What loans are best for graduate school?

Question

I was fortunate enough to not need financial assistance during my undergraduate years, but I will be paying for my graduate studies this upcoming fall. Total tuition costs for the M.A. I am pursuing will be around $49,000.

What loans are the best for this kind of need? I anticipate salaries in the GS-10 range post graduation, upwards of $60,000.

Answer 1

Federal graduate student loans, which include Stafford and Graduate PLUS loans, are often the least expensive way for graduate students to borrow. Graduate students should first exhaust their federal Stafford loan eligibility and then consider the Graduate PLUS loan to help cover unmet costs.

If you choose not to go the federal route, or want only the Stafford loan, private student loans are also available.

It's a good idea to speak with the financial aid office of the school you're attending, as they may have additional, non-loan opportunities for you.

Good luck in grad school.