Skip Navigation
Edvisors Star Logo
Edvisors Logo
  • Compare Lenders
      • Compare Lenders
      • Best Private Student Loans in March 2023
      • Student Loan Comparison: Federal Loans vs Private Loans
      • Parent PLUS Loans vs Private Student Loans
      • How Does Interest on Student Loans Work?
      • Private Student Loan Cosigner: Everything you Need to Know
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Compare Lenders
      • Best Student Loan Refinance Companies for March 2023
      • Federal Student Loan Repayment Plans
      • Student Loan Forgiveness: How to Get Student Loans Forgiven
      • Repayment Plans for Private Student Loans
      • Parent PLUS Loan Forgiveness
      • View All Articles >
      refinance student loans with college ave get started

      This is an advertisement.

    • Private Student Loans
    • Refinance Student Loans
  • Plan for College
      • Best Job Search Sites
      • Resumes That Get Noticed
      • High Paying Careers
      • STEM Careers
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Measuring Academic Fit: Reach, Match and Safety Schools
      • Need-Blind Admissions
      • How Long is a College Essay
      • When are College Applications Due
      • How to Write a Good College Essay
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Filing the FAFSA 2023-24: A Simple Guide for Students
      • FAFSA Deadlines for 2023-2024
      • FAFSA FAQ - Your FAFSA Questions Answered
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Most Popular Scholarships for College Students in 2023
      • Apply for Free Scholarships for College
      • College Scholarships for Kids
      • Most Prestigious Undergraduate Scholarships
      • Las mejores becas para estudiantes hispanos y latinos
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • How to Pay for College
      • Tuition Payment Plans
      • Pros and Cons: Borrowing From My 401K to Pay for College
      • Paying College Tuition with a Credit Card
      • Best Ways to Pay for College Without Financial Aid
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Financial Aid Disbursement: When and How You Will Get It
      • Should I Pay Off My Student Loans Right Now
      • How to Minimize Student Loan Debt
      • View All Articles >
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

    • Careers
    • College Admissions
    • FAFSA
    • Scholarships
    • Paying for College
    • Student LIFE Blog
  • Student Loans
      • Filing the FAFSA 2023-24: A Simple Guide for Students
      • FAFSA FAQ - Your FAFSA Questions Answered
      • FAFSA Deadlines for 2023-2024
      • FAFSA School Codes
      • FAFSA 2023-2024 Guide & Resources
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Best Private Student Loans in March 2023
      • Student Loan Comparison: Federal Loans vs Private Loans
      • Parent PLUS Loans vs Private Student Loans
      • How Does Interest on Student Loans Work?
      • Private Student Loan Cosigner: Everything you Need to Know
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Filing the FAFSA 2023-24: A Simple Guide for Students
      • FAFSA FAQ - Your FAFSA Questions Answered
      • The complete guide to federal undergraduate student loans
      • What are Federal Parent PLUS Loans and How to Apply?
      • Financial Aid for Graduate School
      • Compare Subsidized and Unsubsidized Student Loans
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

      • Best Student Loan Refinance Companies for March 2023
      • Federal Student Loan Repayment Plans
      • Student Loan Forgiveness: How to Get Student Loans Forgiven
      • Repayment Plans for Private Student Loans
      • Should You Refinance Federal Student Loans?
      • Parent PLUS Loan Forgiveness
      • View All Articles >
      • Sallie Mae Student Loan Review
      • College Ave Student Loan Review
      • SoFi Student Loan Review
      • Ascent Student Loan Review
      • View All Articles >
      College ave student loans apply now

      This is an advertisement.

    • FAFSA
    • Private Student Loans
    • Federal Student Loans
    • Repay Student Loans
    • Lender Reviews
  • Credit Cards
      • Petal® 2 Visa® Credit Card Review
      • SoFi Credit Card Review
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Best Credit Cards for 2023
      • Best Cash Back Credit Cards
      • Best 0% Introductory APR Credit Cards
      • Best Secured Credit Cards for 2023
      • Best Balance Transfer Credit Cards
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • How to Build Credit?
      • What Age Can You Get a Credit Card?
      • What is a Secured Credit Card?
      • What is an Unsecured Credit Card?
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

    • Card Reviews
    • Best Credit Cards
    • Credit Card FAQs
  • Money Management
      • Best Budgeting Apps
      • Budgeting Tips
      • Budgeting for Beginners
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • Financial Goals
      • How to Save Money as a College Student
      • What is an Emergency Fund
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • How to Pay Off Debt
      • Debt Relief
      • What is a Debt Management Plan
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • How to Check Your Credit Score
      • Best Credit Building Apps
      • What is Credit?
      Self Credit Builder: Build Credit. Build Savings. Build Dreams.

      Sponsored Ad

      • Investing for Beginners
      • Best Investment Apps
      • Understanding the Stock Market
      Win Scholarships - Join ScholarshipPoints.com

      This is an advertisement.

      • What is Risk Management
      • How to Prevent Identity Theft
      • What is Insurance
      Info compromised in a breach? Don't compromise on identity theft protection.

      Sponsored Ad

    • Budgeting
    • Saving
    • Debt Management
    • Credit
    • Investing
    • Risk Management
Search Box Form
School Search Form
Advertisement Disclosure
Advertisement Disclosure
×

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

×
Get Your Free Guide to Filing the FAFSA Today!

Thank you for your interest in Edvisors' 2020-2021 Guide to Filing the FAFSA.

Please complete the form below to access your free copy.

Thank you! Click here to download your free FAFSA Guide.

I am a:

×
College knowledge starts here!

Enter your email below to receive your Student Loan Handbook from Edvisors.

Please check your email for the Student Loan Handbook.

After Navigation
Home Ask Student Aid FAQ How to Pay for Grad School
  • Contents
  • Financial Aid for Graduate School
  • Filing the FAFSA for Grad School
  • Types of Grad School Financial Aid
  • Compare Graduate School Loans
  • How to Pick the Best Graduate Student Loans
  • Limits on Financial Aid for Graduate School

How to Pay for Grad School

edvisors star logo
By Edvisors Network
Updated on October 1, 2022
Email This Article
Fill out the form below to send a copy of this article to your email.
By clicking "Submit" I have read and agree to the Edvisors' Terms of Use and Privacy Policy. We strongly encourage you to read our Privacy Policy to understand how we use and share your information.
A copy of this article has been sent to your email.

Funding your education as a grad student is a bit different than undergraduate financing. You may be familiar with grants, loans, work study, and scholarships, but you should know what’s different about graduate student loans, and the unique funding options available to graduate students.

Financial Aid for Graduate School

Financial aid is available for grad students, in addition to any savings you may have, or employer tuition assistance. It is important to note that as a grad student, you are considered an independent student. This means federal loan limits are higher and you are not required to leverage your parents’ information to qualify for aid.

But don’t fall into the trap of thinking that grants and scholarships are not available at the graduate level. You may just need to search differently for available resources, and understand the new resources available to you as a potential grad student, which we cover below.

Instantly Compare Private Student Loan Lenders

Filing the FAFSA for Grad School

First things first; even when it comes to graduate school, you want to start with filing the Free Application for Federal Student Aid (FAFSA®). Just like with undergraduate financial aid, the FAFSA is required to qualify for federal, state, and financial aid administered by your graduate school. As a graduate student you may qualify for the following federal student loans:

  • Direct Unsubsidized Loan
  • Grad PLUS Loan

Submit your FAFSA form as early as possible on or after October 1 to maximize your eligibility for student aid.

Students attending graduate school or professional school are handled differently on the FAFSA than undergraduate students.

Nearly all graduate students qualify as independent students. This means that parent financial information is not required to complete the FAFSA. (Some medical and law schools do require parent information for independent students.) Only your income will be considered on the FAFSA, and if you’re like most independent, graduate students your EFC (expected family contribution) will be lower than what was expected for undergraduate school. If you are married, you’ll have to report your spouse’s income and asset information as well.

Types of Grad School Financial Aid

Here is a breakdown of each type of aid or loan program available to graduate students, along with a description of how to qualify and apply.

Sallie Mae student loans offer competitive fixed and variable rates for undergraduates, graduate students and parents. Learn More About Sallie Mae

Federal Student Loans for Grad School

Qualifying for any federal loan starts with completing the FAFSA. Depending on your school, you may also be required to submit supplemental forms such as the CSS Profile. Review your copy of the Student Aid Report, await the award letter from your school and then apply for the loans you’ve been determined eligible to receive. The amounts you qualify for will be listed.

