Private Student Loans for Graduate Students

Private student loans for graduate students can provide you with the funds that you need to attend graduate school. Here are the basics of private student loans for graduate students and how they work.

Private Student Loans

Private student loans for graduate students work differently than traditional federal loans. With Stafford federal loans, you will be able to get a low interest rate and the loan is backed by the federal government. Because of this, it is very easy for anyone to get a federal loan even if they do not have good credit. With private student loans, you are going to have to meet certain credit requirements in order to qualify. A lender will evaluate your credit score and make sure that it fits within a certain range before you can be approved. They will also want to verify that you are employed and will determine if your income is sufficient to cover the payments of the loan.

Interest Rates

With private student loans, interest rates will be slightly higher than what you would get with a federal student loan. Most of them will also have an adjustable interest rates, instead of giving you a fixed rate for the life of your student loan, like a federal loan would offer.

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