Consolidating graduate school loans
PLUS loans, originally called Parent Loans for Undergraduate Students, were created so parents could help fund their children’s educations.
Now, parents may take out Parent PLUS loans and graduate students may use Grad PLUS loans.
Some students may also be eligible for private loans or health professional loans, depending on their credit standing and area of study, respectively.
If the combination of paying off credit card debt, auto loans and student loans becomes overwhelming, a debt consolidation plan could ease your financial difficulties.
The interest rates usually are higher than those on federal loans and there are some involved that aren’t part of federal loans.
There are two types of Stafford Loans: subsidized and unsubsidized.
The type helps determine your interest rate and maximum loan amount.
Though there are two major sources of student loans — federal and private – the federal side dominates the action, both in amount of money available and loan repayment programs.
There were 21 million students enrolled in colleges and universities in the fall of 2016 and eight million of them received federal loans from the William D. The students took in 6.3 billion in loans, or about ,040 per student. Ford Federal Direct Loan Program includes Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans.