The financial aid office will not cover all your expenses related to your graduate studies. The chances are that you’ll require a private loan. It will be hard for you, but there is no choice. Think of it as of some kind of a treasure hunt. The reward is no bankruptcy.
The interest rate should be your first concern when taking this decision. Interest rates are the ones which the lenders charge for borrowing their money. “Start rate” is what can be offered by lenders to people with good credit score only. Ask for a fixed or a variable interest rate according to your risks.
Moreover, the repayment period should be considered too. In some cases, you may have to start your repayments straight away. There is a chance that you will find an option which will allow you to make no payments while you are studying. Make sure that the lender offers at least a six-month grace period for you to find a job after graduation.
Do not forget about fees in your case. Some loans can look very cheap, but the real surprise is the origination fee. Origination fee is some extra payment which the lender requires for the loan itself. Try to avoid loans with these terms. The thing is that the information about these fees is in the small print only.
There is no reason to accept the first offer from the lender you’ve found on the Internet. Try SoFi, Earnest, CollegeAve. Do not worry if you have poor credit score. Consider asking your parents to cosign. It is humiliating, but it will save you some money.