Graduate student loans are an essential resource for those pursuing advanced degrees. With the high costs of graduate programs, these loans help cover tuition, books, living expenses, and other necessities, allowing you to concentrate on your studies without the stress of paying everything upfront.
If you are leaning towards borrowing, it’s important to understand your funding options, like federal and private loans, so you can make smart financial decisions now and in the future. Taking the time to figure out what works best for you can help ease the financial burden while you work toward your career goals.
Federal Graduate Student Loans
Federal loans are a popular choice for many graduate students because they are offered by the government and come with benefits like flexible repayment options. These loans are designed to make higher education more accessible. Graduate students can take advantage of two main types of federal loans.
Direct Unsubsidized Loans
Direct Unsubsidized Loans are available to most graduate students, regardless of your financial need. To qualify, you’ll need to fill out a FAFSA® (Free Application for Federal Student Aid). These loans have annual borrowing limits, and your aggregate borrowing limits which depend on your field of study. One thing to note is that interest starts to accrue as soon as the loan is disbursed, even while you're in school. The interest rate is typically fixed and determined each year by the government, so it’s important to check the current rate when you apply.
Grad PLUS Loans
Grad PLUS Loans are another federal option, offering higher borrowing limits that can cover the full cost of attendance minus any other financial aid you’ve received. They do require a credit check, so if you have a history of credit issues, it might impact your eligibility. These loans typically have a higher interest rate than Direct Unsubsidized Loans, but they can be a good option if you need to borrow more to meet your expenses.
Pros and Cons of Federal Graduate Student Loans
One of the biggest advantages of federal graduate loans is their repayment flexibility. Federal loans offer options like income-driven repayment plans, which adjust your monthly payments based on your income. You might also qualify for loan forgiveness programs if you work in public service or certain other qualified fields. These features can provide significant relief as you manage repayment after school.
On the flip side, both Direct Unsubsidized and Direct PLUS loans for graduate students tend to have higher interest rates compared to undergraduate federal loans, which means you could end up paying more in the long run. Also, since interest accrues while you’re in school, the amount you owe could grow quickly if you don’t make interest payments while you're studying.
By understanding these federal student loan options, you can make informed choices that match your financial needs and career goals.
Private Graduate Student Loans
Private graduate student loans are offered by private lenders, such as banks, credit unions, or online financial institutions, to help you pay for the cost of your education. Unlike federal student loans, these loans are not funded by the government, which means their terms and conditions vary depending on the lender you choose. They're typically used to cover costs that federal loans might not fully cover.
Benefits and Risks to Consider for Private Student Loans
When applying for private student loans, your credit score plays a big role. Lenders usually require a strong credit history or a creditworthy co-signer to approve your loan. The interest rates can be fixed, meaning they stay the same for the life of the loan, or variable, meaning they can change over time depending on the market.
Some private student loans may offer lower interest rates than federal loans if you or your co-signer have excellent credit. Additionally, private student loans often have higher borrowing limits than unsubsidized federal student loans, allowing you to take out more money if needed, but this can increase your debt.
Private student loans can offer lower interest rates for borrowers with strong credit, potentially saving you money over time. These loans also provide some flexibility in how much you can borrow, which can be helpful if your education costs exceed the limits of federal loans.
However, private student loans come with significant downsides. They don’t offer federal protections like income-driven repayment plans, loan forgiveness programs, or deferment options if you face financial hardship. Without these safety nets, you could find yourself struggling to keep up with payments if something unexpected happens. Private student loans also tend to have stricter approval requirements and lack the repayment flexibility that federal loans provide.
By carefully comparing the options and understanding both the benefits and risks, you can decide if private student loans are the right fit for your graduate school needs.
Compare Private Student Loan Lenders
Edvisors (Edvisors Network, Inc.
) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans.
- Check your eligibility in just 2 minutes
- No fees for origination, disbursement, prepayment, or late payment3
- Skip a payment once per year (once repayment period restarted)4
This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.72% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 17.10% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
The information provided on this page is updated as of 02/19/2025. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107.
Earnest loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770) One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
© 2025 Earnest LLC. All rights reserved.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
- Competitive APRs starting at 3.47%1
- Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum) 2
- Apply online in 3 minutes and get an instant credit decision
College Ave's student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
2As certified by your school and less any other financial aid you might receive. Minimum $1,000.
3This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 03/03/2025. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
- Choose the #1 Private Student Loan Lender in the Nation. Sallie Mae is trusted by more families than any other private student loan lender.
- Applying online is easy - you could receive a credit result in about 10 minutes.2
Borrow Responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Explore federal loans and compare to make sure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income -based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
2Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3Based on a comparison of the percentage of students who were approved for any Sallie Mae loan with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.
4For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
Information advertised valid as of 05/16/2025.
Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
© 2025 Sallie Mae Bank. Sallie Mae loans are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America. W646400 0325
- Get your rate in about 2 minutes4
- 4x more likely to be approved by applying with a qualified cosigner5
- No Application or Origination Fees
1Student Loan Rate Disclosure: Variable interest rates range from 4.99% - 15.60% (4.99% - 15.61% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.61% APR).
2Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
3Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: personal checking, personal savings, personal credit card or previous student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
4Get My Rate: Selecting “Get My Rate” only requires a "soft credit pull" which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.
5Citizens Undergraduate Booked Loans from 10/1/2023 through 9/30/2024 were 4 times more likely to be approved with a qualified cosigner.
6Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2023 and October 1, 2024. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. Please Note: International students are not eligible for Multi-Year Approval.
Information advertised valid as of 05/01/25. Rates and offer subject to change. All accounts, loans and services subject to individual approval.
© 2025 Citizens Financial Group, Inc. All rights reserved. Citizens is a brand name of Citizens Bank, N.A. Member FDIC
- AFFORDABLE fixed rates starting at 3.44% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 5/1/2025 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.
The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
Comparing Federal and Private Student Loans
When it comes to paying for graduate school, it’s smart to start by exploring federal student loans first. These loans often come with more favorable benefits for borrowers compared to private loans. To help you compare, here’s a side-by-side breakdown of the key features to consider:
| Feature | Federal Loans | Private Loans |
|---|---|---|
| Interest Rates | Fixed interest rates set by the government. | Fixed or variable rates. Variable rates can start low but may increase over time. |
| Repayment Options | Multiple repayment plans, including income-driven repayment and extended terms. | Limited options set at the time you borrow the loan. |
| Eligibility Requirements | Available to most students regardless of credit history or income level. | Requires good credit or a co-signer for approval. |
| Borrower Protections | Offers deferment, forbearance, and loan forgiveness programs in certain cases. | Terms vary by lender; no forgiveness or guaranteed help during hardships. |
Federal student loans are generally the preferred choice for most students due to their flexibility and borrower benefits. Private student loans, on the other hand, can be helpful if you’ve exhausted your federal options or if you need to cover additional costs. Always weigh the pros and cons carefully before making a decision.
Other Funding Options to Consider
When you're exploring ways to fund your graduate education, it’s important to look beyond student loans. Here are some great options you should consider:
Fellowships, Grants, and Assistantships
These are some of the best choices because they don’t require repayment. Fellowships and grants are often awarded based on academic achievement or financial need, and they’re essentially free money to help cover your education costs. Graduate assistantships, on the other hand, allow you to earn a tuition waiver or stipend while working for your university, typically as a teaching or research assistant. These opportunities not only reduce your expenses but also provide valuable experience in your field.
Employer Tuition Reimbursement
If you’re currently working, check with your employer to see if they offer tuition reimbursement programs. Many companies are willing to help pay for your education, especially if it relates to your job or enhances your skills. Some employers will cover a portion or even the full cost of your tuition, making this a fantastic way to ease the financial burden while continuing your career.
Institutional Loans
Some universities offer their own student loan programs, called institutional loans, as an alternative to federal or private student loans. These loans can come with competitive interest rates or terms tailored specifically for graduate students. While these still need to be repaid, they might offer more flexibility or lower costs compared to other loan options. Be sure to check with your university's financial aid office for details.
Considering these options can help reduce the amount you need to borrow or make repayment easier in the long run. Always explore all available resources to make the smartest financial choice for your graduate education.
Tips for Making Smart Borrowing Decisions
When it comes to borrowing for graduate school, making smart decisions now can save you a lot of stress down the road. Here are some tips to help you stay on track:
Assess Your Financial Needs
Before taking out any loans, figure out exactly how much money you actually need. Look at your tuition, fees, living expenses, and any other costs, but also consider any savings, part-time work, or scholarships you might use to reduce the amount you borrow. Borrowing only what’s necessary helps keep your debt lower.
Research Loan Terms
Not all loans are the same, so it’s important to compare options. Check the interest rates, repayment plans, and any fees associated with federal, private, or institutional loans. Choosing a loan with better terms can make a big difference in how much you end up paying back over time.
Budget for Repayment
Think ahead about how you’re going to repay your loans. Use online calculators to estimate your monthly payments based on the amount you borrow and the interest rate. This can help you create a realistic post-graduation budget, so you're prepared for what’s ahead.
Keep Your Debt-to-Income Ratio in Mind
Your debt-to-income ratio is how much debt you have compared to your income. A high ratio can limit your financial options in the future, like buying a home or saving for retirement. Borrowing less and making sure your future income can handle your payments will help you maintain good financial health.
By staying informed and planning carefully, you can avoid unnecessary debt and put yourself in a better position for financial success after graduation.
