Best of
12 Best Graduate Student Loan Options of November 2024
Graduate students should max out federal unsubsidized loans before turning to federal PLUS or private loans to cover their remaining costs.
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The federal government and private lenders offer graduate student loans. Max out federal unsubsidized loans — likely the cheapest option — before covering remaining costs with federal grad PLUS loans or private student loans.
Grad PLUS loans don't require credit and come with multiple repayment options, which will likely make them best for most borrowers. But you may pay less with a private graduate school loan if you or a co-signer has excellent credit.
Here are our picks for the best loans for graduate school, as well as information on how to choose between them and manage debt while you're in school.
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Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Top Private Student Loan Lenders
College Ave Private Student Loan
Sallie Mae Undergraduate Student Loan
Ad
2024 Best Private Student Loan Overall
5.0/5
Fixed APR
3.59-17.99%
Variable APR
5.34-17.99%
Min. credit score
Mid-600s
4.5/5
Fixed APR
3.49-15.49%
Variable APR
5.04-15.21%
Min. credit score
Mid-600's
Best Graduate Student Loan Options
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | None | 5.50-7.05% | N/A | ||
5.0 /5 | None | 9.08-9.08% | N/A | ||
 College Ave Graduate Student Loan GO TO LENDER SITE on College Ave's website COMPARE RATES on Credible’s website | 5.0 /5 | Mid-600s | 3.59-14.49% | 5.34-14.49% | GO TO LENDER SITE on College Ave's website COMPARE RATES on Credible’s website |
 Ascent Graduate and Health Professions Student Loan COMPARE RATES on Credible’s website | 5.0 /5 | Low-Mid 600s | 4.69-14.56% | 7.51-14.72% | COMPARE RATES on Credible’s website |
5.0 /5 | 600 | 4.24-14.02% | 4.97-14.52% | COMPARE RATES on Credible’s website |
Our pick for
All borrowers as a first option
Graduate students can take out up to $20,500 annually in unsubsidized federal student loans.
Federal Subsidized/Unsubsidized Loan
Min. credit score
None
Fixed APR
5.50-7.05%
Variable APR
N/A
Key facts
Graduate school borrowers qualify for unsubsidized student loans only.
Pros
- More flexible repayment options for struggling borrowers than other lenders.
- Subsidized loans do not collect interest while in school or during deferment.
- Lower interest rates than many private lenders.
Cons
- You pay an origination fee.
Qualifications
- No credit check or minimum income is needed to borrow.
- Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
- Independent students and graduate students have higher loan limits.
- Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate
Available Term Lengths10 to 25 years once repayment begins, depending on the repayment plan.
Our pick for
Borrowers without credit or a co-signer
Graduate PLUS loan interest rates aren't based on your credit score: All eligible borrowers receive the same fixed rate.
Key factsBest for graduate students who need to borrow beyond the federal unsubsidized loan limit.
Pros
- More flexible repayment options for struggling borrowers compared with private lenders.
- All borrowers who attend a school authorized to receive federal aid can qualify.
Cons
- May have higher interest rates compared with private lenders.
- You pay an origination fee.
- You can’t see if you’ll qualify without a hard credit check.
Qualifications
- Grad PLUS loan borrowers must not have adverse credit history.
- Borrowers with adverse credit history can still receive a grad PLUS loan by enlisting a co-signer without adverse credit history or documenting extenuating circumstances for their credit history.
- Loan amounts: Total cost of attendance minus other financial aid.
Available Term Lengths10 to 25 years once repayment begins, depending on the repayment plan.
Our pick for
Borrowers with good credit or a co-signer
GO TO LENDER SITE
on College Ave's website
COMPARE RATES
on Credible’s website
College Ave Graduate Student Loan
Min. credit score
Mid-600s
Fixed APR
3.59-14.49%
Variable APR
5.34-14.49%
Key factsBest for graduate students who'll need extra time before starting repayment.
Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- International students can qualify with a co-signer.
- Nine-month grace period is longer than other lenders offer.
Cons
- You must be at least halfway through your repayment term before you can request a co-signer release.
