Graduate student loans are a key resource for many people pursuing advanced degrees. Since graduate programs can be expensive, these loans help cover the cost of tuition, books, living expenses, and other essentials. They allow you to focus on your studies without worrying about how to pay for it all upfront.
If you are leaning towards borrowing, it’s important to understand your funding options, like federal and private loans, so you can make smart financial decisions now and in the future. Taking the time to figure out what works best for you can help ease the financial burden while you work toward your career goals.
Federal Graduate Student Loans
Federal loans are a popular choice for many graduate students because they are offered by the government and come with benefits like flexible repayment options. These loans are designed to make higher education more accessible. Graduate students can take advantage of two main types of federal loans.
Direct Unsubsidized Loans
Direct Unsubsidized Loans are available to most graduate students, regardless of your financial need. To qualify, you’ll need to fill out a FAFSA® (Free Application for Federal Student Aid). These loans have annual borrowing limits, and your aggregate borrowing limits which depend on your field of study. One thing to note is that interest starts to accrue as soon as the loan is disbursed, even while you're in school. The interest rate is typically fixed and determined each year by the government, so it’s important to check the current rate when you apply.
Grad PLUS Loans
Grad PLUS Loans are another federal option, offering higher borrowing limits that can cover the full cost of attendance minus any other financial aid you’ve received. They do require a credit check, so if you have a history of credit issues, it might impact your eligibility. These loans typically have a higher interest rate than Direct Unsubsidized Loans, but they can be a good option if you need to borrow more to meet your expenses.
Pros and Cons of Federal Graduate Student Loans
One of the biggest advantages of federal graduate loans is their repayment flexibility. Federal loans offer options like income-driven repayment plans, which adjust your monthly payments based on your income. You might also qualify for loan forgiveness programs if you work in public service or certain other qualified fields. These features can provide significant relief as you manage repayment after school.
On the flip side, both Direct Unsubsidized and Direct PLUS loans for graduate students tend to have higher interest rates compared to undergraduate federal loans, which means you could end up paying more in the long run. Also, since interest accrues while you’re in school, the amount you owe could grow quickly if you don’t make interest payments while you're studying.
By understanding these federal student loan options, you can make informed choices that match your financial needs and career goals.
Private Graduate Student Loans
Private graduate student loans are offered by private lenders, such as banks, credit unions, or online financial institutions, to help you pay for the cost of your education. Unlike federal student loans, these loans are not funded by the government, which means their terms and conditions vary depending on the lender you choose. They're typically used to cover costs that federal loans might not fully cover.
Benefits and Risks to Consider for Private Student Loans
When applying for private student loans, your credit score plays a big role. Lenders usually require a strong credit history or a creditworthy co-signer to approve your loan. The interest rates can be fixed, meaning they stay the same for the life of the loan, or variable, meaning they can change over time depending on the market.
Some private student loans may offer lower interest rates than federal loans if you or your co-signer have excellent credit. Additionally, private student loans often have higher borrowing limits than unsubsidized federal student loans, allowing you to take out more money if needed, but this can increase your debt.
Private student loans can offer lower interest rates for borrowers with strong credit, potentially saving you money over time. These loans also provide some flexibility in how much you can borrow, which can be helpful if your education costs exceed the limits of federal loans.
However, private student loans come with significant downsides. They don’t offer federal protections like income-driven repayment plans, loan forgiveness programs, or deferment options if you face financial hardship. Without these safety nets, you could find yourself struggling to keep up with payments if something unexpected happens. Private student loans also tend to have stricter approval requirements and lack the repayment flexibility that federal loans provide.
By carefully comparing the options and understanding both the benefits and risks, you can decide if private student loans are the right fit for your graduate school needs.
Best Private Student Loans for Graduate School
- Check your eligibility in just 2 minutes
- Flexible repayment options you can choose from
- No fees for origination, disbursement, prepayment, or late payment3
- Skip a payment once per year (once repayment period restarted)4
- Will cover up to 100% of the school's certified cost of attendance
- 9-month grace period (3 months more than most lenders)2
- Apply over the phone with the Client Happiness Team
- Call 866-492-1222, Monday through Friday, 5 A.M. - 5 P.M. PST
- Mention us when you call in to start your application
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
- Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
- Flexible payment terms ranging from 5, 8, 10, and 15 years3
- No origination, application and processing fees, no fees for early repayment
- Apply online in 3 minutes and get an instant credit decision
- Applying with a cosigner can increase your chances of getting approved and could result in a lower interest rate
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*
- NON-COSIGNED option may be available for eligible undergraduate juniors and seniors.
- PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
- FORGET FEES – No application, origination or disbursement fees. No late fees and no prepayment penalty if you choose to pay your loan off early.
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills 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 3/1/2025 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.
Comparing Federal and Private Student Loans
When it comes to paying for graduate school, it’s smart to start by exploring federal student loans first. These loans often come with more favorable benefits for borrowers compared to private loans. To help you compare, here’s a side-by-side breakdown of the key features to consider:
| Feature | Federal Loans | Private Loans |
|---|---|---|
| Interest Rates | Fixed interest rates set by the government. | Fixed or variable rates. Variable rates can start low but may increase over time. |
| Repayment Options | Multiple repayment plans, including income-driven repayment and extended terms. | Limited options set at the time you borrow the loan. |
| Eligibility Requirements | Available to most students regardless of credit history or income level. | Requires good credit or a co-signer for approval. |
| Borrower Protections | Offers deferment, forbearance, and loan forgiveness programs in certain cases. | Terms vary by lender; no forgiveness or guaranteed help during hardships. |
Federal student loans are generally the preferred choice for most students due to their flexibility and borrower benefits. Private student loans, on the other hand, can be helpful if you’ve exhausted your federal options or if you need to cover additional costs. Always weigh the pros and cons carefully before making a decision.
Other Funding Options to Consider
When you're exploring ways to fund your graduate education, it’s important to look beyond student loans. Here are some great options you should consider:
Fellowships, Grants, and Assistantships
These are some of the best choices because they don’t require repayment. Fellowships and grants are often awarded based on academic achievement or financial need, and they’re essentially free money to help cover your education costs. Graduate assistantships, on the other hand, allow you to earn a tuition waiver or stipend while working for your university, typically as a teaching or research assistant. These opportunities not only reduce your expenses but also provide valuable experience in your field.
Employer Tuition Reimbursement
If you’re currently working, check with your employer to see if they offer tuition reimbursement programs. Many companies are willing to help pay for your education, especially if it relates to your job or enhances your skills. Some employers will cover a portion or even the full cost of your tuition, making this a fantastic way to ease the financial burden while continuing your career.
Institutional Loans
Some universities offer their own student loan programs, called institutional loans, as an alternative to federal or private student loans. These loans can come with competitive interest rates or terms tailored specifically for graduate students. While these still need to be repaid, they might offer more flexibility or lower costs compared to other loan options. Be sure to check with your university's financial aid office for details.
Considering these options can help reduce the amount you need to borrow or make repayment easier in the long run. Always explore all available resources to make the smartest financial choice for your graduate education.
Tips for Making Smart Borrowing Decisions
When it comes to borrowing for graduate school, making smart decisions now can save you a lot of stress down the road. Here are some tips to help you stay on track:
Assess Your Financial Needs
Before taking out any loans, figure out exactly how much money you actually need. Look at your tuition, fees, living expenses, and any other costs, but also consider any savings, part-time work, or scholarships you might use to reduce the amount you borrow. Borrowing only what’s necessary helps keep your debt lower.
Research Loan Terms
Not all loans are the same, so it’s important to compare options. Check the interest rates, repayment plans, and any fees associated with federal, private, or institutional loans. Choosing a loan with better terms can make a big difference in how much you end up paying back over time.
Budget for Repayment
Think ahead about how you’re going to repay your loans. Use online calculators to estimate your monthly payments based on the amount you borrow and the interest rate. This can help you create a realistic post-graduation budget, so you're prepared for what’s ahead.
Keep Your Debt-to-Income Ratio in Mind
Your debt-to-income ratio is how much debt you have compared to your income. A high ratio can limit your financial options in the future, like buying a home or saving for retirement. Borrowing less and making sure your future income can handle your payments will help you maintain good financial health.
By staying informed and planning carefully, you can avoid unnecessary debt and put yourself in a better position for financial success after graduation.
