Student loans 16 February 2023

The 14 Best Graduate Student Loans

Education can be costly but there are solutions to manage the high costs, here are the best graduate student loans to consider in 2023.

best graduate student loans

Graduate school can be a significant investment, and many students rely on loans to finance their education. When it comes to finding the best loans for graduate school, there are a few key factors to consider. These include the interest rate and repayment terms, any associated fees, and your personal financial situation and career goals.

There are several types of loans available to graduate students, including federal student loans, private student loans, and loan forgiveness programs. In this article, we highlight the best graduate student loans right now and how to choose between them.

14 Best Graduate Student Loans

LenderScholaroo ratingFixed rates starting (APR)Variable rates starting (APR)

College Ave

The best for low interest rates.

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5/54.24%3.99%

Sallie Mae

A trusted lender with great offers.

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4.9/54.50%4.62%

Earnest

The best for flexible loan offers.

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4.9/54.49%4.49%

Custom Choice

Best for fixed-rate loans.

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4.9/53.65%5.16%

SoFi

Best for flexible repayment options.

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4.7/55.25%5.12%

Edly

Best for Income Based Repayment Plan

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4.6/54.67%5.64%

Ascent

Most generous loan offering.

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4.5/55.62%6.31%

Citizens Bank

Easiest application process in the long-term.

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4.5/55.99%5.24%

RISLA

Best for student nurses

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4.5/54.45%4.45%

Mefa

Ideal for fixed-interest loans.

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4.5/55.75%N/A

PNC Bank

Best for automated payment discounts.

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4.5/54.39%5.89%

EdvestinU

Ideal for applicants with cosigners.

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4.4/56.25%7.96%

INvestEd

Best for Indiana residents.

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4.4/54.37%5.86%

Education Loan Finance

Offers good refinancing options.

Visit website
4.4/54.48%4.98%
Lender

College Ave

The best for low interest rates.

Scholaroo rating
5/5
Fixed rates starting (APR)
4.24%
Variable rates starting (APR)
3.99%
Visit website
Lender

Sallie Mae

A trusted lender with great offers.

Scholaroo rating
4.9/5
Fixed rates starting (APR)
4.50%
Variable rates starting (APR)
4.62%
Visit website
Lender

Earnest

The best for flexible loan offers.

Scholaroo rating
4.9/5
Fixed rates starting (APR)
4.49%
Variable rates starting (APR)
4.49%
Visit website
Lender

Custom Choice

Best for fixed-rate loans.

Scholaroo rating
4.9/5
Fixed rates starting (APR)
3.65%
Variable rates starting (APR)
5.16%
Visit website
Lender

SoFi

Best for flexible repayment options.

Scholaroo rating
4.7/5
Fixed rates starting (APR)
5.25%
Variable rates starting (APR)
5.12%
Visit website
Lender

Edly

Best for Income Based Repayment Plan

Scholaroo rating
4.6/5
Fixed rates starting (APR)
4.67%
Variable rates starting (APR)
5.64%
Visit website
Lender

Ascent

Most generous loan offering.

Scholaroo rating
4.5/5
Fixed rates starting (APR)
5.62%
Variable rates starting (APR)
6.31%
Visit website
Lender

Citizens Bank

Easiest application process in the long-term.

Scholaroo rating
4.5/5
Fixed rates starting (APR)
5.99%
Variable rates starting (APR)
5.24%
Visit website
Lender

RISLA

Best for student nurses

Scholaroo rating
4.5/5
Fixed rates starting (APR)
4.45%
Variable rates starting (APR)
4.45%
Visit website
Lender

Mefa

Ideal for fixed-interest loans.

Scholaroo rating
4.5/5
Fixed rates starting (APR)
5.75%
Variable rates starting (APR)
N/A
Visit website
Lender

PNC Bank

Best for automated payment discounts.

Scholaroo rating
4.5/5
Fixed rates starting (APR)
4.39%
Variable rates starting (APR)
5.89%
Visit website
Lender

EdvestinU

Ideal for applicants with cosigners.

Scholaroo rating
4.4/5
Fixed rates starting (APR)
6.25%
Variable rates starting (APR)
7.96%
Visit website
Lender

INvestEd

Best for Indiana residents.

Scholaroo rating
4.4/5
Fixed rates starting (APR)
4.37%
Variable rates starting (APR)
5.86%
Visit website
Lender

Education Loan Finance

Offers good refinancing options.

