Low-Interest Stafford Loans Could Help You Meet Your Graduate School Expenses
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As a graduate or professional degree student, even with your student grants and T.A.’s salary, you may find you still have school-related expenses to cover. To help you meet the costs of your degree program, NextStudent, a leading Phoenix-based education funding company, offers graduate Federal Stafford Loans, which carry a low, fixed 6.8% interest rate. And as long as you’re enrolled at least half-time, you don’t have to start repaying your Stafford loan until you’ve finished your degree. Graduate Stafford Loans Can Provide up to $20,500 a Year The Stafford Loan Program offers two types of student loans (http://www.nextstudent.com/student-loans/student-loans.asp): subsidized Stafford loans (awarded on the basis of financial need) and unsubsidized Stafford loans (non–need-based). You may qualify for either type of Stafford loan or a combination of both. With a subsidized student loan, the government will pay for any interest that accrues while you’re still in school, when you’re in deferment and throughout your grace period. With an unsubsidized student loan, you’re responsible for all interest that accrues, even when you’re not making student loan payments. Any interest that accrues while you’re postponing repayment—whether you’re in school, in deferment, or in a grace period—will be added to your principal student loan amount for you to repay once your repayment period begins. As a graduate or professional degree student, you can borrow up to $20,500 a year in Stafford loans (http://www.nextstudent.com/stafford_loans/stafford_loans.asp) (of which no more than $8,500 may be in subsidized loans), up to a maximum cumulative Stafford debt of $138,500 between your graduate and undergraduate Stafford loans. Applying for a Graduate Stafford Loan Is Fast and Easy There’s no credit check with a Stafford loan. To qualify, you just need to complete your FAFSA (Free Application for Federal Student Aid) and meet the Stafford eligibility requirements: Enrolled or accepted in an eligible graduate or professional degree program, attending at least half-time Maintaining satisfactory academic progress, as determined by your school U.S. citizen or permanent resident Not in default on any federal student loans Registered with the Selective Service if you’re male and between the ages of 18 and 25 Once you’re approved for your Federal Stafford Loan, a check will be sent to your school. After your tuition and other school-billed fees are paid, you can use any remaining Stafford funds for your books, materials and other school-related expenses. After you’ve left school, you can choose to consolidate both your unsubsidized and subsidized Stafford loans with a Federal Student Loan Consolidation (http://www.nextstudent.com/) . You get more time to repay, and you could substantially lower your monthly payment. So when your T.A. salary doesn’t stretch quite far enough, let NextStudent help with a graduate Stafford loan. Apply for your Federal Stafford Loan today and get the affordable financing you need for graduate school, that lets you stay focused on getting your degree instead of on making student loan payments while you’re still in school. NextStudent believes that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans (http://www.nextstudent.com) and Student Loan Consolidation at NextStudent.com.
Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.
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