Grad School Grants

Grant programs such as FSEOG (Federal Supplemental Educational Opportunity Grant) and TEACH (Teacher Education Assistance for College and Higher Education) require submission of the FAFSA. From there, the financial aid office will award grants to students who qualify. Also, check with your school about any local or institutional-based grant programs that may exist outside of federal options.

Private Loans for Graduate Students

We always advocate that you file the FAFSA to exhaust federal aid options first. However, private loans can be very competitive in terms of the lower interest rates and other perks that may be offered by lenders. We advocate you do your own comparison. Do keep in mind that the credit review process will be stricter than that of the Federal Grad PLUS program, but cosigners can be leveraged.

Instantly Compare Private Student Loan Lenders

Graduate Assistantships

An assistantship typically involves teaching or conducting research under the supervision of a professor or faculty member. Often, assistantships pay a stipend to those pursuing graduate and post-graduate education. Some positions may also include benefits and housing. Inquire with your instructors or academic department chair for starters.

Scholarships and Fellowships

There are many places to start your search for scholarships and fellowships. In addition to your campus, department chair, and local community organizations, there are many online resources available for expanding your search, including a site like our’s, StudentScholarshipSearch, and other popular scholarship search sites like U.S. Department of Labor, Petersons, BigFuture, and Fastweb.

Military Aid

In addition to the GI Bill which provides former service members (or in some cases, their family members) with assistance, qualified individuals may also be able to tap into things like the Iraq & Afghanistan Service Grant. You can visit the U.S Department of Veterans Affairs website, or visit your local or regional office to confirm eligibility for education benefits.

Compare Graduate School Loans

The most common types of low-interest loans used by graduate and professional school students include the Direct Unsubsidized Loan, the Grad PLUS Loan and private student loans. The Direct Unsubsidized Loan for graduate students and the Grad PLUS Loan are both unsubsidized loans. Graduate students have not been eligible for Direct Subsidized Loans since July 1, 2012, Graduate students remain eligible for the Perkins Loan, a subsidized loan, dependent on the college’s policies.

graduate school loan comparison

Direct Unsubsidized Loan Grad PLUS Loan Private Student Loan
Annual Limits Up to $20,500/year Cost of Attendance - Aid Cost of Attendance - Aid
Cumulative Limits $138,500 or $224,000
None
Varies by Lender
Varies by Degree and Academic Major
Funds Disbursed to the School Yes Yes  Yes 
Cosigner Required? No No  Yes
Credit Criteria None Borrower may not have an Adverse Credit History
Credit Scores
Debt-to-Income Ratios
No Adverse Credit History
Requires School Certification Yes Yes  Yes
FAFSA Required? Yes Yes  No
Lender Federal Government Federal Government Private Lenders and Financial Institutions
Interest Rate Type Fixed Fixed Fixed and Variable Options
Interest Rate Fixed at 6.54% for the 2022 - 2023 academic year Fixed at 7.54% for the 2022 - 2023 academic year Depends on Borrower and Cosigner Credit
Rate Reduction for Auto Debit 0.25% 0.25% Varies by Lender
Deductible Interest Yes Yes  Yes 
Subsidized Interest No No  No 
Loan Fees 1.057% for loans borrowed
Oct. 1, 2022 - Sept. 30, 2023
4.228% for loans borrowed 
Oct. 1, 2022 - Sept. 30, 2023
Varies by Lender and Borrower Credit
Typically, 0% to 5% of the amount borrowed
Prepayment Penalties None None None
Interest Capitalization Once at Repayment Once at Repayment Monthly, Quarterly, Annually or Once at Repayment
In-School and Grace Period Deferment
Immediate Repayment
Full Deferment
Immediate Repayment
Full Deferment
Immediate Repayment
Interest-Only Payments
Fixed In-School Payments
Full Deferment
Forbearance Options 3 years 3 years 1 year
Repayment Term
Varies by Repayment Plan and Loan Balance
10 to 30 years
Varies by Repayment Plan and Loan Balance
10 to 30 years
Varies by Lender
5 to 25 years
Repayment Plans Standard, Extended, Graduated, ICR, IBR, PAYE, REPAYE Standard, Extended, Graduated, ICR, IBR, PAYE, REPAYE Varies by Lender
Death Discharge Yes Yes Varies by Lender
Disability Discharge Yes Yes Varies by Lender
Public Service Loan Forgiveness Yes Yes  No
Can be Consolidated?
Yes
Does Not Relock Rate
Yes
Does Not Relock Rate
Varies by Lender
Rate Based on Current Credit
Bar Study, Medical Residency and Relocation, and Dental Residency and Relocation Loans No No  Yes 

Instantly Compare Private Student Loan Lenders

How to Pick the Best Graduate Student Loans

Always start with the Direct Unsubsidized Loan for graduate students. This graduate student loan is available to most graduate and professional students, since eligibility does not depend on the borrower’s credit history. It also does not require a cosigner. The Direct Unsubsidized Loan has a low, fixed interest rate and flexible repayment terms.

