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12 Best Graduate Student Loan Options of November 2024

Graduate students should max out federal unsubsidized loans before turning to federal PLUS or private loans to cover their remaining costs.

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The federal government and private lenders offer graduate student loans. Max out federal unsubsidized loans — likely the cheapest option — before covering remaining costs with federal grad PLUS loans or private student loans .

Grad PLUS loans don't require credit and come with multiple repayment options, which will likely make them best for most borrowers. But you may pay less with a private graduate school loan if you or a co-signer has excellent credit.

Here are our picks for the best loans for graduate school , as well as information on how to choose between them and manage debt while you're in school.

10+ years of combined experience covering higher education and student loans.
Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance .
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35+ student loans lenders reviewed and rated by our team of experts.

Best Graduate Student Loan Options

Our pick for

All borrowers as a first option

Graduate students can take out up to $20,500 annually in unsubsidized federal student loans.

Federal Subsidized/Unsubsidized Loan

Graduate school borrowers qualify for unsubsidized student loans only.

More flexible repayment options for struggling borrowers than other lenders.
Subsidized loans do not collect interest while in school or during deferment.
Lower interest rates than many private lenders.
You pay an origination fee.
No credit check or minimum income is needed to borrow.
Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
Independent students and graduate students have higher loan limits.
Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate

Borrowers without credit or a co-signer

Graduate PLUS loan interest rates aren't based on your credit score: All eligible borrowers receive the same fixed rate.

Federal Grad PLUS Loan

More flexible repayment options for struggling borrowers compared with private lenders.
All borrowers who attend a school authorized to receive federal aid can qualify.
May have higher interest rates compared with private lenders.
You can’t see if you’ll qualify without a hard credit check.
Grad PLUS loan borrowers must not have adverse credit history.
Borrowers with adverse credit history can still receive a grad PLUS loan by enlisting a co-signer without adverse credit history or documenting extenuating circumstances for their credit history.
Loan amounts: Total cost of attendance minus other financial aid.

Borrowers with good credit or a co-signer

College Ave Graduate Student Loan

3.59-14.49%

5.34-14.49%

You can see if you’ll qualify and what rate you’ll get without a hard credit check.
International students can qualify with a co-signer.
Nine-month grace period is longer than other lenders offer.
You must be at least halfway through your repayment term before you can request a co-signer release.
Typical credit score of approved borrowers: Mid-700s.
Minimum income: $35,000 per year.
Loan amounts: $1,000 up to the total cost of attendance.

Ascent Graduate and Health Professions Student Loan

Low-Mid 600s

4.69-14.56%

7.51-14.72%

Forbearance of 24 months is longer than many lenders offer.
Grace period of 9 months is longer than many lenders offer.
You must be enrolled at least half-time to qualify.
Typical credit score of approved borrowers or co-signers: Not available.
Minimum income: Not available.
Loan amounts: up to $400,000.

Custom Choice Loan

4.24-14.02%

4.97-14.52%

No late fees.
Principal reduction of 2% if you graduate.
Stands out for features that enable faster loan repayment.
Doesn't apply extra payments to the principal balance by default.
Co-signer release of 36 months is longer than what many lenders offer.
Typical credit score of approved borrowers: 700 for a non-cosigned loan and 733 for co-signed loans.
Minimum income: No minimum, but borrowers must demonstrate positive income.
Loan amounts: $1,000 up to $99,999.

Earnest Graduate Loan

3.69-14.30%

5.89-15.97%

Option to skip one payment every 12 months.
Nine-month grace period is longer than most lenders offer.
Loans aren't available in Nevada.
Typical credit score of approved borrowers: 758.
Minimum income: $35,000.
Loan amounts: $1,000 up to your total cost of attendance.

RISLA Private Student Loan

Income-based repayment plan available, with forgiveness after 25 years.
Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.
Fewer repayment terms available than other lenders.
Typical credit score of approved borrowers: 768.
Minimum income: $40,000.
Loan amounts: $1,500 to $45,000.

Advantage Education Private Student Loan

Does not disclose

Forbearance of 24 months is twice as long as most lenders.
Loans are available if you’re enrolled less than half time.
Fewer repayment terms than other lenders offer.
Borrowers are not able to defer loans if they return to school after their grace period ends.
Typical credit score of approved borrowers: Does not disclose.
Minimum income: Does not disclose.
Loan amounts: Minimum $1,000. Maximum depends on creditworthiness and debt-to-income ratio.

SoFi Graduate Student Loan

3.54-14.83%

5.54-15.86%

Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.
Does not offer bi-weekly payments via autopay.

Sallie Mae Graduate Student Loan

Mid-600's

3.49-14.48%

5.04-14.48%

One of the few lenders to provide loans to part-time students.
Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer.
You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

International borrowers without credit or a co-signer

International students don't qualify for federal aid and have fewer private options without a co-signer who's a U.S. citizen.

MPOWER Private Student Loan

12.99-15.99%

Offers a hard-to-find option: non-co-signed student loans for international and DACA students.
Borrowers are assigned a dedicated student loan advisor.
Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
Payment required while in school.
Offers only one repayment term: 10 years.
MPOWER considers future income potential but does not factor in credit scores.
Loan amounts: Minimum $2,001. Maximum loan is $100,000, limited to $50,000 per academic period.

