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Updated: January 12, 2021

Best Private Student Loans for Graduate Students

Savingforcollege.com evaluates a full range of private student loans and has developed a methodology for ranking them based on a set of objective criteria. Below is our current list of the ten best private student loans available for graduate students. Be sure to pursue your other options, such as scholarships, grants, work-study, and federal student loans, before turning to private student loans to fill any funding gaps you may face.

Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 13.57%
3.65% - 12.40%
7 years, 10 years, 12 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 13.57%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.65% - 12.40%
Terms
7 years, 10 years, 12 years, 15 years
Fees
Late fees
Offers
Autopay discount (2%), Reward of $525 per successful referral, and Graduation Reward (1%)
Graduate Student Loan Rating
4.49% - 11.99%
1.99% - 11.49%
Up to 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.49% - 11.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.99% - 11.49%
Terms
Up to 20 years
Fees
No fees
Offers
Good grades reward, Autopay discount (0.25%), Interest-only repayment discount (0.35%), and Multi-year option
Graduate Student Loan Rating
4.03% - 11.39%
1.39% - 11.14%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.03% - 11.39%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.39% - 11.14%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Current customer discount (0.25%), Autopay discount (0.25%), and Cosigner release
Graduate Student Loan Rating
Advertising Disclosure
4.13% - 11.37%
1.77% - 11.73%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.13% - 11.37%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.77% - 11.73%
Terms
5 years, 10 years, 15 years
Fees
No fees
Offers
Current customer discount (0.125%), Autopay discount (0.25%), and Cosigner release
Graduate Student Loan Rating
Advertising Disclosure
×

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

This information is for graduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 Graduate School Loan with a 2-year in-school period.

2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

3 You must apply for a new loan each school year. This approval percentage is based on students with a Sallie Mae graduate school loan in the 2018/19 school year who were approved when they returned in 2019/20. It does not include the denied applications of students who were ultimately approved in 2019/20.

4 To apply for this deferment, customers and an official from the internship, clerkship, fellowship, or residency program must complete and submit a deferment form to us for consideration. If approved, the loan will revert back to the same repayment option that applied during the in-school period for up to 12 months. Customers can apply for and receive a maximum of four 12-month deferment periods. Interest is charged during the deferment period and Unpaid Interest may be added to the Current Principal at the end of each deferment period, which will increase the Total Loan Cost.

5 This repayment example is based on a typical Graduate School Loan for Health Professions made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

6 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

7 Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

8 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae-serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Requirements are subject to change.

9 Explore federal loans and compare to ensure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

10 Federal student loan information was gathered in July 2020 from studentaid.ed.gov and a July 1, 2020 Electronic Announcement from Federal Student Aid, an office of the U.S. Department of Education.

Sallie Mae loans are made by Sallie Mae Bank.

Information advertised valid as of 11/25/2020.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

4.75% - 12.11%
2.25% - 11.76%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.75% - 12.11%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.25% - 11.76%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Graduate Student Loan Rating
Advertising Disclosure
×

Pam Velazquez sends email

Student Loan Rate Disclosures

3.49% - 10.99%
1.05% - 9.89%
Up to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 10.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.05% - 9.89%
Terms
Up to 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Customizable payment due date, and Option to Skip 1 payment every 12 months
Graduate Student Loan Rating
Advertising Disclosure
×

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

Information advertised valid as of 12/14/2020. Variable interest rates may increase after consummation.

