Graduate private student loans are loans offered by private lenders to help graduate students pay for their education. These loans are different from federal student loans, which are funded by the government. Private student loans usually have terms and conditions set by the lender, including interest rates, repayment plans, and credit requirements.
The main purpose of graduate private student loans is to help you cover any gaps in funding when federal student loans or other financial aid isn’t enough. They can be used to pay for tuition, fees, books, and even living expenses, like rent or groceries, while you’re in school. These loans are a helpful option when you need extra financial support to complete your graduate degree.
Eligibility Criteria for Private Student Loans
When applying for a graduate private student loan, there are certain eligibility requirements you'll need to meet. These criteria can vary by lender, but most private lenders look for a few important things to decide if you qualify.
Credit Score
Your credit score plays a big role in determining your eligibility. Most lenders require a good credit history, as it shows them you’re reliable when it comes to repaying loans. If you have a strong credit score, you’re more likely to get approved and even secure a lower interest rate on your loan.
Income and Employment Status
Many lenders will also consider your income and employment status. If you have a steady income, it can improve your chances of getting approved. However, for students with limited income, other factors like having a co-signer may help.
School Enrollment Status
To qualify, you usually need to be enrolled at least half-time in an eligible graduate program. This ensures that the loan is going towards your education. Being officially enrolled in a accredited and state licensed institution is a standard requirement across most private lenders.
Role of a Co-Signer
If your credit history is limited or your score isn’t strong enough, having a co-signer can make a big difference. A co-signer, like a parent or guardian, is someone with good credit who agrees to take shared responsibility to repay the loan. This can help you get approved or even secure better loan terms.
Specific Lender or Loan Program Requirements
Keep in mind that different lenders may have their own unique requirements. For example, some lenders might have specific criteria for international students, while others could focus on offering loans for certain areas of study. Be sure to check lender details carefully to see what’s expected.
Understanding these eligibility factors can help you prepare and improve your chances of getting the financial support you need.
Private Student Loan Application Process
Applying for a graduate private student loan is not difficult but we will break it down into clear steps to make the process even easier. Here's what you need to do:
Research and Compare Lenders
Start by looking into different lenders to see what they offer. Compare interest rates, repayment terms, fees, and any special perks like discounts for automatic payments. This step is critical to find a loan that fits your financial needs and long-term goals.
Gather Required Documents
Once you've chosen a lender, it's time to collect the necessary paperwork. This often includes proof of income (like recent pay stubs), your credit report, identification, and proof of school enrollment. Having these ready beforehand will help speed up the application process.
Submit an Application and Complete Lender-Specific Requirements
Fill out the loan application and follow any extra steps your chosen lender requires. This might include providing additional information or completing a pre-qualification process. Take your time to ensure everything is accurate and complete.
Await Credit Approval and Loan Terms
After submitting your application, the lender will check your credit history and application details. They’ll decide if you qualify for the loan and offer specific terms like the interest rate and repayment schedule. This step may take a few days to a couple of weeks, depending on the lender.
Sign the Loan Agreement and Begin the Disbursement Process
If you agree to the loan terms, you’ll sign the loan agreement. Once that’s done, the disbursement process will begin. The lender usually sends the funds directly to your school, but this can vary depending on the arrangement.
Timeline Expectations
The timeline for applying and receiving a graduate private student loan can vary. Researching lenders and gathering documents may take a few days to a week. After submitting your application, credit approval can happen within 24-hours but it’s safest to expect to wait about 1-2 weeks. Once you sign the loan agreement, disbursement can take anywhere from a few days to several weeks, depending on your school and lender. Starting the process early is key to ensuring your funds are available when needed.
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.
- 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
- 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
- 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.
- 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.
Pros and Cons of Private Student Loans
When it comes to financing your graduate education, private student loans can be a helpful option, especially if you’ve maxed out your federal loan opportunities. Here's a breakdown of the pros and cons to help you decide if they’re the right choice for you.
Pros
- Flexibility to Borrow More: Private loans can allow you to borrow higher amounts than some federal loans, which can be helpful if your program is expensive.
- Competitive Interest Rates: If you have excellent credit (or a strong co-signer), you may qualify for lower, competitive interest rates.
- Customizable Repayment Options: Some lenders provide flexible repayment plans, including options to make small payments while in school to cover accruing interest or choose what works best for your budget after graduation.
- Great for Limited Federal Funding: If you’ve exhausted your federal aid & scholarship options, private student loans can cover the gap so you don’t have to delay your education.
Cons
- Higher Interest Rates for Some Borrowers: If you don’t have strong credit or a co-signer, you might face higher interest rates, making the loan more expensive over time.
- Fewer Protections: Unlike federal loans, private loans don’t offer benefits like income-driven repayment plans, deferment options, or forgiveness programs, which can help during financial struggles.
- Payment Uncertainty: Some private loans have variable interest rates, which means your monthly payments could increase over time, creating budgeting challenges.
- Potential for Too Much Debt: Since private lenders may allow you to borrow more, there’s a risk of taking on more debt than you really need, which can become a burden to repay later.
Private student loans can be a smart option for covering graduate school costs, but understanding both the advantages and the risks can help you make the best decision for your financial future.
Why You Should Consider Federal Student Loans First
When you're thinking about how to pay for graduate school, it’s important to start with federal student loans before exploring private loans. Federal loans offer more stability and benefits that can help you manage your debt both while you’re in school and after graduation.
Key Differences to Consider
Interest Rates (Fixed vs. Variable Rates):
Federal student loans have fixed interest rates, meaning your rate will never change for the life of the loan. This makes it easier to budget because your payments will stay predictable. Private student loans, on the other hand, have fixed and variable interest rate options. Variable rates can start low but may increase due to changes in the market, leading to higher monthly payments and making it harder to plan your finances.
Borrower Protections (Deferment, Forbearance, and Forgiveness Programs):
Federal loans come with built-in protections like deferment and forbearance options. These allow you to temporarily pause payments if you run into financial troubles. Additionally, federal loans provide access to forgiveness programs under certain conditions, such as working in public service. Private student loans usually don’t offer these types of protections or forgiveness opportunities, leaving you with fewer options if money becomes tight.
Credit and Income Requirements:
Federal loans don’t require a credit check (except for PLUS loans) or a high income to qualify, which makes them more accessible to most students. Private student loans, however, typically require good credit or a co-signer with strong credit to secure favorable terms, and approval can depend heavily on your financial background.
Loan Limits:
Federal Direct Unsubsidized loans have limits on how much you can borrow each year and in total. While this may seem restrictive, it can help prevent you from taking on more debt than you may be able to handle. Private loans, however, may allow you to borrow up to the full cost of attendance minus all other aid and loans received, which could put you at risk of over-borrowing.
Benefits of Federal Loans for Students with Limited Financial Resources
If you have limited financial resources, federal loans are especially helpful. They offer income-driven repayment plans, which adjust your monthly payment based on your income, making repayment more manageable. These plans are not available with private student loans. Additionally, federal loans don’t typically require a co-signer, making them more accessible to students who may not have someone to help support their loan application.
By understanding the advantages of federal student loans, you’ll be better prepared to make informed decisions about how to fund your education. Starting with federal loans first can save you money and provide peace of mind over the long term.
