Skip to Main Content

Best graduate school loans for May 2025

Updated May 09, 2025

What to know first: If you're searching for a graduate school loan, it's generally best to start with federal loans, as they offer flexible repayment options and you may qualify for a forgiveness program. Private student loans can fill the gap if you need extra funds, and many don’t charge origination fees. Some even offer lower rates than federal graduate student loan lenders.

Check your personalized rates

Find my rate with Credible
  • Checkmark
    Compare rates in less than 2 minutes
  • Checkmark
    Checking will not impact your credit score
Why choose Bankrate?

Filter results

Close X

College Ave: Bankrate 2025 Award Winner Best For Multiyear Approval

4.5
Fixed APR from
3.47- 14.49%
Loan term
5-15 yrs
Loan amount
$1,000-100% cost of attendance
See offersArrow Right

Check rate with Credible

Sallie Mae: Bankrate 2025 Award Winner Best For Graduate Students

4.6
Fixed APR from
3.49- 14.48%
Loan term
15-15 yrs
Loan amount
$1,000-100% cost of attendance
See offersArrow Right

Check rate with Credible

Citizens Bank: Bankrate 2025 Award Winner Best For Parents

4.6
Fixed APR from
3.49- 13.62%
Loan term
5-15 yrs
Loan amount
$1,000-$225,000
See offersArrow Right

Check rate with Credible

SoFi: Bankrate 2025 Award Winner For Borrowers With Good Credit

4.8
Fixed APR from
3.54- 14.83%
Loan term
5-15 yrs
Loan amount
$1,000-100% cost of attendance
See offersArrow Right

Check rate with SoFi

STUDENT LOAN

Education Loan Finance: Best for personalized student advisor

4.4
Fixed APR from
3.69- 14.22%
Loan term
5-15 yrs
Loan amount
$1,000-Varies
See offersArrow Right

Check rate with Credible

STUDENT LOAN

Custom Choice: Best for discounts

4.2
Fixed APR from
4.24- 14.04%
Loan term
7-15 yrs
Loan amount
$1,000-$180,000
See offersArrow Right

Check rate with Credible

Ascent: Bankrate 2025 Award Winner Best For Bootcamps And Vocational Programs

4.7
Fixed APR from
4.44- 13.96%
Loan term
5-20 yrs
Loan amount
$2,001-$400,000
See offersArrow Right

Check rate with Credible

STUDENT LOAN

INvestEd: Best for Indiana-based students with good credit

Fixed APR from
4.62- 8.58%
Loan term
5-15 yrs
Loan amount
$1,001- 100% cost of attendance
See offersArrow Right

Check rate with Credible

STUDENT LOAN

MEFA: Best for low interest rate maximums

Fixed APR from
7.15- 8.95%
Loan term
15-15 yrs
Loan amount
$1,500-100% cost of attendance
See offersArrow Right

Check rate with Credible

Federal Student Loans: Best graduate student loan

4.4
Fixed APR from
8.08- 9.08%
Loan term
10-25 yrs
Loan amount
$1k-100% cost of attendance
See offersArrow Right

Check with studentaid.gov

How the Fed rate cuts could affect your graduate student rates

The Federal Reserve’s unexpectedly large September rate cut may be good news if you need a new graduate student loan. The Fed cut the funds rate by a half percentage point in September, then again by quarter points in November and December. Keep an eye out for lower rates on federal and private loans if you need financing for your graduate school plans.
Bankrate logo

Why choose Bankrate?

Backed by over 40 years of experience, our team at Bankrate strives to help you make the right decisions for any financial situation.

Lock

Your security comes first

Bankrate protects your data from end to end, so you stay safe whether you're browsing articles or prequalifying for a loan.

Loan

We partner with the best

Get connected with personalized lender options tailored to your needs, no matter where you are in your financial journey, whether you're browsing articles or prequalifying.
Book

No outside influence

We uphold editorial integrity by providing the information that is best for our readers and their wallets, not ours. Our staff writers have a wide range of experience, education and certifications to give you unbiased information you need to make important borrowing decisions.

Secure a great loan in 3 easy steps

1

Answer a few questions

Take just two minutes to answer questions about yourself and the loan you need. This service is free, and it won't affect your credit score.
2

Compare your offers

Get prequalified and compare loan or other product offers based on the things that matter to you, like APR and monthly payments.
3

Lock in your rate

Choose a lender and visit its website to complete the application process. If you're approved, you could get funding within a few weeks.

A closer look at top graduate student loan lenders

Rating: 4.5 stars out of 5
4.5

Overview: College Ave is an online lender that offers private student loans to graduate students earning postgraduate, master's, doctoral and professional degrees. The lender specializes in a simple application process with an instant decision.