Scholaroo rating
4.4/5
Fixed rates starting (APR)
4.48%
Variable rates starting (APR)
4.98%
Visit website

#1 College Ave

The best for low interest rates.

Apply now

College Ave

5
Scholaroo Rating
Fixed Rates Starting (APR)4.24%
Variable Rates Starting (APR)3.99%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

College Ave Graduate Loans are a type of private student loan offered by College Ave Student Loans, a lender that specializes in providing education financing options for undergraduate and graduate students. These loans are designed to help students pay for the costs of a graduate degree, including tuition, fees, and living expenses. College Ave Graduate Loans are available to students who are enrolled in an eligible program of study and meet the lender’s credit and income requirements. It offers flexible repayment terms and multiple repayment plan options, including interest-only and deferred repayment.

Pros

  • Flexible repayment terms
  • Quick and easy application process
  • No origination fees
  • Available to international students

Cons

  • Strict credit and income requirements
  • Must be enrolled in an eligible program of study at an accredited school
  • Must be of good credit standing
  • Must have sufficient income to support the loan payments
  • Must have a U.S. citizenship, be a permanent resident, or an international student with a U.S. social security number
  • Full, flat, deferred, and interest-only repayment plans available
  • Repayment terms spanning from five to 15 years
  • Applicants can select between fixed or variable interest rate loans

#2 Sallie Mae

A trusted lender with great offers.

Apply now

Sallie Mae

4.9
Scholaroo Rating
Fixed Rates Starting (APR)4.50%
Variable Rates Starting (APR)4.62%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

Sallie Mae is a financial services company that offers a range of educational loans, including graduate student loans. Sallie Mae offers both federal and private student loans, and it is one of the largest providers of private student loans in the United States. Sallie Mae’s graduate student loans are designed to help students pay for the costs of a graduate degree, including tuition, fees, and living expenses. The company offers a range of loan options, including fixed- and variable-rate loans, as well as loan refinancing options for borrowers who want to consolidate their loans or adjust their repayment terms.

Pros

  • Wide range of loan options segmented per graduate program
  • Favorable loan refinancing options
  • Excellent customer service
  • Several borrower benefits, including interest rate reductions

Cons

  • Fewer repayment options as compared to other private loan providers
  • Offers fewer borrower protections
  • Be a U.S. citizen or permanent resident
  • Must be at least a half-time graduate student at an eligible school
  • Meet the lender’s credit and income requirements
  • Must not have any student loan in default
  • Fixed and variable interest rates are available
  • Borrowers have a 6-month grace period after graduation before commencing repayment
  • Repayment terms of up to 15 years

#3 Earnest

The best for flexible loan offers.

Apply now

Earnest

4.9
Scholaroo Rating
Fixed Rates Starting (APR)4.49%
Variable Rates Starting (APR)4.49%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

Earnest is a private student loan lender that offers financing options for graduate students. Founded in 2013, Earnest has helped thousands of students pay for the costs of their education by providing competitively-priced loans with flexible repayment terms. In addition to traditional student loans, Earnest also offers refinancing options for students who have already graduated and are looking to consolidate or refinance their existing student loan debt. By working with Earnest, graduate students can find a financing solution that fits their needs and helps them achieve their academic and career goals.

Pros

  • Flexible repayment options
  • Quick and easy mobile-based application process
  • No origination fees, disbursement, or late repayment fees
  • Available to international students with U.S. co-signers

Cons

  • Available to students enrolled in certain graduate programs at select universities
  • Must be enrolled in an eligible program of study at a Title-IV school
  • Must be of good credit standing
  • Must be of age of majority in their state
  • Must be a U.S. citizen, a permanent resident, or an international student with a U.S. social security number and physical address
  • Up to four repayment options available
  • Nine-month grace period
  • Borrowers can skip a payment once a year without incurring a penalty

#4 Custom Choice

Best for fixed-rate loans.

Apply now

Custom Choice

4.9
Scholaroo Rating
Fixed Rates Starting (APR)3.65%
Variable Rates Starting (APR)5.16%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

Custom Choice graduate student loans are designed to fund 100% of an applicant’s school-certified expenses. The loans are available to students who are enrolled in an eligible institution, are at least 17 years old, and are of good credit standing. Custom Choice graduate student loans offer competitive interest rates and flexible repayment terms, and can be repaid within 15 years.