If a student has exhausted eligibility for the Direct Unsubsidized Loan, there are a couple of options for additional financing: the Grad PLUS Loan and Private Student Loans for graduate students.

Limits on Financial Aid for Graduate School

There are both annual and aggregate loan limits for graduate student loans. This is true for both federal and private student loans. For federal loans, the following limits are in effect for graduate/professional students:

Graduate School Financial Aid Limits
Loan Type Annual Limit Aggregate Limit
Direct Unsubsidized (Stafford) $20,5000; $40,500 for medical and health professions students $138,500*; $224,000 for medical and health professions students
Grad PLUS Cost of attendance, minus other aid None
Private Loans Varies by lender; usually limited to cost of attendance Varies by lender; could be as high as $300,000 to $500,000

*This includes undergraduate debt which is capped at $65,500

Check out our other articles about paying for graduate school.

  • Federal Student Loans for Graduate School
  • Graduate Fellowships
  • Graduate PLUS Loans for Graduate Students

Related Content

Student Loans for Graduate School
Elaine Rubin
February 23, 2021
Graduate students can borrow federal and private student loans. Federal student loans include Direct Unsubsidized Loans and Grad PLUS Loans. Private student loans are also available and may offer more competitive rates.
Read Article
Compare Private Student Loans to PLUS Loans
Edvisors Network
September 30, 2019
Comparing student loan options for can be difficult. This chart will help you understand the differences between private student loans and PLUS Loans, including options for parents.
Read Article
  • Student Loans for Graduate School
  • Compare Private Student Loans to PLUS Loans
Could You Be Saving More?
Subscribe to Edvisors' Student LIFE Newsletter to receive up-to-date financial aid information and advice, explore scholarship opportunities, loan repayment options, and learn expert strategies on how to plan and pay for college.
Newsletter Form
By clicking "Subscribe" I have read and agree to the Edvisors' Terms of Use and Privacy Policy. We strongly encourage you to read our Privacy Policy to understand how we use and share your information.
Thank you for subscribing to our newsletter.
We care about your privacy

This website uses cookies to offer you the most relevant marketing and targeted advertisements.  These cookies can collect information to personalize your experience and in some states are considered a sale of your personal information. You may exercise your right to opt out by clicking on deny cookies.  If you opt out, we or our partners will not be able to provide you with personalized ads and we will not provide your personal information to any third parties.   Please accept cookies for the optimal experience.  You can withdraw or modify your consent for non-essential cookies at any time by visiting Cookie Preference page.

Ask the Edvisor
Blog
Contact Us
Edvisors in the News
Link to Us
Newsletter
Partners
Press
Student Aid FAQ
Testimonials
Tools and Calculators
About Edvisors
Video Resources
Financial Terms Glossary
Accessibility Statement
Sitemap
Disclaimer
Notice of Collection
Interest-Based Ads
Cookie Settings
Privacy
Terms of Use
Your Opt-out Rights
Your Privacy Choices Privacy Options

Better Business Bureau logo

Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

Copyright © 1998-2023 by Edvisors Network, Inc. All rights reserved.

All other trademarks and service marks displayed on Edvisors Network, Inc. websites are the property of their respective owners.

Edvisors Network, Inc. 350 S. Rampart Blvd, Suite 200, Las Vegas, NV 89145

Copyright © 2023 by Edvisors.com. All rights reserved.

×
You Got In - Now How Do You Pay for It?

Get the money you need from leading lenders

1 Pick Your College
2 View Your Options
3 Click to Apply
Exit Modal

PrivateStudentLoans.com recommends you consider all financial aid alternatives including grants, scholarships and federal loans (Federal Stafford, Federal Parent PLUS, Federal Grad PLUS) prior to applying for private student loans.