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- Not disclosed
- Fixed APR From:
- 3.73% –6.28%
- Loan amount:
- $5,500–$57,500
- Term lengths:
- 20 to 20 years
- Min. annual income:
- $0
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Kim Porter is a former contributor to Bankrate, a personal finance expert who loves talking budgets, credit cards and student loans. Porter writes for publications such as U.S. News & World Report, Credit Karma and Reviewed.com. When she’s not writing or reading, you can usually find her planning a trip or training for her next race.
Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans.
A graduate school loan is a type of student loan specifically designed for graduate studies — whether that's a law degree, an MBA, a medical degree or any number of other focus areas. Graduate school loans are used to pay for tuition and fees, although most lenders let you use the funds for books, supplies, housing and more.
Methodology
To find the best graduate school student loans, we first compiled lenders that are reputable and have a wide reach, offering loans to students across the United States. We also considered lenders' starting interest rates to ensure that they fell below national averages.
From there, we narrowed down our list by comparing interest rate ranges, available loan amounts, required fees, repayment options and degree types to ensure that our picks catered to a variety of graduate students. To determine our final rankings, we selected lenders with unique features, such as a quick application process or multiyear approval.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
Answer a few questions in two minutes or less to see which student loans you pre-qualify for. It's free and will not impact your credit score.
The Bankrate scoring system evaluates lenders' affordability, availability and customer experience based on 11 data points selected by our editorial team. | An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period. | The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan. | The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. | ||
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4.3 Bankrate Score | Fixed APR From 3.75% with AutoPay | Loan Amount $1k- $500k Term: 10-15 yr | Min. Credit Not disclosed | Apply on partner site | |
4.6 Bankrate Score | Fixed APR From 3.47- 11.16% with AutoPay | Loan Amount $5k- $500k Term: 5-15 yr | Min. Credit Not disclosed | Apply on partner site | |
4.4 Bankrate Score | Fixed APR From 3.49% with AutoPay | Loan Amount $1k- $500k Term: 5-15 yr | Min. Credit Not disclosed | Apply on partner site | |
4.6 Bankrate Score | Fixed APR From 3.24% with AutoPay | Loan Amount $1k- $350k Term: 5-20 yr | Min. Credit 650 | Apply on partner site | |
4.5 Bankrate Score | Fixed APR From 3.48% with AutoPay | Loan Amount $1k- $350k Term: 5-15 yr | Min. Credit Not disclosed | Apply on partner site | |
Fixed APR From 3.52% with AutoPay | Loan Amount $1k- $350k Term: 5-20 yr | Min. Credit Not disclosed | Apply on partner site | ||
4.1 Bankrate Score | Fixed APR From 3.20% | Loan Amount $1k- $500k Term: 5-15 yr | Min. Credit Not disclosed | Apply on partner site | |
4.1 Bankrate Score | Fixed APR From 3.99% with AutoPay | Loan Amount $1k- $500k Term: 5-20 yr | Min. Credit Not disclosed | Apply on partner site | |
Income Based Repayment - No Cosigner Required Get approved in minutes. Pre-qualify without affecting your credit score. | Apply on partner site | ||||
Income Share Agreement Income shares range start as low as 1% of income over a 5 year period. | Apply on partner site |
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At Bankrate, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.
When shopping for a graduate student loan, compare APRs across multiple lenders to make sure you’re getting a competitive interest rate. Also look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Loan details presented here are current as of Jan. 26, 2022. Check the lenders’ websites for more current information. The graduate student loan lenders listed here are selected based on factors such as APR, loan amounts, fees and repayment options. To learn more about how we selected lenders, see our methodology section above.
