Best graduate student loans of 2023

Graduate student loans can help you pay for school as you pursue a law degree, medical degree, MBA or higher education in another graduate program. 

While the federal government offers some loans for graduate students — offering lower interest rates and more protections than many private student loans — they’re not always enough. And federal loan options for graduate students are limited.

Credible has evaluated private graduate student loans based on minimum interest rates, fees, customer service and other factors to help identify some student loans for graduates to consider. 

Eight of the following lenders are Credible partners, and offer loans for graduate students.

Loan types offered: MBA, medical, dental, law, general and Ph.D. 

Minimum credit score: Does not disclose

Fees: No application, origination or disbursement fees

Eligibility: Based on the borrower’s credit score, school, program of study, GPA and cost of attendance

Repayment options: Defer nine to 36 months after graduation, depending on program. Interest-only or $25 minimum payments in-school 

Loan amounts: $2,001 to $200,000

Loan terms: 5, 7, 10, 12, 15 or 20 years

Interest rates: Fixed or variable 

Discounts: Rate discount of 0.25 percentage points with automatic payments

Cosigner release: After 12 on-time principal and interest payments

Pros

Cons

You can learn more about private student loans from Ascent and other lenders through Credible. 

Loan types offered: Graduate, Business/Law, Medical/Dental, Bar Study, Medical Residency, Parent

Minimum credit score: Not disclosed

Fees: No application, origination or disbursement fees. 

Eligibility: Must not have previously defaulted on a student loan. Must be a U.S. citizen or permanent resident. Must be enrolled at least half-time in a degree program. 

Repayment options: Full payments or interest-only payments while in school, or defer payments completely until graduation 

Loan amounts: $1,000 to $350,000. Maximums depend on degree type 

Loan terms: 5, 10 or 15 years, fixed or variable rates

Discounts: Rate discount of 0.25 percentage points with automatic payments. Additional 0.25 percentage point discount for people with a checking account, auto loan or other product from Citizens Bank at the time they apply 

Cosigner release: After 36 on-time monthly payments

Pros

Cons

Loan types offered: Graduate, MBA, medical, dental, law 

Minimum credit score: Not disclosed

Fees: No origination or application fees 

Eligibility: Must be a U.S. citizen or permanent resident and making satisfactory academic progress. Must be enrolled in a degree program full-time, half-time or less than half-time at an eligible school. 

Repayment options: Full payments, interest-only payments or flat $25 payments while in school, or defer payments completely until graduation 

Loan amounts: $1,000 to $150,000, or $300,000 for medical, dental, pharmacy or veterinary students 

Loan terms: 5, 8, 10 or 15 years, fixed or variable rates

Discounts: Rate discount of 0.25 percentage points with automatic payments 

Cosigner release: After 24 on-time monthly payments

Pros

Cons

Loan types offered: Graduate and undergraduate

Minimum credit score: Does not disclose

Eligibility: U.S. citizens or permanent residents (excluding residents of Arizona, Iowa or Wisconsin) enrolled at least half time in a degree-granting program at an eligible school

Repayment options: Immediate repayment, interest-only, flat or full deferment

Loan amounts: $1,000 to $99,999 annually ($180,000 aggregate limit)

Loan terms: 7, 10, 15 years

Discounts: Autopay discount, principal reduction for graduating with a bachelor’s degree or higher

Cosigner release: Apply after 36 consecutive, on-time principal and interest payments

Pros

Cons

Loan types offered: Graduate

Minimum credit score: 750 without a cosigner

Fees: No application, origination, disbursement or deferment fees

Eligibility: Must be enrolled at least half-time. Borrower or cosigner must have income of at least $30,000 

Repayment options: Full payments or interest-only payments while in school, or defer payments completely until graduation

Loan amounts: $1,000 to $200,000 

Loan terms: 7, 10 or 15 years, fixed or variable rates

Discounts: Rate discount of 0.25 percentage points with automatic payments 

Cosigner release: After 36 on-time monthly payments for borrowers with 750 or higher credit score, and $30,000 minimum income

Pros

Cons

Loan types offered: Graduate

Minimum credit score: 670 for borrower or cosigner 

Fees: No origination fee. Late fee of 5% (with a minimum of $5 and maximum of $15). Returned payment fee of $10 

Eligibility: FICO credit score no lower than 670; minimum gross monthly income of $3,333; must be Indiana resident or attending Indiana university 

Repayment options: Full payments or interest-only payments while in school, or defer payments completely until graduation

Loan amounts: $1,001 up to the cost of attendance minus other aid you receive 

Loan terms: 5, 10 or 15 years, fixed or variable rates 

Discounts: Rate discount of 0.25 percentage points with automatic payments 

Cosigner release: May apply to be released after first 12 consecutive monthly principal and interest payments. 