Qualifications
- Typical credit score of approved borrowers: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to the total cost of attendance.
Available Term Lengths5, 8, 10 or 15 years
DisclaimerCollege 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. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
COMPARE RATES
on Credible’s website
Ascent Graduate and Health Professions Student Loan
Min. credit score
Low-Mid 600s
Fixed APR
4.69-14.56%
Variable APR
7.51-14.72%
Key factsBest for graduate students who want flexible payment options.
Pros
- Forbearance of 24 months is longer than many lenders offer.
- Grace period of 9 months is longer than many lenders offer.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- You must be enrolled at least half-time to qualify.
Qualifications
- Typical credit score of approved borrowers or co-signers: Not available.
- Minimum income: Not available.
- Loan amounts: up to $400,000.
Available Term Lengths7, 10, 12 or 15 years
DisclaimerAscent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Rates displayed above are effective as of 11/1/2024 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.
COMPARE RATES
on Credible’s website
Custom Choice Loan
Min. credit score
600
Fixed APR
4.24-14.02%
Variable APR
4.97-14.52%
Key factsCustom Choice student loans are best for upperclassmen who are confident they can take advantage of the 2% Grad Reward and returning borrowers who want to take advantage of a pre-filled application and income verification waiver.
Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- No late fees.
- Principal reduction of 2% if you graduate.
- Stands out for features that enable faster loan repayment.
Cons
- Doesn't apply extra payments to the principal balance by default.
- Co-signer release of 36 months is longer than what many lenders offer.
Qualifications
- Typical credit score of approved borrowers: 700 for a non-cosigned loan and 733 for co-signed loans.
- Minimum income: No minimum, but borrowers must demonstrate positive income.
- Loan amounts: $1,000 up to $99,999.
Available Term Lengths7, 10 or 15 years
DisclaimerBefore applying for a private student loan, Citizens and Monogram recommend exhausting all financial aid alternatives including grants, scholarships, and federal student loans. The Custom Choice Loan® is made by Citizens (“Lender”). All loans are subject to individual approval and adherence to Lender’s underwriting guidelines. Program restrictions and other terms and conditions apply. LENDER AND MONOGRAM LLC EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE. Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the expected number of years in deferment, (4) the requested loan amount and (5) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and
terms are effective as of 11/1/2024 The variable interest rate for each calendar month is calculated by adding the 30-Day Average Secured Overnight Financing Rate (“SOFR”) index, or a replacement index if the SOFR index is no longer available, plus a fixed margin assigned to each loan. The SOFR index is published on the website of the Federal Reserve Bank of New York. The current SOFR index is 4.86% as of 11/1/2024. The variable interest rate will increase or decrease if the SOFR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount. APRs assume a $10,000 loan with one disbursement. The high fixed rate APR assumes a 7-year term with the Flat Payment Repayment option, a 1 month deferment period, and a six month grace period before entering repayment. The high variable rate APR assumes a 7-year term with the Fully Deferred Repayment option, a deferment period greater than 30 months, and a six-month grace period before entering repayment. The low APRs assume a 7-year term, and the Immediate Repayment option with payments beginning 30-60 days after the disbursement via auto pay. Auto pay yields a 0.25% interest rate reduction which is applied after the Servicer validates your bank account information. Automatic payments and the associated discount will be temporarily discontinued (1) if you elect to stop automatic deduction of payments and (2) during periods when you are not required to make payments. The discount will be permanently discontinued in the event three automatic deductions are returned by the financial institution for any reason. The auto pay discount is not available when reduced payments are being made or when the loan is in a deferment. Custom Choice Loan® is a registered trademark of Monogram LLC. Monogram LLC (NMLS #2542102) NMLS Consumer Access
Earnest Graduate Loan
Min. credit score
650
Fixed APR
3.69-14.30%
Variable APR
5.89-15.97%
Key factsAn option for graduate students who want flexible repayment.
Pros
- Option to skip one payment every 12 months.
- No late fees.
- Nine-month grace period is longer than most lenders offer.