4.49% - 12.23%
1.34% - 11.22%
5 years, 8 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.49% - 12.23%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.34% - 11.22%
Terms
5 years, 8 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%), Graduation reward ($150), and Cosigner release
Graduate Student Loan Rating
Advertising Disclosure
×

  1. Terms and conditions apply. Loan products, terms, and benefits displayed on this website may be modified or discontinued at any time without notice. Your rate will be determined after a review of your application and credit profile. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school (enrolled on at least a half-time basis), and meet Navy Federal Credit Union's credit and income requirements to qualify for a loan. Additionally, in order to receive a loan from Navy Federal Credit Union, you must be a member of Navy Federal Credit Union. If you are not a member of Navy Federal Credit Union, you must apply and become a member during the loan application process. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. All private student loans from Navy Federal Credit Union must be certified by the applicant’s school, and Navy Federal Credit Union reserves the right to reduce the loan amount or withhold funding based on the school certification or in the event the school does not certify the loan, respectively.
  2. If you choose and receive a variable rate loan, your rate may change once a quarter. The variable rate is based on the average of a publicly available index, the 3-month LIBOR, as published in the Wall Street Journal on the first of each month for the last three months immediately preceding the quarterly adjustment date. If the first day of the month is not a business day, the preceding business day will be used. Your rate will be calculated each quarter by adding the 3-month LIBOR to a margin that is assigned to your loan upon loan approval. All loans are subject to an interest rate floor based on term: 10 year: 2.99% and an interest rate cap of 18.00%.
  3. If you enroll in automatic monthly payments from a personal checking or savings account to pay principal and interest amounts that are due, the rate will be reduced by 0.25%, subject to the floor rate. This rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is cancelled, any increase will take the form of higher payments.
  4. The full Repayment Period will begin on the date that is the earliest of (i) six months after the borrower graduates or six months after the borrower ceases to be enrolled at least half time at an eligible school; or (ii) 60 months after the loan's disbursement for an undergraduate program or 48 months after the loan's disbursement for a graduate program.
  5. If you have multiple loans with us and choose to make fixed $25 monthly payments during the in-school and grace periods for such loans, only one $25 payment will be required each month.
  6. The minimum monthly payment during the In-School Period is $25.00. The minimum monthly payment during the full Repayment Period is $50.00 or the unpaid balance of your loan, whichever is less.
  7. If you have multiple loans with us and choose to make interest only monthly payments during the in-school and grace periods for such loans, you are responsible for paying the interest on the outstanding balance for each loan, subject to a monthly minimum of $25.

4.99% - 12.84%
3.01% - 8.92%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.99% - 12.84%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.01% - 8.92%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Graduate Student Loan Rating
Advertising Disclosure
4.75% - 12.11%
2.25% - 11.76%
15 to 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.75% - 12.11%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.25% - 11.76%
Terms
15 to 20 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Graduate Student Loan Rating
Advertising Disclosure
3.94% - 8.07%
3.94% - 7.97%
5 years, 7 years, 10 years, 15 years, 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.94% - 8.07%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.94% - 7.97%
Terms
5 years, 7 years, 10 years, 15 years, 20 years
Fees
Late fees
Offers
Employment discount (0.25%), Autopay discount (0.25%), and Cosigner release
Graduate Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
4.60% - 13.57%
3.65% - 12.40%
7 years, 10 years, 12 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 13.57%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.65% - 12.40%
Terms
7 years, 10 years, 12 years, 15 years
Fees
Late fees
Offers
Autopay discount (2%), Reward of $525 per successful referral, and Graduation Reward (1%)
Graduate Student Loan Rating
Advertising Disclosure
×

