| Students look at a graduate student loan as an | | | | career development loan, meant for those who enroll |
| alternative to student debt, its obvious attraction | | | | for another course like medicine or graduate studies. |
| being the ability to get one without collateral or the | | | | Student debts are continually increasing, with |
| need to show proof of a regular income. Normally, | | | | graduates who have found employment doing better |
| students are in college fulltime and neither have jobs | | | | than undergraduates since the former do not rely |
| or properties of their own. | | | | too much on loans but on their salaries for their daily |
| Being an unsecured loan, a graduate student loan | | | | needs and other necessities. |
| normally has a reasonably good interest rate. It | | | | Someone who finishes college and decides to pursue |
| usually doesn't take long for such a loan to get | | | | graduate studies will broaden his or her horizons in |
| approved, but this speed and convenience comes at | | | | other academic fields which could lead to better |
| a price. Borrowers could find themselves tied up in a | | | | career opportunities. If it is necessary to do this by |
| long-standing bond that is not exactly to the | | | | taking out a graduate student loan, it could also mean |
| advantage of the borrower. | | | | a new set of financial burdens. But it is an alternative |
| More costly than a student loan, a graduate loan is | | | | that many graduate students are more than willing to |
| typically given upon graduation, when a student just | | | | take to pursue higher education. |
| out of college is not qualified for a student loan | | | | If you want to apply for this loan, the first thing to |
| anymore. This loan is intended to ease the transition | | | | do is fill out a Free Application for Federal Student |
| from college life to an employed life. Someone who | | | | Aid (FAFSA) form. You will be asked questions about |
| has just joined the workforce would need a place to | | | | your salary and savings or that of your parents. You |
| stay, new clothes appropriate for the workplace, and | | | | can do this online or obtain a hard copy. After you |
| other necessary expenses. | | | | have mailed your FAFSA application, the government |
| A student overdraft, a regular feature in a student's | | | | will look at it and inform you how much you need to |
| bank account, can be paid using a graduate loan. But | | | | contribute to your graduate studies. Include in your |
| one has to be reminded that a graduate student | | | | application the graduate schools you are thinking |
| loan, even though inexpensive compared to a | | | | about to enroll in so the government agency in |
| personal loan, is more costly than a student loan. | | | | charge can also send them a report. |
| But once a fresh graduate has found a job, he or | | | | Send applications to federal agencies for both |
| she could get a loan from the employer or company | | | | subsidized and unsubsidized loans. Federal loans have |
| that has hired him or her at better rates. This is an | | | | the least expensive interest rates. You are better off |
| alternative to a graduate loan open to new | | | | maximizing federal loans to avoid the more expensive |
| graduates, who could also avail of what is called a | | | | interest rates of private creditors. |