Best graduate student loans of 2024

Federal student loans are a great option for grad students because of the benefits they provide, but they aren't the only choice to consider.

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By Christy Bieber

Written by

Christy Bieber

Writer, Fox Money

Christy Bieber has over 16 years in personal finance with bylines at The Motley Fool, CBS News, and USA Today.

Updated October 18, 2024, 10:14 AM EDT

Edited by Renee Fleck

Written by

Renee Fleck

Editor, Credible

Renee Fleck is a student loans editor with over five years of experience. Her work has been featured in Fast Company, Morning Brew, and Sidebar.io, among other online publications. She is fluent in Spanish and French and enjoys traveling to new places.

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Earning a graduate or professional degree can open up new career opportunities, but it can also come at a big cost. In the 2023-24 school year, master's students at private colleges faced an average total tuition and fees of $30,970, while doctoral students paid around $49,660 according to the College Board.

If you've already exhausted grant and scholarship options, a graduate student loan can help you cover any remaining expenses.

Federal unsubsidized loans are graduate PLUS loans are often the best starting point because of their low interest rates and flexible repayment terms. But depending on your financial qualifications, you may be able to secure a more competitive interest rate through a private graduate school loan.

Compare graduate student loan rates

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8 best graduate student loans from private lenders

Best No-Cosigner Loans

Ascent

4.8

Fox Money rating

Check Rates

on Credible’s website

Min. Credit Score

Does not disclose

Fixed APR

3.69 - 15.28%

Variable APR

5.50 - 15.04%

Loan Amount

$2,001 to $400,000

Term

5, 7, 10, 12, 15, 20

Pros and cons

More details

Best for Multi-Year Approval

Citizens

4.8

Fox Money rating

Check Rates

on Credible’s website

Min. Credit Score

720

Fixed APR

3.99 - 15.61%

Variable APR

5.34 - 15.96%

Loan Amount

$1,000 to $350,000 (depending on degree)

Term

5, 10, 15

Pros and cons

More details

Best for Extended Grace Periods

College Ave

4.9

Fox Money rating

Check Rates

on Credible’s website

Min. Credit Score

Does not disclose

Fixed APR

3.47 - 17.99%

Variable APR

4.99 - 17.99%

Loan Amount

$1,000 up to 100% of the school-certified cost of attendance

Term

5, 8, 10, 15 (20 for health professionals)

Pros and cons

More details

Best for Discounts and Rewards

Custom Choice

4.4

Fox Money rating

Check Rates

on Credible’s website

Min. Credit Score

Does not disclose

Fixed APR

4.24 - 14.02%

Variable APR

4.81 - 14.39%

Loan Amount

$1,000 to $99,999 annually $180,000 aggregate limit)

Term

7, 10, 15

Pros and cons

More details

Best for flexible repayment

ELFI

4.8

Fox Money rating

Check Rates

on Credible’s website

Min. Credit Score

680

Fixed APR

3.69 - 14.22%

Variable APR

5.00 - 14.22%

Loan Amount

$1,000 up to cost of attendance

Term

5, 7, 10, 15

Pros and cons

More details

Best for Indiana Students

INvested

4.6

Fox Money rating

Check Rates

on Credible’s website

Min. Credit Score

670

Fixed APR

4.80 - 8.54%

Variable APR

7.77 - 11.81%

Loan Amount

$1,001 up to 100% of school certified cost of attendance

Term

5, 10, 15

Pros and cons

More details

Best for borrowers with good credit

MEFA

3.1

Fox Money rating

Check Rates

on Credible’s website

Min. Credit Score

670

Fixed APR

5.75 - 8.95%

Variable APR

-

Loan Amount

$1,500 up to school’s certified cost of attendance less aid

Term

10, 15

Pros and cons

More details

Best Specialized Loans

Sallie Mae

4.3

Fox Money rating

Check Rates

on Credible’s website

Min. Credit Score

Does not disclose

Fixed APR

3.49 - 15.49%

Variable APR

4.92 - 15.08%

Loan Amount

$1,000 up to 100% of school-certified cost of attendance

Term

10 - 20

Pros and cons

More details

Other graduate loans to consider

Federal loans for graduates

Federal student loans offer graduate students flexible repayment options and potentially lower interest rates compared to private loans. Direct Unsubsidized Loans are available to all graduate and undergraduate students, and come with benefits like deferment options and income-driven repayment plans. These loans do have annual and aggregate borrowing limits, though.

Grad PLUS loans are specifically for graduate and professional students. These loans can cover the full cost of attendance of your school, minus any other financial aid you receive (including tuition, fees, living expenses, and other educational expenses). Just keep in mind that interest rates on grad PLUS loans are higher than unsubsidized federal loans.

