Financing an Expensive Graduate Degree | 02.04.10
When it comes to financing graduate school a lot of students wonder if it is better to choose a lesser-know inexpensive school or a more well-known expensive school. Although this is completely a matter of opinion, there are a few justifications for going to a graduate school with a higher pricetag.
1: Your workplace might have a tuition reimbursement program: If you are going to graduate school while you are working you may be able to take advantage of tuition reimbursement benefits. This means that your employer will pay for you to take classes as long as they are relevant to your field and could help you in your job.
2: Graduate students can qualify for more federal financial aid: Stafford loan limits are a lot higher for graduate students than they are for undergraduate students. In fact, the lifetime aggregate Stafford loan limit is $138,500 for graduate and professional degree students.
3: You may be able to take advantage of income based repayment: Most students coming out of graduate school have loans to pay off. If your monthly loan payments are very high after graduate school you may qualify for income based repayment.This plan helps borrowers keep payments low with caps based on their income and family size. If a borrower still has a loan balance after 25 years it is forgiven completely.
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