Cons
- Loans aren't available in Nevada.
Qualifications
- Typical credit score of approved borrowers: 758.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
Available Term Lengths5, 7, 10, 12 or 15 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 3.94% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 17.10% 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.
RISLA Private Student Loan
Min. credit score
680
Fixed APR
4.05-8.64%
Variable APR
N/A
Key factsBest for students who may need wiggle room on payments in the future.
Pros
- Income-based repayment plan available, with forgiveness after 25 years.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.
Cons
- Fewer repayment terms available than other lenders.
Qualifications
- Typical credit score of approved borrowers: 768.
- Minimum income: $40,000.
- Loan amounts: $1,500 to $45,000.
Available Term Lengths10 or 15 years
Advantage Education Private Student Loan
Min. credit score
Does not disclose
Fixed APR
5.29-8.04%
Variable APR
N/A
Key factsBest for nontraditional or part-time students.
Pros
- Forbearance of 24 months is twice as long as most lenders.
- Loans are available if you’re enrolled less than half time.
Cons
- Fewer repayment terms than other lenders offer.
- Borrowers are not able to defer loans if they return to school after their grace period ends.
Qualifications
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $1,000. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10 years
SoFi Graduate Student Loan
Min. credit score
Mid-600s
Fixed APR
3.54-14.83%
Variable APR
5.54-15.86%
Key factsBest for flexible repayment options and no fees.
Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.
Cons
- Does not offer bi-weekly payments via autopay.
Qualifications
Available Term Lengths5, 7, 10, 15 years
DisclaimerInterest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 14.83% APR with a 0.25% autopay discount. Variable rates range from 5.54% APR – 15.86% APR a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 11/11/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. 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. 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891
(www.nmlsconsumeraccess.org). GRAD LOANS: This repayment example is based on typical loan terms for a freshman borrower who selects the Partial Payment option with a 10-year repayment term, a $10,000 loan that is disbursed in a single disbursement, a 0.25% autopay discount, and a fixed rate between 9.00% – 14.09% Annual Percentage Rate (“APR”) (with autopay). It also assumes the borrower remains in school for 4 years and has a 6-month grace period (together, the deferment period) before the loan term begins. It works out to 54 monthly payments of $25 during the deferment period, followed by 120 monthly payments ranging from $148.04– $207.11 while in the repayment period,
for a total amount of payments ranging from $18,514.54 – $25,602.90. This repayment example assumes that the borrower is signed up for autopay and that all payments are made on time, with no pre-payments. Terms and conditions apply. Offer good for new and repeat borrowers that apply for and are approved for a SoFi Private Student Loan. To receive the offer, you must: (1) complete a loan application with SoFi between 11/11/24 12:01AM PT to 01/30/25 11:59PM PT; and (2) meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. Offer cannot be combined with
any other rate discounts, with the exception of the 0.25% AutoPay rate discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice. The SoFi 0.25% autopay interest rate reduction requires payments by an automatic monthly deduction from a savings or checking account. This benefit is suspended during periods of non-payment through ACH, deferment and forbearance. Autopay is not required to receive a loan from SoFi. Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student
aid options before you consider any private loans, including ours. Read our FAQs. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient
income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 8/5/24 and is subject to change. SoFi Private
Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).
GO TO LENDER SITE
on Sallie Mae's website
COMPARE RATES
on Credible’s website
Sallie Mae Graduate Student Loan
Min. credit score
Mid-600's
Fixed APR
3.49-14.48%
Variable APR
5.04-14.48%
Key factsBest for part-time students and those who want flexibility with repayment.
Pros
- One of the few lenders to provide loans to part-time students.
- Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer.
Cons
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Qualifications
Available Term Lengths10 to 20 years
DisclaimerLowest rates shown include the auto debit. Advertised APRs for Graduate School Loan, MBA Loans, and Graduate School Loan for Health Professions assume a $10,000 loan with a 2-year in-school period. 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-eighthof 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. Advertised APRs are valid as of 10/25/2024.