LENDER | APR | LOAN TERMS | MIN. LOAN AMOUNT | MAX. LOAN AMOUNT |
---|---|---|---|---|
U.S. Department of Education: Direct Unsubsidized Loan | 5.28% fixed | Standard repayment term is 10 years | Not specified | $20,500 per year (lifetime limit $138,500) |
Ascent | Fixed: 4.47% – 14.08% (with autopay); Variable: 1.48% – 10.81% (with autopay) | 7 – 20 years | $2,001 | $200,000 |
Citizens Bank | Fixed: 4.89% – 11.34% | 5 – 15 years | $1,000 | $350,000 |
College Ave | Fixed: 3.49% – 12.99% (with autopay); Variable: 1.19% – 11.98% (with autopay) | 5 – 20 years | $1,000 | 100% total cost of attendance ($150,000 maximum for some programs) |
U.S. Department of Education: Grad PLUS loan | 6.28% fixed | Standard repayment term is 10 years | Not specified | 100% total cost of attendance |
Sallie Mae | Fixed: 4.75% – 12.11% (with autopay); Variable: 2.12% – 11.64% (with autopay) | 15 – 20 years | $1,000 | 100% total cost of attendance |
SoFi | Fixed: 4.48% – 11.06% (with autopay); Variable: 2.21% – 11.69% (with autopay) | 5 – 15 years | $5,000 | 100% total cost of attendance |
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Graduate student loans are one of the many financial products that have been affected by the coronavirus pandemic. Most notably, interest rates have gone down since the start of the pandemic, with federal student loan rates for the 2021-22 school year near record lows and private student loan rates lowering alongside them.
Federal borrowers have also benefited from the CARES Act and subsequent legislation, which has paused student loan payments and interest charges through August 31, 2022 — meaning borrowers with federal graduate school loans are not obligated to make payments until September.
A graduate school loan is a type of student loan that can help pay for graduate school tuition, fees, books, housing and more. These loans often have higher borrowing limits than undergraduate student loans, since graduate school costs more, and they may have perks specific to your degree — for instance, extended deferment during a clerkship or fellowship.
When you need to borrow money to pay for graduate school, you have three main options: federal Direct Unsubsidized student loans, federal grad PLUS student loans and private student loans. There are pros and cons of each option, though in some cases you may need to borrow from both federal and private sources.
Federal student loans are originated by the U.S. Department of Education and are loaded with borrower protections and flexibility. Within this program, graduate students can choose between a Direct Unsubsidized student loan and a grad PLUS loan.
You can borrow up to $20,500 each school year with a Direct Unsubsidized student loan, with a $138,500 aggregate limit. A grad PLUS loan allows you to borrow more — up to 100 percent of the cost of attendance. In general, it's best to maximize your unsubsidized loan options first, as interest rates are lower than those of grad PLUS loans. Additionally, you must go through a credit check for grad PLUS loans, which is not the case for Direct Unsubsidized Loans.
To apply for either of these loans, you'll have to complete the FAFSA, which opens on Oct. 1 each year. If you're applying for a grad PLUS loan, you'll also have to fill out a separate application once the FAFSA is complete. If this is your first time receiving a Direct Loan or grad PLUS loan, you'll be required to complete entrance counseling.
Private student loans are originated by private financial institutions, such as banks, credit unions and online lenders. You have dozens of options to choose from, but each lender sets its own rates, terms and eligibility requirements. Rates are commonly anywhere from 3 percent to 15 percent and can be fixed or variable. The exact rate you're quoted depends on your credit score and financial profile. As such, you'll have to go through a hard credit check in order to be approved for a loan.
Unlike with federal student loans, you'll generally have a range of repayment terms to choose from with private lenders, usually between five and 20 years. Private student loan lenders also often offer degree-specific loans that are tailored to the needs of law school, medical school, business school and more.
FEDERAL GRADUATE STUDENT LOANS | PRIVATE GRADUATE STUDENT LOANS | |
---|---|---|
APR | 5.28% – 6.28% fixed | 3.19% – 13.02% fixed; 1% – 11.64% variable |
Fees | Origination fees of 1.057% – 4.228% | Varies by lender; often only late fees |
Borrowing limits | Direct Unsubsidized Loan: Up to $20,500 per year; Grad PLUS loan: Up to 100% total cost of attendance | Up to 100% total cost of attendance |
Repayment terms | 10 to 25 years | 5 to 20 years |
As of July 1, 2012, graduate students are not eligible for subsidized Stafford loans. However, if you took out a subsidized loan before this time, that loan will still count toward your aggregate loan limits.
Many private student loan lenders will let you borrow up to the full cost of education, minus any financial aid received. However, you may be subject to aggregate limits based on your degree program. If you're taking out a federal loan, you may borrow up to $20,500 per year in Direct Unsubsidized Loans or up to the full cost of attendance with grad PLUS loans.