Student Loans

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  • #178389

    I want to pursue a graduate degree (not acg lol) starting next year and I’m confused on how to get a student loan. Any advice on this?

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Viewing 6 replies - 1 through 6 (of 6 total)
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  • #424299
    wizards8507
    Participant

    I wouldnt. I'd A) Save your money and pay cash, or B) Find an employer who will pay your tuition.

    NY CPA

    #424300
    Freyer002
    Member

    I would agree with @Wizard, but if that is not an option then I would look into Discover student loans. You would think that a credit card company would have huge interest rates, but for student loans they are actually around the % you would see in undergrad from Financial Aid. hope that helps a little…

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    #424301
    smp73
    Member

    At my grad school if you took a certain number of credits you could qualify for federal student loans…

    NYS CPA License # 113563
    CIA: Done as of 2/15/14

    Training for a half marathon post studying!

    #424302
    jaredo155
    Member

    The graduate pogram I am in offers federal student loans as long as you are part time (i.e. 6 hours a semester). I would speak to the financial aid department at whatever school you are looking at, and I would highly advise getting federal loans over private ones if you can get them.

    I know the general rule of thumb would be to just borrow what you need as you go through so you aren't accruing interest on it, but currently the rate is 3.4% and they are fighting to raise it back to 6.8% (which is what it was for years). So just keep in mind it may be in your best interest to borrow enough to get you through the program up front, to ensure you get the lower rate. I am sure others will disagree, but just my two cents.

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    #424303

    I have a lot of experience with this, as I just finished my MBA last year.

    As wizards8507 & jaredo155 said, if you can, pay cash or get a federal loan. I've never worked for an employer willing to pay for my schooling, but that sounds awesome; finding someone else to pay even a portion would help tremendously.

    Avoid SallieMae like it's the plague! Generally applies to any private loans, but they are especially horrible. I haven't had any experience with Discover student loans, but I'd say avoid them too. If you do have to take a SallieMae loan, then be sure to create an account with Upromise to help pay it down; every little bit helps.

    Most likely you will have go to school at least part time to qualify for student loans.

    I didn't realize how serious that was until I had 1 final class left to take before graduating. Because of work commitments, I wasn't able to take it until the winter semester; since it was all I had left, this one class was all I had to take that semester. It was worth 3 credits, minimum to qualify for part time status & student loans was 6 credits per semester; I wound up having to pay out of pocket (and I found out about six weeks before I was scheduled to take the class, which did not leave me much time to find the money. Aw memories, those were good times….NOT!)

    My final bit of advice is, unless you have to go to grad school for work / career advancement, then don't go. If you're just going because you love to learn, then take the free classes offered by Harvard and MIT. Here is an article about it.

    https://money.cnn.com/2012/05/02/technology/harvard-mit-online/index.htm

    Or Google edx

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    #424304
    smp73
    Member

    Shamless plug for my school regarding free classes. Cornell is also doing free classes called MOOC's. There are a ton of schools doing this now so it is a way to get new knowledge for free from fantastic schools if you are a “life time learner”

    And yes the 6 credit minimum is something be conscious of for federal loans. I forced myself to take 6 credits a semester while working full time to get my masters so I could get the federal loans.

    NYS CPA License # 113563
    CIA: Done as of 2/15/14

    Training for a half marathon post studying!

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