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Student loans allow people to bridge the gap between what they can afford for college and the overall cost of an education. If you've already used your "free money" (scholarship, grants, and college savings) to pay for college and still find that you're unable to pay for school, a student loan for graduate school could be a good option.
When considering your options, federal student loans should always take precedence over private student loans. Federal loans have the lowest interest rates and come with a level of protection that private lenders don't offer, including the potential for loan forgiveness.
The Best Graduate Student Loans of 2024
- Best overall, if you qualify: Federal student loans
- Best for large loan amounts:Ascent Graduate Student Loans
- Best for flexible repayment terms: College Ave Graduate Student Loans
- Best for avoiding fees: Earnest Graduate Student Loans
- Best for good credit: Sallie Mae Graduate Student Loan
- Best for competitive rates: Custom Choice Graduate Student Loans
- Best for great customer service: SoFi Graduate Student Loans
- Best brick-and-mortar option: Citizens Bank Graduate Student Loans
Why Choose a Graduate School Loan?
A graduate school loan can help you meet your financial needs while you focus on furthering your education.
You can use graduate student loan for:
- Educational expenses, including tuition, textbooks, materials, and university fees.
- Living expenses, including rent payments, transportation costs, utilities, and food.
Graduate students can apply for federal student loans (which are often the best option) and private student loans. Choosing the right loan can majorly impact your finances during and after your time as a student.
Compare the Best Graduate Student Loans
7.51% - 14.97% variable and 4.69% - 14.56% fixed (with AutoPay discount, varies by program)
None
Undisclosed
- No prepayment or origination fees
- Low APRs
- Multiple ways to contact customer support
- May be eligible without a cosigner
- Cashback reward after graduation
- Credit check required
- Apply through your computer
- Customer service available via phone, email, and physical mail
- Provided you are eligible, you'll receive 1% of your initial loan balance as a cashback bonus after graduation
- Seven, 10, 12, or 15-year repayment terms available (15-year term only available for variable loans)
- Loan minimum of $2,001*, maximum up to 100% cost of attendance per term
- *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.
- Overall maximum loan amount of $400,000
- Loans made through Bank of Lake Mills, Member FDIC
5.34% - 14.49% variable and 3.59% - 14.49% fixed (with AutoPay discount, varies by program)
mid-600s for cosigners
- No prepayment or origination fees
- International students eligible with an eligible cosigner
- Multiple options for repayment term length
- Many ways to contact customer support
- Credit check required
- Late payment fee
- Apply through your computer or mobile device
- Customer service available via phone, text, email, and live chat
- Five, eight, 10, or 15 year repayment terms available
- Late payment of 5% of the amount due, capped at $25
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Loans made through Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC
5.89% - 15.97% variable and 3.74% - 14.30% fixed (with AutoPay discount)
Undisclosed
- No origination fees, prepayment penalties, or late fees
- Great APR
- Many options for repayment term length
- Quick application process
- Skip a payment option
- Low loan minimum
- Credit check
- May need a cosigner
- Five, seven, 10, 12, 15, and 20-year repayment term lengths available
- Apply through your computer or mobile device
- Customer service available via phone, live chat, email, and standard mail
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Skip a payment feature allows you to forgo making one payment every year
- Loans are originated by Earnest Operations LLC
- This is an advertisement. You are not required to make any payment or take any other action in response to this offer.
