Student Loans for Graduate School
If you’re considering earning a master’s degree or Ph.D. to meet your personal and professional goals, one of the first questions you are likely to ask is “How am I going to pay for graduate school?” You have several funding options, including private graduate student loans as well as federal student loan options.
Should I Start with Private Graduate Student Loans?
When you paid for your undergrad degree, you may have heard that you should exhaust federal loans first. That is still a good rule of thumb for undergraduate school, however, you may want to adjust your thinking when comparing private student loans for graduate school to the Federal Direct Loan Program. This is because there are origination fees and interest rates on federal loans for graduate school that may actually be more expensive than the current rates you will find on private student loans.
Unlike loans for undergraduate school, all federal graduate school student loans are unsubsidized (meaning you will be responsible for the interest that accrues on your loan while in school and during your grace period).
The federal program offers all borrowers the same interest rate, and charges origination fees for loans disbursed through the Direct Stafford Loan Program as well as the Grad PLUS Loan program, whereas private student loan lenders will offer competitive interest rates based on the current market trends and the borrowers’ employment and credit history (or that of your cosigner if applicable), and typically do not charge origination fees. For borrowers of graduate student loans, a private student loan may be a more cost-effective option.
Federal Student Loans for Graduate School
You can apply for a Federal Direct Loan by completing the FAFSA (Free Application for Federal Student Aid). The good news is that graduate and professional students are always considered independent students, which makes completing the FAFSA easier in most cases ─taking fewer than 30 minutes on average.
There are two types of federal Direct Loans available to graduate students, Direct Unsubsidized Loans and Direct Grad PLUS Loans.
Federal Direct Unsubsidized Loans
Eligible students may borrow up to $20,500 per year, and students in certain health profession programs (like med school) may receive additional amounts each academic year. If you choose to apply for Federal Direct Unsubsidized Loans, do it as soon as possible. File the FAFSA early, and make an appointment with the financial aid advisor at your chosen university for more specific details on the federal loan options available to you.
Federal Direct Grad PLUS Loans
If the amount you are eligible to borrow in unsubsidized loans isn’t enough, you may consider applying for a Grad PLUS loan. Keep in mind that, unlike unsubsidized loans, PLUS loans require a credit check. All the more reason to keep your credit score healthy. (We’ve got tips for that, too!)
Private Student Loan Rates
Variable rates starting at:
4.49% APR
Fixed rates starting at:
4.49% 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 September 15, 2022.
Federal Student Loan Rates
For loans first disbursed July 1, 2022 through June 30, 2023
4.99%
Undergraduate
6.54%
Graduate
7.54%
PLUS Loans
How Much Can I Borrow?
Loan amounts will vary by lender, but the following guidelines will help you understand minimum, maximum and aggregate borrowing limits.
- Minimum loan amount – Most lenders have a minimum loan amount of $1,000 or $2,000. Check with your chosen lender for more information on terms.
- Annual loan limit– Private graduate student loans, similar to federal loans, impose annual maximum loan limits. Generally speaking, you may borrow up to the total school-certified cost of attendance (less other financial aid). Lenders may also impose an annual maximum which may vary based on your level of study. Check with your lender for specifics.
- Aggregate loan limit – The aggregate limit refers to the cumulative amount of loan funds you may borrow over time, during the course of your education. These amounts will vary by lender.
Repayment Options for Private Graduate School Loans
One of the benefits of private student loans is the variety of repayment options available to borrowers.
When you first obtain your private student loan you will need to indicate to the lender whether or not you’d prefer to make payments on the loan interest while you are still in school. In some cases, lenders may offer an incentive (i.e., discounted interest rate) to do so. Here are some additional repayment terms to look for, keeping in mind that options vary by lender.
- Interest-only payments while in school.
- Fixed, monthly payments while in school. The amount is often as low as $25 per month.
- Deferred repayment. No payments will be required while in school or during the grace period.
- Graduated repayment. Depending on the lender, you may be able to elect interest only payments for the first year following graduation to help you transition to full repayment.
- ‘Standard’ repayment. This simply means you pay interest and principal each month for the designated repayment term until the loan is paid in full.
- Forbearance or deferment. Some private loan lenders will work with you during times of hardship. The forbearance or deferment periods are discretionary and vary by lender. But it’s good to know that in certain circumstances, you may be able to get temporary relief.. Keep in mind that the deferment or forbearance options for private student loans will not as generous as the federal program.
How Much Will My Student Loan Payments Be?
You can estimate your payments by using an online calculator tool such as our student loan repayment calculator. Our online tool gives you advanced options to estimate your monthly payment amount, total interest, and total amount to be repaid during the repayment term.
Other Ways to Pay for Grad School
It should not be a foregone conclusion that you will have to borrow money to pay for grad school. Besides loans, there are other ways to help fund your education. You should always start with money you don’t have to pay back. If you don’t have enough cash saved up, the following programs may offer another means of covering your graduate school expenses.
Graduate School Scholarships
A common misconception is that scholarships are in limited supply for graduate students. There are myriad scholarship opportunities available for graduate and professional school students. Websites like StudentScholarshipSearch.com and Career One Stop from the US Dept. of Labor can help you track down monetary awards that fit your academic goals. Some awards are portable (also known as "external"), while others require you to attend a specific college or university. If you’ve already settled on a school, be sure to follow-up with their financial aid office to find out about the availability of scholarships administered by the school itself. You don’t need to wait for acceptance to do this, in fact, the sooner you contact them, the better.
