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Should You Take A Private Loan For Graduate School?


Sep. 17, 2014 Forbes

Graduate students, the banks want you. More specifically, they want you in their debt.

Over the past several months, private student lenders have released a bevy of seemingly attractive benefits specifically targeting adults going into graduate programs. Discover, for example, came out in June with a 1% cash reward for good grades, an 0.25% interest rate deduction for MBA students who have taken the GMAT within the past five years and, most importantly, loans with fixed interest rates starting at 5.99%, substantially cheaper than the governmentÂ’s 7.21% rate for Grad Plus loans. Sallie Mae, for its part, announced in May that fixed rates on its private graduate student loans would start at 5.74%. Meanwhile, Wells Fargo has been offering a 6.12% rate to graduate student loans that originate in 2014.

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