5.04% - 15.21% variable and 3.49% - 15.49% fixed
None
- No prepayment or origination fees
- Part-time students are eligible
- International students eligible with an eligible cosigner
- High APR
- Only one repayment term length
- Credit check required
- Customer service unavailable on Saturday and Sunday
- Late payment fee
- No loan preapproval
- Apply through your computer or mobile device
- Customer service available via phone Monday through Thursday from 8 a.m. to 9 p.m. ET or on Friday from 8 a.m. to 8 p.m. ET
- 15 year repayment term
- Late payment of 5% of the amount due, capped at $25
- Loan approval requires a hard credit pull
- $1,000 loan minimum
- Member FDIC
5.39% - 15.57% variable and 4.43% - 14.04% fixed
N/A
Undisclosed
$1,000 - $99,999
- Great APR
- No origination fees, prepayment penalties, or late fees
- Can receive graduation discount
- Get your rates within a few minutes
- Low minimum loan amount
- Credit check
- May need a cosigner
- 7, 10, or 15-year repayment terms available
- Customer service available by phone, email, or standard mail
- $1,000 loan minimum, up to $180,000 lifetime loan limit
- 2% principal reduction upon graduation
- Loans are made by Citizens Bank, Member FDIC
5.79% - 15.86% variable and 3.79% - 14.83% fixed (with AutoPay discount)
Undisclosed
Minimum of $1,000
- No origination fees, prepayment penalties, or late fees
- Highly competitive APR
- Several options for repayment term length
- Quick application process
- Credit check required
- $1,000 loan minimum
- Apply through your computer or mobile device
- Customer service available via phone, mail, and social media
- Five, seven, 10, or 15 year repayment terms available
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Loans are originated by SoFi Lending Corp. or an affiliate
5.50% - 14.62% variable and 4.24% - 14.11% fixed
Undisclosed late fee
Undisclosed
- No origination fees or prepayment penalties
- Co-signed loans available
- Rate discount for qualifying borrowers
- Multiple options for repayment term lengths
- Multi-year approval available
- Low minimum loan amount
- Late fee
- No option for prequalification
- Credit check required
- Loan minimum is $1,000, maximum is $150,000
- Five, 10, and 15-year repayment term lengths
- Undisclosed late fee
- 0.50% rate discount if you or your cosigner have a qualifying Citizens Bank account at the time you submit a complete application and you sign up for automatic payments
- Multi-year approval allows you to see how much you're eligible to borrow for all the years you are in school when you first apply for a loan
- Loans are originated by Citizens Bank, N.A.
FAQs on the Graduate Student Loans
A good interest rate for a graduate student loan is around 6-8%, which is on the low end of the APR range for many graduate student loan providers. Remember that the better your credit score, the lower the interest rate you will usually qualify for.
The best loan options for graduate students are federal student loans because they have the lowest interest rates and the most flexible repayment options. Private student loans provide an alternative if you're not eligible for federal student loans or need more money to fund your education.
Graduate student loans provide flexible repayment terms and the option to apply for deferment or forbearance to temporarily pause loan payments, but only if you get a federal student loan and not a private one. You could also be eligible for student loan forgiveness programs with a federal graduate student loan.
Federal and private graduate student loans differ in some important ways. The federal government provides federal student loans, while private institutions like banks and credit unions provide private student loans. Federal student loans generally offer lower interest rates and more flexible repayment options, which makes them the first choice for most graduate student borrowers.
Yes, you can get a graduate student loan without a cosigner. If you apply for a Federal Direct Unsubsidized loan, you won't need to show creditworthiness or use a cosigner. You can also look for private lenders that offer student loans without a cosigner, but your options may be limited if you don't have good credit.
The credit score you need for a private graduate student loan varies from lender to lender. Not all lenders disclose their minimum credit scores for private graduate student loans, but a credit score of 670 or higher is often necessary. If you don't meet that requirement, consider applying with a creditworthy cosigner.
Best Graduate Student Loan Company Reviews
Graduate students don't qualify for all types of federal loans, and your options for private student loans can be limited. However, you do have options. Here are the best options for graduate students seeking loans to fund their education.
Best Overall (If You Qualify): Federal Student Loans
Federal Direct Unsubsidized Loan
With Direct unsubsidized loans, the student is responsible for all interest payments. This distinguishes them from Direct Subsidized loans, which are only available to undergraduate students. With Direct Unsubsidized loans, graduate students can borrow up to $20,500 each year and $138,500 in total.
To qualify for Direct unsubsidized loans, you must be at least a half-time student at a school that participates in the federal Direct Loan Program. There's no requirement to show financial need.
You'll also qualify for certain protections with federal loans that you otherwise wouldn't with private loans. This includes the ongoing repayment pause on federal loans and the potential for student loan forgiveness — though that is currently being challenged in courts.
