Loan Info for Post Graduate Studies

Dear Parent & Student, 

In last month’s issue, we discussed post graduate studies. Inevitably, that will raise questions to mind about how to pay for further schooling. I thought this information might be helpful. 

When most people talk about student loans, they’re thinking of undergraduates. This is because a lot of college marketing articles are directed toward parents who are saving money for their children’s college education.

But let’s not forget those who continue their educations after college: doctors, lawyers, MBAs, and people who work on their masters degrees. While some of these students are fortunate enough to work for companies that will subsidize their postgraduate degrees, others are not. Most doctors and lawyers in training must foot the entire bill. 

Never fear. There are loans for them, too, large enough (up to $150,000) to cover the extreme expense that law school or medical school now is.

Students seeking post graduate degrees are eligible for federal money, such as the Stafford loans, just as undergraduate students are eligible. Unfortunately, federal loans might not be enough to cover the entire cost of graduate school. This is why companies like Sallie Mae designed loans specifically for graduate fields. 

For example, graduate business students can take out an MBA Stafford Loan or MBA Private Loan, which are the only kinds of loans sponsored by the Graduate Management Admission Council. Law students may be eligible for LAWLOANS Stafford Loan or LAWLOANS Private Loan. There’s even a LAWLOAN Bar Study Loan, which is money for students studying to pass the bar exam. Not surprisingly, medical students have special loans, too. They may be eligible for Healthier Returns or MEDLOANS Stafford Loan.

Again, though it may seem early to be discussing post graduate studies, it is at this time many students are making decisions that will effect their future educational years.  This information is designed to help you along with the planning process.

Until next month…Best Wishes!

Randy Stoltz, President