Graduate School Financial Aid And Student Loans–Forgiveness Of Grad School Debt Possible But Students Advised Against Borrowing

Graduate school financial assistance is available to various students who may be pursuing particular degrees at a major college or university, as these forms of scholarship and grant funding can be made available specifically for men and women who have completed an undergraduate degree but are continuing on in their studies. However, like undergraduate degree programs, many universities are seeing increases in the amount of tuition and fees as students must meet so this has led to students who are borrowing more loans to meet graduate school costs, and when undergraduate student loans are already in place, this can lead to a substantial amount of debt.

However, student loans may be forgiven even after graduate school if certain conditions are met, and this may make it possible for some students to continue their education even if they do not find financial aid from free sources of tuition assistance like scholarships or federal grants. What many students are beginning to question though, is whether they should continue on in their education by borrowing loans or either wait until money can be saved or delay entry into graduate school until they can secure the free financial aid to meet college costs.

As with federal loans for undergraduate students, men and women who acquire a master’s degree, as an example, may be able to enter into public service or nonprofit work and qualify for student loan forgiveness after making payments for about 10 years. Essentially, students who qualify for this particular type of forgiveness will have to make 120 payments on their debt, but even if a high amount of student loan obligations are in place, many simply consolidate, begin making these payments, and eventually see their debt forgiven.

The problem that some have faced is that this is not always a guaranteed option for graduates, so relying heavily on student loans should not be entered into lightly, as students need to weigh not only the likelihood of getting a job that would help them repay these debts without forgiveness options, but whether there are other ways to meet college costs outside of loans. While there are fellowships or scholarships and grants specifically tailored for graduate students in certain fields, particularly in high-need areas, some students may have to extend their graduate studies over a longer period of time while they work to meet these costs, but doing so can help avoid a high amount of college loan debt after a graduate degree is acquired.

Students should look at employment opportunities for the field in which they are studying to see if debt is likely to be paid off with careers that are available, but again, the job market is quite unwelcoming at the present time so even high-paying careers may not be available for some graduates, and without caution and exploring alternative options, this could leave a graduate in a position where they have little income but a large student loan debt which must be repaid.