Pam Velazquez sends email

Student Loan Rate Disclosures

3.49% - 10.99%
1.05% - 9.89%
Up to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 10.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.05% - 9.89%
Terms
Up to 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Customizable payment due date, and Option to Skip 1 payment every 12 months
Graduate Student Loan Rating
4.49% - 11.99%
1.99% - 11.49%
Up to 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.49% - 11.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.99% - 11.49%
Terms
Up to 20 years
Fees
No fees
Offers
Good grades reward, Autopay discount (0.25%), Interest-only repayment discount (0.35%), and Multi-year option
Graduate Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
4.60% - 13.57%
3.65% - 12.40%
7 years, 10 years, 12 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 13.57%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.65% - 12.40%
Terms
7 years, 10 years, 12 years, 15 years
Fees
Late fees
Offers
Autopay discount (2%), Reward of $525 per successful referral, and Graduation Reward (1%)
Graduate Student Loan Rating
4.49% - 11.99%
1.99% - 11.49%
Up to 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.49% - 11.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.99% - 11.49%
Terms
Up to 20 years
Fees
No fees
Offers
Good grades reward, Autopay discount (0.25%), Interest-only repayment discount (0.35%), and Multi-year option
Graduate Student Loan Rating
4.03% - 11.39%
1.39% - 11.14%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.03% - 11.39%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.39% - 11.14%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Current customer discount (0.25%), Autopay discount (0.25%), and Cosigner release
Graduate Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
4.60% - 13.57%
3.65% - 12.40%
7 years, 10 years, 12 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 13.57%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.65% - 12.40%
Terms
7 years, 10 years, 12 years, 15 years
Fees
Late fees
Offers
Autopay discount (2%), Reward of $525 per successful referral, and Graduation Reward (1%)
Graduate Student Loan Rating
4.49% - 11.99%
1.99% - 11.49%
Up to 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.49% - 11.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.99% - 11.49%
Terms
Up to 20 years
Fees
No fees
Offers
Good grades reward, Autopay discount (0.25%), Interest-only repayment discount (0.35%), and Multi-year option
Graduate Student Loan Rating
4.03% - 11.39%
1.39% - 11.14%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.03% - 11.39%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.39% - 11.14%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Current customer discount (0.25%), Autopay discount (0.25%), and Cosigner release
Graduate Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
×

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

This information is for graduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 Graduate School Loan with a 2-year in-school period.

2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

3 You must apply for a new loan each school year. This approval percentage is based on students with a Sallie Mae graduate school loan in the 2018/19 school year who were approved when they returned in 2019/20. It does not include the denied applications of students who were ultimately approved in 2019/20.

4 To apply for this deferment, customers and an official from the internship, clerkship, fellowship, or residency program must complete and submit a deferment form to us for consideration. If approved, the loan will revert back to the same repayment option that applied during the in-school period for up to 12 months. Customers can apply for and receive a maximum of four 12-month deferment periods. Interest is charged during the deferment period and Unpaid Interest may be added to the Current Principal at the end of each deferment period, which will increase the Total Loan Cost.

5 This repayment example is based on a typical Graduate School Loan for Health Professions made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

6 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

7 Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

8 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae-serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Requirements are subject to change.

9 Explore federal loans and compare to ensure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

10 Federal student loan information was gathered in July 2020 from studentaid.ed.gov and a July 1, 2020 Electronic Announcement from Federal Student Aid, an office of the U.S. Department of Education.

Sallie Mae loans are made by Sallie Mae Bank.

Information advertised valid as of 11/25/2020.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

4.75% - 12.11%
2.25% - 11.76%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.75% - 12.11%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.25% - 11.76%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Graduate Student Loan Rating
Advertising Disclosure
4.75% - 12.11%
2.25% - 11.76%
15 to 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.75% - 12.11%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.25% - 11.76%
Terms
15 to 20 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Graduate Student Loan Rating
4.60% - 13.57%
3.65% - 12.40%
7 years, 10 years, 12 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 13.57%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.65% - 12.40%
Terms
7 years, 10 years, 12 years, 15 years
Fees
Late fees
Offers
Autopay discount (2%), Reward of $525 per successful referral, and Graduation Reward (1%)
Graduate Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
×

Wells Fargo private student loans are subject to credit qualification, completion of a loan application and consumer credit agreement, verification of application information and, if applicable, a self-certification form, the school’s certification of loan amount, and the student’s enrollment at a Wells Fargo-participating school.

2.

Borrow up to the cost of education loan amount is dependent on the loan product, other financial aid, creditworthiness, and other factors. Aggregate and annual loan limits may apply. The cost of attendance is determined and certified by the educational institution.

