In a previous post, we talked about Bar Exam loans for Law School students who have finished their courses but still need some money while studying for a Bar Exam. During this time, we understand how busy things are – you study study study and have no income yet you still need some money to pay for expenses such as living, books and more. In fact, taking the bar itself costs a few hundred dollars (depending on what state you are taking it in.) Along the lines of this Law school bar exam loan, GradLoans.com also offers verious residency loans for Medical. Residencies, again, are a lot of time and work with not a lot of cash flow coming in. For this GradLoans.com offers these residency loans – up to $15,000 and it can even help to cover relocation costs. This residency loan applies to dental and osteopathic medicine students, also. I was talking with a recent dental school graduate who had no idea this type of loan even existed – she indicated that during residency, she was low on funds and that this would have been a great option for her. Check out loans for medical, dental, and law school students!
Post Law School? October 25, 2006
I recently received a comment from a law student asking about a loan to help with living expenses while studying for the bar exam. There are loans out there to help with this type of situation even though the student is not technically enrolled in school. Although the law school graduate can always turn to the school’s resources for help with loans; it is wiser for the student to do their own research, as schools tend to have relationships with certain banks; and they do not always hold the students best interest in the highest priority. Gradloans.com has a private loan section that allows you to choose a bar exam loan specifically; which means it is specifically geared for the applicant.
Some more Notes about the Graduate Plus Loan October 24, 2006
This past July 1st, 2006 – the US Dep’t of Education created a new loan geared towards students continuing on after undergraduate school. The graduate Plus loan is the second non-need based federal student loan (the parent plus loan was the first). Since the demand for graduate students has increased in the past 10 years, so has the cost for tuition. Typically, a stafford loan for grad school would not come close to covering tuition and living expenses, so now the student can apply for the Graduate Plus loan to cover the difference. The approval process for the loan is not as stringent as the parent plus loan approval. As long as the applicant does not have any delinquent accounts on their credit history they are usually approved for this loan. If you have Federal loans from undergraduate school as well, they can all be rolled together once you are finished with school, since they all share the same Federal status. This will be so helpful once you finally do finish school to have just one payment. From my experience, with any loan you apply for, it is best to do your research, and pick a loan that will suffice your needs.
Parent Loan for Graduates? October 16, 2006
Ok, so it’s not really new, but the Graduate PLUS Loan became available to students on July 1, 2006 and it, really, gives all graduate students a great opportunity to take out an easy, Federally backed loan for a graduate level study. Historically, the Parent PLUS (Parent Loan for Undergraduate Students), as the name implies, was a loan that a parent could take out for their undergraduate student. Makes sense, right? Well now, the Grad PLUS loan (ignore the acronym meaning this time) is for a graduate student to take out a loan, up to the cost of education, on their own signature. No parent/co-signer required. Graduate students still can borrow the $18,500 per year in Stafford loan funds if awarded that aid but, so many graduate programs cost more than that. To bridge that gap, the Graduate PLUS loan can help cover up to the cost of education – at a fixed 8.5% interest rate (and discounts even apply) it is much more cost effective than tapping into savings, using income or credit cards. Again, it’s Federally backed – meaning you get full Federal benefits (deferment, forbearance, etc.) So, if in five years you are going through a rough time financially, you can defer it If you join the military, you can defer it. Think of it like this, a full cost of education loan at a competitive interest rate and many great benefits. What’s not to like?
links for 2006-10-14 October 14, 2006
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Free Application for Federal Student Aid, help with FAFSA
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Blog to help graduate students find the proper funding – includes information on private, Federal and specialty loan programs.
Help is on the way! October 12, 2006
It’s official – I have joined the “Blogosphere.” Other than wondering if I need to hyphenate the word blogosphere (blog-o-sphere? like jack-0-lantern?), I’m really prepared and excited to discuss graduate school financial aid. Many assume that grad students understand their financial aid options because of their undergraduate experiences. But, this isn’t always true. Graduate programs tend to be more expensive but the options of funding are unlimited. In fact, program specific aid is even available – more on this late. I hope that I can help educate current students, potential students, financial aid officers or just those interested in learning more.
Now, you’re probably thinking – “who are you, anyway?” My name is Katie and I have teamed up with the Student Loan Network to bring really relevant, new and fresh information to the table. I hope you enjoy what you read – send me comments or questions and I’d be glad to help!