Borrowers from Texas

Brazos Private Student Loan

May offer lower rates for graduate students than what are available through the federal government.
Applies extra payments to the loan principal by default.
Offers five loan terms, which is more than most lenders.
Not available to borrowers enrolled in two year programs at community colleges.
Biweekly payments via autopay is not available.

What are the best loans for graduate school?

1. federal graduate student loans.

Borrowers are eligible for two types of federal loans for graduate school: unsubsidized direct loans and grad PLUS loans.

Federal grad PLUS loans have higher interest rates and fees than direct unsubsidized loans, but you can borrow more money — up to your total cost of attendance, minus other aid received. Use grad PLUS loans if you’ve maxed out your federal direct unsubsidized loans and still want to use federal loans to pay for graduate school.

No one can get subsidized loans for graduate school . Certain professional students may be eligible for a federal health professions student loan as well.

You can apply for federal loans for graduate school by completing the Free Application for Federal Student Aid, or FAFSA .

2. Ascent Graduate Student Loan

Ascent's graduate student loan is a good option if you or a co-signer has excellent credit.

While federal interest rates are historically low for the 2020-21 academic year, you still may get a better rate with a private graduate student loan. You'll almost certainly pay less in fees: Grad PLUS loans come with an origination fee of more than 4%, while most private lenders don't charge these fees.

Ascent's graduate student loan stands out due to its flexibility. The lender offers a nine-month grace period and 24 months of forbearance — both of which are longer than many other lenders provide.

3. College Ave Graduate Student Loan

College Ave is a good choice if you're working your way through graduate school. Unlike many lenders, including the federal government, College Ave offers graduate student loans if you're attending school less than half-time.

In addition to Ascent and College Ave, graduate students looking at private student loans may want to consider Advantage , RISLA and SoFi . It's best to get quotes from multiple lenders before applying to ensure you get the best rate possible.

4. MPOWER Graduate Student Loan

MPOWER is a good choice for international graduate students who don't have a U.S. citizen co-signer. You can qualify for a MPOWER graduate student loan without a co-signer; lending decisions are based on your future income, rather than your current financial situation. You’ll need to check if your school is on this lender’s approved list, as they only work with a limited number of institutions.

Which graduate student loan is best for you?

If you need loans to pay for graduate school , the best option will likely be federal student loans. These offer protections that private graduate school loans lack, including income-driven repayment plans and loan forgiveness programs.

Those benefits can come in handy depending on how much you owe. The average graduate student debt is $88,220, including undergraduate loans, according to the most recent data from the National Center for Education Statistics.

Your career plans may also be a factor. For example, you may want to pursue Public Service Loan Forgiveness if you plan to get a Ph.D. and work at a university.

If you won't work at a nonprofit or need federal benefits, compare private student loans to see what interest rate you'd qualify for. Many lenders have specific graduate student loan products based on the degree you're pursuing:

Best medical school loans .

Best law school loans .

Best MBA student loans .

Best veterinary school loans .

Best nursing student loans .

Best pharmacy school loans .

Most lenders won't require you to pay student loans while in graduate school , provided you're enrolled at least half-time. But depending on how much you get paid as a graduate student , making payments can save you money because all graduate school loans accrue interest, increasing the amount you owe.

STUDENT LOAN RATINGS METHODOLOGY

Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Read more about our ratings methodologies for student loans and our editorial guidelines .

Last updated on June 27, 2024

Frequently asked questions

Most students should max out federal student loans for graduate school before considering other options. But if you have excellent credit, a private student loan may be cheaper in the long run.

Grad students can get up to $20,500 annually and $138,500 overall in unsubsidized federal loans. Federal PLUS loans and private loans can cover up to your cost of attendance minus other aid received.

Interest rates and loan fees are higher with grad PLUS loans. But you can also borrow more with these loans — up to your cost of attendance — compared to other federal options.

Complete the FAFSA to qualify for all federal aid, including unsubsidized loans and graduate PLUS loans. If you want a private student loan for grad school, apply directly with the lender.

NerdWallet's Best Graduate Student Loan Options of November 2024

Federal Subsidized/Unsubsidized Loan : Best for All borrowers as a first option
Federal Grad PLUS Loan : Best for Borrowers without credit or a co-signer
College Ave Graduate Student Loan : Best for Borrowers with good credit or a co-signer
Ascent Graduate and Health Professions Student Loan : Best for Borrowers with good credit or a co-signer
Custom Choice Loan : Best for Borrowers with good credit or a co-signer
Earnest Graduate Loan : Best for Borrowers with good credit or a co-signer
MPOWER Private Student Loan : Best for International borrowers without credit or a co-signer
RISLA Private Student Loan : Best for Borrowers with good credit or a co-signer
Advantage Education Private Student Loan : Best for Borrowers with good credit or a co-signer
SoFi Graduate Student Loan : Best for Borrowers with good credit or a co-signer
Sallie Mae Graduate Student Loan : Best for Borrowers with good credit or a co-signer
Brazos Private Student Loan : Best for Borrowers from Texas