3.

Students are not required to make payments while in school; repayment begins 6 months after you graduate or leave school. The maximum in-school period is 5 years after the date of first disbursement. Interest accrues during any in-school period, and is capitalized to the loan upon entering repayment.

4.

Discount eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner (if applicable) have any of the following with Wells Fargo prior to your Final Loan Disclosure being issued:

  • Portfolio by Wells Fargo® program checking account — 0.50% discount
    Portfolio by Wells Fargo® program checking accounts: Private Bank Checking, Private Bank Dividend Checking, Private Bank Interest Checking, Wells Fargo Portfolio Checking, Wells Fargo Prime Checking.
  • A qualifying Wells Fargo consumer checking account — 0.25% discount
    Wells Fargo consumer checking accounts: Complete Advantage® Checking, Crown Banking® Checking, Custom Management® Checking, Opportunity Checking®Premium Membership® Checking, Way2Save® Checking, Wells Fargo College Checking®, Wells Fargo Everyday Checking, Wells Fargo Preferred Checking, Wells Fargo At WorkSM Checking.
  • A prior federal or private student loan made by Wells Fargo — 0.25% discount (prior Wachovia federal student loans are not eligible).

Only one qualifying relationship discount will apply. You will receive the applicable discount for the life of the loan.

Discount eligible during repayment: You may qualify for a 0.25% interest rate discount if you set up automatically withdrawn payments (ACH), directly with Wells Fargo Education Financial Services (EFS), from a designated deposit account. This discount does not apply to bill pay or automatic transfers not set up directly with Wells Fargo EFS. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. Discount helps reduce the amount of interest paid over the life of the loan(s). The automatic payment discount may not change your current payment amount depending on the type of loan(s) you receive, but may reduce the number of payments or reduce the amount of your final payment. ACH payments and discount will discontinue upon entering forbearance periods. Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice. For details, including eligibility requirements, visit us at wellsfargo.com/student or call 1-800-658-3567.

5.

The lowest annual percentage rate (APR) includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account. Variable interest rates are based on an index, plus a margin. The Index is equal to the Prime rate published in The Wall Street Journal. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments. Rates are current as of 07/15/2020 and are subject to change without notice. Wells Fargo reserves the right to change rates, terms, and fees at any time. Your actual APR will depend upon your credit transaction and credit history, and will be determined when a credit decision is made.

6.

Annual Percentage Rates and payments are representative samples for educational purposes only and may not reflect our current or actual loan rate offers or available percentage rates. Your actual APR will depend upon your credit transaction and your credit history and will be determined when a credit decision is made.

7.

Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

5.64% - 11.76%
3.21% - 9.44%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
5.64% - 11.76%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.21% - 9.44%
Terms
15 years
Fees
No fees
Offers
Current customer discount (0.25%-0.50%), Autopay discount (0.25%), and Cosigner release
Graduate Student Loan Rating
Advertising Disclosure
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Pam Velazquez sends email

Student Loan Rate Disclosures

3.49% - 10.99%
1.05% - 9.89%
Up to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 10.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.05% - 9.89%
Terms
Up to 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Customizable payment due date, and Option to Skip 1 payment every 12 months
Graduate Student Loan Rating
Advertising Disclosure
4.75% - 12.11%
2.25% - 11.76%
15 to 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.75% - 12.11%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.25% - 11.76%
Terms
15 to 20 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Graduate Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
3.99% - 8.49%
1.51% - 7.75%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.99% - 8.49%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.51% - 7.75%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%), Cosigner release, and One-time payment due date change
Graduate Student Loan Rating
4.60% - 13.57%
3.65% - 12.40%
7 years, 10 years, 12 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 13.57%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.65% - 12.40%
Terms
7 years, 10 years, 12 years, 15 years
Fees
Late fees
Offers
Autopay discount (2%), Reward of $525 per successful referral, and Graduation Reward (1%)
Graduate Student Loan Rating
Advertising Disclosure
×

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

This information is for graduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 Graduate School Loan with a 2-year in-school period.

