perkins, Stafford and PLUS loans.

Before July 2010, a graduate school loan from the federal government could be contracted through an intermediary lender, that the government agency would work through. Now it is possible to get a federal graduate school loan directly from the government. You have to meet some eligibility requirements, but still, there is much more flexibility in such loans than in those from the private sector.

-You should be a U.S. citizen or permanent resident.
-You should not have defaulted on a previous student loan.
-You should be enrolled with a college that is accredited by a federally approved agency.
-The credit history matters only for the PLUS federal loans.

In case you also need to contract a private graduate school loan, you should shop around and really know the lender. When you borrow tens of thousands of dollars and have to pay them back over several years, you should know the lender really well. The lender comes into play when the repayment time draws near. You might not worry while you are still  in school, but once graduation arrives, repayment is upon you.

At such times many people worry about unemployment or underemployment, mainly because there are so many problems landing a job these days, particularly when there are thousands of graduates like you. It is important to pave your way to your future career from your very first academic year. This is possible through internship, job placement or applying for jobs while you are still in school. Lots of companies and corporations recruit future professionals while they are still in school.

In case you manage to study and work, you'll accumulate much needed work experience and also save money for the time you have to pay back the graduate school loan. Statistics indicate that with students who start their career while still in school, chances are that they'll grow a promising career and will handle loan payment a lot more easily. Thus, instead of consolidating a loan for a 30 year period, you'll be able to pay it back in less than 10 years, as originally intended. Then, you won't feel the burden of your graduate school loan so intensely.

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