Student Loan Consolidation Hot Topics

I was chatting with a friend this past evening, and the topic of grad school came up. (As it tends to at my current age) We both agreed that grad school was a great idea - a somewhat necessary tool to advance in ones career. I’ve been rather excited about the prospect of going back to school for some time now, but my friend had some hesitation in his voice. Not because of the application process, or getting back into the swing of class life - but more so over the issue of payment. How do you pay for the normally pricey grad school courses?

Many students still have remaining debt from their undergraduate program, and the thought of taking out more student loans can be rather daunting. But fear not, there are options available and steps that can be taken to help mitigate some of the impact.

First and foremost, if you haven’t already, consolidate your federal student loans from your undergrad program. This will lock in your interest rate, and provide greater monthly savings - more cash flow available for normal living expenses. Not to mention, that you can defer your consolidation while you are attending grad school.

Next, if you have any private student loan debt - consolidate that as well. Wait until after you have completed your federal student loan consolidation - as it will help your credit, and private student loan consolidation is a credit based program.

Consolidating your existing debt will help you become more financially stable - now you can focus on generating money to pay for grad school. Scholarships and fellowships are a great place to get some additional help for funding. If you need additional funds, there are a variety of low interest graduate school loans that can help pay for your courses. These include the Graduate Stafford loan, Private alternative loan, and the Graduate PLUS loan.

The reality is, that most people will have to utilize some sort of additional student funding for grad school. The important thing to remember is to take advantage of the many different, helpful options available on the market, and try to get financially stable right from the start.

Stay tuned for some quick post graduate budgeting tips…

StudentLoanConsolidator.com
StudentATM.com
StudentLoanNetwork.com
Gradloans.com
ActEducationLoans.com
FinancialAidPodcast.com

When thinking about going back to school to pursue a graduate degree it is very important to review your financial situation closely and decide where you would like to be after you have obtained that degree and if this degree is necessary to get you to that place.

Here are some questions to ask yourself when deciding how much financial burden can you take on during your graduate career?

• How much can you afford to take out in loans during graduate school?
• How much will you have to pay back in loans after you obtain your graduate degree?
• How much will you REALLY be paying when you factor in loan interest rates?

Only you can decide if graduate school is worth the time and lifestyle changes. Remember that a higher education does not come cheap however the expense is often worth it.

The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans

Please check out this brand new blog, promised to be packed full of helpful tips and pointers for all things Graduate Loans.

graduateloansatoz.wordpress.com

Had a borrower email me today and ask about how to pay for Grad school… here you go Matt from Buffalo!

There are a variety of options for paying for graduate school, and a few differences from undergraduate programs. In order of lowest cost to highest cost, here are the most well known options:

• Scholarships - essentially free money.
• The Graduate Stafford Loan - up to $18,500 per year, $8,500 subsidized, $10,000 unsubsidized.
• The Private Alternative Graduate Loan - Annual maximum of the lesser of $50,000 or cost of attendance minus other aid.
• Home equity/refinancing - leveraging your mortgage equity
• Private consumer loans - credit cards and personal lines of credit

How should you apply for these various financing options? In the above order:

• Scholarships need to be researched and applied for individually. You can search online for free using popular search engines such as Google or Yahoo, or use a premium search service such as FinancialAidOfficer.com to help you locate funds.
• Apply for the Graduate Stafford Loan using our online application .
• Apply for the Private Alternative Graduate Loan using our online application .
• Contact your bank or credit union for home equity, or use our online application .
• Private consumer loans can be obtained through banks or from StudentPlatinum.com .

Hope this is helpful - stay tuned for more info about Grad school in the days to come.