Pros

  • 0.25% autopay discount
  • 2% principal reduction upon graduation
  • Co-signer release after 36 consecutive monthly repayments
  • Flexible terms, including interest rate reductions

Cons

  • Charges higher interest rates on variable rate as compared to fixed rate loans
  • Be a U.S. citizen, permanent resident, or Deferred Action for Childhood Arrival (DACA) resident
  • Must be enrolled as a graduate student at an eligible school
  • Be of good credit standing or have a qualified cosigner
  • Must be of age of majority in their state
  • Four repayment options: deferred, flat, interest-only, and immediate
  • Six-month grace period after graduation before commencing repayment
  • Repayment terms of up to 15 years

#5 SoFi

Best for flexible repayment options.

Apply now

SoFi

4.7
Scholaroo Rating
Fixed Rates Starting (APR)5.25%
Variable Rates Starting (APR)5.12%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

SoFi is a personal finance company that offers a range of financial products, including graduate student loans. SoFi graduate student loans are designed to help students finance the costs of a graduate degree, including tuition, fees, and living expenses. These loans are available to students who are enrolled in an approved program of study and meet the lender’s eligibility requirements. SoFi graduate student loans offer competitive interest rates and flexible repayment terms, and may be a good option for students who are looking for a private student loan to help pay for their education.

Pros

  • Co-signer release option after 24 repayments
  • No origination or late fees
  • Several repayment plan options, including the option to make interest-only payments while in school
  • Career support and financial planning services to SoFi members

Cons

  • Strict eligibility requirements, such as having a good credit score and a stable income
  • Must be at least a half-time graduate student at an eligible school
  • Be a U.S. citizen or permanent or non-permanent resident
  • Borrowers or their cosigners must be the age of majority in their state of residence
  • Repayment periods of five, seven, 10, or 15 years
  • Fixed and variable interest rates for graduate loans
  • Several repayment options, including deferred, interest-only, partial, and immediate repayment

#6 Edly

Best for Income Based Repayment Plan

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Edly

4.6
Scholaroo Rating
Fixed Rates Starting (APR)4.67%
Variable Rates Starting (APR)5.64%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

Edly, in partnership with FinWise Bank, offers private student loans for undergraduate and graduate students with an option of Income-Based Repayment (IBR). It is a relatively newer lender as compared to the other ones that have been in the market for much longer. They have two types of IBR student loans – one is a no-cosigner loan and the other one requires a cosigner. The loans with a cosigner provide more flexibility like they are available for all majors at supported schools. Borrowers can get up to up to $15,000 per academic year and a total of $25,000 for lifetime borrowing.

Pros

  • No Cosigner loans are available
  • Flexible income-based repayment
  • Prequalification available
  • Loan forbearance in case of unemployment
  • Cosigner release available for cosigner IBR student loans

Cons

  • Unavailable to international students
  • Has a maximum cap on lifetime borrowing of $25,000 and $15,000 per year
  • No cosigner loans available for limited majors
  • Not available to students in Colorado, Vermont, Maine, West Virginia, and Iowa
  • Must be U.S. citizens or permanent residents.
  • Must be enrolled at least half-time at a qualifying institution within a qualifying state
  • Must be majoring in a supported program for no cosigner loans
  • In-school payments as low as $25/month for cosigned loans
  • Income-based payments after graduation
  • Payments for no cosigner loans begin after 4 months of graduation provided that you meet the $30,000 minimum income threshold
  • Forbearance is available if unemployed

#7 Ascent

Most generous loan offering.

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Ascent

4.5
Scholaroo Rating
Fixed Rates Starting (APR)5.62%
Variable Rates Starting (APR)6.31%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

Ascent is a private student loan lender that offers financing to students who are pursuing a graduate degree. Ascent offers a range of loan products specifically designed for graduate students, including Ascent Cosigned and Non-Cosigned loans. These loans are designed to help students cover the costs of tuition, fees, and other expenses associated with a graduate degree. Ascent loans may have variable or fixed interest rates and may require a cosigner, depending on the borrower’s credit history, financial situation, and citizenship.

