Depending on what field you want to go into, graduate school may be a necessity. But even if not, you still want an advanced degree to improve your income or job prospects.
It’s an effective strategy. After all, having a master’s degree or higher offers about 20% higher earnings than those with just a bachelor’s degree, according to the National Center for Education Statistics.
Unfortunately, those bachelor’s degrees aren’t free. The average cost of graduate school is just under $20,000 a year, the latest data shows — and that’s just for in-state college. While federal student loans and aid can often help cover some of these costs, it may not be enough. If this is the case for you, private student loans can be an option to fill in the gaps.
Start comparing the best student loan rates available to you here.
Best graduate student loans for fall 2024
Here are the best private graduate student loans to consider:
Best overall: College Ave
When it comes to private student loans for graduate school, College Ave is at the top. The lender offers general graduate school loans as well as special loans for graduate students in dental, MBA, medical and law programs. The interest rate is one of the lowest we have seen and is available in both fixed and variable options.
There are also four repayment plans to choose from, including a flat $25 payment during school. The loan period is from five to 15 years.
Learn more about our College Ave student loan options here.
Best for low rates: Sallie Mae
Sallie Mae offers low interest rates in both fixed rate and variable rate graduate loans. Fixed interest rates range from 3.99% to 14.48%, while variable rates range from 5.37% to 14.97% (including automatic discount).
There is zero origination fee associated with the loan, and you can get a payment delay of up to 48 months while doing an internship or fellowship. There is also a grace period of six months after graduation with this lender.
Find out how much student loans cost with Sallie Mae.
Best at no cost: Earnest
If you want to avoid fees when getting a graduate student loan, look to Earnest, which does not charge origination, payment or late payment fees. You can also skip payments once a year without penalty, and there are four repayment options to choose from.
Another standout: Earnest offers a rare nine-month grace period after graduation vs. the six-month option offered by most lenders.
Check out your personal student loan options with Earnest today.
Best for borrowers with cosigners: Ascent Funding
If you can find a reliable cosigner, you may be able to find Ascent Financing for your graduate school loans. Lenders offer some of the lowest rates on approved loans, with fixed APRs starting at just 3.79%. Note that non-cosigned loans have a higher APR (from 8.65% to almost 15%).
There are also graduate loans for several programs, including MBA, medical school, dental school, law school, PhD programs, master’s programs and health professions, and the maximum loan amount can be up to $400,000.
Start comparing loan options from Ascent Funding today.
Best for students with bad credit: SoFi
If you don’t have great credit, you might want to look into SoFi. Not only lenders offer several cosigner options that you can use to possess, but as a member, you can also check your credit score and get access to financial advisors and career services as well. There are also opportunities to earn money for good grades, and there are several options for discounted rates.
Loans are available for graduate and certificate programs, and the minimum loan amount is only $5,000.
See the rates you can get with SoFi here.
Best for students with good credit: LendKey
If you have good credit and are willing to set up autopay, you can get a rate of up to 3.99% with LendKey (or up to 6% for a variable rate loan). The marketplace has a wide selection of loans from credit unions nationwide and streamlines the application process on a digital platform. You can also repay your student loans through LendKey.
Bottom line
When getting any kind of loan – education or otherwise – make sure you buy money. Rates, fees, and loan offers can vary between companies, so comparing several options can help you get the best deal.
If you need help figuring out what private student loans or creditor to go with, reach out to a financial professional. They can direct you to the right choice for your goals.