Pros

Cons

Loan types offered: Graduate

Minimum credit score: 670

Fees: No application, origination or late payment fees. 

Eligibility: Enrolled at least half-time in a degree program and make academic progress. Must be a U.S. citizen or permanent resident 

Repayment options: Interest-only payments while in school or defer payments until graduation 

Loan amounts: $1,500 to the cost of attendance (minus any other financial aid received)

Loan terms: 15 years, fixed rate only 

Discounts: None

Cosigner release: After 48 on-time monthly payments

Pros

Cons

Loan types offered: Graduate, MBA, medical school, medical residency, dental, dental residency, health professions, law school, bar study 

Minimum credit score: Does not disclose

Fees: No application, origination, or prepayment fees. Late fee of 5% of payment amount, up to $25. Returned check fee up to $20

Eligibility: Must be attending a degree-granting school. Must be a U.S. citizen or permanent resident unless applying with a cosigner who is 

Repayment options: Interest-only payments or flat $25 payments while in school, or defer payments completely until graduation

Loan amounts: $1,000 to the cost of attendance

Loan terms: 15 years, fixed or variable rates

Discounts: Rate discount of 0.25 percentage points with automatic payments

Cosigner release: After 12 on-time monthly payments

Pros

Cons

The following lender is not a Credible partner lender for student loans.

Loan types offered: Graduate, undergraduate, parent, professional programs

Minimum credit score: Not disclosed

Fees: None

Eligibility: Enrolled at least half-time in a degree-seeking program at an eligible school

Repayment options: Deferred, interest only, partial or immediate repayment

Loan amounts: $5,000 up to cost of attendance

Loan terms: 5, 7, 10 or 15 years

Discounts: Autopay discount, additional discount if cosigner is a SoFi member

Cosigner release: Apply after 24 months of on-time, full principal and interest payments

Pros

Cons

Credible makes it easy to compare rates from multiple lenders.

Credible evaluated private student loan lenders in 10 different categories to determine the best lenders for graduate student loans. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and cosigner release options.

The first thing to consider when shopping for a graduate student loan is whether you qualify for a federal student loan or will need a private loan. Federal loans tend to have lower interest rates and more protections for borrowers, so you’ll want to exhaust those first before turning to the private market. 

If you’re certain you need a private student loan, there are a number of different factors to consider that can vary from lender to lender. You should be able to easily compare these factors between lenders before making your final decision.

With the number of options available, finding the right lender for your individual situation is extremely important. Here are a few common situations and the types of graduate student loans that might work best.

Federal Direct Unsubsidized Loans: Graduate students may be eligible for loans directly from the U.S. government. Interest rates tend to be significantly lower than many private loans, and you may be able to have your loan forgiven under certain circumstances.

Federal Grad PLUS Loan: Most private lenders require a cosigner if you don’t have good credit. If you don’t have good credit or a cosigner available, the Federal Grad PLUS Loan offers relatively low fixed-interest rates and will let you borrow up to the cost of attendance for your program. If you have major problems with your credit, you may be able to document the circumstances to the government and still qualify for a loan.

Many graduate school lenders have maximum loan amounts. Here are two with relatively high limits you might consider if you’re attending a particularly expensive program:

Some lenders may not disclose maximum loan amounts. If you’re concerned you may run into an issue, contact the lender before you apply. 

Borrowers with the best credit scores usually qualify for the lowest interest rates. These lenders have the lowest minimum interest rates on graduate school loans, according to Credible:

The maximum amount you can borrow may vary from lender to lender. With federal Direct Unsubsidized Loans, you can borrow up to $20,500 per year. You could then qualify for a Direct PLUS Loan that will cover up to the "cost of attendance" determined by your school. 

The cost of attendance typically includes: 

Many private lenders also use the cost of attendance when determining how much they will lend to you.

If you’re applying for a federal loan, you’ll start by filling out the FAFSA (Free Application for Federal Student Aid). Your school will use the application to determine what financial aid you qualify for, including Direct Unsubsidized Loans, which tend to be the best option for most borrowers. You’ll need to fill out a separate application for Direct PLUS Loans, should you need them to help fill in the gaps. Both offer online applications.

With private student loans, the lender will have an application for you to complete. 

Many private lenders require a minimum credit score or other credit history to qualify for a loan. If a student doesn’t meet the requirement, they can bring in a cosigner who does. A cosigner is equally responsible for paying back the loan. 

Some lenders will allow cosigners to be taken off the loan after a period of time, often 24 or 36 months if all payments have been made on time. To release your cosigner you, as the student and primary borrower, will generally need to meet loan qualifications on your own. 

To find the best rates, it’s important to shop around and compare as many lenders as possible. Credible makes this easy — you can compare your prequalified private student loan rates as well as loan terms and fees from multiple lenders in just two minutes. Keep in mind that your credit score will have a major impact on the rates you’re offered.