Pros

  • Several loan products, including fixed- and variable-rate loans
  • Borrowers benefit a 0.25% interest rate reduction for enrolling in automatic payments
  • Easy online application process
  • Cosigner released after 12 repayments

Cons

  • Higher interest rates as compared to the competition
  • Be a U.S. citizen, permanent resident, have a Deferred Action for Childhood Arrival (DACA) status, or non-U.S. citizen with a creditworthy co-signer
  • Be at least half-enrolled in an approved graduate degree program at a participating school
  • Meet the credit and income requirements for the loan product for which you are applying
  • Must not have any student loan in default
  • Flexible repayment periods running to 15 years
  • Fixed and variable interest rates for graduate loans
  • Several repayment options, including full repayment, interest-only payments, and deferred repayment

#8 Citizens Bank

Easiest application process in the long-term.

Apply now

Citizens Bank

4.5
Scholaroo Rating
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

As one of the largest banks in the country, Citizens Bank offers fixed and variable interest rates, along with various repayment options and no origination fees.

Pros

  • Multi-year loan approvals after first year of study
  • Simple online application process
  • Offers loans to international students
  • Flexible terms, including interest rate reductions

Cons

  • Higher interest rates as compared to other private loan providers
  • Have U.S. citizenship, permanent residency, or be an international student with a creditworthy co-signer
  • Must be at least a half-time graduate student at an eligible school
  • Be of good credit standing or have a qualified co-signer
  • Must not have any previous student loans in default
  • Immediate payments
  • In-school deferment along with 6 months grace period after graduating
  • Interest -only payments while in school

#9 RISLA

Best for student nurses

Apply now

RISLA

4.5
Scholaroo Rating
Fixed Rates Starting (APR)4.45%
Variable Rates Starting (APR)4.45%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

RISLA is a non-profit loan-granting institution in service since 1981. It provides financial services other than low-cost student loans like college planning, refinancing, scholarships, etc. Along with student loans for undergraduates and graduates, it provides loans to parents and also to students enrolled in certificate programs. It is great for students studying nursing as they don’t have to pay any interest for up to 4 years.

Pros

  • No application fees
  • No origination fees
  • No late fees
  • No insufficient funds fees
  • Internships can earn $2,000 in student loan forgiveness
  • Zero interest for nurses on student loans for up to 4 years
  • Flexible repayment options
  • Higher per-year loan limits of up to $50,000

Cons

  • High minimum credit of 680 and income requirement of $40,000
  • Cosigner required if unable to meet minimum credit and income requirements
  • Unavailable to international students
  • Must be a U.S. citizen or permanent resident
  • Must be enrolled at least half-time in an eligible public or non-profit institution of higher education
  • Must attend a Title IV Degree Granting School
  • Student or cosigner must meet minimum credit and income requirement
  • Income-based repayment option
  • Payment forbearance in financial stress
  • Repayment begins six months after graduation
  • Fixed repayment terms of 15 years for deferred repayment and 10 years for immediate repayments

#10 MEFA

Ideal for fixed-interest loans.

Apply now

MEFA

4.5
Scholaroo Rating
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

MEFA (Massachusetts Educational Financing Authority) graduate loans are loans specifically designed for graduate students across the U.S.

MEFA Graduate loan is a fixed-rate loan that is intended to help graduate students pay for their education expenses. The interest rate for the loan may be lower than what you would find on a traditional private loan, and a variety of repayment plans are available to meet the needs of different borrowers. The application process for the MEFA Graduate loan is similar to that of other student loans and requires a credit check and co-signer depending on credit history.

Pros

  • Co-signer released after 48 months of consecutive repayments
  • Loan refinancing available
  • Flexible repayment options
  • No loan fees, including late fees

Cons

  • Does not offer an autopay discount
  • Must be a U.S. citizen or permanent resident
  • Have no history of educational loan defaults
  • Must be at least a part-time graduate student at an eligible school
  • Either borrower or co-signer must meet MEFA’s credit requirements
  • Only fixed interest rates on loans
  • Repayment within 15 years, with a 36-month deferral
  • Borrowers can select to make interest-only or deferred payments

#11 PNC Bank

Best for automated payment discounts.

Apply now

PNC Bank

4.5
Scholaroo Rating
Fixed Rates Starting (APR)4.39%
Variable Rates Starting (APR)5.89%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

PNC has been around for more than 170 years and offers various financial products and services to its customers including private student loans. It has an education loan specifically for graduate students called the PNC Solution Loan®. Its graduate loan is designed to help students pay for any education-related expense including tuition and education-associated living expenses like rent and transportation.