Grants for Graduate Students
Grants are an excellent way to reduce the cost of graduate school. Unlike scholarships, which are often merit-based, grants are more likely to be awarded based on demonstrated financial need. Some grants are tied to certain fields of study, while others may be available only to those of a specific gender, heritage, personal or professional affiliation, etc. Like scholarships, grants may be portable or related to a particular institution. Colleges and universities often have grant money that they award to their graduate students affiliated with specific programs, under-represented groups, or research projects. Don’t procrastinate! The earlier you apply for this type of aid, the better.
Federal TEACH Grants
There are some grants available to those pursuing an advanced degree in teaching. Some like the Teacher Education Assistance for College and Higher Education (TEACH) Grant come with specific requirements attached. If your dream is to become a teacher, this program may help you achieve it.
Federal Pell Grants
Federal Pell grants are generally only available to undergraduate students. However, in some cases a student enrolled in a post-baccalaureate teacher certification program might be eligible to receive a Federal Pell Grant.
Graduate Fellowships
A fellowship can be a great tool in paying for graduate school. Some fellowships are portable and can be used at different colleges or universities while others are issued by a specific university for study only at that institution. (Are you noticing a trend? This is one of the things scholarships, grants, and fellowships all have in common.) Fellowships vary greatly in the amount of award, and may have several qualifications. Though most graduate students are not awarded fellowships, they are worth researching, as they often cover a large portion of tuition and fees and may provide a stipend as well.
Military/GI Bill
If you served in the military and earned education assistance (GI Bill), you may be able to apply unused benefits toward a graduate degree. Likewise, if your spouse or parents have unused GI Bill benefits, they may be able to transfer these benefits to you. The rules for transfer of GI Bill benefits often have very specific requirements which the U.S. Department of Veterans Affairs has outlined in greater detail on its website.
If you are currently serving in the military, you may qualify for tuition assistance to cover some or all of the costs associated with obtaining your master’s or professional degree. You may even be able to supplement the military tuition assistance program with funds from VA education benefits programs (like the GI Bill). The rules for tuition assistance vary by branch of service, so if you’re in the Air Force and your sister was in the Navy, don’t assume your benefits will be the same as hers. The education center where you are stationed is a good place to start gathering details on your specific eligibility for these programs.
Assistantships
You may have seen graduate students working for faculty members. What’s that all about?
Graduate assistantships are available at many colleges and universities, and function as employment opportunities for the student while providing both financial support and practical experience. Schools may offer any number of these positions: Teaching Assistant (TA), Research Assistant (RA), Graduate Assistant (GA), or Graduate Research Assistant (GRA).
While the number and type of assistantships a college or university may offer is typically limited, graduate students in need of additional funding should seriously consider applying. Assistantships often cover some or all of your tuition and fees and may also come with a stipend (a.k.a., get paid to go to grad school). This is a great opportunity to advance your career as well by establishing working relationships with professionals in your field of study and building your resume.
It Is Within Your Reach
This is just a sample of some of the avenues to explore on your way to earning an advanced degree. Apply early and follow-up with the college or university’s financial-aid office. In the meantime, start your search for portable funding options, and begin comparing lenders for private student loans. Last, but perhaps most important, don’t forget to fill out the FAFSA as soon as it becomes available in October for your upcoming academic year. With a little planning, you will be able to attend graduate or professional school without going broke!
What to do next?
Paying for Medical School
Paying for Law School
Compare Featured Lenders
- Competitive fixed and variable APRs starting at 4.74%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 03/01/2023. 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.
- Variable Rates: 5.49% APR - 15.83% APR. Fixed Rates: 4.50% APR - 14.83% 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
- Last year, students were 4x more likely to be approved with a cosigner4 and it may help you get a better rate.
- Borrow up to 100% of school-certified expenses, whether you're online or on campus5
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.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend 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. Requested loan amount must be at least $1,000.
1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest 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. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount 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.
2In 2021, instant credit decisions were provided to 97% of applicants. Other applications typically 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 during a rolling 12-month period from October 1, 2020 through September 30, 2021.5 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
6 Examples of typical costs for a $10,000 Smart Option Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment may receive a loan term that is less than 10 years.
Information advertised valid as of 02/27/2023
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.
© 2023 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.
- AFFORDABLE variable rates starting at 5.86% 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's undergraduate and graduate student 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 3/01/2023 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. Cosigned Credit-Based Loan student 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 require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
- 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
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 4.70% APR to 14.85% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 14.65% 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 03/08/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
- Variable Rates: Starting variable rates range from 4.99% APR - 13.13% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
- Fixed Rates: Fixed rates range from 4.49% APR to 13.98% 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*
*UNDERGRADUATE LOANS: Fixed rates from 4.49% to 13.98% annual percentage rate ("APR") (with autopay), variable rates from 4.99% to 13.13% APR (with autopay). GRADUATE LOANS: Fixed rates from 5.25% to 13.60% APR (with autopay), variable rates from 5.49% to 13.07% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 13.98% APR (with autopay), variable rates from 6.32% to 13.13% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 01/30/2023.
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)