Graduate and professional students are forced to borrow even more than undergraduates, not only because the cost of their education might be higher but because they are no longer eligible for grants from the federal government.

The debt for a graduate degree ranges from $27,000 to $114,000. For med school, the amount can even double. While debt is a reality of higher education, keeping the rate of borrowing as low as possible is critical.

The best way to do this is with Federal Student loans, which offer lower interest rates and more flexible repayment plans than private loans. Graduate students can get a total of $20,500 per graduate school year for the Stafford Loan, or you can opt for a Grad Plus loan.

Either way, an updated FAFSA (Free Application for Federal Student Aid) form is required for you to qualify for this type of funding and to know how much you will need to cover tuition, plus expenses. The eligibility requirements include being a U.S. citizen or permanent resident, and at least a part-time student pursuing a degree or certificate.

If you still do not have enough with the federal dollars, you will have to choose a private loan to cover the rest of your grad school expenses. An Alternative Loan allows you to borrow a minimum of $1,500 per year with a cumulative loan limit of about $200,000 for the priciest medical school loans.

You can opt for full repayment deferment until after graduation, plus you can consolidate all your loans and lock in a lower fixed interest rate.

Keeping track of all your loan paperwork is critical. This can be overwhelming for students who are already stretched thinly with grad school work. If you are getting an MBA, think of it as part of your business responsibilities—making a grid of your loan commitments with everything from interest rates to loan company phone numbers listed.

http://www.gradloans.com/

http://www.alternativestudentloan.com/

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