Pros

  • No application fees
  • No origination fees
  • 0.50% discount on interest rates with automated payments
  • Cosigner release available
  • Flexible repayment options

Cons

  • No pre-qualification available
  • Not available to international students
  • Cosigner required for students with poor credit and low or no income
  • Must be enrolled or enrolling in a graduate degree program or a certificate program
  • Must be enrolled or enrolling at least half-time as determined by your school
  • Both the Student and cosigner (if any) must be a U.S. Citizen or permanent resident
  • Must have a Social Security number and valid ID
  • Must meet debt-to-income requirements
  • Must have at least a satisfactory credit score
  • Must have been in business for two years at least if self-employed
  • Repayment periods of five, 10, or 15 years
  • Immediate repayment, interest-only payments while in school, and full deferment of principal and interest options are available
  • Six months grace period for deferred repayments

#12 EdvestinU

Ideal for applicants with cosigners.

Apply now

EdvestinU

4.4
Scholaroo Rating
Fixed Rates Starting (APR)6.25%
Variable Rates Starting (APR)7.96%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

EdvestinU is a product of the New Hampshire Higher Education Loan Corporation (NHHELCO) – a nationally recognized nonprofit organization. They offer student loans to undergraduates, graduates, and international students. They are a good option for students applying with cosigners and students can opt for a cosigner release after 24 months of on-time payments.

Pros

  • Co-signer release after 24 consecutive monthly on-time repayments
  • Soft credit check option is available
  • Interest rate discounts are available upon registering for automatic debit
  • Multiple repayment terms
  • Easy online application
  • No prepayment penalty

Cons

  • Not all states are eligible
  • Minimum yearly income requirement of $30,000 (or must have a cosigner who does)
  • U.S. citizen or permanent resident
  • Must be from an eligible state
  • Meet credit and income requirements (otherwise required a cosigner)
  • Enrolled at least half–time at an eligible U.S.-based, Title IV, degree-granting college or university
  • International students can apply too with a creditworthy U.S. citizen or permanent president cosigner
  • 6-month grace period
  • 7, 10, 15 years repayment terms
  • In-school deferment, economic hardship deferment, and discretionary forbearance options are available

#13 InvestEd

Best for Indiana residents.

Apply now

InvestEd

4.4
Scholaroo Rating
Fixed Rates Starting (APR)4.37%
Variable Rates Starting (APR)5.86%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

InvestEd is an Indiana-based non-profit that provides competitive private graduate loans to students. Loans are available to Indiana residents studying both within and outside the state as well as non-Indiana residents pursuing studies within Indiana. InvestEd offers loans with flexible repayment terms and interest rates. Borrowers also benefit from a 0.25% interest rate reduction for enrolling in automatic debit payments and cosigners can be released after 12 months of consecutive repayments.

Pros

  • Co-signer release after 12 months of consecutive repayments
  • A 0.25% autopay interest rate discount
  • Student loan refinancing option available to borrowers upon graduation
  • No origination fees

Cons

  • Favors mostly residents of Indiana
  • Not defaulted on any loan, whether private or government student
  • No bankruptcies in the previous five years
  • Have a FICO score of 670 and above
  • Have been gainfully employed continuously over the last two years
  • Fixed and variable interest rates on loans
  • Repayment terms from five, 10, to 15 years
  • Borrowers, who file for bankruptcy, may still be required to repay the loan

#14 Education Loan Finance

Offers good refinancing options.

Apply now

Education Loan Finance

4.4
Scholaroo Rating
Fixed Rates Starting (APR)4.48%
Variable Rates Starting (APR)4.98%
Why We Like ItPros and ConsEligibility RequirementsRepayment Terms

ELFI or Education Loan Finance is a division of Tennessee-based SouthEast Bank that was launched in 2015. It provides student loans to undergraduates and graduates and also has refinancing options available for most types of loans. Their loans come with no fees and have low-interest rates. Students can borrow as little as $1000 and up to the maximum cost of attendance approved by the school.