Fixed APR
3.47%–14.49%
Loan amount
$1,000-100% cost of attendance
Loan term
5-15 yrs
Pros
  • Three-minute initial application
  • Available to borrowers enrolled less than half time
  • Grace periods range from 9 months to 36 months for graduate degrees
Cons
  • Forbearance limited to 12 months over the life of the loan
  • Maximum loan amount of $150,000 for some degrees
  • Limited eligibility information
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an College Ave loan. College Ave is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.6 stars out of 5
4.6

Overview: Sallie Mae was established in 1973 and is a well-known student loan lender for a reason. It has a number of features, including multiyear approval, scholarship opportunities and the ability to take out loans while attending part time.

Fixed APR
3.49%–14.48%
Loan amount
$1,000-100% cost of attendance
Loan term
15-15 yrs
Pros
  • Low minimum and maximum rates
  • Interest rate discount
  • Loan deferment for up to 48 months for specific loans
Cons
  • No refinancing option available
  • Limited customer service hours
  • Late payment and returned payment fees
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Sallie Mae loan. Sallie Mae is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.6 stars out of 5
4.6

Overview: Founded in 1828, Citizens Bank is among the oldest institutions on our list.  Its unique multiyear approval process allows you to secure funding for each year of school with just one application.

Fixed APR
3.49%–13.62%
Loan amount
$1,000-$225,000
Loan term
5-15 yrs
Pros
  • Offers prequalification
  • International students can apply with a qualifying co-signer
  • Multiyear approval available
Cons
  • Financial minimum requirements not disclosed
  • Borrowers may experience split servicing between Firstmark Services and Citizens
  • Small undergraduate loan limit
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Citizens loan. Citizens is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.8 stars out of 5
4.8

Overview: In addition to offering some of the most competitive starting APRs on this list, SoFi also offers additional ways to lower your interest rate using autopay, member discounts and rewards. The company even has a cutting-edge program that allows borrowers to earn points by using its app and use them to pay off their student loan balances.

Fixed APR
3.54%–14.83%
Loan amount
$1,000-100% cost of attendance
Loan term
5-15 yrs
Pros
  • No fees
  • Multiple graduate education refinance programs
  • Customer phone support seven days a week
Cons
  • Short six-month grace period
  • Vague financial eligibility requirements
  • Applying with a co-signer can take up to 10 business days
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an SoFi loan. SoFi is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.4 stars out of 5
4.4

Overview: ELFI graduate loans are only available for students who are attending one of the lender's approved schools. While it does have stricter eligibility requirements than some lenders, it allows for cosigners and offers extra help to weigh the pros and cons of different loan options.

Fixed APR
3.69%–14.22%
Loan amount
$1,000-Varies
Loan term
5-15 yrs
Pros
  • Student loan advisor support
  • Prequalification offered
  • No origination fees
Cons
  • Not available in every state
  • Co-signer release not offered
  • High credit score minimum
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Education Loan Finance loan. Education Loan Finance is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.2 stars out of 5
4.2

Overview: Custom Choice offers smaller loans that can be used for both undergraduate and graduate studies. Its loans don't come with any fees and the lender offers flexible co-signer options, including a release option after 36 consecutive on-time payments.

Fixed APR
4.24%–14.04%
Loan amount
$1,000-$180,000
Loan term
7-15 yrs
Pros
  • Cosigner release available
  • Zero fees
  • Opportunity to reduce loan balance at graduation
Cons
  • Lower maximum loan amount
  • Credit requirements not disclosed
  • Phone customer service hours not listed
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Custom Choice loan. Custom Choice is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.7 stars out of 5
4.7

Overview: Ascent is an online lender that offers student loans for borrowers with or without a co-signer. Ascent doesn't just look at your creditworthiness, it also considers your school, program, GPA and cost of attendance when approving you for a loan.

Fixed APR
4.44%–13.96%
Loan amount
$2,001-$400,000
Loan term
5-20 yrs
Pros
  • Financial hardship forbearance of up to 24 months
  • Internship program
  • Financial wellness tools and resources
Cons
  • Higher maximum rate than most lenders
  • Only students attending specific schools are eligible
  • Must be enrolled for at least half time
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Ascent loan. Ascent is also a good match for people who prefer access to customer service seven days a week.

Overview: INvestEd is an Indiana-based student loan lender and financial aid resource that caters only to residents of and students in the state. Along with offering a 0.25 percent rate reduction, the lender offers a short co-signer release after the first 12 consecutive months of payments.

Fixed APR
4.62%–8.58%
Loan amount
$1,001- 100% cost of attendance
Loan term
5-15 yrs
Pros
  • Parent loan option available
  • Long 24 month payment forbearance
  • In-school and military payment deferment
Cons
  • Only offered to students living or attending college in Indiana
  • High minimum credit score
  • Limited repayment terms
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Invested loan. Invested is also a good match for people who prefer access to customer service seven days a week.

