03.27.09 | Grad Loans, Fact or Fiction Quiz
Continuing with my game theme this week, I thought a little Fact or Fiction might be fun. Test your knowledge. See how much you know about the Grad world!
1. Grad Plus Loans take into account your credit history and not your credit score.
Answer: Fact, your FICO score is not a factor.
2. You need to take a qualifying test to get into Grad School.
Answer: Fact, and your program of study dictates which test you take. Check out my Knowing Your College Test (1 of 2) and Knowing Your College Test (2 of 2).
3. Although taking an exam to get into Grad school is required, it is not critical to your chances of getting into a Grad program
Answer: Fiction, tests such as the GMAT are critical to getting into a top flight business school. Your score must be in the 600’s as a bare minimum to even be considered.
4. Earning an M.B.A. does not equal a higher median salary over those with a BA.
Answer: Fiction, only a Doctoral or Professional degree holder have higher median earnings. My blog, Why You Should Invest In Education provides salary details.
5. The Graduate Stafford loan has a lower interest rate than the Grad Plus loan.
Answer: Fact, the Grad Stafford loan is at 6.8% while the Grad Plus is at 8.5%.
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