It's no secret that graduate school has a reputation of making your undergrad years feel like a relaxing vacation. What was once a beaming glow of school spirit is now replaced with endless research and enough coffee to keep a military platoon going. But besides the heavy workload and the death of your social life, grad school really is an exciting journey.
Achieving a masters or doctorate degree has many advantages. Knowledge is power, and employers recognize that. By earning a graduate degree, you're providing evidence of persistence, personal growth, and willpower. You open doors for future career opportunities, higher paying positions, and more credibility. However, the first thing someone attending graduate school might mention is the cost. Feeling defeated by your debt? Refinancing your graduate school loans might help give you your financial power back.
The cost for grad school certainly varies depending on location, university, and degree; however, few would deny that it's rather expensive. Graduate school on average is $30,000-$40,000 per year. With scholarships being hard to come by, a student working towards an MBA can easily accumulate $120,000-125,000 in student debt by the time they graduate. What you may not know is that, often in the business world, a master's degree is the standard level of education needed to advance in the field. Average tuition for an MBA exceeds $60,000 with no signs of dropping in the future. Federal rates are growing in size, and reset every year based on market conditions.
Planning on reaching a little higher? A Ph.D. is something to be very proud of; it can also cost as much as $28,000-$40,000 per year. Not too different from a master's degree, right? Well, it also tends to take twice as long. The average student spends 5-7 years trudging through a Ph.D. program, meaning up to 10-15 years of college total. By refinancing your school loans, you can potentially reduce the time you spend paying it off. PenFed offers 5, 8, 12, and 15-year terms that can help get you out of debt faster.†
Here at PenFed, we understand the challenging work that goes into achieving those degrees and want to reward your accomplishments through savings. We also understand it may take time to break even or increase your earnings immediately after graduating. By consolidating your student loans, you have the comfort and convenience of only one monthly payment, one interest rate, and updated terms that best suit your situation. At PenFed there's no surprise pre-payment penalties or application fees—just your regular payment once a month. Graduate school can already be mentally, emotionally, and socially taxing; why should it leave you in lifelong debt as well? Being in the driver's seat of your finances is a surefire way to save and budget more efficiently. Refinance your graduate school loans and see how you can save money today.