Your Complete Guide for Funding Grad School
Attending graduate school is a major investment, and many students find themselves needing to borrow beyond what federal programs provide. Private student loans for graduate school can fill the gap, but they come with important considerations.
Navigating the End of the Federal Grad PLUS Loan Program: What Grad Students Need to Know
Graduate school often carries a higher cost of attendance and fewer grant-based funding opportunities than undergraduate programs
Future Graduate Students
Future graduate students starting grad school after July 1, 2026, should anticipate a potential reduction in traditional federal loan limits, requiring a greater reliance on alternative financing, such as private student loans, to cover educational costs.
Featured Student Loan Providers
Sallie Mae® – Graduate Student Loans
Get the money you need to pay for your graduate degree or post-graduate studies.
- Apply once to get money for the whole year.
- Choose from multiple repayment options, including no payments while in school.6
- Add a cosigner. Last year, students were 4X more likely to be approved with a cosigner0 and it may help you get a better rate.
Choose the #1 Private Student Loan Lender in the Nation. Applying online is easy – you could receive a credit result in about 10 minutes.
More Sallie Mae Loan & Disclosure Information
Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply.
Information advertised valid as of 1/5/2026.
Index is the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.
0Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2022 to September 30, 2023.
Loan
Sallie Mae® Graduate Student Loan Suite
For Graduate and Professional School Students attending degree-granting institutions only.
Depending on the professional field that you’re planning to enter, you may have different needs for a graduate student loan. That’s why Sallie Mae offers graduate student loans designed for specific degrees. Our suite of school-certified graduate loans include:
- MBA Loan
- Medical School Loan
- Law School Loan
- Dental School Loan
- Graduate School Loan
- Health Professions Graduate Loan
Choose from multiple repayment options.
Limits
Most of Sallie Mae’s graduate student loans let you borrow from $1,000 up to 100% of the school-certified expenses.
Visit SallieMae.com for details on individual graduate loans.
Rates
Rates vary by graduate loan type. Visit SallieMae.com for details on individual graduate loans.
Get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.6
Fees and Terms
No prepayment penalty or origination fee. You can pay off your graduate student loan as early as you’d like to reduce your total loan cost.*
*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.
Student Loan Providers
Credible
Credible offers borrowers a “kayak-style” experience while shopping for personalized prequalified rates. Similar to the “Common App,” users (and co-signers) complete a single, brief form and receive personalized prequalified rates from multiple lenders. Checking rates on Credible is free and does not impact a user’s credit score to compare offers.
Credible’s marketplace includes:
Links above are powered by Credible
Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation may impact the location and order in which the companies (and/or their products) are presented.
View Disclosures ▼
Personalized Prequalified Rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you. Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Loan
Choose between personalized prequalified rates, as well as deferred and interest-only repayment options for your school loans.
Graduate and undergraduate loans for almost every degree type.
Repayment options range from immediate full repayment (principal and interest payments immediately after the loan is fully disbursed), interest only (interest-only payments while you are in school, and start making principal and interest payments after you leave school), full deferral while in school, flat payment while in-school, graduated repayment (payments increase over time).
Limits
COA-Aid (annual limit)
Borrow up to $170,000 through Credible’s marketplace.
Annual max (100% of school certified costs minus other financial aid received).
Lifetime aggregate loan amount 200K.
Rates
2.75% Fixed APR (with autopay)* and 3.07% Variable APR (with autopay) See Terms*
*Read rates and terms at Credible.com.
Fees and Terms
No fees.
5, 7, 8, 10, 12, 15 and 20 year terms available.
College Ave Student Loans – Graduate Student Loans
College Ave Student Loans offers loan options for undergrads, grad students and parents. Our loans are designed to give you great rates plus the most repayment options so you can create a loan that fits your monthly budget while paying as little interest as possible.
Our simple application process takes just 3 minutes to complete and get an instant credit decision. Not sure which repayment plan is right for you? Our student loan calculator and free credit pre-qualification tool can help.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community 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.
View Disclosures ▼
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 1/5/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
Loan
Cover the costs of school for students pursuing a masters, doctoral or professional degree.2
Graduate students should also check out our other graduate loan products…
• Dental Loan
• Medical Loan
• Law School Loan
• MBA Loan
• Graduate Health Professional Loan
You can also choose from 4 different repayment options
Limits
COA-Aid ($1,000 minimum)2
Rates
Variable Rates: 3.89% – 15.99% APR (with auto-pay discount)1
Fixed Rates: 2.74% – 15.99% APR (with auto-pay discount)1
Fees and Terms
No application or origination fees and no penalties for paying early.
