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Best Graduate Student Loans
Graduate school can open the door to a higher salary or an entirely new career path. Although the investment will likely pay off, the upfront costs are considerable. Private student loans offer a financial solution to cover your grad school costs.
Written by:Eric Rosenberg
When covering grad school expenses, federal unsubsidized
loans can make a dent in your financial obligations as a grad student. But the
costs can often exceed those limits. That’s when private student loans are a
good way to fill the gap.
With an unsecured online loan, you can use the funds as you
see fit. Whether you need to pay for tuition or general living expenses while
in school, these unsecured loans can help. Our team of financial experts
reviewed and ranked more than 30 online lenders to help you get funded. Explore
the best graduate student loan options with us below.
Top Picks for The Best Graduate Student Loans
- SoFi - Best for excellent credit borrowers
- Splash Financial - Best for comparison shopping
- Sallie Mae - Best for post-graduation needs
- Earnest - Best for extra breathing room
- Discover - Best for cash rewards
Best Graduate Student Loans for 2024 - Full Overview
Ready to explore the best student loan options for graduate students? Here’s a look at the top contenders.
SoFi - Best for excellent credit borrowers
SoFi offers loans for graduate students, law students, and business students. A smooth online application process comes with no fees attached. If you choose to work with SoFi, you can take advantage of several benefits, including rate discounts, career services, and financial advisors. You can choose to defer your repayment until after you graduate. With the deferred option, there are no payments due until six months after graduation.
Pros
Cons
As you consider your options, here’s a quick look at SoFi’s features:
- Loan terms: 5, 7, 10, or 15 years
- Loan amounts: $1,000 to cost of attendance
- Interest rates: 4.75% to 13.30% fixed APR; 2.59% to 11.98% variable APR
- Credit score requirements: Not disclosed
- Late payment fees: No
- Enrollment requirements: Half-time or more
The Bottom Line
SoFi offers flexible repayment choices which allow you to set up your costs exactly how you want to. If you can lock in a competitive rate, SoFi’s extra perks are worthwhile.
Try SoFiRead more in the full SoFi review.
Splash Financial - Best for comparison shopping
Splash Financial is a platform that can help you quickly explore your student loan opportunities. After providing a little bit of information, Splash Financial finds a lending partner that might be a good fit for your situation. Since Splash Financial works with a variety of lending partners, the platform can help you find the loan terms and rates you are looking for. Depending on the lender you choose, you can add a co-signer, defer payments, or select a flexible repayment schedule for your needs.
Pros
Cons
As you consider your options, here’s a quick look at Splash Financial’s features:
- Loan terms: Varies by lender
- Loan amounts: Minimum $5,000. No maximum is listed.
- Interest rates: 2.29% to 8.63% fixed
- Credit score requirements: Varies by lender
- Late payment fees: Varies by lender
- Enrollment requirements: Not specified
The Bottom Line
Importantly, Splash Financial runs a soft credit inquiry. With that, there is no negative impact on your credit score. It takes just three minutes to explore a wide range of options.
Try Splash FinancialRead more in the full Splash Financial review.
Sallie Mae - Best for post-graduation needs
Sallie Mae offers some of the best private graduate student loans. That’s especially true if you are done attending school full-time. Many lenders require at least half-time enrollment to obtain a loan. But Sallie Mae understands that sometimes your educational costs don’t end at the graduation stage. For many professional students, there is a final cost hurdle. For example, after finishing law school, students must study for and pass the bar exam. And medical school graduates often relocate for a residency. Sallie Mae allows you to borrow the funds you need if you’ve graduated from a participating allopathic, osteopathic, podiatric, or accredited law school in the past 12 months.
Pros
Cons
As you consider your options, here’s a quick look at Salle Mae’s features:
- Loan terms: 15 years
- Loan amounts: $1,000 to cost of attendance
- Interest rates: 4.25% to 12.92% APR fixed, 2.50% to 12.22% variable
- Credit score requirements: Not specified
- Late payment fees: Yes
- Enrollment requirements: Half time, or graduated within 12 months
The Bottom Line
Sallie Mae is a useful option for professional school students with specialized needs. Whether you need to cover education-related costs after graduation or want forbearance options, Sallie Mae can help.
