The Need for Graduate Student Loans

Whether you have just graduated from college, or you are a seasoned work-place professional, the cost of graduate school can be daunting. Most college graduates already have student loan debt from their undergraduate education, and have not yet had time to save up to pay for graduate school. Even if you are a working professional, graduate school can be extremely time consuming, and you may have to cut back on your current job while you are taking classes. If you have chosen a graduate school in another state or location, you might have to quit your job altogether to attend school.
You may also find that there is less scholarship and federal grant money available to help graduate students with financial aid, compared with undergraduates. If you are unable to secure a graduate fellowship or scholarship money to pay for graduate school, you may have to take out graduate student loans.
Keep in mind that taking out graduate student loans will add to your overall student loan debt. You don’t want to get into graduate school debt lightly; make sure you have weighed all of your professional options and that graduate school is the right choice for you.
Don’t forget to ask your current employer about tuition reimbursement programs offered at your workplace. If you are planning to attend graduate school in the future, you might want to consider looking at companies who offer tuition reimbursement programs as an employee benefit.