Student Loan Options for Graduate School

Graduate students often need to borrow money to cover the high cost of education. Loans are available from several sources, such as the federal government, private lenders like banks, and other organizations. Graduate students can choose between two main types of loans: federal loans and private loans.

Best Private Student Loans for Graduate School

Fixed APR 3.47% - 16.49%¹

Variable APR 4.99% - 16.85%¹

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Check your eligibility in just 2 minutes
Flexible repayment options you can choose from
No fees for origination, disbursement, prepayment, or late payment³
Skip a payment once per year (once repayment period restarted)⁴
Will cover up to 100% of the school's certified cost of attendance
9-month grace period (3 months more than most lenders)²
Apply over the phone with the Client Happiness Team
- Call 866-492-1222, Monday through Friday, 5 A.M. - 5 P.M. PST
- Mention us when you call in to start your application

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.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

Fixed APR 3.47% - 17.99%¹

Variable APR 4.44% - 17.99%¹

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Competitive APRs starting at 3.47%¹
Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum) ²
Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
Flexible payment terms ranging from 5, 8, 10, and 15 years³
No origination, application and processing fees, no fees for early repayment
Apply online in 3 minutes and get an instant credit decision
Applying with a cosigner can increase your chances of getting approved and could result in a lower interest rate

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.

Fixed APR 3.39% - 14.85%*

Variable APR 5.01% - 14.67%*

Cosigner Recommended

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AFFORDABLE fixed rates starting at 3.39% APR with Automatic Debit Discount*
1% CASH BACK Graduation Reward*
NON-COSIGNED option may be available for eligible undergraduate juniors and seniors.
PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
FORGET FEES – No application, origination or disbursement fees. No late fees and no prepayment penalty if you choose to pay your loan off early.
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 4/1/2025 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.

Fixed APR 3.99% - 15.61%¹

Variable APR 5.34% - 15.96%¹

Cosigner Recommended

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Get a rate quote in about 2 minutes with no impact to your credit score.²
Applying with a qualified cosigner could improve your chances of approval and could even get you a lower rate.³
After applying, you may qualify for Multi-Year Approval.⁴ This means you wouldn’t have to reapply next year. If eligible, prior to each academic year, simply log in to your account and request funds with no application and no hit to your credit score!
Choose from flexible repayment options that best fit your current situation.
No origination, application, or disbursement fees.
No penalty for paying more than the minimum payment or paying your loan off early.
A Citizens Student Loan™ could cover 100% school-certified costs.

¹ RATE DISCLOSURES

Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Dec 01, 2024, the 30-day average SOFR index is 4.7%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Loyalty 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: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other 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.

Automatic 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.

²Get 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.

³Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.

⁴Multi-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, 2022 and October 1, 2023. 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 12/19/24. Rates and offer subject to change. All accounts, loans and services subject to individual approval.

Fixed APR 3.69% - 14.22%*

Variable APR 5.00% - 13.97%*

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Federal student loans for graduate students are generally part of the financial aid package. And these graduate student loans come in two types, Direct Unsubsidized Stafford Loans and Direct PLUS Loans. Both types of federal student loans will require you to complete the Free Application for Federal Student Aid (FAFSA®) which will help determine how much you can borrow. While Direct Unsubsidized Stafford Loans tend to have lower fixed interest rates, you may be limited in the amount you can borrow each year and in total. The Direct PLUS Loan is known to have the highest interest rate and origination fee in the federal student loan program; and your only annual limit will be your cost of attendance minus other financial aid received. Because of the high interest rate and fees found with Direct PLUS Loans, many students who need additional financial aid such as student loan funds look at private student loans to see what types of loans and rates are available.

Private Student Loans for Graduate Students

Private student loans are another financial aid option for students to pay graduate school. These graduate student loans offer competitive fixed and variable interest rates based on current market trends, with flexible repayment terms, and a variety of benefits unique to each lender such as an interest rate reduction for enrolling in automatic payments. It is important to note that variable rates may increase over the life the the loan, while fixed interest rates will stay the same.

Variable rates starting at:

4.36% APR

Fixed rates starting at:

2.71% APR

Lowest APRs shown for Private Student Loans are available for the most creditworthy applicants for undergraduate loans, and include a 0.25% interest rate reduction while enrolled in automatic payments. Interest rates as of March 4, 2024.

6.53%

Undergraduate

8.08%

Graduate

9.08%

PLUS Loans

Since private student loans are offered by banks or credit unions, rather than the federal government, they will do a credit check. If you have an adverse credit history, low credit score and little to no employment history, you may require a creditworthy cosigner in order to get approved and qualify for a private student loan. We recommend looking for a lender that offers cosigner release. This allows you to release the cosigner from your loan after making a series of on-time payments (typically 24 to 48 payments).

Current private graduate student loan interest rates start at 5.09% .

Easily compare private graduate student loan lenders or enter your school below to find a lender that works with your university.

Private Student Loans for Graduate or Professional School

Some private graduate student loan lenders will offer loan options specifically designed for your field of study. To learn about options based on your field, check out these articles:

Federal Student Loans for Graduate School

It’s always wise to consider Direct Unsubsidized Stafford Loans first as these graduate student loans come with a low, fixed rate, generous deferment and forbearance terms, and may qualify for federal loan forgiveness or repayment programs Unsubsidized loans are not credit based and will not require a credit check or endorser. To qualify for unsubsidized loans, you must be enrolled at least half-time at an eligible school.

