As a graduate student, the pressure is higher than ever and of course, your classes are likely more expensive than your undergraduate career. The majority of loan products available to you are graduate Stafford loans, graduate PLUS loans and private student loans.

Getting back to the primary question, why pick a graduate PLUS loan?

There are some differing schools of thought on this, but I’ll break down the benefits and differences so you can decide which makes more sense for your financial information.

Grad PLUS = 7.9% fixedPrivate = variable, based on the Prime or LIBOR + X%; can be very low with good credit or a creditworthy cosignerGrad PLUS = several repayment options including: Standard, Graduated, Income Based Repayment, Income Contingent Repayment and Extended RepaymentPrivate = Generally 1 or 2 standard repayment plans; often 15 yearsGrad PLUS = interest rebate for one year’s worth if you make every payment on time during the first year; 0.25% APR reduction for auto-debit paymentsPrivate = a variety of different options depending on the lender such as: APR reductions, graduation rewards, co-signer release and more

To learn more about the differences between graduate PLUS loans and private student loans, check out GradLoans.com’s “Comparing Graduate PLUS and Graduate Private Loans” page.

As a recent graduate, I say with utmost certainty that the major thing keeping me from doing masters degree right away is the crazy price tag. Well, that and I want to work a few years beforehand.

If there is one trend that has continued unabated by the economy, it is the growth of tuition costs in education. Schools have announced hikes of anywhere between 4-8% for their students to meet next year; this is a staggering jump on a product that many argue is already overpriced.

So, how can we beat the high cost of an advanced degree?

There are a number of different paths you can take toward trimming down your academic expenses, let’s go over them.

1) Consider a public (state) college instead of a private one.

I know the allure of a prestigious-sounding private school can be hard to overcome, but in reality, there are an absolute ton of public schools that offer an education just as robust, at a much lower cost. Although prices are set individually by each school, it isn’t a long shot to expect at least a 30% decrease in school costs, assuming in-state status.

In addition, online degree schools can sometimes be less expensive than private schools. Above all else, make sure the school you plan to attend has exactly the major and concentration you want for your advanced degree; don’t settle for a school that is cheap over a school that is targeted for your career.

2) Scholarships, scholarships, scholarships!

If you thought you were done with scholarship searching when you graduated with your bachelors, think again! Scholarships and grants remain the best money you can possibly get to pay for school, because, well…. you don’t have to pay it back.

There are a bunch of different websites you can use to find said scholarships, including ones like StudentScholarshipSearch.com and ScholarshipPoints.com. FastWeb.com and Scholarships.com are excellent excellent resources too. Bottom line, plan to set aside some time each week to look for free money.

3) Build your credit history beforehand.

Did you know that you can save thousands of dollars during your loan repayment period(s) if you can qualify for a low interest rate? If you are planning to undergo a graduate degree, financial planning is key to reducing your overall debt burden by the time you are finished.

If you’re interested in learning more about how to build your credit and what all the terms mean, check out Student Platinum’s credit education center.

If you borrowed tens of thousands of dollars from someone, knowing you would eventually have to pay them back, more than likely over several years, you would think the person from whom you borrowed would be a high priority. But amazingly, the vast majority of people who borrow thousands of dollars in student loans have no idea who their lender is.

Now granted, if you are still in school, it really doesn’t matter. Your lender only comes into play around repayment time. But if you have recently graduated college and are interested in consolidation or deferment, you may have to contact your lender. So let’s talk about how to do that.

If you have a federal student loan, such as Stafford, Perkins or PLUS, you can visit the National Student Loan Data System and enter your four-digit PIN number that you received when you filled out your FAFSA. If you don’t know your PIN, contact the Department of Education at 800.433.3242.

If you have a private student loan, you can either contact your school’s financial aid office, or request a copy of your credit report from Free Credit Report, which will list your outstanding loans and lenders.