SoFi graduate loans

SoFi is a private lender offering graduate student loans with competitive rates and flexible repayment terms of five, seven, 10, or 15 years. SoFi is popular for its generous member benefits, such as access to financial advisers, networking opportunities, discounts, and rewards to help pay down your loan. Plus, grad school students are able to use a recent job offer letter as proof of income when applying for a loan. SoFi graduate loans cover your school's certified cost of attendance, minus other financial aid you receive.

Methodology

We evaluated these student loan lenders based on interest rates and origination fees, loan amounts, loan terms, discounts, whether cosigners are accepted, and more. Our team of experts gathered information from each lender's website, customer service department, directly from our partners, and via email support. We verified each data point to make sure it was accurate and up to date. Read our full methodology for more details.

Private vs. federal loans for graduates

Graduate students are eligible for both private and federal student loans. Federal loans for graduates include Direct Unsubsidized Loans and grad PLUS loans. These loans are often the best for graduate students because of the many benefits they offer, including:

  • Affordable fixed interest rates based on the time period you borrow, not based on your credit score or income
  • Flexible repayment plans ranging from 10 to 25 years, with the option to switch plans as needed
  • The ability to choose an income-driven repayment plan so payments are set at a percentage of discretionary income (and could be as low as $0)
  • Loan forgiveness programs, including forgiveness through the Public Service Loan Forgiveness (PSLF) program and through income-driven plans

Direct Unsubsidized Loans also come with low origination fees and low interest rates, but there are limits on how much you can borrow.

With grad PLUS loans, you can borrow up to the total cost of attendance of your school, but the origination fee and interest rate are a little higher compared to Direct Unsubsidized Loans. That's why it's usually a good idea to max out unsubsidized loans first before taking out a PLUS loan.

After taking out all federal loans you're eligible for, private student loans can help fill the gaps and cover additional expenses. Just be sure to understand the key differences between federal vs. private student loans to decide how much private debt you're willing to take on.

What to consider when choosing a graduate loan

Whether you're considering private or federal graduate student loans, it's important to know the loan terms for the debt you're taking on. Here are some key things to pay attention to when deciding which loan is right for you:

  • Interest rates: Federal student loan rates are set based on the time when you borrow. For Direct Unsubsidized Loans disbursed on or after July 1, 2023, and before July 1, 2024, the rate is 7.05%, and for grad PLUS loans disbursed during the same time period, the rate is 8.05%. Private student loan rates vary by lender.
  • Origination fee: Both Direct Unsubsidized Loans and Direct PLUS Loans have an origination fee - 1.057% and 4.228%, respectively - for loans disbursed on or after Oct. 1, 2020 and before Oct. 1, 2024. Many private loan lenders do not charge origination fees.
  • Repayment terms: Federal loans have a standard 10-year repayment period, but there are options to repay over 25 years. Repayment term options vary with private lenders, and you'll need to choose your payoff timeline up front.
  • Loan limits: Direct Unsubsidized Loans have annual and lifetime borrowing limits. Both PLUS loans and private loans allow you to borrow up to the cost of attendance minus other financial aid.
  • Eligibility criteria: Private student loan lenders typically check your credit and income to determine if you're eligible, and they may require a cosigner if you don't have solid financial credentials. Direct Unsubsidized and Direct PLUS Loans are available regardless of income. Direct Unsubsidized Loans are also available regardless of credit, while PLUS loans do restrict eligibility and won't let you borrow if you have adverse credit. However, there are some exceptions.

Be sure to look at all these terms and consider the unique benefits of private student loans before deciding what the best graduate student loans are for your situation.

How to apply for graduate student loans

To apply for federal student loans, you'll need to sign up for a Federal Student Aid (FSA) ID. You'll then complete the Free Application for Federal Student Aid (FAFSA) and provide basic information about your financial credentials.

If you're applying for a graduate PLUS loan, you'll also need to complete the Direct PLUS Loan application. This can be done online, and you'll need to provide your FSA ID, your school name, your personal and employment information, and the amount you wish to borrow.

Private student loan lenders each have their own application process. It's helpful to get multiple online quotes from different lenders to compare pricing and then move forward with completing an application with the most affordable loan provider.

With a private lender, you can expect to be asked for proof of income as well as your Social Security number for a credit check. Your cosigner will also need to provide financial information if you're unable to qualify to borrow on your own.

Tip: If you have a cosigner, you can always choose to refinance student loans later once you can qualify on your own so your cosigner won't always have to be responsible for the debt. Some lenders also offer cosigner release after a certain number of on-time payments.

Alternatives to fund graduate school

Graduate student loans are not the only option to pay for an advanced degree. Other potential sources of funds include:

  • Scholarships: Scholarships are great because you don't have to pay back the money. You can check with your school's financial aid office, use resources such as BigFuture's scholarship search, or check with local and professional organizations and grou