2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

3 You must apply for a new loan each school year. This approval percentage is based on students with a Sallie Mae graduate school loan in the 2018/19 school year who were approved when they returned in 2019/20. It does not include the denied applications of students who were ultimately approved in 2019/20.

4 To apply for this deferment, customers and an official from the internship, clerkship, fellowship, or residency program must complete and submit a deferment form to us for consideration. If approved, the loan will revert back to the same repayment option that applied during the in-school period for up to 12 months. Customers can apply for and receive a maximum of four 12-month deferment periods. Interest is charged during the deferment period and Unpaid Interest may be added to the Current Principal at the end of each deferment period, which will increase the Total Loan Cost.

5 This repayment example is based on a typical Graduate School Loan for Health Professions made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

6 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

7 Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

8 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae-serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Requirements are subject to change.

9 Explore federal loans and compare to ensure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

10 Federal student loan information was gathered in July 2020 from studentaid.ed.gov and a July 1, 2020 Electronic Announcement from Federal Student Aid, an office of the U.S. Department of Education.

Sallie Mae loans are made by Sallie Mae Bank.

Information advertised valid as of 11/25/2020.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

4.75% - 12.11%
2.25% - 11.76%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.75% - 12.11%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.25% - 11.76%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Graduate Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
6.12% - 9.77%
5.23% - 9.58%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
6.12% - 9.77%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
5.23% - 9.58%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Multi-year option
Graduate Student Loan Rating
4.49% - 11.99%
1.99% - 11.49%
Up to 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.49% - 11.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.99% - 11.49%
Terms
Up to 20 years
Fees
No fees
Offers
Good grades reward, Autopay discount (0.25%), Interest-only repayment discount (0.35%), and Multi-year option
Graduate Student Loan Rating
Advertising Disclosure
×

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

This information is for graduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 Graduate School Loan with a 2-year in-school period.

2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

3 You must apply for a new loan each school year. This approval percentage is based on students with a Sallie Mae graduate school loan in the 2018/19 school year who were approved when they returned in 2019/20. It does not include the denied applications of students who were ultimately approved in 2019/20.

4 To apply for this deferment, customers and an official from the internship, clerkship, fellowship, or residency program must complete and submit a deferment form to us for consideration. If approved, the loan will revert back to the same repayment option that applied during the in-school period for up to 12 months. Customers can apply for and receive a maximum of four 12-month deferment periods. Interest is charged during the deferment period and Unpaid Interest may be added to the Current Principal at the end of each deferment period, which will increase the Total Loan Cost.

5 This repayment example is based on a typical Graduate School Loan for Health Professions made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

6 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

7 Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

8 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae-serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Requirements are subject to change.

9 Explore federal loans and compare to ensure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

10 Federal student loan information was gathered in July 2020 from studentaid.ed.gov and a July 1, 2020 Electronic Announcement from Federal Student Aid, an office of the U.S. Department of Education.

Sallie Mae loans are made by Sallie Mae Bank.

Information advertised valid as of 11/25/2020.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

4.75% - 12.11%
2.25% - 11.76%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.75% - 12.11%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.25% - 11.76%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Graduate Student Loan Rating
Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
4.60% - 13.57%
3.65% - 12.40%
7 years, 10 years, 12 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.60% - 13.57%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.65% - 12.40%
Terms
7 years, 10 years, 12 years, 15 years
Fees
Late fees
Offers
Autopay discount (2%), Reward of $525 per successful referral, and Graduation Reward (1%)
Graduate Student Loan Rating
4.03% - 11.39%
1.39% - 11.14%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.03% - 11.39%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.39% - 11.14%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Current customer discount (0.25%), Autopay discount (0.25%), and Cosigner release
Graduate Student Loan Rating
Advertising Disclosure
4.75% - 12.11%
2.25% - 11.76%
15 to 20 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.75% - 12.11%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.25% - 11.76%
Terms
15 to 20 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Graduate Student Loan Rating
How do I pay for graduate school?