A number of loan contracts and details differ based on the enrollment status of the student. Unfortunately, each college and educational institution may define the terms of enrollment differently. In most cases, enrollment must be at least half-time to qualify for financial aid at all.

When looking at graduate schools, you may be wondering how many credit hours are needed to be considered a full-time student, versus a half-time student. Here are some guidelines based on information gathered from a few types of schools:

Semester-based school with mostly 3 credit hour courses: Most institutions are using 9 credit hours as full-time and 6 credit hours for half-time.

Semester-based school with mostly 4 credit hour courses: Institutions use 8 credits as full-time with 4 credit hours for half-time.

Quarter schools: These institutions indicated using 6 credits for full-time with anywhere from 3-5 credit hours as half-time.

Not everyone is aware of all the loan options available to pay for college. Here are just a few to consider:

1) Federal Stafford Loans – These are federally guaranteed student loans. You can apply for subsidized Stafford loans and the government will pay the interest for you while you are enrolled. This is a great option for students and the most popular loan program available.

2) Parent PLUS Loans – The Parent Loan for Undergraduate Students allows parents to borrow through the federal loan program to pay for their child’s education. The loan is in the parent’s name.

3) Private Student Loans – Private college loans are not sponsored by the government but offer an alternative sources of funds for those that may not qualify for federal aid or who need additional funds. Private school loans are often in the students name with the parent acting as a cosigner.

4) Perkins Loan – Perkins loans are another federal loan for low income students based on eligibility. These loan funds are limited so apply early.

5) Credit Cards – Believe it or not, approximately 30% of students/parents put a portion of the tuition bill on their credit card. While we don’t recommend this option, it is a reality. To find and compare the best student credit cards, visit www.StudentPlatinum.com.

Once you graduate, consider consolidating your student loans to lower your monthly payment. The downside is you will pay more interest over the life of the loan by extending your repayment period. For additional resources, visit: www.studentloans.com, www.collegeloansolutions.com and www.gradloans.com.

Hey graduates! If you were a business major for your undergraduate studies or are interested in business, check out this new certificate program offered by Stanford University:

The Stanford Graduate School of Business will launch a new 20-week evening Program in Innovation and Entrepreneurship in January. Applications for this certificate program are now available.

Aimed at industry participants who do not have an MBA, as well as entrepreneurial graduate students, the non-degree program will expose participants to fundamentals of business and practical aspects of moving a business idea forward. The 60-person program will bring together Stanford PhD and other non-business graduate students with Silicon Valley innovators, scientists, and engineers to gain greater understanding of the pathways to commercializing innovations and to learn general management skills. Since 2006, the business school has conducted a successful four-week program, the Summer Institute for Entrepreneurship, which teaches entrepreneurship to non-business graduate students in life sciences, engineering, and the humanities.

Cool sounding, right? If you’re interested in learning more, read up on Stanford’s website.

Quote from a press release on Ascribe (http://newswire.ascribe.org/cgi-bin/behold.plascribeid=20100907.154428&time=04%2000%20PDT&year=2010&public=0)

Now that graduation season is upon us, we asked students to share with us the amount of debt they have accumulated (and will soon need to repay). Here are the results of our poll:

It’s awesome, albeit surprising, to see the number of students graduating debt free- conGRADulations! For everyone else, loan repayment might be a growing concern as that 6 month date draws nearer. If you’re concerned about making payments for whatever reason, there are some steps you can take to either lower or postpone your repayment.

First, I would suggest consolidating your loans. Consolidation offers a number of benefits including lower monthly payments; Plus, it makes keeping track of multiple loans easier. To defer federal loans, you will need to contact the Department of Education Direct Consolidation department. To consolidate private loans, grads will need to contact a consolidation lender. Interested? Read more about consolidation in our blog, From our Archives: Consolidation.

If you are unemployed or do not make enough money to repay loans, I suggest looking into an Unemployment Deferment or Economic Hardship Deferment. Deferments allow you to postpone payment for a certain amount of time, allowing grads a little extra time to get on their feet financially. While available for most federal loans, deferment options vary by private lender, so make sure to ask if this option is available for you!

