Graduate school can be expensive, and most students don’t have the savings to cover the full cost of tuition, fees, and living expenses. That’s why loans are common among graduate students who often rely on them to make their education possible. Whether you’re studying law, medicine, or business, the costs can add up quickly, and having access to the right financial support is essential.
Choosing the right loan is one of the most important decisions you’ll make for your financial future. The loan you pick should match your budget and goals, so you don’t end up with payments you can’t afford after graduating. Federal student loans usually offer fixed interest rates and flexible repayment plans, which is a big help if you’re just starting out in your career. Private student loans may give you more options but often come with fewer protections, so it’s important to compare carefully. By doing your research and planning, you’ll make decisions that set you up for success both during and after graduate school.
Graduate Student Loans Options
When it comes to paying for graduate school, you usually have two main options for student loans: federal loans and private loans. Both have their strengths, and understanding the differences can help you decide which one is the best fit for your situation.
Federal Student Loans
Federal student loans are offered by the government and are a popular choice for graduate students. Here are the main types you should know about:
Direct Unsubsidized Loans
These loans are available to most graduate students, regardless of financial need. They have fixed interest rates, meaning the rate won’t change over time. However, you’re responsible for the interest that accrues while you’re in school.
Direct PLUS Loans
Graduate PLUS Loans allow you to borrow up to the full cost of attendance, minus other financial aid you’ve received. These loans require a credit check, but they’re still considered federal loans and come with the same protections.
Key Benefits of Federal Student Loans:
Fixed Interest Rates
Federal student loans have consistent interest rates that don’t fluctuate, making it easier to plan for repayment.
Flexible Repayment Plans
Federal student loans come with options like income-driven repayment plans, which adjust your monthly payments based on your income and family size.
Forgiveness Programs
Some federal student loans may qualify for forgiveness programs, like Public Service Loan Forgiveness (PSLF). These programs erase some or all of your remaining loan balance if you meet certain criteria, such as working in public service and making 120 qualified payments.
Private Student Loans
Private student loans are offered by banks, credit unions, or online lenders and work differently than federal loans. Unlike federal loans, private loans typically rely on your credit score or the creditworthiness of a cosigner to determine eligibility and interest rates.
Key Benefits of Private Loans:
Potentially Lower Interest Rates
If you or your cosigner has excellent credit, private loans can sometimes offer lower interest rates than federal loans.
When Private Student Loans Might Be a Better Fit:
Private student loans may be a good choice if you’ve reached your federal student loan limits and still need more money for school. They can also work well if you have high creditworthiness and can qualify for a lower interest rate, helping to reduce the overall cost of your loan.
When deciding between federal and private loans, think about your financial needs, career plans, and how much debt you’re comfortable taking on. By carefully comparing your options, you can choose the right loans to support your professional education and long-term financial goals.
Key Factors to Consider When Choosing a Student Loan
When selecting the best graduate student loan for your needs, there are a few key factors to keep in mind to make an informed decision:
Interest Rates (Fixed vs. Variable)
Loans typically come with either fixed or variable interest rates. Fixed rates stay the same throughout the life of the loan, making monthly payments predictable. Variable rates, on the other hand, can change over time and may start lower but could rise later. Federal student loans only offer fixed rates. Consider your comfort level with risk and your repayment timeline when choosing between the two.
Loan Terms (Repayment Length, Grace Periods)
Different loans offer different repayment lengths, which affect how much you pay each month. A shorter term means higher monthly payments, but less interest paid overall. A longer term spreads out payments but costs more in the long run. Also, look into grace periods—some loans give you time after graduation before you need to start paying back, giving you flexibility as you transition into your career.
Fees (Origination Fees, Prepayment Penalties)
Some loans charge origination fees, which are upfront costs added when your loan is issued. For example, all federal student loans have origination fees. Prepayment penalties, on the other hand, are fees for paying off your loan early. Make sure to read the fine print and choose options with the lowest or no fees to save money.
Credit Requirements (Impact of Credit Score on Private Loans)
For private student loans, your credit score plays a big role in determining eligibility and interest rates. If your credit score is strong—or if you have a cosigner with solid credit—you’re more likely to secure a loan with favorable terms. Federal Direct loans generally don’t consider credit scores, making them a good option for those with limited credit history. However, Direct PLUS Loans do run a credit check.
Loan Limits (Federal Caps vs. Private Lender Flexibility)
Federal Direct loans come with borrowing limits, which might not cover the full cost of your education. Private loans, however, often offer more flexibility with higher borrowing limits. Private student loans will allow you to borrow up to your cost of attendance minus all other aid received, if you qualify for a loan at that amount. Understanding how much you need to borrow and what each type of loan can provide will help you choose the right option.
Customer Service and Borrower Perks (Autopay Discounts, Forbearance Options)
Some lenders offer perks like autopay discounts, which reduce your interest rate when you set up automatic payments, or forbearance options, which allow you to temporarily pause payments if you face financial difficulties. Good customer service is also essential, especially if you need help managing your loan during repayment.
