New York, NY (PRWEB) October 04, 2012
Graduate Programs LLC announced today that it has made an agreement with Cedar Education Lending, a private student loan company, to become its exclusive provider of private in-school loans and private student loan consolidations for current students and recent graduates.
As of July 1, 2012, graduate students are no longer eligible to take subsidized Stafford Loans, a popular federal loan with interest paid by the government through graduation. Some of the remaining options for graduate student loans include: Government Unsubsidized Stafford loans, Government Graduate PLUS loans, Government Perkins loans and Variable rate private loans.
Unsubsidized Stafford Loans have interest that continues to accrue through graduation, a 6.8 percent interest rate and a 1 percent origination fee. Graduate students can turn to Graduate PLUS loans for the additional net cost of school at 7.9 percent interest and a 4 percent origination fee. If an “exceptional” need can be demonstrated (as defined by your school) a Perkins loan might also be an option.
“In today’s tight credit market, we believe that variable rate private loans, with very low posted interest rates – sometimes as little as 2.25% - are an extremely viable alternative for graduate students,” said Harvey Berkey, COO of Cedar Education Lending. “Low interest rates are expected to continue for a few years. There are not many companies like Cedar Education Lending, offering both private graduate student loans and private graduate student consolidation loans. Cedar Education offers a simple, on-line pre-approval process with most loans closing within 30 days.”
Graduateprograms.com is a valuable informational tool for prospective graduate school students. Peer ratings and reviews written by current and recent graduate students give honest evaluations of a wide variety of grad school programs. Graduate students who complete the rate & review are eligible to win a $1,000 scholarship.