Here is a link to the Poll – Click Here and Show us your Debt!

Guys, I’m sure most of you are well aware of the option to register for Selective Service (yup, the draft) once you turn 18, but did you know that it could have severe financial repercussions if you don’t? Unfortunately, many students either do not sign up on purpose or simply forget to, however this can affect how much money you get for school!

There is a federal rule that states that “Any man required to register with Selective Service at any time must have done so to receive aid.” If you’re 25 or younger, make sure to register because after this age, it is impossible to register and you will be unable to receive federal aid from that point forward (or at least until the law changes).

Even if you’re not planning to go to school right now, still register! You may want to go back for your degree later in life.Don’t assume you’ve automatically registered when you register to vote, not all states do this!Double check that you are registered and get paper confirmation! Government offices do make mistakes, don’t allow yourself to fall through the cracks. You can go to the selective service website to find your name on the list of registered males, and while you’re there, print off a copy to have on hand.

You’ll have to prove that your lack of registration was not knowing and willful. This means providing as much information as possible as to why you did not register. For example, if you were living abroad at the time, this would be a legitimate reason why you may have forgotten to register. In order to go through with this process, you should contact your financial aid office.

If you are still unable to get federal aid for school, private student loans can be another good way pay for school.

For more information on these Selective Service rules, read this publication from the Department of Education.

For seniors, graduation is quickly approaching! Unfortunately, so are those pesky loan repayments, yikes! Take a few seconds to vote on our most recent poll to let us (and all those soon-to-be-graduates out there) know how much debt you’ll be graduating with, and see where you fall on the scale!

View Student Loan Debt Survey Results summarizing the results (as of May, 15)

If you’re graduating with loans, make sure to look into loan consolidation to help with repayment!  Still in school?  Find a better way to pay search for scholarships or compare student loans.

Often times, federal loans just aren’t enough to pay for the full gamut of education expenses in college. In my personal experience, federal aid usually covered about 70% of my tuition/fees, but I had to seek alternative financing for the other 30%.

A supplemental student loan (also known as a private loan) can help in this department by covering up to your full cost of attendance. This can include costs such as off-campus housing rent, books, lab fees, a computer and of course, your tuition.

A supplemental loan is different from federal loans because it has a variable interest rate, usually based on the LIBOR index or Prime Interest Rate. The vast majority of loans fall between 2.8% – 10% APR*.

In addition, to be competitive with federal loans, many private lenders offer specialized incentives to make their products more enticing to borrowers. Some select examples of these would be co-signer release, graduation rewards and interest rate reductions.

We always recommend that you pursue federal options first, but if you still need more money for school, compare your private student loan options.

*This range is completely dependent on how each bank calculates its rates. Your milage may vary.

As a graduate student, the pressure is higher than ever and of course, your classes are likely more expensive than your undergraduate career. The majority of loan products available to you are graduate Stafford loans, graduate PLUS loans and private student loans.

Getting back to the primary question, why pick a graduate PLUS loan?

There are some differing schools of thought on this, but I’ll break down the benefits and differences so you can decide which makes more sense for your financial information.

Grad PLUS = 7.9% fixedPrivate = variable, based on the Prime or LIBOR + X%; can be very low with good credit or a creditworthy cosignerGrad PLUS = several repayment options including: Standard, Graduated, Income Based Repayment, Income Contingent Repayment and Extended RepaymentPrivate = Generally 1 or 2 standard repayment plans; often 15 yearsGrad PLUS = interest rebate for one year’s worth if you make every payment on time during the first year; 0.25% APR reduction for auto-debit paymentsPrivate = a variety of different options depending on the lender such as: APR reductions, graduation rewards, co-signer release and more

To learn more about the differences between graduate PLUS loans and private student loans, check out GradLoans.com’s “Comparing Graduate PLUS and Graduate Private Loans” page.