Students who apply for and are accepted to graduate school often wonder if they might be able to get student loans. It can be a bit confusing because the answer isn’t a simple “yes” or “no”. There are some eligibility requirements, as well as concerns about whether or not you have enough time to repay your loans before your grace period is up.
Student Loans for College & Graduate School
The following post will provide all the information you need about student loans for college and graduate school students so that you can make an informed decision about whether or not these types of loans are right for you.
In this article, we will discuss the differences between undergraduate student loans, graduate school student loans, and parent PLUS loan eligibility restrictions.
So let’s get started, shall we?
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Undergraduate Student Loans
If you are applying to undergraduate school, your eligibility for student loans is dependent upon your financial need. If you have a high income, it’s unlikely that you will qualify for a loan. This is because there is an expectation that all students will be able to provide a portion of the necessary expenses with their own income or savings. The exception would be if the parents have enough savings to pay for 4 years of higher education and the student does not have enough of their own income or savings. The parents would then be expected to provide enough gaps in funding so that the student can pay for college without taking out a loan.
If you do qualify for a loan, it will be in the form of a federal Perkins Loan. Perkins loans can only be used to pay for tuition and other required fees. You cannot use the funds from this loan to pay for housing, food, books or transportation. This is part of the reason why these loans are not used by many students who get it.
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