Try Sallie MaeRead more in the full Sallie Mae review.
Earnest - Best for extra breathing room
When you take out a grad student loan, you’ll often have a bit of breathing room after graduation. Many lenders offer a grace period of six months. So, six months after your graduation, you’ll start repaying the loan. Earnest takes things a step further by offering a nine-month grace period. The extended grace period gives your budget some wiggle room as you figure out post-grad finances. Plus, you’ll have the option to skip a payment once per year.
Pros
Cons
As you consider your options, here’s a quick look at Earnest’s features:
- Loan terms: 5, 7, 10, 12, or 15 years
- Loan amounts: Up to cost of attendance
- Interest rates: 3.24% APR and up for fixed rates; 0.94% APR and up for variable rates
- Credit score requirements: 650
- Late payment fees: No
- Enrollment requirements: Full time
The Bottom Line
Earnest offers reasonable rates and flexible repayment terms. The ability to skip a payment might come in handy!
Try EarnestRead more in the full Earnest review.
Discover - Best for cash rewards
When Discover says it doesn’t charge fees on its student loans, it’s not kidding. The lender doesn’t charge application, origination, or late fees. If the flexible repayment options aren’t enough to sway you, the cash reward for good grades might. For students that maintain a 3.0 GPA in grad school, you can score a one-time cash reward on each new Discover student loan. You can earn 1% on your loan amount.
Pros
Cons
As you consider your options, here’s a quick look at Discover’s features:
- Loan terms: 20 years
- Loan amounts: $1,000 to cost of attendance
- Interest rates: 4.49% to 13.99% APR fixed, 2.49% to 12.49% APR variable
- Credit score requirements: Not disclosed
- Late payment fees: No
- Enrollment requirements: Half-time
The Bottom Line
Discover offers rates that are a bit higher than average. But you can get a discount on the rate if you agree to make interest-only payments high in school and throughout the grace period. The added cash rewards opportunity makes this a worthwhile option.
Try DiscoverRead more in the full Discover review.
College Ave - Best for part-time students
Committing to graduate school full-time isn’t an option for everyone. If you are balancing a career or other responsibilities, you might not have the bandwidth to commit to half enrollment status. But that doesn’t mean you can’t make progress towards your degree. College Ave is one of the few lenders that understand your predicament. You are eligible to borrow from College Ave if you are a graduate student enrolled in a degree program and making satisfactory progress according to your school. So, as long as you are chipping away at the degree, you can take out a loan. College Ave allows you to start making principal and interest or just interest payments while in school. You can also choose to make $25 payments towards the interest or defer all repayment until you graduate.
Pros
Cons
As you consider your options, here’s a quick look at College Ave’s features:
- Loan terms: 5, 8, 10, or 15 years
- Loan amounts: $1,000 to cost of attendance
- Interest rates: 3.99% to 11.98% APR fixed, 1.99% to 10.97% APR variable
- Credit score requirements: Not disclosed
- Late payment fees: No
- Enrollment requirements: Any amount to make progress towards the degree
The Bottom Line
The limited enrollment requirements set College Ave apart. But the flexible repayment options are helpful for all students.
Try CollegeAve
Read more in the full CollegeAve review.
Ascent Funding - Best for borrower hardship protections
Ascent Funding allows you to start making payments of $25 or the entire interest payment while in school. But you can also defer the entire payment until up to 9 months after graduation. For those graduating with an Ascent Dental loan, there’s a 12-month grace period. Medical students have up to a 36-month grace period. If you run into financial hardship, you can request deferment and forbearance options. A few of the reasons Ascent grants forbearance include active-duty military, in-school, residencies, internships, temporary hardships, administrative, and natural disasters. The willingness to work out a deferment or forbearance option is relatively rare among private lenders.