Overview: MEFA's loans have flexible enrollment requirements and, unlike some lenders, are available to graduate students in all 50 states. Plus, it carries one of the lowest fixed interest rate maximums out of the lenders on our list.

Fixed APR
7.15%–8.95%
Loan amount
$1,500-100% cost of attendance
Loan term
15-15 yrs
Pros
  • No fees
  • Can use funds to cover past-due balances from previous semester
  • Low maximum APR
Cons
  • No prequalification
  • Only one loan offers cosigner release
  • High minimum rates compared to other lenders
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an mefa loan. mefa is also a good match for people who prefer access to customer service seven days a week.
Rating: 4.4 stars out of 5
4.4

Overview: Although federal loans can come with higher rates than some private lenders, the federal program offers the strongest borrower protections and most flexible repayment options available.

Fixed APR
8.08%–9.08%
Loan amount
$1k-100% cost of attendance
Loan term
10-25 yrs
Pros
  • No credit check for most loan types
  • Federal forbearance and repayment programs
  • Competitive interest rates
Cons
  • Origination fee
  • Interest rates may be higher than what private lenders offer
  • No subsidized loan option for grad school
WHO'S IT FOR:
Borrowers with strong work histories and education but poor credit may benefit most from an Federal Student Loans loan. Federal Student Loans is also a good match for people who prefer access to customer service seven days a week.

Calculate your graduate school loan payments

How to compare graduate school loans

Graduate school loans are offered by the federal government and private lenders such as banks, credit unions and online lenders. When figuring out how to finance graduate school, compare these types of student loans to find the one that best meets your needs. 

Federal vs. private student loans for graduate school

Federal student loans for grad school are the best first option because you may be able to qualify for income-driven repayment (IDR) plans and loan forgiveness programs, like Public Service Loan Forgiveness (PSLF). Federal student loans have a fixed interest rate that's the same for each borrower, regardless of their credit. Unlike many private lenders, however, federal student loans come with origination fees

To apply for federal loans, grad students should fill out a Free Application for Federal Student Aid (FAFSA). Through FAFSA, you can find out if you also qualify for other federal aid, like scholarships and grants.

Federal student loans Private student loans
Interest rates Not influenced by credit score Influenced by credit score
Origination fees
  • 1.057% for direct unsubsidized
  • 4.228% for PLUS
Varies by lender, some don't charge a fee
Borrowing limits
  • $20,500 for direct unsubsidized,
  • 00% total cost of attendance for PLUS
Up to 100% total cost of attendance
Qualification requirements Must be U.S. citizen or eligible non-citizen and enrolled at least half time
  • Varies by lender
  • May require good credit
  • Minimum income or cosigner
Benefits IDR plans, deferment or forbearance and potential forgiveness
  • Low interest for excellent-credit borrowers
  • Lender-specific perks
  • May not charge origination fees
Drawbacks Loan amount caps for unsubsidized loans, potentially higher interest rate for excellent-credit borrowers
  • Harder to qualify for
  • High maximum interest rates
  • Fewer borrower protections

Comparing federal graduate school loan options

Graduate students may get financing through two common types of federal student loans. These options have different loan limits, qualification requirements and interest rates. 

  • Direct Unsubsidized Loans: These loans don't require a credit check, and you can borrow up to $20,500 per year, with a total borrowing limit of $138,500. While you're in graduate school, interest will accrue.
  • Grad PLUS loan: Grad students can borrow up to the total cost of education with Grad PLUS loans. And while there isn't a credit score requirement, they do require a good credit history. Interest will also accrue on these loans while you're in grad school.

Depending on how much you need to borrow for grad school, federal loans alone may not cover all the expenses. If that's the case, you may need to turn to private loans.

Comparing private graduate school loan options

You can get private student loans from banks, online lenders, nonprofit agencies and credit unions. Each lender has its own set of eligibility requirements, loan costs, repayment terms and loan products. Compare a few different lenders to see which one is the best fit, in terms of cost, qualification and your individual needs. Compare lenders based on the following features:

  • Interest rates and fees: To get an idea of monthly payments and total loan cost, plug these numbers into a student loan calculator.
  • Repayment terms: How long will you need to pay off the loan? Does this lender offer options?
  • Loan amounts: Lenders often have a minimum and maximum amount you can borrow. Is it as little or as much as you need?
  • Qualification requirements: Can you qualify for the loan without a cosigner? If you need one, how long must they stay on the loan before you can release them?
  • Lender-specific discounts: You may be able to get discounts on your interest rates or cash rewards for things like signing up for autopay, earning your degree or referring friends.
  • Customer reviews: What are customers saying about their experience with this lender? How and when are you able to contact the lender if you have an issue?

