Graduate private student loans are loans offered by private lenders to help graduate students pay for their education. These loans are different from federal student loans, which are funded by the government. Private student loans usually have terms and conditions set by the lender, including interest rates, repayment plans, and credit requirements.
The main purpose of graduate private student loans is to help you cover any gaps in funding when federal student loans or other financial aid isn’t enough. They can be used to pay for tuition, fees, books, and even living expenses, like rent or groceries, while you’re in school. These loans are a helpful option when you need extra financial support to complete your graduate degree.
Eligibility Criteria for Private Student Loans
When applying for a graduate private student loan, there are certain eligibility requirements you'll need to meet. These criteria can vary by lender, but most private lenders look for a few important things to decide if you qualify.
Credit Score
Your credit score plays a big role in determining your eligibility. Most lenders require a good credit history, as it shows them you’re reliable when it comes to repaying loans. If you have a strong credit score, you’re more likely to get approved and even secure a lower interest rate on your loan.
Income and Employment Status
Many lenders will also consider your income and employment status. If you have a steady income, it can improve your chances of getting approved. However, for students with limited income, other factors like having a co-signer may help.
School Enrollment Status
To qualify, you usually need to be enrolled at least half-time in an eligible graduate program. This ensures that the loan is going towards your education. Being officially enrolled in a accredited and state licensed institution is a standard requirement across most private lenders.
Role of a Co-Signer
If your credit history is limited or your score isn’t strong enough, having a co-signer can make a big difference. A co-signer, like a parent or guardian, is someone with good credit who agrees to take shared responsibility to repay the loan. This can help you get approved or even secure better loan terms.
Specific Lender or Loan Program Requirements
Keep in mind that different lenders may have their own unique requirements. For example, some lenders might have specific criteria for international students, while others could focus on offering loans for certain areas of study. Be sure to check lender details carefully to see what’s expected.
Understanding these eligibility factors can help you prepare and improve your chances of getting the financial support you need.
Private Student Loan Application Process
Applying for a graduate private student loan is not difficult but we will break it down into clear steps to make the process even easier. Here's what you need to do:
Research and Compare Lenders
Start by looking into different lenders to see what they offer. Compare interest rates, repayment terms, fees, and any special perks like discounts for automatic payments. This step is critical to find a loan that fits your financial needs and long-term goals.
Gather Required Documents
Once you've chosen a lender, it's time to collect the necessary paperwork. This often includes proof of income (like recent pay stubs), your credit report, identification, and proof of school enrollment. Having these ready beforehand will help speed up the application process.
Submit an Application and Complete Lender-Specific Requirements
Fill out the loan application and follow any extra steps your chosen lender requires. This might include providing additional information or completing a pre-qualification process. Take your time to ensure everything is accurate and complete.
Await Credit Approval and Loan Terms
After submitting your application, the lender will check your credit history and application details. They’ll decide if you qualify for the loan and offer specific terms like the interest rate and repayment schedule. This step may take a few days to a couple of weeks, depending on the lender.
Sign the Loan Agreement and Begin the Disbursement Process
If you agree to the loan terms, you’ll sign the loan agreement. Once that’s done, the disbursement process will begin. The lender usually sends the funds directly to your school, but this can vary depending on the arrangement.
Timeline Expectations
The timeline for applying and receiving a graduate private student loan can vary. Researching lenders and gathering documents may take a few days to a week. After submitting your application, credit approval can happen within 24-hours but it’s safest to expect to wait about 1-2 weeks. Once you sign the loan agreement, disbursement can take anywhere from a few days to several weeks, depending on your school and lender. Starting the process early is key to ensuring your funds are available when needed.
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.
Pros and Cons of Private Student Loans
When it comes to financing your graduate education, private student loans can be a helpful option, especially if you’ve maxed out your federal loan opportunities. Here's a breakdown of the pros and cons to help you decide if they’re the right choice for you.
Pros
- Flexibility to Borrow More: Private loans can allow you to borrow higher amounts than some federal loans, which can be helpful if your program is expensive.
- Competitive Interest Rates: If you have excellent credit (or a strong co-signer), you may qualify for lower, competitive interest rates.
- Customizable Repayment Options: Some lenders provide flexible repayment plans, including options to make small payments while in school to cover accruing interest or choose what works best for your budget after graduation.
- Great for Limited Federal Funding: If you’ve exhausted your federal aid & scholarship options, private student loans can cover the gap so you don’t have to delay your education.
Cons
- Higher Interest Rates for Some Borrowers: If you don’t have strong credit or a co-signer, you might face higher interest rates, making the loan more expensive over time.
- Fewer Protections: Unlike federal loans, private loans don’t offer benefits like income-driven repayment plans, deferment options, or forgiveness programs, which can help during financial struggles.
- Payment Uncertainty: Some private loans have variable interest rates, which means your monthly payments could increase over time, creating budgeting challenges.
- Potential for Too Much Debt: Since private lenders may allow you to borrow more, there’s a risk of taking on more debt than you really need, which can become a burden to repay later.
Private student loans can be a smart option for covering graduate school costs, but understanding both the advantages and the risks can help you make the best decision for your financial future.
Why You Should Consider Federal Student Loans First
When you're thinking about how to pay for graduate school, it’s important to start with federal student loans before exploring private loans. Federal loans offer more stability and benefits that can help you manage your debt both while you’re in school and after graduation.
Key Differences to Consider
Interest Rates (Fixed vs. Variable Rates):
Federal student loans have fixed interest rates, meaning your rate will never change for the life of the loan. This makes it easier to budget because your payments will stay predictable. Private student loans, on the other hand, have fixed and variable interest rate options. Variable rates can start low but may increase due to changes in the market, leading to higher monthly payments and making it harder to plan your finances.
Borrower Protections (Deferment, Forbearance, and Forgiveness Programs):
Federal loans come with built-in protections like deferment and forbearance options. These allow you to temporarily pause payments if you run into financial troubles. Additionally, federal loans provide access to forgiveness programs under certain conditions, such as working in public service. Private student loans usually don’t offer these types of protections or forgiveness opportunities, leaving you with fewer options if money becomes tight.
Credit and Income Requirements:
Federal loans don’t require a credit check (except for PLUS loans) or a high income to qualify, which makes them more accessible to most students. Private student loans, however, typically require good credit or a co-signer with strong credit to secure favorable terms, and approval can depend heavily on your financial background.
Loan Limits:
Federal Direct Unsubsidized loans have limits on how much you can borrow each year and in total. While this may seem restrictive, it can help prevent you from taking on more debt than you may be able to handle. Private loans, however, may allow you to borrow up to the full cost of attendance minus all other aid and loans received, which could put you at risk of over-borrowing.
Benefits of Federal Loans for Students with Limited Financial Resources
If you have limited financial resources, federal loans are especially helpful. They offer income-driven repayment plans, which adjust your monthly payment based on your income, making repayment more manageable. These plans are not available with private student loans. Additionally, federal loans don’t typically require a co-signer, making them more accessible to students who may not have someone to help support their loan application.
By understanding the advantages of federal student loans, you’ll be better prepared to make informed decisions about how to fund your education. Starting with federal loans first can save you money and provide peace of mind over the long term.
