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Best graduate school loan rates in March 2024

Mar 15, 2024
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Bankrate's ranking for the best student loan lender for graduate school considers lender terms, interest rates and additional features to help you find a loan that is right for you. 

A graduate school loan is a type of student loan specifically designed for graduate studies, including a traditional master’s degree, a Ph.D, law degree, an MBA or a medical degree. Graduate school loans are used to pay for tuition and fees, although most lenders let you use the funds for books, supplies, housing and other expenses.

Graduate school loans are a great option for people who don't have the money to pay for college out of pocket and who have exhausted scholarships, grants and other aid opportunities. If you're searching for a loan, it's generally best to start with federal loans, as they offer flexible repayment options and you may qualify for forgiveness. However, private student loans can also be a good option. Many lenders don’t charge application or origination fees and borrowers with good credit could secure lower rates than those offered by federal loans.

Federal student loans for graduate school in the 2023-2024 school year have an interest rate of 7.05 percent for direct unsubsidized loans and 8.05 percent for PLUS loans. Private student loans typically have rates ranging from 3 percent to 15 percent.

 
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Filters
Fixed APR from

4.07- 15.48%

Loan amount

$1k- No Max

Fixed APR from

4.09- 15.71%

Loan amount

$2k- No Max

Fixed APR from

4.43- 14.04%

Loan amount

$1k- $100K

Fixed APR from

4.48- 13.29%

Loan amount

$1k- $350K

Fixed APR from

4.50- 15.49%

Loan amount

$1k- No Max

Fixed APR from

4.56- 8.34%

Loan amount

$1k- No Max

Fixed APR from

5.35- 7.95%

Loan amount

$2k- No Max

Fixed APR from

8.42- 13.01%

Loan amount

$1k- No Max

Lender conversion and compensation impacts how, where and in what order products appear in the above table

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The Bankrate guide to choosing the best graduate student loans

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. Check the lenders’ websites for the most up-to-date information. The graduate student loan lenders listed here are selected based on factors such as APR, loan amounts, fees and repayment options. The methodology section at the bottom of the page has more details.

The best graduate student loan rates in March 2024

LENDER APR FOR GRADUATE STUDENT LOANS* LOAN TERMS MIN. LOAN AMOUNT MAX. LOAN AMOUNT
U.S. Department of Education: Direct Unsubsidized Loan 7.05% fixed Standard repayment term is 10 years Not specified $20,500 per year (lifetime limit $138,500)
Ascent Fixed: 5.09%-14.81% (with autopay); Variable: 7.18%-15.19% (with autopay) 5-20 years
Citizens Bank Fixed: 4.99%-12.24% (with autopay); Variable: 6.82%-13.30% (with autopay) 5-15 years $1,000 $350,000
College Ave Fixed: 4.07%-14.49%; Variable: 5.59%-14.49% 5-20 years $1,000 100% total cost of attendance ($150,000 maximum for some programs)
U.S. Department of Education: Grad PLUS loan 8.05% fixed Standard repayment term is 10 years Not specified 100% total cost of attendance
Sallie Mae Fixed: 4.99%-14.48% (with autopay); Variable: 6.87%-16.47% (with autopay) 15-20 years $1,000 100% total cost of attendance
SoFi Fixed: 4.99%-14.50% (with autopay); Variable: 5.99%-14.50% (with autopay) 5-15 years $1,000 100% total cost of attendance

*The rates in this table are the rate ranges given for graduate student loans. The information on lenders below reflect the overall student loan rate range offered by each lender.

**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.

Best overall

Federal Direct Unsubsidized and Subsidized Loans

Federal Direct Unsubsidized and Subsidized Loans

Min. credit score:
Not disclosed
Fixed APR From:
7.05% –8.05%
Loan amount:
$1– $57,500
Term lengths:
10 to 25 years
Min. annual income:
Not disclosed
Overview: Direct Unsubsidized Loans are originated by the U.S. Department of Education and are available to students seeking graduate degrees. Although loan amounts are lower and interest rates higher than those of some private lenders, the federal program offers the strongest borrower protections and most flexible repayment options available.
Why federal Direct Unsubsidized Loans are best overall: Federal student loans are often a better choice than private student loans because of their suite of repayment options, including some repayment plans that end in loan forgiveness. Direct Unsubsidized Loans are a particularly good choice, since they have lower interest rates than grad PLUS loans.

Best if you don’t have a co-signer

Min. credit score:
Not disclosed
Fixed APR From:
4.09% –15.71%
Loan amount:
$2,001– $400,000
Term lengths:
5 to 20 years
Min. annual income:
Not disclosed
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.

Why Ascent is best if you don't have a co-signer: Ascent claims that it considers factors like your school, program and GPA in addition to your credit score, so you may have a better chance of getting a lower rate without a co-signer than you would with other lenders.

Best for multiyear approval

Min. credit score:
640
Fixed APR From:
4.48% –13.29%
Loan amount:
$1,000– $350,000
Term lengths:
5 to 15 years
Min. annual income:
Not disclosed
Overview: Citizens Bank is a traditional bank that offers private student loans for graduate students seeking master's, business, medical, law and health care degrees. Its unique multiyear approval process allows you to secure funding for each year of school with just one application.
Why Citizens Bank is best for multiyear approval: With Citizens Bank, you can get approved for several years of student loan funds, saving you a hard credit check each year of school.

Bankrate 2024 Awards Winner: Best student loan for graduate students

Min. credit score:
Not disclosed
Fixed APR From:
4.11% –15.44%
Loan amount:
$1,000– $300,000
Term lengths:
5 to 15 years
Min. annual income:
Not disclosed
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.
Why College Ave is best for quick application process: While you'll need to go through a full application down the line, you can get prequalified with College Ave in three minutes.

Best low APR

Min. credit score:
640
Fixed APR From:
4.99% –14.05%
Loan amount:
$1,000– $500,000
Term lengths:
5 to 20 years
Min. annual income:
Not disclosed
Overview: SoFi is an online lender that offers private student loans for graduate degree programs, law school and business school.
Why SoFi is best for a low APR: 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.

What is a graduate student loan?

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. They may also have perks specific to your degree — for instance, extended deferment during a clerkship or fellowship opportunities.

Types of graduate student loans

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. 

Federal graduate student loans

Federal student loans are backed 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 for most degrees. 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, you'll be required to complete entrance counseling.

Pros:

  • Flexible repayment options, including income-driven repayment plans.
  • The same fixed rates for all borrowers, regardless of credit score.
  • Borrower protections, including deferment and forbearance options and potential loan forgiveness.

Cons:

  • Relatively low loan limits for Direct Unsubsidized Loans.
  • Origination fees.
  • Potential for garnishment of wages or tax refunds if you default.
  • Potentially higher interest rates than private lenders offer if you have excellent credit.

Private graduate student loans

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 about 4 percent to 17 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.

Pros:

  • Zero fees with many lenders.
  • Lower interest rates if you have an excellent credit score.
  • Choice between fixed and variable interest rates.
  • High loan limits.

Cons:

  • No defined hardship plans.
  • No income-driven repayment or forgiveness plans.
  • Harder to qualify with poor credit.
FEDERAL GRADUATE STUDENT LOANS PRIVATE GRADUATE STUDENT LOANS
APR Fixed: 7.05%-8.05% Fixed: 3.98%-15.31%; Variable: 5.59%-16.10%
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 Standard term is 10 years 5-20 years

FAQ about graduate student loans

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, discounts and degree types covered 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.