There are so many special kinds of loans coming out today. They are specifically intended for buying houses, cars, for people who are unemployed, bankrupt businesses and even students who do not have stable income yet.
Two of these special loans that are becoming more popular recently are the student and graduate loans. These loans are intended for college students who both do not have stable source of income yet. They are special kinds of loans because they also require special considerations, requirements and handling. While they have lots of similarities, they also have differences in terms of treatments and qualifications.
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On the one hand, the graduate loans are for fresh graduates. They can use the loan in finding jobs or funding their own small-scale business. Sometimes, the graduate loans are also being used as an additional source for funding applications or implementations of their own inventions. In this case, it is treated as funding for professionals to continuously develop their inventions they made while they are in the University. These graduate loans for this purpose are usually just an extra source of funding since there are usually main sources of funds for their projects.
In terms of interest rates, graduate loans are more expensive than student loans but cheaper than personal loans. Maybe this is because banks assume that the borrower will be able to settle up the loan immediately when they found a job.
On the other hand, the student loans are intended for students who will not be graduating yet soon. This kind of loan is usually being used to cope and settle some payments for the projects and other school-related expenses like tuition, dormitory rentals and many others. As stated above this entails the lowest interest rate compared to the graduate loans and other personal loans. Furthermore, the loan is only due after the student has graduated and entered the workforce.
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