You should be aware that interest will begin to accrue shortly after you take out the loan. This means that if you don't pay off your interest while in school, you'll end up with a higher balance than you initially borrowed.
Federal Direct PLUS Loan
Grad PLUS loans offer students another way to cover educational expenses. The interest rates are generally higher than those offered by Direct Unsubsidized loans, but you can often borrow more money. The maximum loan amount for Grad Plus loans is the school's cost of attendance, minus any financial aid you've already received.
Your credit history will impact your eligibility for a Direct Plus loan. If you have bad credit, you can increase your chances of qualifying by applying with a creditworthy "endorser" or cosigner.
Also, you should know that you'll pay an origination fee of 4.228% with Direct PLUS loans, which will be deducted from the loan disbursement. However, there are no prepayment penalties with a Direct PLUS Loan, so you can pay it off early without facing a fee.
Best for Large Loan Amounts: Ascent Graduate Student Loans
Ascent offers graduate student loans for up to $400,000. Ascent also has a lower minimum APR on fixed-rate graduate student loans than most competitors. However, its maximum APRs on both fixed and variable are higher than what you'll find at most comparable companies.
This lender doesn't charge any origination fees.
Borrowers should watch out for Ascent's maximum APRs. Both fixed and variable are higher than what you'll find at most comparable companies.
Best for Flexible Repayment Terms: College Ave Graduate Student Loans
College Ave offers many term lengths and doesn't charge any origination or prepayment fees. Five-, eight-, 10-, and 15-year repayment terms are available. A longer repayment term will reduce your monthly payments, but you'll pay more in overall interest.
This lender tends to offer middle-of-the-pack interest rates. College Ave's graduate student loans aren't quite as good of an offering as its undergraduate student loans, as the lender has so-so APRs compared to competitors and comes with no extra perks.
College Ave Student Loan Review
Best for Avoiding Fees: Earnest Graduate Student Loans
Earnest's graduate student loans have two distinguishing features: no fees and the ability to skip one payment every year. You can request your first skip once you've made at least six months of consecutive on-time, full principal and interest payments, as long as your loan is in good standing.
However, interest will accrue during this time, and the lender will extend the final payoff date of your loan by the length of the skipped payment period.
It's important to note that you may need to add a cosigner when you apply for a graduate student loan from Earnest to get the lowest rates.
Best for Good Credit: Sallie Mae Graduate Student Loan
Sallie Mae offers graduate student loans starting at $1,000 and up to the total cost of attendance (COA). To qualify, you'll likely need a credit score in the mid-600s.
Sallie Mae loans are also available to international students with an eligible cosigner. Not all lenders allow international students to apply, so Sallie Mae could be a good choice if you're coming to the U.S. to study from abroad.
Before applying for a graduate student loan from Sallie Mae, you should know that this lender only offers one repayment term option: 15 years. However, if you want to pay off your loan earlier and avoid forking over more cash in interest, you won't pay any prepayment penalties.
Sallie Mae Student Loan Review
Best for Competitive Rates: Custom Choice Graduate Student Loans
Custom Choice offers a 2% reduction of your loan's principal after you graduate. This may not seem like much, but it will save you some on the overall cost of your loan.
Custom Choice also offers a 0.25% interest rate discount when you sign up for autopay. This reduction can help you save money by paying less in interest over time.
Custom Choice Student Loan Review
Best for Great Customer Service: SoFi Graduate Student Loans
SoFi is a reputable online lender that offers graduate student loans with flexible terms. Graduate students can choose between five-, seven-, 10-, and 15-year term lengths, with four repayment options ranging from deferred to immediate. These options allow you to pay off your loan on a schedule that matches your financial situation and goals.
SoFi has excellent customer ratings across multiple platforms. This lender gets an A+ grade from the Better Business Bureau and 4.4 stars out of five on Trustpilot.
There are no fees with SoFi graduate student loans, and the online application process only takes a few minutes. SoFi also offers competitive interest rates if you have good credit and a discount when you sign up for autopay.