Pros

  • No application fees
  • No origination fees
  • No prepayment fees
  • Flexible repayment options
  • Prequalification available

Cons

  • Not available to international students
  • Requires a minimum credit score of 680 (or a cosigner who meets this criterion)
  • Must be at the age of majority or older at the time of loan application
  • Must be U.S. citizens or permanent resident
  • Must be enrolled at least half-time in a Master’s or Doctoral Degree at an eligible institution
  • Must have a minimum loan amount of $1,000.
  • Must meet the minimum income requirement of $35,000 and credit score requirement of 680 ( or have a cosigner that does)
  • Repayment terms of five to 15 years
  • Immediate, interest-only, fixed, and deferred repayment options available
  • Deferred payment allows a 6-month grace period

Federal and Private Graduate Student Loans

Federal and private graduate student loans are both types of financing that can be used to pay for the costs of a graduate degree.

Federal Graduate Student Loans

Federal student loans are funded by the government and are available to eligible students who are enrolled in an approved program of study. They include direct unsubsidized loans, and Direct Grad PLUS loans, among others. Federal student loans generally have fixed interest rates and offer borrower protections such as income-driven repayment plans and loan forgiveness programs.

Private Graduate Student Loans

Private student loans are given by private financial establishments such as banks. The loans are not based on financial need and may have stricter eligibility requirements such as a good credit score. Private student loans may have variable interest rates and may not offer the same borrower protections as federal student loans. They may also have origination fees and other costs associated with borrowing.

Difference between Federal and Private Loans

The following table shows the main difference between the two types of loans.

Federal LoansPrivate Loans
Interest ratesFixedFixed, Variable
Borrower ProtectionsLoan forgiveness options, Income-driven repayment plans, forbearance, defermentGenerally No. Some lenders may offer forbearance and deferment
Borrowing LimitDirect Unsubsidized Loan: Up to $20,500 per year;

Grad PLUS loan: Up to 100% Cost of Attendance

Higher limits than federal loans. Can borrow up to the 100% Cost of Attendance
FAFSA required?YesNo
Based on Credit?Only PLUS loans check for an adverse credit historyYes
Origination feeYesGenerally No
Cosigner required?Generally No. Endoser required if you are a graduate student or parent applying for a Direct PLUS loan and have a poor credit historyMost private loans require cosigners if the borrower has poor credit

Which type of loan to get – Federal or Private?

When deciding between federal and private student loans, it is important to carefully compare the terms and conditions of each option and consider your personal financial situation. Federal student loans are often the more affordable and flexible option, but private student loans may be necessary for some students to fully cover the costs of their education.

How To Get Graduate Student Loans?

To apply for a graduate student loan, you will typically need to complete a Free Application for Federal Student Aid (FAFSA) or a similar application for a private student loan. This application will ask for information about your financial situation, including your income, assets, and expenses. Subsequently, you will be offered a loan with specific terms and conditions, such as the interest rate, repayment period, and any fees associated with borrowing.

Repayment terms for graduate student loans vary depending on the type of loan and the lender. Federal student loans typically have a fixed interest rate and offer several repayment plan options, including income-driven repayment plans and loan forgiveness programs. Private student loans may have variable interest rates and may require a co-signer if you have a low credit score.

In general, it’s a good idea to try to pay off your student loans as soon as possible to minimize the amount of interest you pay over the life of the loan. This is because shorter loan terms reduce the total interest you pay on your loan which in turn reduces the total cost of the loan. You can calculate the total payment, total interest, and monthly payments of your loan depending on the terms you get using our student loan calculator below.

Enter your loan information

Loan amount

Interest rate

Loan term

However, if you are having difficulty making your loan payments, you may be able to temporarily postpone or reduce your payments through a deferment or forbearance.

How to Choose the Best Loans for Grad School

Federal loans should be the first option when getting a student loan. However, private loans are the next option if you are unable to qualify for federal loans or need more money to cover all your educational expenses. There are some important factors to consider when shopping for the best private graduate student loans.

