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Student Aid FAQ

How to Pay for Grad School
Answered by Anita Thomas on 01/03/2020

To qualify for federal, state, and college financial aid for graduate school, you have to submit the FAFSA (Free Application for Federal Student Aid). The FAFSA is required to receive federal and state grants and scholarships, as well as federal student loans, including Perkins Loans, Direct Unsubsidized Loans, and Grad PLUS Loans.

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What are the credit requirements for Grad PLUS loans?

The borrower of a Grad PLUS Loan must not have an adverse credit history. An adverse credit history is defined as being 90 or more days delinquent on any debt, or having a credit report that shows default, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a federal student loan debt during the five years preceding the date of the credit report.

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What is the average amount of a student loan?
The average federal loan debt outstanding is $28,973 per borrower, as of June 30, 2015.

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How do student loans work: what you need to know
Answered by Elaine Rubin
Most college students will have to borrow one or more student loans before they graduate, because there aren’t enough government grants to cover all college costs. There are more than $100 billion in new student loans made each year and more than $1 trillion in student loan debt outstanding. Read Entire Answer
How long is the repayment term for private consolidation loans?
The length of the repayment term varies by lender, typically 15, 20 or 25 years. Lenders offering fixed interest rates may have shorter repayment terms. The repayment term may depend on the amount borrowed.

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Student Loans for Living Expenses
Answered by Mollie Allen
Student loans may be used to pay for anything included in the college’s published cost of attendance. The cost of attendance includes not just tuition and fees, but also living expenses, such as room and board, transportation to and from school, and books and supplies. In addition, the college’s financial aid administrator can increase the cost of attendance on a case-by-case basis to cover childcare costs for dependents and the cost of a computer and software. Read Entire Answer
How long does it take to repay a student loan?
The standard repayment term on a federal student loan is 10 years. The repayment term on private student loans vary from 5 years to 15 years.

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What are the benefits of consolidating federal student loans
Federal consolidation loans allow borrowers to combine several federal student loans into one loan to streamline loan repayment. The monthly payment amount may decrease because repayment can be spread over a longer time period. Because there are no penalties for prepaying the loan in full or in part, borrowers may make larger monthly payments or extra payments if they wish. Borrowers may also change repayment plans at least once a year.

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Are there student loan prepayment penalties?
There are no prepayment penalties on federal student loans or private student loans. You can make extra payments on your student loans or pay them off in-full without paying a fee or other penalty.

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How do I find student loans if I don't have a creditworthy cosigner?
Most new private student loans require the borrower to have a creditworthy cosigner. This includes more than 90% of new private student loans to undergraduate students and more than 75% of new private student loans to graduate and professional students. But, what if the student doesn’t have a creditworthy cosigner?

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