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Student Loan Refinance 101
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Graduate school can be expensive — so where do you find the best private graduate student loans once you’ve exhausted other alternatives?
Like undergrad, you want to first use any grant, scholarship, and fellowship money before considering loans. Then it’s time to pursue funds through federal loan programs before exploring private student loan options.
Let’s compare the best private graduate student loans to see how they size up against one another.
There are two main solutions for funding your graduate school education when borrowing money. First, the federal direct and PLUS loan programs that are funded by the US Department of Education and, second, private student loans from the consumer marketplace.
Similar to undergrad, you will get the same advice to exhaust your federal loan options before accessing the private lending market. This is a good rule of thumb, since the federal program carries a more impressive list of benefits, borrower protections, and repayment options.
However, on the downside, as of July 2022 federal direct unsubsidized graduate school loans have an origination fee of over 1% and PLUS loans have an origination fee of over 4%.
Private loans don’t have application fees, origination fees, or prepayment penalties.
Like all federal loans, direct unsubsidized graduate school loans are obtained through the Free Application for Federal Student Aid (FAFSA) process. Here are more details on federal direct unsubsidized graduate school loans:
Another federal loan option for graduate school is Federal Grad PLUS loans. Here are some key features of Grad PLUS Loans:
For those pursuing graduate work in healthcare, federal health professions student loans include the following benefits:
Our Top-Rated Picks for 2022 Offer Low Rates and No Fees
Option to skip a payment once a year
In-school deferment available if you return for another degree
Optional $25 payment plan during school to reduce interest after graduation
1% Cash Back Graduation Reward program
In the next section, we will review specific private student loan benefits by company, including any pros and cons. Here are some attributes common to all private lenders:
When considering private student loans for graduate school, it’s important to compare the pros and cons, as well as to understand each company’s unique programs, benefits, and special offers. From there, you can obtain pre-qualified rate quotes from lenders to determine your best option.
Read on for an overview of the top private student loan lenders to see which programs meet your needs.
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Now that you know a bit about the various lenders that want to compete for your business, let’s talk about how to find the best deal for your private graduate student loan.
Rather than go to each lender’s site and fill out a separate quote application, you can visit our rate comparison page to get pre-qualified offers from several lenders.
All you do is enter some basic information about yourself and your cosigner (if you are using one) like your demographic information, income, school you are attending, and degree program.
After submitting the form, you’ll undergo a soft credit pull (which has no impact on your credit score) and receive offers from multiple lenders at once, making it easy to compare options.
You can also take advantage of Purefy’s student loan experts. Schedule a call today and your experienced advisor can answer any questions and walk you through the entire process.
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