Graduate Private Student Loans

Private student loans are a great grad school financing option that can help cover additional expenses above and beyond federal financial aid. Graduate private student loans can be used to pay for normal tuition expenses, as well as books, supplies, housing expenses, school fees, transportation, and more.

What makes an graduate private student loan different?

All private student loans require a credit check for the primary borrower. Generally, a co-signer is required on the application. Adding a credit worthy cosigner will help increase the chances for approval and could lower the interest rate on the loan. Private student loan interest rates are variable and based on the Prime or LIBOR index plus a margin for borrower credit.

A graduate private student loan can cover up to the full cost of your education and is usable for any education-related expenses. You can apply for a private loan at anytime during the school year.

Apply now for an Graduate Private Student Loan

The chart below illustrates the primary similarities and differences between federal and private student loans. We always recommend that borrowers exhaust their federal aid before taking out an undergraduate private loan.

	Private Student Loans	Federal Stafford
FAFSA required	In some cases	Yes
Yearly Borrowing Amounts	Up to the cost of education	Capped by grade level and status of the student
Interest rate	Prime or LIBOR plus or minus a margin, based on credit evaluation	Fixed rates at 6.8% (3.4% for subsidized undergraduate borrowers)
Disbursement	Check sent directly to your school	Check sent directly to your school
Deferment	No payments until after graduation	No payments until after graduation
Able to Consolidate	Yes	Yes

Graduate Private Student Loans Fill the Gap

We always recommend that borrowers maximize their federal aid first. However, in most cases there is a substantial amount of unmet financial need even after federal aid is exhausted. Private student loans are a smart way to help fill that gap and pay for the true cost of an education.

Private student loans have great benefits:

• Up to 100% of your cost of attendance minus other aid
• No payments until after graduation

For more information about private student loans, check out our private student loans frequently asked questions page, or get started and apply for a private student loan.