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Graduate school can be a scary financial prospect after four or five years of undergraduate student loans. At the same time, studies have shown that a master's degree will earn you a larger salary in most cases than a bachelor's degree. When graduate school rolls around you don't have to run screaming in the other direction. Now you can meet your advanced degree financing head-on.
The first thing you should do when considering a master's degree is call the lenders for your current school loans. Many of these companies will let you defer your monthly payments until you complete graduate school and then consolidate both into one loan.
The cardinal rule of funding your continuing education is simple: borrow what you need, no more and no less.
The cost of education is getting higher, so if you take out <medical student loans>, business student loans or any other graduate school loans, figure out exactly what you need to borrow and stick with that number.
If you borrow too little, you won't have enough to complete your program. If you borrow too much, you'll be paying more on the interest. Borrow just the right amount and you can accurately and responsibly fund the cost of your education.
|Jennifer Mathes, Ph.D.|