Pros
Cons
As you consider your options, here’s a quick look at Ascent’s features:
- Loan terms: 7, 10, 12, or 15 years
- Loan amounts: $2,001 to cost of attendance with a $200,000 total cap
- Interest rates: 1.75% to 11.12% APR fixed, 5.00% to 14.96% APR variable
- Credit score requirements: Not disclosed
- Late payment fees: 5% of the overdue amount or $25, whichever is lower
- Income requirements: Minimum gross income of $24,000 for the past year and current year
- Enrollment requirements: Half-time
The Bottom Line
Ascent offers a range of options to help you tackle your grad student funding needs. The readily available hardship protections could make this the right choice for you.
Try AscentRead more in the full Ascent review.
Credible - Best for exploring your options
Credible is a student loan marketplace that can help you find the right lender. When you shop with Credible, your credit score won’t be affected. A few of their lending partners include Sallie Mae and College Ave. It takes just a few minutes to enter your information. Credible will take it from there to find a loan that meets your needs.
Pros
Cons
As you consider your options, here’s a quick look at Credible’s features:
- Loan terms: Varies by lender
- Loan amounts: Varies by lender
- Interest rates: 0.94% to 12.99% APR variable, 3.20% to 14.54% APR fixed
- Credit score requirements: Varies by lender
- Late payment fees: No
- Income requirements: Varies by lender
- Enrollment requirements: Varies by lender
The Bottom Line
If you want to shop around quickly, Credible is a good place to start. It only takes three minutes to see your options.
Try CredibleRead more in the full Credible review.
ELFI - Best for customer feedback
ELFI, or Education Loan Finance, offers some of the best student loans for master's degrees. The company’s 4.9 out of 5-star rating on Trustpilot speaks for itself. Borrowers are happy when they work with ELFI. Although the credit score requirement is on the higher side, the interest rates are appealing.
Pros
Cons
As you consider your options, here’s a quick look at ELFI’s features:
- Loan terms: 5 to 15 years
- Loan amounts: $1,000 to cost of attendance
- Interest rates: 3.20% APR and up fixed, 1.30% APR and up variable
- Credit score requirements: 680
- Late payment fees: 5% of the past due amount or $50, whichever is lower
- Income requirements: $35,000, can be a cosigner’s income
- Enrollment requirements: Half time
The Bottom Line
ELFI is an option for anyone enrolled in grad school half time. But it’s likely a better option for those with an available co-signer. With a cosigner, you can take advantage of reasonable rates.
Try ELFIRead more in the full ELFI review.
RISLA - Best for income-based repayment
RISLA, or Rhode Island Student Loan Authority, offers low interest graduate student loans. But one of the unique features of RISLA is the income-based repayment option. If your student loan payments are unmanageable after graduation, you can switch to an income-based repayment plan. Another payment flexibility option is partial loan forgiveness for eligible internships and interest forgiveness for some nurses. RISLA is able to offer these features because it’s a quasi-governmental agency. Also, these loans are available to students outside of Rhode Island.
Pros
Cons
As you consider your options, here’s a quick look at RISLA’s features:
- Loan terms: 10 or 15 years
- Loan amounts: $1,500 to $45,000 per year
- Interest rates: 5.24% to 7.19% APR fixed
- Credit score requirements: Not disclosed
- Late payment fees: 6% of late payment amount
- Income requirements: Minimum income of $40,000 per year, can be a cosigner’s income
- Enrollment requirements: Half time
The Bottom Line
If you are looking for graduate student loans with low interest rates, RISLA is worth looking into. The policies leave some wiggle room if your budget hits rough times.
Try RISLARead more in the full RISLA review.
How to Choose the Best Graduate Student Loan?
Graduate student loans are not created equally. The right loan for you varies based on your financial situation. But here are some factors to consider in your search. These are the very factors that our experts used to find the best graduate student loans.
- Loan Features: The loan use limitations are the first consideration. Many online personal loans have no limitations on how you can spend the funds. But it’s important to verify that detail. Additionally, look at the loan term and amount options. You’ll need enough to cover your expenses with a loan term that fits your budget.
- Interest rates and fees: Every loan has interest rates and fees attached. A few common fees include late payment penalties, origination fees, and early prepayment costs. Make sure that you are comfortable with the fees charged. Also, shop around for the lowest interest rate you can find.
