Let’s get right into how to get a personal loan for grad school. First off, let’s look at Graduate school comes with the (theoretical) promise of more career opportunities, a higher salary, and, frankly, more social currency. However, that promise comes with a hefty price tag. As with undergraduate school, graduate school can be funded with a host of options, like federal and private student loans, scholarships, and grants.
If you’re going to get a loan, the best, most flexible options are going to be federal and private student loans (in that order). However, if, for whatever reason, those options are not available to you and you have exhausted all of your time and energy with grants and scholarships with nothing to show for it, getting a personal loan could help you cover your expenses while you further your education. Personal loans do not have the same perks as student loans. They usually have shorter terms, higher interest rates, and no deferment or grace periods. They also have stricter borrower requirements. But, if you have exhausted all your other options, a personal loan may be just the thing you need to give you that first step into the promise of a better life!
Many online lenders can get you a decision and funding within 1-5 business days and you don’t even have to leave the comfort of home. The lenders we’ve listed below have fully online processes and promise quick decisions and fast funding.
Personal loan options from ithinkie
- Stilt—markets to immigrants, underserved communities, and people who may not have a social security number or credit history.
- Upstart—great for applicants who don’t have the best credit score.
- Upgrade—in addition to providing loan options to qualified applications, they also have simple online banking you can take advantage of.
- SeedFi—has a comprehensive financial health platform designed to help you to borrow, save, and build a positive credit history.
All of the above options have pre-qualification that allows you to check your eligibility and rate without an impact to your credit score.
Things to prepare and organize
For any online personal loan you apply for, you should be prepared to provide the following information:
- Drivers license or other government identification
- A selfie with the aforementioned identification
- Personal income
- Bank account information
- Contact information
- Social security number (except for Stilt, this is a general requirement)
- Paycheck stubs
- Bank statements and/or a secure Plaid bank connection.
Once you’ve gathered all of those documents, checking and comparing your options will be a breeze! Many of these applications can be completed in 10 minutes or less. It’s worth taking the time to find a product that will help you fund your graduate education. Feel free to contact us if you have any questions or suggestions. Together, success is easier.
That’s what ithinkie!