First consider options for free money – scholarships, fellowships, grants, teaching and research assistantships, employer-paid tuition assistance, and more. If you need to borrow graduate student loans, first borrow federal loans. After borrowing the Federal Direct Stafford Loan and the Federal Grad PLUS Loan, if you still need funds for graduate school, consider private student loans. Keep costs as low as possible and borrow responsibly.

How do graduate student loans work?

Graduate student loans work similar to student loans for an undergraduate degree. Every dollar borrowed needs to be repaid, plus interest. All student loans, both federal and private, accrue interest. If you miss a student loan payment down the road, you will have negative consequences, including impacts on your credit.

What is the Grad PLUS loan?

A Grad PLUS loan is a federal student loan specifically for students pursuing a graduate or professional degree. Unlike federal student loans for undergraduate students, you will need to undergo a modest credit check to be approved.

How do I apply for a Grad PLUS loan?

You can apply for a Grad PLUS loan online. Before applying, you must complete the Free Application for Federal Student Aid, or the FAFSA.

Why should I borrow the Federal Grad PLUS loan before private graduate loans?

Federal Grad PLUS loans offer several federal benefits that private loans do not. This includes potential loan forgiveness and the option to temporarily stop or lower payments on your loan. If you have excellent credit, however, you might be able to qualify for a lower interest rate on a private graduate loan.

What are the requirements for a private graduate student loan?

Each lender has different requirements for approval for graduate student loans. In general, you will need a good credit score, a solid credit history, attend an accredited school, and have a steady income and low debt-to-income ratio. A creditworthy cosigner may be required.

How much should I borrow to pay for my graduate school education?

You should keep your total student loan debt, including any outstanding undergraduate debt, in sync with your income after graduation. If your total student loan debt at graduation, including federal and private student loans, is no more than your annual starting salary, you should be able to afford to repay your student loans in ten years or less.

What is the difference between fixed and variable interest rates?

Fixed rates remain the same throughout the life of the loan. Variable interest rates can fluctuate. Borrowers may be persuaded to choose a variable interest rate because it is lower, but keep in mind, this interest rate may eventually grow beyond the current fixed rate option.

When do I have to start repaying graduate student loans?

Most private student loan lenders give borrowers the option to postpone payments until six months after you graduate or drop below half-time enrollment. After the six-month grace period is over, you will be required to make full payments.

Should I ask someone to cosign my student loan?

If you don’t qualify for graduate loan on your own, you can consider asking a friend or relative to cosign your loans. Cosigners should understand how it works and the potential risks. Cosigners are equally responsible for repaying the debt just like the student borrower. Being a cosigner affects your credit and will increase your debt-to-income ratio. This could make it more difficult to get approved for other loans, such as credit cards, auto loans and home mortgages.

How do I choose a lender for a graduate student loan?

Shop around to compare interest rates offered, the terms of the loan, the requirements for approval, repayment options and reviews. You may also want to consider, if there is a cosigner release option and what the deferment options are.

Important Disclaimers

Savingforcollege.com may receive a sales commission from some private student lenders and other advertisers, but this does not influence our ratings or reviews. Our opinions are our own. While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.

Exhaust all other resources, such as scholarships and grants, before borrowing student loans. If you need to borrow loans, federal student loans offer many benefits that private student loans do not. Read the fine print and disclaimer from any potential lender and understand how student loans work before borrowing.

Savingforcollege.com does not provide legal, financial, accounting or tax advice. The information and tools published on this website are general in nature and may not apply to your specific circumstances. You should seek specific guidance from a qualified legal, financial, accounting or tax professional.

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