  • Interest rate: The lower the interest rates you get, the lesser the total loan cost will be and the more you will save up on monthly payments. Therefore, it is better to get a quote from multiple lenders and choose the one offering the lowest interest rates.
  • Loan terms: Different loans may have different repayment terms which can affect your monthly loan payments and the total loan cost. The longer the term is, the lower your monthly payment will be. This can make repayments more manageable. However, longer terms result in more interest to accrue and it increases the total loan cost that needs to be returned by the end of your term. Shorter terms may have higher monthly payments, but the total loan cost decreases as less interest is accrued. Moreover, lenders also offer lower rates to students who opt for shorter terms. The student calculator can help you calculate how your total loan cost, monthly payments, and interest accrued based on the interest rate offered, the total loan amount borrowed, and the term you want to opt for.
  • Maximum and minimum loan amounts: Some lenders may have a cap on how much you can borrow. It is important to check how much you can borrow and if the amount will be enough for your educational costs.
  • Other loan costs: There are various other types of costs associated with getting a graduate student loan. Some lenders may have an origination fee, application fee, or late payment fee, which can make your loan more expensive. It’s better to avoid those lenders and go for ones that do not have such extra fees attached to the loan.
  • Autopay: Check if the lender you are considering has an automatic payment option. This is because when you sign up for autopay, lenders give interest rate discounts which lower your monthly payments and the total cost of the loan.
  • Eligibility requirements: Different lenders have different eligibility requirements. Compare different lenders and check their eligibility requirements to see if you qualify. This can save a lot of time and money.
  • Cosigner requirements: Check the minimum income and credit score requirements that the lender may have and if you meet them. In case you are unable to meet their basic requirements, you will need to look for a cosigner that does. Some lenders also have a cosigner release option which allows you to remove the cosigner from your loan once you are ready to do so. This is a good option to have in the long-term.

Alternatives to Graduate Student Loans

In case you are unable to qualify for federal or private loans, there are other options available to help you pay for your education.

  1. Grants: Grants are a type of financial aid that is usually based on financial need and does not need to be paid back. Check if you are eligible for any type of government grant. They may not be able to cover your full cost of tuition but can help you pay off a good chunk of it.
  2. Scholarships: Scholarships are financial gifts that are given out on the basis of certain eligibility criteria. Some scholarships might be need-based, some merit-based, some awesome degree-specific, and some may be based on certain talents. With scholarships, everyone can find something as there is a plethora of them available to students coming from every background. You can even apply for multiple scholarships for more money that can go towards your tuition.
  3. Work-Study: Work-study is also a federal program in which students work part-time at the campus to earn money that goes towards their tuition fees. This also requires a FAFSA.
  4. Get a job: You can get a part-time job on your own and use the money you earn to pay a part of your tuition fee. Theer are many online options available too now and students can work from the comfort of their homes. These jobs are usually quite flexible and can be easily adjusted around your study schedule.

FAQS

Which lending institution provides the best graduate student loan?

Based on this research, College Avenue offers the best graduate student loan. Specifically, its interest rates are lower on both fixed- and variable-rate loans and its repayment options and terms are flexible. The loan is also available to a wide group, including international students.

Do credit scores impact graduate student loans?

Credit scores play a significant role, particularly, when applying for private student loans. Many private student loan lenders use credit scores within their underwriting process to determine the interest rate and other loan terms. Those with higher credit scores may be offered better terms than those with lower scores.

What Credit Score Do You Need to Get a Student Loan for Graduate School?

For private student loans, the minimum credit requirement varies from one lender to another. Generally, most lenders require a good credit score of around 670 to approve the loan. In case of a low score, they might require a credit-worthy cosigner to cosign the loan. Federal loans generally do not require a minimum credit score with the exception of federal PLUS loans that may check credit history.

What is a good graduate student loan interest rate?

There are various factors that will impact the rates you are offered like the length of credit history and level of the score. In case of poor credit, cosigning the loan with a credit-withy cosigner can get you good rates. You can use federal loan fixed rates as a base mark to see if you are getting a good deal as federal loans have low rates. Currently, the rate for graduate Federal Direct Stafford Loans is 7.048% and for Federal Direct Grad PLUS Loans is 8.048%.

What loans can grad students get?

Graduate students can get both federal and private loans if they meet the eligibility requirements. It’s best to try and get federal loans first and then fill the gap through private loans. In case you do not qualify for federal aid, then you can opt for private loans completely. To see if you qualify for a particular private graduate loan, check the eligibility requirements on the lender’s website to see if you qualify.

Can you get FAFSA loans for grad school?

Yes, you can qualify for federal loans through FAFSA. FAFSA helps determine your eligibility for different types of federal aid for graduate students. Once you get your FAFSA results you can apply for the type of loans that you qualified for.

What is the maximum amount I can get for graduate student loans?

The maximum amount you can borrow depends on several factors, including the type of loan. For example, the federal direct unsubsidized loan offers up to $20,500 per academic year. On the other hand, many private student loan lenders will consider your credit score and income when determining your limit.