The costs of education today are ten times what they were less than 40 years ago. But those differences become even more stark when considering undergraduate versus graduate programs. Fortunately, there are resources available to both types of student to help them pay for college.
Initially a college student may avail himself of many different programs to pay for college. There are student loans, grants and scholarships and some students must take advantage of all three.
The most common programs for students remain the unsubsidized and subsidized Stafford Loans. Subsidized loans are the most desirable, since the government pays the interest while the student is in school. But they are need-based. Unsubsidized loans are not need-based, making them available to a much wider group of students.
A detailed breakdown of what can be borrowed by who is available at: http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp or http://www.salliemae.com/get_student_loan/find_student_loan/undergrad_student_loan/federal_student_loans/stafford_loans/
Graduates, on the other hand, often have fewer options for scholarships and grants just at the time when tuition costs jump. But teaching and/or research assistantships usually more than make up the shortfall. They, in effect, have very low-paying (and very long hour) jobs while attending courses and doing research.
In recent times the PLUS loan program has been extended to graduate students. In the past this program was restricted to parents of undergraduate students. Now it has been expanded to include graduate students and rather than making the loan to parents the money is loaned directly to the student.
The Pluses of a PLUS loan
Graduate students have one advantage that many people do not have. Most of them have not yet had the opportunity to get into a lot of debt and have credit problems. Since PLUS loan approval is based on your credit scores many graduate students are able to qualify.
Initially a college student may avail himself of many different programs to pay for college. There are student loans, grants and scholarships and some students must take advantage of all three.
The most common programs for students remain the unsubsidized and subsidized Stafford Loans. Subsidized loans are the most desirable, since the government pays the interest while the student is in school. But they are need-based. Unsubsidized loans are not need-based, making them available to a much wider group of students.
A detailed breakdown of what can be borrowed by who is available at: http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp or http://www.salliemae.com/get_student_loan/find_student_loan/undergrad_student_loan/federal_student_loans/stafford_loans/
Graduates, on the other hand, often have fewer options for scholarships and grants just at the time when tuition costs jump. But teaching and/or research assistantships usually more than make up the shortfall. They, in effect, have very low-paying (and very long hour) jobs while attending courses and doing research.
In recent times the PLUS loan program has been extended to graduate students. In the past this program was restricted to parents of undergraduate students. Now it has been expanded to include graduate students and rather than making the loan to parents the money is loaned directly to the student.
The Pluses of a PLUS loan
Graduate students have one advantage that many people do not have. Most of them have not yet had the opportunity to get into a lot of debt and have credit problems. Since PLUS loan approval is based on your credit scores many graduate students are able to qualify.
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Before you consider consolidation as a way to get your debt paid off, you need to consider the debt consolidation loan consequences. It isn't always the best solution to consolidate your debt. Find out why on the Inside Debt Consolidation website
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