Student loans help you complete your educational program without the stress of paying as you go. A graduate student loan gives you a chance to concentrate on your research or education instead of worrying about paying for your education right now.

The Federal government offers a number of educational loans for graduate or doctoral students. Apply for free using the Free Application for Federal Student Aid (FAFSA), and find out how much loan money you can obtain each academic year. The Federal government pays the interest on many of their Federal loans while you work on your degree, giving you the opportunity to land that great new job before you have to worry about repaying your loan debt.

Perkins Loans 
Schools award Federal Perkins Loans based on the information you submit on the FAFSA. The application process is the same for undergraduates and graduates. If you qualify for the Perkins Loan, you'll have a low (5%) fixed interest rate, no up-front fees, and a nine-month grace period before you have to begin repayment of  the loan. Perkins Loans are generally offered to students with the highest financial need. See Perkins Loans for more information.

Stafford and Graduate PLUS Loans 
The information you submit on your FAFSA helps your school determine your eligibility for the Stafford Loan, one of the most common types of Federal aid available to students. The type of loan you receive depends on your income, cost of attendance, and student enrollment status.

As student enrolled in a graduate or doctoral program, it is possible for you to borrow up to $20,500 annually with some restrictions. Graduate and professional students have a lifetime Stafford Loan limit of $138,500. If you qualify for a subsidized Stafford Loan, the government pays the interest on the loan while you are in school and for a six-month grace period after you graduate, drop below half time, or leave school. Find more information on Stafford Loans here.

As a graduate or doctoral student, it may be possible to borrow additional loan funds through the Graduate Federal PLUS Loan Program. The Graduate Federal PLUS Loan offers unsubsidized loans with a fixed interest rate. See Graduate Federal PLUS Loans for more information.

Private Loans 
Private loans are available from banks, private educational loan companies, and other private lending organizations. One major difference between Federal and private loans is a credit check. While Federal loans are guaranteed based on income reported on the FAFSA, the amount of private funds you can borrow is based on a check of your credit. Banks and other private lenders do not pay the interest on private loans, like the government does with Federal loans. Instead, the interest accrues but you may be able to defer payment of interest and principle until you have graduated or leave school.

Students attending expensive law or medical schools are more likely to take out private loans. Remember that, as a graduate student, you have access to more Federal loan money than you did as an undergraduate. Think of private loans as a way to supplement the Federal loans and other financial aid you have been awarded. See private loans for more information.