Our pick for
International borrowers without credit or a co-signer
International students don't qualify for federal aid and have fewer private options without a co-signer who's a U.S. citizen.
MPOWER Private Student Loan
Min. credit score
None
Fixed APR
12.99-15.99%
Variable APR
N/A
Key factsBest for international students and students with Deferred Action for Childhood Arrivals, or DACA, status.
Pros
- Offers a hard-to-find option: non-co-signed student loans for international and DACA students.
- Borrowers are assigned a dedicated student loan advisor.
- Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
Cons
- Payment required while in school.
- Offers only one repayment term: 10 years.
Qualifications
- MPOWER considers future income potential but does not factor in credit scores.
- Loan amounts: Minimum $2,001. Maximum loan is $100,000, limited to $50,000 per academic period.
Available Term Lengths10 years
DisclaimerNote: Our loan does not support Canadian citizens studying in Canada. Canadian Permanent Residents and U.S. citizens are considered “international” when studying in Canada. International students, U.S. citizens, U.S. permanent residents, and DACA recipients in the U.S. or Canada. ‘International’ means you are a non-U.S. citizen or U.S. non-permanent resident studying at a university in the U.S., or you are a non-Canadian citizen or Canadian non-permanent resident studying at a university in Canada. ‘DACA’ means the Deferred Action For Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA Student, you must have applied for, and been granted, DACA status by USCIS.
As a graduate student, you can borrow with a fixed interest rate of 12.99% (13.98% APR¹). This is the maximum rate and will not increase. However, MPOWER offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. If you qualify for this discount, your rate will be 12.74% (13.72% APR²). ¹[International graduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation, plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 13.98%, the monthly payment amount is US$113.66 for the first 30 months. For the next 120 months, the monthly payment amount is about $156.71. ²[International graduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. At an APR of 13.72%, the monthly payment is US$111.47 for the first 30 months. For the last 120 payments, the monthly amount is US$155.17.
Undergraduate Students in the U.S. or Canada
As an undergraduate student, you can borrow with a fixed interest rate of 13.99% (15.01% APR³). This is the maximum rate and will never increase. However, MPOWER offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. If you qualify for this discount, your rate will be 13.74% (14.75% APR⁴). ³[International undergraduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 15.01%, the monthly payment amount is $122.41 for the first 30 months. For the next 120 months, the monthly payment amount is $162.97.
⁴[International undergraduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. A forbearance is never utilized and there is no prepayment of any principal. At an APR of 14.75%, the monthly payment is US$120.22 for the first 30 payments. For the last 120 payments, the monthly amount is US$161.39.
Our pick for
Borrowers from Texas
Brazos Private Student Loan
Min. credit score
680
Fixed APR
2.77-6.96%
Variable APR
5.00-9.44%
Key factsBest for Texas residents and students of Texan colleges with strong financials or a qualified co-signer.
Pros
- May offer lower rates for graduate students than what are available through the federal government.
- Applies extra payments to the loan principal by default.
- Offers five loan terms, which is more than most lenders.
Cons
- Not available to borrowers enrolled in two year programs at community colleges.
- Biweekly payments via autopay is not available.
Available Term Lengths5, 7, 10, 15 or 20 years
What are the best loans for graduate school?
1. Federal graduate student loans
Borrowers are eligible for two types of federal loans for graduate school: unsubsidized direct loans and grad PLUS loans.
Federal direct unsubsidized loans limit the amount you can borrow to $20,500 annually and $138,500 overall, including undergraduate loans. But these loans have lower interest rates and fees than PLUS loans, so opt for unsubsidized loans before graduate PLUS loans.
Federal grad PLUS loans have higher interest rates and fees than direct unsubsidized loans, but you can borrow more money — up to your total cost of attendance, minus other aid received. Use grad PLUS loans if you’ve maxed out your federal direct unsubsidized loans and still want to use federal loans to pay for graduate school.
No one can get subsidized loans for graduate school. Certain professional students may be eligible for a federal health professions student loan as well.
You can apply for federal loans for graduate school by completing the Free Application for Federal Student Aid, or FAFSA.
