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The cardinal rule of funding your continuing education is simple. Borrow what you need, no more and no less. Stick to this and it will pay dividends.
The cost of education in this country is getting higher and higher with each passing year, especially if you are pursuing graduate school. So when you recent grads take out those medical student loans, business student loans or any other grad school loans, figure out exactly what you need to borrow and stick with that figure.
Take into account what you have currently in student loans and what you will need for grad school. What living expenses will you have while in school? How much interest will you accrue? What will your income be during and after you finish your master‘s degree? Map it out and decide what amount in graduate school loans will allow you to live day to day and finish your master's degree.
If you borrow too little you won't have enough to complete your program. If you borrow to much you'll be paying more on the interest. Borrow just the right amount and you will have funded your many valuable years of education.
|Jennifer Mathes, Ph.D.|