Savingforcollege.com has developed a methodology for ranking private student loans based on a set of objective criteria. Here are the best private student loans for graduate school:
Looking for a private student loan? It’s important to shop around for the best interest rate, fees, terms and conditions to suit your needs. Here are a few of our top picks for you to consider.
4.39% – 10.39%
5.90% – 10.37%
4.59% – 14.16%
7.85% – 15.46%
3.59% – 14.49% 1
5.59% – 14.49% 1
3.99% – 14.83%
5.99% – 15.86%
3.69% – 14.30%
5.89% – 15.97%
3.59% – 14.48%
5.54% – 14.97%
You can also view the top private student loans for graduate students by category:
Be sure to pursue other options, such as any financial aid you receive from the FAFSA before turning to private student loans to fill any funding gaps. This may include scholarships, grants and work-study, or other student loan options such as a graduate plus loan.
When shopping for graduate school loans, you may find that some eligibility requirements include having a cosigner. A cosigner is typically a parent or other adult who shares equal responsibility for your student loan. Even if you don’t have bad credit, you may still need a cosigner if you don’t have a steady income or solid credit history.
If you prefer to take out a loan without a cosigner, or you simply don’t have one, consider one of these best private loans for borrowers without a cosigner.
3.99% – 14.83%
5.99% – 15.86%
3.74% – 11.98%
5.29% – 14.49%
3.59% – 14.48%
5.54% – 14.97%
If your parents are willing to help you pay for college, they may have considered a federal Parent PLUS loan. However, depending on their credit score, your parent may be able to qualify for a lower interest rate by cosigning a loan with you.
Some lenders offer a cosigner release option, which is ideal for parents who are willing to help you get a loan but may not want a long-term commitment. Here is a list of the student loan providers with the best cosigner release options.
4.59% – 14.16%
7.85% – 15.46%
3.74% – 11.98%
5.29% – 14.49%
3.59% – 14.48%
5.54% – 14.97%
Your repayment term will vary depending on the loan and lender you choose. Flexibility is critical for all borrowers, since anyone can be faced with an unexpected setback such as a job loss or medical emergency.
The following lenders offer graduate students the most flexibility when it comes to a repayment plan, repayment terms, your monthly payment, your loan term, grace periods, forbearances and discharge options.
3.69% – 14.30%
5.89% – 15.97%
3.99% – 14.83%
5.99% – 15.86%
3.74% – 11.98%
5.29% – 14.49%
Deferment allows you to temporarily pause or reduce your student loan payments. This option is commonly used when a borrower goes back to college or starts an internship, fellowship or residency.
Overall, a federal student loan offers more deferment options than a private loan. But, there are some private lenders that allow borrowers to pause payments in certain situations. The following private lenders offer the best deferment options for graduate students.
4.39% – 10.39%
5.90% – 10.37%
4.59% – 14.16%
7.85% – 15.46%
3.59% – 14.48%
5.54% – 14.97%
When shopping for a private education loan, don’t forget about customer service. Many borrowers have had issues with student loan companies, but fortunately complaints are often documented.
The list below includes the private student loan lenders with the best customer service, based on self-service options, call center characteristics, popularity and complaint rates.
5.50% – 12.84%
7.49% – 9.48%
3.64% – 11.00%
4.99% – 9.00%
3.74% – 11.98%
5.29% – 14.49%
Unlike federal student aid, which comes from the government, you can get a private student loan from a bank, credit union or online lender. In some cases, you may be able to qualify for a lower interest rate if you borrow a student loan from the bank you already use.
Here is a list of the best bank lenders that offer student loans, based on costs, eligibility criteria, flexibility and customer service.
4.99% – 11.42%
6.03% – 12.78%
4.59% – 14.16%
7.85% – 15.46%
3.74% – 11.98%
5.29% – 14.49%
Savingforcollege.com has developed a methodology for ranking private student loans based on a set of objective criteria. Here are the top 10 best private student loans for graduate school:
4.39% – 10.39%
5.90% – 10.37%
5.50% – 12.84%
7.49% – 9.48%
4.99% – 11.42%
6.03% – 12.78%
3.64% – 11.00%
4.99% – 9.00%
4.59% – 14.16%
7.85% – 15.46%
3.59% – 14.49% 1
5.59% – 14.49% 1
3.69% – 14.30%
5.89% – 15.97%
3.99% – 14.83%
5.99% – 15.86%
3.74% – 11.98%
5.29% – 14.49%
3.59% – 14.48%
5.54% – 14.97%
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.
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.
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.
You can apply for a Grad PLUS loan online. Before applying, you must complete the Free Application for Federal Student Aid, or the FAFSA.
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.
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.
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.
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.
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.
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.
Important Disclaimers
Savingforcollege.com provides our readers with free access to objective information, articles and tools to help them make informed decisions about saving and paying for education. We are able to do this because we are compensated by our partners, including some private student lenders. Some, though not all, of the products featured here are offered by partners who may pay us a sales commission. Our partnerships do not influence our ratings or reviews, which are based on in-depth research and objective methodologies, though they may influence which products we write about and where those products appear on our site. Our opinions are our own.
While Savingforcollege.com strives to keep our 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 is an independent publisher. We do 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.