- Application process: The application process for online loans varies based on the lender. Before applying, consider the invasiveness of application information requirements and funding time. Also, consider the impact on your credit score in the form of a hard-pull or soft-pull credit inquiry.
- Qualification process: Many lenders outline their eligibility qualifications. You can look to see if you qualify before applying. A few things to look for include a minimum credit score, income requirements, or membership requirements. Also, check to see if the lender allows co-signers.
- Customer support: It’s natural to have questions at some point in the loan repayment process. Check that the lender has a readily available customer support team that can answer your questions.
- Online user reviews: Find out what current customers think of the service through reviews on sites like Trustpilot and the Better Business Bureau.
- Perks and Bonuses: The right perk can make all of the difference. A few features to seek out include payment flexibility and available technology to monitor your loan.
Best Graduate Student Loans - Feature Comparison
| Company Name | Est. APR | Min. credit score | Loan Amount | Loan term |
| SoFi | 4.75% to 13.30% fixed APR; 2.59% to 11.98% variable APR | Not disclosed | $1,000 to cost of attendance | 5, 7. 10, or 15 years |
| Splash Financial | 2.29% to 8.63% fixed | Varies | Minimum: $5,000 No maximum listed | Varies by lender |
| Sallie Mae | 4.25% to 12.92% APR fixed, 2.50% to 12.22% variable | Not disclosed | $1,000 to cost of attendance | 15 years |
| Earnest | 3.24% APR and up for fixed rates; 0.94% APR and up for variable rates | 650 | Up to the cost of attendance | 5, 7, 10, 12, or 15 years |
| Discover | 4.49% to 13.99% APR fixed,2.49% to 12.49% APR variable | Not disclosed | Up to the cost of attendance | 20 years |
| College Ave | 3.99% to 11.98% APR fixed, 1.99% to 10.97% APR variable | Not disclosed | $1,000 to cost of attendance | 5, 8, 10, or 15 years |
| Ascent Funding | 1.75% to 11.12% APR fixed, 5.00% to 14.96% APR variable | Not disclosed | $2,001 to cost of attendance; with $200,000 cap | 7, 10, 12, or 15 years |
| Credible | 0.94% to 12.99% APR variable, 3.20% to 14.54% APR fixed | Not disclosed | Varies by lender | Varies by lender |
| ELFI | 3.20% APR and up fixed, 1.30% APR and up variable | 680 | $1,000 to cost of attendance | 5 to 15 years |
| RISLA | 5.24% to 7.19% APR fixed | Not disclosed | $1,500 to $45,000 per year | 10 or 15 years |
How Do Graduate Loans Work?
Graduate student loans are similar to undergraduate student loans. You’ll have both federal and private student loan options as a grad student.
In general, Direct Unsubsidized federal loans are the best option. You can qualify with relative ease for these loans with lower interest rates, flexible repayment terms, and significant borrower protections.
The federal government also offers Grad PLUS loans. As a grad student, you’ll find higher loan limits for each year up to your school’s cost of attendance. You can borrow up to a lifetime limit.
A final option is to borrow from a private lender, which usually involves a credit check and more stringent borrower requirements.
Although federal student loans are a great option, they might not cover everything you need as a student. It’s common to piece together both federal and private student loans to fund your grad school endeavors.
Types of Graduate School Loans
Paying for graduate school often involves taking out student loans.
The choice boils down to three different categories of loans: Direct Unsubsidized Loans, Grad PLUS loans, and private loans. With the help of one of these loans, or a combination of the three, you can cover your grad student expenses.
Here’s a closer look at each.
Direct Unsubsidized Loan
Grad students can access Direct Unsubsidized loans through the government. As an Unsubsidized loan, the government will not pay interest on the loans while you are in school or while your loans are in deferment after graduation.
Although you are on the hook for all of the interest, Direct Unsubsidized loans are still a good option due to the relatively low interest rates.
- Loan limits: $20,500 per academic year; Lifetime limit of $138,500.
- Interest rates: 6.94%, as of 2022
- Repayment timeline: Standard 10-year term. But access to flexible repayment plans based on your income.
