| When it comes to graduate student loans, the rules | | | | Loan, also from the government, you can borrow up |
| for graduate school are similar to the ones for | | | | to $20,500 a year, but only $8,500 of that can be |
| college. Federal loans are your best option because | | | | subsidized, meaning the government pays your |
| you will get a better rate than you would with | | | | interest until you graduate and six months afterward. |
| private loans. Here are the steps you need to take | | | | PLUS loans for graduate students are also an option. |
| to get the best graduate school financial aid package | | | | Look into private loans to make up the difference: |
| possible: | | | | Private loans might offer good rates to match good |
| Fill out the Free Application for Federal Student Aid | | | | credit. They are not government-backed, but you |
| (FAFSA): Send off the form at the beginning of the | | | | can turn to them if a Stafford or Perkins loan won't |
| year when you plan to attend school. Even if your | | | | help you meet all your expenses. However, they will |
| taxes are incomplete, fill the FAFSA out based on | | | | be more expensive over the long run. |
| estimates because loans are given on a first-come, | | | | Furthermore, if you are looking at private loans, start |
| first-serve basis, and competition for graduate school | | | | thinking about the potential return on your |
| funding is tighter than for undergrad programs, | | | | investment following graduate school. If your |
| especially when economic times are tough. | | | | graduate program will make you a better job |
| Consider your federal loan options: You may be | | | | candidate and enable you to earn a higher salary, |
| eligible for a government-sponsored Perkins Loan, in | | | | then a private loan might be worth it. But it might not |
| which you can borrow up to $8,000 a year at 5 | | | | be worth it if you are going to graduate school for in |
| percent interest. If you are eligible for a Stafford | | | | fields that don't pay as much, such as the humanities. |