By focusing on these factors, you can pick a loan that fits your financial situation and long-term goals while minimizing stress during your graduate education.
Best Private Student Loans for Graduate School
- Check your eligibility in just 2 minutes
- No fees for origination, disbursement, prepayment, or late payment3
- Skip a payment once per year (once repayment period restarted)4
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 3.72% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% 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.
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 02/19/2025. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107.
Earnest loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770) One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
© 2025 Earnest LLC. All rights reserved.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
- Competitive APRs starting at 3.47%1
- Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum) 2
- Apply online in 3 minutes and get an instant credit decision
College Ave's student loan 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.
1All 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.
2As certified by your school and less any other financial aid you might receive. Minimum $1,000.
3This 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 03/03/2025. 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.
- AFFORDABLE fixed rates starting at 3.39% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- 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 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. Annual Percentage Rates (APRs) displayed above are effective as of 4/1/2025 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.
The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
- Get a rate quote in about 2 minutes with no impact to your credit score.2
- Applying with a qualified cosigner could improve your chances of approval and could even get you a lower rate.3
- After applying, you may qualify for Multi-Year Approval.4 This means you wouldn’t have to reapply next year. If eligible, prior to each academic year, simply log in to your account and request funds with no application and no hit to your credit score!
- Choose from flexible repayment options that best fit your current situation.
- No origination, application, or disbursement fees.
- No penalty for paying more than the minimum payment or paying your loan off early.
- A Citizens Student Loan™ could cover 100% school-certified costs.
1 RATE DISCLOSURES
Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Dec 01, 2024, the 30-day average SOFR index is 4.7%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.
Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
2Get My Rate: Selecting “Get My Rate” only requires a "soft credit pull" which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.
3Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
4Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer.
Please Note: International students are not eligible for Multi-Year Approval.
Information advertised valid as of 12/19/24. Rates and offer subject to change. All accounts, loans and services subject to individual approval.
© 2024 Citizens Financial Group, Inc. All rights reserved. Citizens is a brand name of Citizens Bank, N.A. Member FDIC
- Prequalification: Prequalify to estimate your rate without affecting your credit score
- Online Application Process: Submit online application in minutes
- Flexible Repayment Options: ELFI offers immediate, interest only, partial payment, and fully deferred repayment options
- No Fees: No application fees, origination fees, or prepayment penalties
- Low Rates: Fixed rates from 3.69% to 14.22% and variable rates from 5.00% - 13.97%*
- Award winning Customer Service: Individually paired Student Loan Advisor to guide you through the application process
*ELFI is a nationwide student loan provider offered by Tennessee based SouthEast Bank. ELFI is designed to assist students financially with receiving their education. Subject to credit approval. See Terms & Conditions. Interest rates current as of 01-01-2025. Variable interest rates may increase after closing but will never exceed 18.00%. Interest rates may also differ from the rates shown above. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.
Tips for Applying for Graduate Student Loans
Applying for graduate student loans can be simple, by following these tips can you make the process smooth and set yourself up for success.
Complete the FAFSA Early
The Free Application for Federal Student Aid (FAFSA®) is your gateway to federal loans, work-study, and grants. Even if you plan to use private loans, filling out the FAFSA early ensures you're eligible for any federal aid first—which often has better terms like lower interest rates or more flexible repayment plans. Don’t wait until the last minute, as some aid is distributed on a first-come, first-served basis.
Compare Private Student Loan Options
Private student loans vary a lot between lenders in terms of interest rates, repayment terms, and perks, so be sure to shop around. Use online loan comparison tools or calculators to evaluate your options side-by-side. Look for lenders that offer competitive rates, flexible repayment terms, and borrower benefits like autopay discounts or low fees.
Understand Your Credit Score
Your credit score plays a big role in the interest rate you’ll be offered on private loans. Before applying, check your credit score and aim to improve it if needed by paying off small debts, making on-time payments, and avoiding new credit inquiries. A better credit score could save you thousands of dollars over the life of your loan.
Gather Necessary Documentation
To make the application process go smoothly, make sure you have all the documents you’ll need. This typically includes your Social Security number, proof of income (or your co-signer’s, if needed), recent tax returns, and information about the school you're attending. Being prepared will save you time and help avoid delays in getting approved.
Read the Fine Print
Before signing on the dotted line, take time to carefully read all the details of your loan terms. It’s essential to understand exactly what you’re agreeing to. Pay close attention to the interest rate—whether it’s fixed or variable—and how payments might change over time. Look for any hidden fees, such as origination or late payment fees, that could add to your costs. You also want to review any borrower benefits the lender is offering, like cosigner release, or discharge options in cases of disability or death.
Understanding the repayment schedule is equally important, so you know when payments start and how long they’ll continue. Taking the time now to review the fine print can save you from surprises later. If anything seems unclear, don’t hesitate to ask your lender for clarification.