Direct PLUS Loans or private graduate student loans can be considered if you need to fill in the funding gaps because your annual limit will only be affected by the cost of attendance minus other financial aid received. Graduate students with excellent credit scores, however, or those with a creditworthy cosigner, should explore private graduate student loan options and compare terms against the Direct PLUS loan. This is because there are origination fees and interest rates on federal student loans for graduate school that may be more expensive than the current rates you will find on private graduate student loans. To qualify for PLUS loans, you must be enrolled at least half-time at an eligible school in a graduate program or program that will lead to a professional degree or certificate.

Federal loans are required by law to provide a variety of flexible loan repayment options such as income based repayment, income contingent repayment plans, and loan forgiveness and deferred repayment options for those who qualify.

Current Private Student Loan Interest Rates	Current Grad PLUS Loan Interest Rate
5.09% to 14.50%	8.08%

Are There Subsidized Loans for Graduate School?

No, there are no subsidized loans offered in the federal student loan program for graduate students. As of July 1, 2012, graduate students are only eligible for Direct Unsubsidized Loans.

Loan Fees on Graduate Student Loans

Some graduate school loans come with fees such as application and origination fees. Graduate student loan fees can impact how much money you actually receive. It’s important to understand and factor in fees when deciding which graduate student loan is right for you.

Federal Student Loan Fees

Direct Unsubsidized Loans and Grad PLUS Loans both have origination fees. This fee is a percentage of the total amount of the loan. You, as the borrower, are responsible for this fee.

The origination fee for a federal student loan is deducted from the total amount of your graduate student loan, meaning you will not receive the total amount borrowed. However, you will be responsible for repaying the entire amount borrowed (including the origination fee). The table below highlights the current graduate student loan fees for federal student loans.

	Direct Unsubsidized Loan	Grad PLUS Loan
Origination Fee*	1.057%	4.228%

*Origination fees are updated yearly by the federal government on October 1.

Private Student Loan Fees

Most private student loan lenders do not charge application or origination fees. That means the amount you borrow will be the amount disbursed to your school. When comparing private student loan lenders, you should look for other fees that may surface, such as late fees.

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How Loan Fees Affect the Total Loan Cost

Loan fees, such as origination fees, are typically a percentage of the total loan amount, and can affect how much money you actually receive to pay for school. An origination fee is deducted from the amount you’re borrowing before your loan is disbursed, meaning the amount of money you ultimately receive will be the total amount you borrowed minus the origination fee.

Example:

Amount Borrowed	Origination Fee	Amount Received
$10,000	4%	$9,600
$20,000	4%	$19,200

Be sure to factor in loan fees when figuring out how much you need to borrow to cover the cost of attendance.

Alternatives to Student Loans for Graduate School

Graduate student loans are not the only financial aid option when it comes to paying for graduate school. Aside from grants and scholarships, and other forms of gift aid, you can explore financing your education through an income share agreement, or working for the college as a research or teaching assistant.

Income Share Agreements

An income share agreement is essentially a contract that allows you to borrow money to pay for school in exchange for a percentage of your future salary. When you borrow money via an income share agreement, you will not be charged interest. Instead, you commit to paying a percentage of your future salary for a set period of time, typically no more than ten years.

Peer-to-Peer Lending

Peer-to-Peer loans are an option for graduate students struggling to find a creditworthy cosigner. There are two types of peer-to-peer loans: friends and family loans, and stranger-to-stranger loans. Sites that support peer-to-peer lending provide formal documentation for these loans. Your adverse credit history and credit score may play a factor in your ability to get a peer-to-peer loan. Another thing to consider with a peer-to-peer loan is the lack of benefits. The interest rate on a peer-to-peer loan can be quite high, and family and friend peer-to-peer loans are unlikely to qualify for the student loan interest deduction. Learn more about peer-to-peer loans.

Tuition Payment Plans

Ask your university if they offer a tuition payment plan. This allows you to make a series of payments toward your tuition, rather than one lump sum all at once. If you are working while in school, this alternative may allow you to avoid graduate student loans altogether. Contact your graduate school’s financial aid office for more information.

Research and Teaching Assistantships

Many colleges offer graduate level research or teaching assistantships. These opportunities may come with a stipend or tuition discount. Not only can a graduate assistantship offset the cost of your education, but it can be a great resume builder for future employment after graduation.

Repayment Options for Private Graduate School Loans

Private graduate student loan lenders provide loan repayment options which allow you to begin making payments immediately, or to make interest-only payments while you’re in-school, or to defer repayment until six months after you graduate. The grace period to begin making payments on your federal student loans is generally six months or more after leaving graduate school.

The grace period and loan repayment plans for a private graduate student loan will vary by lender and the repayment option you choose. Typically, you can choose loan repayment plans ranging from a 5, 10, or 15-year repayment term, with no penalties for paying your loan off early. Most lenders do not offer an income-driven repayment option (like the federal loan program). And graduate student loan forgiveness programs are not offered for private student loans.

Refinance Undergraduate Student Loans

Something to consider when exploring student loans for graduate school is refinancing your undergraduate student loans in order to lower your monthly payments. If you are someone who is working while going to grad school, and you were planning to make monthly payments on your undergraduate loans anyway, this could help simplify your life. It would allow you to take advantage of today’s lower rates, while reducing your monthly payments. Current private student loan refinancing rates are as low as [INSERT SHARED VARIABLE]. Plus, you can always refinance any new student loans you obtain in grad school with a previously refinanced loan, if that is an option you want to explore.

You also have the option of combining private student loans and federal student loans together. However, it’s worth noting that when refinancing federal student loans with a private student loan lender you will lose federal loan benefits, including access to income-based repayment, public service loan forgiveness, and generous deferment and forbearance periods offered by the Direct Loans program.

Could student loan refinancing save you money?

Learn More