Where have I been? I’m glad I have finished graduate school, but I am so sorry for those who are in the midst of their studies and have this extra financial debt. As I understand it, the debt deal that congress has come up with is cutting subsidized loans to graduate students. What exactly does that mean? There are both subsidized loans and unsubsidized loans that have been offered by the government. An unsubsidized loans begins to collect interest while the student is still in school. A subsidized loan does not collect interest until six months after the student graduates or if they stop taking a full class load. Basically the government is doing away with the subsidized loans for grad students.
Another thing that is going away, is a credit that is given to students who have made one year of on time payments.