See "Will My Employer Pay For My Master's Degree?" Private student loans are offered by banks and credit unions, and you apply directly from the lender. We’ll send you a link to a feedback form. 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For example, if you borrow $20,500 in Stafford loans, you will pay an origination fee of $219.14 and receive a net amount of $20,280.86. .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} It's easy to apply for a graduate student loan. You may be able to get a postgraduate student loan from Student Finance England of up to £11,222 to help pay for a Masters degree. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. Like the Stafford loan, the Graduate PLUS Loan is a fixed rate loan (but a 1% higher interest rate). Not all applicants will be approved and individual loan terms may vary. Private Student Loans. Fortunately, today you can find information about the most favourable terms for you through the websites of the study programmes you are considering. The maximum amount a graduate student can borrow upon graduation is $138,500 (up to $65,000 in subsidized loans). Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. You can also get extra support if you have a disability. You have to complete a Free Application For Federal Student Aid (FAFSA®) and can request a Direct PLUS Loan at StudentLoans.gov. Whether you are an aspiring dentist, doctor, pharmacist, veterinarian, lawyer or MBA, here is what you need to know to make an informed decision on how to finance your graduate education. To help us improve GOV.UK, we’d like to know more about your visit today. A private student loan is a non-government student loan that may be issued by a bank, credit union or other financial services company. The borrower is not required to begin repaying the loan until after he or she graduates. If you have a high credit score and are a responsible financial borrower, you will have an opportunity to refinance your student loans for a lower interest rate either before or after you graduate or in residency (depending on your degree type). 77% of graduate students borrow federal and/or private loans to help pay for school expenses. The U.S. Census Bureau confirms this trend, reporting that a college graduate will earn $2.1 million in a lifetime, while a Master's degree holder will earn an estimated $2.5 million. The current interest rate on direct unsubsidized loans for graduate student borrowers is 4.3%. Pay for your business school expenses as you pursue your Masters of Business Administration degree, Pay for your medical degree expenses in allopathic, general, osteopathic, podiatric, radiology, sports, and veterinary medicine, Pay for your expenses associated with taking board examinations, traveling for interviews, and moving for your medical residency, Pay for your dental degree expenses in general dentistry, endodontics, oral and maxillofacial surgery, orthodontics, pediatric dentistry, periodontics, and prosthodontics, Pay for your expenses associated with taking board examinations, traveling for interviews, and moving for your dental residency, Pay for your health professions degree expenses in allied health, nursing, pharmacy, and other graduate-level health programs, Sallie Mae® Graduate School Loan for Health Professions, Pay for your school and associated expenses as you study for your law degree, Pay for your expenses associated with fees and living costs as you study for the bar exam, Pay for expenses as you pursue your master's and doctoral degrees. Federal loans generally have origination fees, but are available to students regardless of income. One year your course may be out of favour with a research council, the next year it may be a priority, so keep asking questions, take you time and give yourself a lot of time to do your research. The loan scheme, after all, is intended to adhere to the principles of the original Erasmus program – to effect the mobility of students within the EU and wider European community – and with such limited options for postgraduate funding within the EU, the Erasmus+ Masters Loan Scheme represents a big step forward for postgraduate financial support. Fees: When you borrow a Graduate PLUS Loan, the federal government charges an origination fee of 4.076% of the disbursed loan amount, which is deducted from your loan principal before your student loan is disbursed and sent to your school. All content is available under the Open Government Licence v3.0, except where otherwise stated, National restrictions in England from 5 November, get extra support if you have a disability, Allowing someone else to manage your student loan account, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases. All rights reserved. Learn more about the differences between federal and private student loans for graduate students. When considering whether to pursue a Master's degree, you will want to explore myriad options for financing that education, and may wonder whether you should take out student loans. These loans are fixed rate Direct unsubsidized loans. © 2020 Forbes Media LLC. All Rights Reserved, This is a BETA experience. We also have a Graduate School Loan, which is designed for humanities, sciences, and other degrees. We also have a Graduate School Loan , which is designed for humanities, sciences, and other degrees. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. The COA, generally listed in your financial aid award letter, is an estimate of what you'll pay for the following costs: tuition and fees, room and board, books and supplies, and personal expenses. Taking out a student loan to get a Master's Degree can be a wise financial decision, and if you plan responsibly and borrow frugally, your return can be both personally and economically rewarding.