Choose between 5, 8, 10 or 15 year options.3
Impact of “One Big Beautiful Law”
The One Big Beautiful Bill (H.R. 1) introduces several changes to federal student aid programs for both undergraduate and graduate students. Notable impacts for grad students include:
- Elimination of the federal Graduate PLUS (Grad PLUS) loan program beginning July 1, 2026. Students won’t be able to take out new Grad PLUS loans after that date. Existing borrowers who took out a loan before July 1, 2026, may continue borrowing for up to three additional academic years or until their program ends, whichever comes first.
- New annual and lifetime borrowing limits set for federal unsubsidized loans for graduate students. Graduate students are now capped at approximately $20,500 per year, with a $100,000 aggregate (or lifetime federal student loan cap).
July 1, 2026 Graduate Student Loan Borrowing Limits
| Student Type | New, Annual Student Loan Limits | Lifetime Grad Student Loan Cap |
| Graduate Student | $20,500 | $100,000 |
Federal vs. Private Graduate Student Loans
Before taking out a private student loan for graduate school, it’s critical to consider and maximize other funding sources. Private student loans should be your final choice when it comes to your grad school financial plan.
Use Federal Aid, Grants, and Scholarships First
The best financial approach to paying for graduate school is to use federal aid, grants, and scholarships as your first sources of funding. To qualify for federal student aid:
- Complete the Free Application for Federal Student Aid (FAFSA) as early as possible. Many colleges require a FAFSA on file to determine aid eligibility.
- Consider Federal Work-Study programs, if you qualify. Your FAFSA must be submitted to be considered for a work-study job.
- Research federal graduate loan options: Unsubsidized Direct Loans, federal graduate PLUS (if available/eligible) until the cut-off date. Take note of the new limits under the One Big Beautiful Bill/Law.
- Speak to your college or university’s financial aid office about institutional deadlines and how these may impact your borrowing.
Work or Grad Assistantship Funding
Check with your graduate program to see if grad students have teaching assistantships, research assistantships, graduate-assistantship jobs, or stipends. These can help to reduce the need to borrow.
How to Find the Best Private Graduate Student Loan Rates and Lenders
If, after maximizing federal and scholarship funding, you still face a financial gap, private student loans may be an option. However, you must understand how grad student loans work, know the risks, and borrow only what you need.
Private Grad Student Loan Features to Compare
- Interest Rate: Know whether the private student loan has a fixed or variable interest rate. Compare these rates to the current federal student loan rates to understand the benchmark interest rate.
- Co-Signer: Many private student grad loans require a creditworthy borrower or a cosigner if the student’s credit is limited.
- Repayment terms: Know when repayment begins and/or if there is a loan deferment while studying in a graduate program.
- Fees: Note any loan origination fees or prepayment penalties.
- Loan Limit: Know how much can be borrowed and if the loan can exceed the cost of attendance.
Private Student Loans for Graduate Students: Frequently Asked Questions (FAQ)
Grad students have common questions regarding private student loans:
- Q: Can I use a private loan to pay for my entire graduate program?
- Yes, but it’s not advisable to rely solely on private loans. Grad students should combine any necessary private borrowing with federal loans, scholarships, assistantships, and grants.
- Q: What if I start grad school before July 1, 2026?
- Some federal loan programs and limits will remain in effect for grandfathered (currently enrolled) students. However, you should check with your college’s financial aid office to confirm eligibility under the new law.
- Q: Do I still qualify for federal graduate student loans if I already borrowed as an undergraduate student?
- Yes, federal graduate loans (Unsubsidized Direct Loans for grads) are still available. However, under the One Big Beautiful Bill, annual and lifetime limits apply, and loan programs like Grad PLUS will no longer be available. Contact your financial aid office to understand your remaining eligibility.
Graduate school can open doors, but it also comes with significant financial commitments. The evolving landscape of federal student aid. including the One Big Beautiful Bill/Law, could impact borrowing capacity. This makes it essential to:
- Begin financial planning early.
- Complete the FAFSA and pursue all available aid.
- Aggressively seek and apply for scholarships, grants, and grad assistantships.
- Understand the risks of private student loans.
- Borrow only what you truly need and have a repayment plan in mind.
When you do use a graduate private student loan, treat it as a tool. Private student loans should not be the primary strategy for paying for a graduate degree. With careful planning and the right mix of financial aid, scholarship funding, and loans, you’ll be better positioned to pursue your graduate degree without an excessive debt burden.