- Borrower protections: Six-month grace period after graduation. Forgiveness programs are available, including the Public Service Loan Forgiveness program. Forbearance options are available.
- Advantages: Fixed interest rate for all students, flexible repayment options, and extended borrower protections.
- Disadvantages: Loan amount limits. Your loan servicer is assigned to you, and may not be an ideal fit.
Grad PLUS Loan
Grad PLUS loans are available to graduate students through the federal government. Although there isn’t a grace period after graduation, the flexible loan limits should help you make it through.
- Loan limits: Maximum amount is the cost of attendance for your school, minus any financial assistance you receive.
- Interest rates: 7.54%, as of 2022
- Repayment timeline: Terms range from 10 to 25 years.
- Borrower protections: Forgiveness programs are available, including the Public Service Loan Forgiveness program. Forbearance options are available.
- Advantages: You can borrow up to your school’s cost of attendance,
- Disadvantages: No grace period after graduation, higher interest rates, origination fees.
Private Loan
Private student loans are the final option for graduate students seeking funding. Depending on your situation, these loans might be the best fit for your grad school needs.
Generally, they are an especially good fit if you are looking to borrow more than your federal loan limit and want more control over your loan terms. Additionally, borrowers with excellent credit scores can find attractive rates through private loan options.
- Loan limits: Varies based on the lender and your credit score.
- Interest rates: Varies
- Repayment timeline: Varies
- Borrower protections: Varies. Some lenders offer unemployment protection. Others offer no grace periods or forbearance.
- Advantages: Possibly get a better interest rate, avoid origination fees, and borrow more than your federal limits.
- Disadvantages: Limited borrower protections and an unmovable repayment schedule.
Comparing the Different Types of Graduate School Loans
| Direct Unsubsidized Loan | Grad PLUS Loan | Private Loan | |
| Eligibility | Must be a half-time student and meet federal lending requirements. | Must be a half-time student and meet federal lending requirements. | Meet the eligibility criteria of a lender based on your income, credit score, and citizenship status. |
| Credit Check | No | Yes | Yes, usually |
| Interest Rates | 6.94% | 7.54% | Varies. Borrowers with high credit scores can tap into lower rates. |
| Origination Fees | Yes | Yes | No, usually |
| Borrowing Limits | $20,500 per academic year; Lifetime limit of $138,500. | The maximum amount is the cost of attendance for your school, minus any financial assistance you receive. | Varies based on your credit qualifications |
| Co-Signers | No | Yes | Varies, but usually yes |
How to Get a Graduate School Student Loan
If you need a loan to get through graduate school, there are plenty of options out there. But how to get one varies a bit based on your choice between federal or private student loans.
For federal student loans, here’s what the process looks like:
- FIll out the Free Application for Federal Student Aid form: The information in your FAFSA determines how much you can borrow for your school costs.
- Review your financial aid package: Your school will send you a financial aid package with details about what scholarships and grants you received. Plus, it will include information about what federal loans you qualify for.
- Apply online: You apply for federal student loans online. If this is your first time receiving a federal student loan, you’ll need to sign a Master Promissory Note.
- Accept funds: If you meet the eligibility criteria, the federal government will disburse the funds to your school. Excess money not needed to cover tuition and fees will be refunded to you.
The private student loan process is a bit different. Here’s what you’ll need to do:
- Compare rates across lenders: Private lenders offer very different interest rates. Shopping around can help you save big.
- Submit your application: When you find a lender with a loan that meets your needs, submit your application. At this point, the lender will complete a hard credit check.
- Submit follow-up documents: The lender will need to verify your financial picture. Be prepared to submit bank statements and paystubs.
- Accept funds: Private lenders may send the funds to either you or your school.
Conclusion
The best graduate student loans allow you to pay for your education without crippling your future finances. It’s critical to explore all of your options. You don’t want to get stuck overpaying for your student loans because you didn’t shop around.
It’s easy to compare your options with our comprehensive list above. If you find a lender that works for your needs, then don’t hesitate to move forward with your application.
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Eric Rosenberg
Ten years of experience in banking, corporate finance, and corporate accounting primarily at large, public companies.
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