Most graduate students will need to borrow loans to help pay for their grad school education due to the cost of attendance. Student loans can come from a variety of places including the federal government, private lenders such as banks, financial institutions or from other organizations. There are two types of loans available for graduate students: federal loans and private loans.
Best Private Student Loans for Graduate School
Sallie Mae student loans
- Variable Rates: 1.62% APR - 11.73% APR. Fixed Rates: 3.75% APR - 12.85% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
- Apply online in minutes and receive an instant credit result2
- Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
- You may be 4X more like to be approved with a cosigner4 and it may help you get a better rate.
- Only undergraduate student loan that offers 4 months of free Chegg® study help5
- Borrow up to 100% of school-certified expenses, whether you're online or on campus6
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.
This loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating 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 to verify their identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
1Interest 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. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit 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, if available for the loan.
2From January 1, 2021 to December 31, 2021, instant credit decisions were provided to 98% of applicants. Other applications received credit decisions in 3 to 5 business days.
3Although 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.
4Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner from May 1, 2020 through April 30, 2021.
5This promotional benefit is provided at no cost to borrowers with undergraduate or parent loans with a first disbursement between May 1, 2021 and April 30, 2024. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit http://www.chegg.com/legal/smtermsandconditions for complete details. This offer expires one year after issuance.
6Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified 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 5/13/2022
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Smart Option Student 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.
Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
© 2022 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.
College Ave student loans
- Competitive fixed and variable APRs starting at 1.19%1
- Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
- Flexible payment terms ranging from 5, 8, 10, and 15 years2
- Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
- No origination, application and processing fees, no fees for early repayment
- Apply online in 3 minutes and get an instant credit decision
College Ave Student Loans 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.
1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
3As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 4/19/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Ascent student loans
- AFFORDABLE variable rates starting at 1.64% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- NON-COSIGNED option may be available for 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 prepayment penalty if you choose to pay your loan off early.
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs
Rates are effective as of 05/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates
1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs are available for the most creditworthy applicants and may require a cosigner.
Variable: 0.00% APR - 23.00% APR1
5-10 years
Edly No Cosigner Required
- MUST BE a US citizen or permanent resident
- MUST BE a college junior, college senior, or grad student
- No co-signer required
- Get approved in minutes. Pre-qualify without affecting your credit score
- Income-based repayment with built-in protections, like deferred payments if you lose your job
Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.
Loans from $5,000 - $25,000 Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan.
About this example: The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.
Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
SoFi student loans
- Variable Rates: Starting variable rates range from 1.69% APR - 11.97% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
- Fixed Rates: Fixed rates range from 3.47% APR to 11.16% APR (with autopay)*
- Easy online application!
- No origination fees, late fees, and no insufficient fund fees. Period
- Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
- 0.25% discount when you set up autopay*
*Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
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.
Private Student Loan Rates
Variable rates starting at:
0.99% APR
Fixed rates starting at:
2.99% 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 June 30, 2021.
Federal Student Loan Rates
For loans first disbursed July 1, 2022 thorugh June 30, 2023
4.99%
Undergraduate
6.54%
Graduate
7.54%
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 0.99% .
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:
- How to Pay for Medical School
- How to Pay for Nursing School
- How to Pay for Pharmacy School
- Medical Residency and Relocation Loans
- Dental Residency Relocation Loans
- Health Professions Loans
- How to Pay for Law School
- Bar Study Loans
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 |
|---|---|
| 0.99% to 14.50% | 6.54% |
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.
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.
What to Read Next
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