Best Brick-and-Mortar Option: Citizens Bank Graduate Student Loans
Citizens Bank is a traditional bank that offers graduate student loans between $1,000 and $225,000 (MBA and law students can borrow up to $300,000). Unlike many lenders, Citizens Bank offers graduate student loans to international students — as long as they have a creditworthy cosigner who's a U.S. citizen or permanent resident.
Interest rates from Citizens Bank are also competitive. Keep in mind that to qualify for the lowest rates, you or a cosigner must have good or excellent credit.
Citizens Bank Student Loan Review
Which Graduate Student Loan Lender Is the Most Trustworthy?
We've only selected student loan lenders with no public controversies in the last three years. We've also compared each institution's Better Business Bureau score.
The BBB, a nonprofit organization focused on consumer protection and trust, evaluates companies by judging a business's responses to consumer complaints, honesty in advertising, and clarity about business practices. Here is each company's score:
| Lender | BBB grade |
Federal Direct PLUS Loan | N/A |
| B | |
| College Ave Graduate Student Loans | A+ |
| A+ | |
| A+ | |
| N/A | |
| A+ | |
| B+ |
Among our top picks, federal student loans and graduate student loans from Custom Choice are the only lenders not rated. Federal student loans are provided by the Department of Education. Since the DOE is not a business, no BBB rating is available for Federal student loans.
Also, although Custom Choice doesn't currently have a BBB rating, its parent company, Monogram LLC, has an A- BBB grade. That said, this doesn't necessarily reflect Custom Choice's trustworthiness, and you should ask others about their experiences with the businesses before deciding for or against borrowing from a company.
How to Qualify for a Graduate School Loan
Credit Requirements
Good or excellent credit might be necessary to qualify for Federal Direct PLUS loans or private student loans. You can improve your credit score by paying bills on time and paying down your credit card balance. Applying with a creditworthy cosigner can also boost your eligibility.
Financial Documentation Needed
To apply for a student loan, you'll need:
- A Social Security number (SSN) or Tax Identification Number (TIN)
- A government-issued ID
- Proof of income
- An estimated graduation date
- A desired loan amount
How to Choose a Graduate School Loan
When comparing your options for graduate student loans, be sure to consider these factors:
- Interest rates. Federal Direct Unsubsidized loans generally have the lowest interest rates. The rates for private student loans tend to be higher. However, the exact rate depends on the lender and personal factors like your credit history.
- Loan terms. The term of a loan tells you how long you'll have to repay the loan. With longer terms, you'll make smaller monthly payments, but you'll end up paying more in interest.
- Repayment options and flexibility. Federal student loans offer the most flexibility, providing a six-month grace period and options for deferment. Each private lender has its own flexibility standards.
- Cosigner requirements. With Federal Direct Unsubsidized loans, credit history isn't a factor for eligibility. So, there's no need for a cosigner. However, an endorser or cosigner could be required for Federal Direct PLUS loans and private student loans, especially if you don't have good credit.
Tips for Choosing a Graduate School Loan
It can be difficult to choose between the options for graduate school loans. Here are some tips to help you make the right choice.
- Assess the loan limits for each option. Federal Direct unsubsidized loans let you borrow up to $20,500 annually and $138,500 in total. With Federal Grad PLUS loans, you can borrow up to the entire cost of your education. Private lenders offer varying loan amounts.
- Compare interest rates. The lowest rates are generally available with Federal Direct unsubsidized loans, but these loans might not cover the entire cost of your education. With private student loans, it's best to get quotes from multiple lenders so you can compare rates.
- Understand loan repayment assistance programs. Federal student loans give you the chance to apply for deferment, forbearance, and student loan forgiveness programs. You don't have these options with private student loans, but you could apply for student loan refinancing.
Why You Should Trust Us: How We Chose the Best Graduate Student Loans
At Business Insider, we rate the student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven categories. The categories considered are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category is designated a weighting based on its impact on the overall borrowing experience. We weigh interest rates and fees most heavily because they typically have the most significant influence on the total cost of your loan. Additionally, categories such as customer support and ethics are weighted less heavily, because while they are still important, they are not directly tied to the student loan's terms.
See our full ratings methodology for student loans »
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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