Graduate students may each borrow up to ,000 yearly, and up to ,000 over the course of their education.
Qualifying for Direct Loans does not require a formal credit check, so this is your best avenue for borrowing if your credit is bad or non-existent.
Interest rates are low, currently 3.4% for subsidized and 6.8% for unsubsidized loans, and rates are fixed-so there won’t be any surprises during repayment.
Having no credit is better than having bad credit, but only by a slight margin.
It is important to protect your credit rating from day one, but at college time your greatest financial successes to date might be paying your phone bill on time, or perhaps managing a revolving credit card account.
Your first step toward landing federal financial aid is to complete a standardized request called the Free Application for Federal Student Aid (FAFSA).