Similar to undergraduate loan programs, graduate school loans require repayment. Some loans are unique to a graduate student’s program of study, and typically offer higher annual loan limit amounts. As with all types of loans, your loan check will be sent to your school.

Be aware that graduate school loans accrue interest over time, and you are legally responsible to pay back the interest as well as the loan amount. With the Federal Stafford Loan for Graduate Study, interest rates depend on the subsidized or unsubsidized status of the loan. The first type of loan to pursue is a Graduate Stafford Loan, but if you find you need additional funding for your graduate school education, compare the interest rates of Grad PLUS Loans and private loans to calculate the best financing option for your situation.

Graduate student loan consolidation combines your undergraduate and graduate school loans and allows you to refinance your monthly payments. You can choose federal or private consolidation programs if you believe this is a tool that will help you to manage your education costs.

Keep reading: Types of Graduate School Loans