2. Ascent Graduate Student Loan
Ascent's graduate student loan is a good option if you or a co-signer has excellent credit.
While federal interest rates are historically low for the 2020-21 academic year, you still may get a better rate with a private graduate student loan. You'll almost certainly pay less in fees: Grad PLUS loans come with an origination fee of more than 4%, while most private lenders don't charge these fees.
Ascent's graduate student loan stands out due to its flexibility. The lender offers a nine-month grace period and 24 months of forbearance — both of which are longer than many other lenders provide.
3. College Ave Graduate Student Loan
College Ave is a good choice if you're working your way through graduate school. Unlike many lenders, including the federal government, College Ave offers graduate student loans if you're attending school less than half-time.
In addition to Ascent and College Ave, graduate students looking at private student loans may want to consider Advantage, RISLA and SoFi. It's best to get quotes from multiple lenders before applying to ensure you get the best rate possible.
4. MPOWER Graduate Student Loan
MPOWER is a good choice for international graduate students who don't have a U.S. citizen co-signer. You can qualify for a MPOWER graduate student loan without a co-signer; lending decisions are based on your future income, rather than your current financial situation. You’ll need to check if your school is on this lender’s approved list, as they only work with a limited number of institutions.
Which graduate student loan is best for you?
If you need loans to pay for graduate school, the best option will likely be federal student loans. These offer protections that private graduate school loans lack, including income-driven repayment plans and loan forgiveness programs.
Those benefits can come in handy depending on how much you owe. The average graduate student debt is $88,220, including undergraduate loans, according to the most recent data from the National Center for Education Statistics.
Your career plans may also be a factor. For example, you may want to pursue Public Service Loan Forgiveness if you plan to get a Ph.D. and work at a university.
If you won't work at a nonprofit or need federal benefits, compare private student loans to see what interest rate you'd qualify for. Many lenders have specific graduate student loan products based on the degree you're pursuing:
Most lenders won't require you to pay student loans while in graduate school, provided you're enrolled at least half-time. But depending on how much you get paid as a graduate student, making payments can save you money because all graduate school loans accrue interest, increasing the amount you owe.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Last updated on June 27, 2024
Frequently asked questions
- What is the best student loan for graduate school?
Most students should max out federal student loans for graduate school before considering other options. But if you have excellent credit, a private student loan may be cheaper in the long run.
- How much can graduate students borrow in student loans?
Grad students can get up to $20,500 annually and $138,500 overall in unsubsidized federal loans. Federal PLUS loans and private loans can cover up to your cost of attendance minus other aid received.
- How do grad PLUS loans differ from other federal loans?
Interest rates and loan fees are higher with grad PLUS loans. But you can also borrow more with these loans — up to your cost of attendance — compared to other federal options.
- How do I get loans for graduate school?
Complete the FAFSA to qualify for all federal aid, including unsubsidized loans and graduate PLUS loans. If you want a private student loan for grad school, apply directly with the lender.
NerdWallet's Best Graduate Student Loan Options of November 2024
- Federal Subsidized/Unsubsidized Loan: Best for All borrowers as a first option
- Federal Grad PLUS Loan: Best for Borrowers without credit or a co-signer
- College Ave Graduate Student Loan: Best for Borrowers with good credit or a co-signer
- Ascent Graduate and Health Professions Student Loan: Best for Borrowers with good credit or a co-signer
- Custom Choice Loan: Best for Borrowers with good credit or a co-signer
- Earnest Graduate Loan: Best for Borrowers with good credit or a co-signer
- MPOWER Private Student Loan: Best for International borrowers without credit or a co-signer
- RISLA Private Student Loan: Best for Borrowers with good credit or a co-signer
- Advantage Education Private Student Loan: Best for Borrowers with good credit or a co-signer
- SoFi Graduate Student Loan: Best for Borrowers with good credit or a co-signer
- Sallie Mae Graduate Student Loan: Best for Borrowers with good credit or a co-signer
- Brazos Private Student Loan: Best for Borrowers from Texas
