"College Ave announced a new STEM Graduate Loan to fill the financing gap left by the end of the federal Grad PLUS program, allowing graduates to cover the full cost of attendance."
"The Department of Education is implementing a $20,500 annual borrowing cap and a $100,000 lifetime cap for graduate students, aiming to reduce excessive borrowing and unaffordable debt."
"Washington University School of Law is offering a new private loan to incoming law students who have exhausted all federal loan options, indicating a shift in funding strategies among colleges."
"Switching from federal to private lending comes with risks, as borrowers lose access to federal repayment options, including income-driven repayment plans that offer loan forgiveness."
Federal changes to student loans have ended the Grad PLUS program and imposed new borrowing caps for graduate students. College Ave has introduced a STEM Graduate Loan to help cover the full cost of attendance for advanced degrees in science, technology, engineering, or math. The Department of Education has set a $20,500 annual borrowing cap and a $100,000 lifetime cap for graduate students. Some colleges are also creating private loans to fill funding gaps, but switching to private loans carries risks, including loss of federal repayment options.
Read at www.businessinsider.com
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