Graduate school loan interest rates

The type of loan you get, the lender you choose and the credit score you carry all influence your interest rate.  

  • Federal student loans: Federal student loans have fixed rates that congress determines each year. The rates are valid from July 1 until June 30 the following year and depend on the type of loan — not the borrower's credit. Direct unsubsidized loans have an 8.08 percent interest rate and Grad PLUS loans have a 9.08 percent rate.
  • Private student loans: Private loan rates vary by lender and depend on each borrower's credit, income and finances. The rate will be different, too, depending on if the borrower chooses a fixed or variable rate. Each lender has a range of APRs that are typically around 3.5 percent to almost 16 percent. The better your credit score, the more competitive your rate will be.

If you have a variable-rate loan, or you haven't gotten your grad school loans yet, Fed rates may impact your student loans. If you already have your loans and have a fixed interest rate, your rate won't be affected when the Fed changes the rate.

What are graduate school loans?

Graduate school student loans are borrowed money used to pay for graduate school expenses, including tuition, room and board, school supplies and other living expenses. You repay your federal or private loans through monthly installments for up to 25 years. These monthly payments include principal and interest.

Pros and cons of graduate school loans

Green circle with a checkmark inside

Pros

  • Provide access to grad school for many students
  • Cover variety of education expenses
  • May have grace periods, income-driven repayment or lender discounts
  • Provide access to degree-required careers with higher returns on investment
Red circle with an X inside

Cons

  • May come with additional costs, like interest and origination fees
  • Maximum loan limits may not cover 100 percent of cost
  • You could wind up with hundreds of thousands of dollars of debt
  • You may have financial strain during years of repayment

How to get a graduate school loan

  1. Apply for federal aid first

    Fill out the FAFSA to see if you qualify for federal grants and loans.

  2. Compare a few private lenders

    If you need more funding, get prequalified with at least three private lenders. Compare rates, terms and discounts offered by each lender. 

  3. Apply for a loan

    Once you pick the loan and lender, fill out the application and provide all required documents.

  4. Get funded

    Once you're approved, the lender will send the funds to your school to pay tuition first, then you'll get the remaining funds to use for other educational costs.

Can you get tuition assistance for graduate school?

Many employers offer tuition assistance for their employees to attend graduate school. There are three common ways a company may assist with graduate school tuition. 

  • Tuition assistance: The employer pays for the program upfront, with direct payments from the company to the college.
  • Tuition reimbursement: The employee pays for the program up front and out-of-pocket. The company then reimburses the employee at a later date.
  • 401(k) student loan match: The company may match the employee's student loan payment with a contribution toward their retirement fund

There are a few drawbacks:

  • You may have to attend certain universities to receive the assistance.
  • Your company may only offer assistance for certain degrees or programs.
  • You may have to maintain a specific GPA to keep the assistance.
  • You may have to pay the money upfront and then get it back at a later date.
  • You may have to commit to staying at the company for a certain number of years; otherwise you may need to pay the money back.
Bankrate logo
BANKRATE EXPERT FAQ

Ask the experts: Should you look for graduate loans designed specifically for your major?


Writer and Consumer Lending Analyst

"Federal Direct Grad PLUS student loans are one-size-fits-all. As for private graduate student loans, some lenders advertise products for specific degree paths, such as for MBA, law or healthcare students. While this is sometimes just marketing on the part of banks and online lenders, it can't hurt to ask lenders about any material differences between its standard graduate school loan and its, say, MBA loan. Most commonly, there are notable differences for repayment options and postponements for medical degree-seekers who enter a postgraduate residency. As always, it's wise to shop around and compare multiple lenders. Consider the less-likely-but-possible scenario that a lender advertises a loan specific to your degree that carries a lower interest rate or origination fee than a standard loan from another lender. If you don't investigate these possibilities, you could be leaving a better loan on the table.”

Bankrate Expert Contributor, Student Loans

"The primary difference between private student loans for a specific academic major and other private student loans is in the loan limit. The loan limit may be matched to the typical cost of attendance for that major. You should also consider interest rates, fees, in-school deferment or forbearance periods, grace periods and repayment plans."

FAQs about graduate student loans

How we choose our best graduate school loan lenders   

Bankrate uses two methodologies to score lenders that have new student loans and refinance products.

Bankrate's trusted student loans industry expertise

48

years in business

25

lenders reviewed

16

loan features weighed

400

data points collected

The Bankrate team evaluated over two dozen lenders to select our top picks for the best student loans. To do this, Bankrate uses a 16-point system to evaluate student loan lenders. This scoring criteria measures how lenders perform across three main categories.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.