Student Loan For Graduate And Professional Studies
Postgraduate studies can be very expensive and stressful. In the absence of ample funding or the fact that it’s difficult for many young professionals to manage studies, work and expenses at the same time, securing a loan for postgraduate studies might just be part of the solution.
The good news is that there are graduate loans which offer some form of security to students… even for students without stable incomes. Taking into consideration that many students may not have good paying regular jobs after they graduate, a postgraduate loan does seem tremendously helpful.
Graduate loans provide low interest rates for easier payment. You also need to consider the fact that after you leave college and attend post graduate studies you may already be in debt from previous loans you have drawn out. The reality is graduate loans are a lot more exorbitant than regular student loans, but it is also considerably cheaper than a personal loan. Before you opt for a graduate loan you need to ask yourself this first: “Is one more loan really necessary?”
Where Can I Get A Graduate Loan?
Many lenders or financial institutions offer a loan program for people intending to take postgraduate studies. Some offer this in conjunction with the university you could be considering enrolling into. Inquire from your school of choice or gather information from banks. Offers and packages vary from company to company so it is best to weight your options first and familiarize yourself with the packages before getting into a deal.
A person is eligible to obtain the loan, usually three years after graduating college. You may even have to present proof that attending postgraduate studies helps in the advancement of your careers long-term. Lending institutions may review how high your employment prospect is (to be able to pay for the loan). For some companies, consideration of eligibility may depend on whether or not you are a long time client of the company.
Advantage & Disadvantage
A graduate loan may serve many purposes and with this you get:
• Fixed rates where you already know how much you need to shell out every month and budget well for this
• An arrangement where you will be able to repay the loan in five to seven or to even ten years
• An option to take on a personal loan protection
Aside from the needed funding for expenses you incur – such as housing or investing on clothes fit for the workplace, while you’re looking for jobs or starting life after college – graduate loans are best useful for consolidating other debts, like credit card expenses.
Some lenders may suggest consolidating overdrafts and student loans to include this in a graduate loan, with the hope of lowering rates. But do take note that student loans already carry low rates so it may not be good sense to consider consolidating them. Overdrafts do not carry interests while the student is still in school but as soon as you graduate, the interests will shortly have to be charged. Now, the option to consolidate overdrafts may depend on the interest rate, so do weigh this before including it in your graduate loan.
Managing your finances while taking Postgraduate Studies
The truth is the road to financial freedom is easily manageable if you manage to incur no debts at all. But as people soon realize, the transition from college life to working life can be quite difficult. To help ease this, you can maybe opt for a more affordable postgraduate course, whenever possible.
Understandably, we all want to receive the highest quality of education, but if you consider your options very well, you may just find the same quality available at a less expensive institution. Search for a good graduate program that could provide you with the best education at a much more affordable price range.
If you are currently employed, you may opt to approach your employer into granting you a loan and give you better rates. Some companies, especially those in the law or medical profession, may even support your postgraduate studies as part of your career development and reinforcement, to benefit them later on.
Evaluate how much your total debt is and ascertain that the amount is manageable enough for your new salary to cover.