Graduate school is an expensive proposition: The average cost of a two-year Master's degree is around $73,520, according to the National Center for Education Statistics, while a four-to-eight-year Ph.D. program could set you back close to $400,000 before grants and assistantships.
Given that most graduate students are already weighed down with undergrad loans, financing grad school can be a colossal challenge.
Direct subsidized and unsubsidized loans are available through the federal government, but they max out at $20,500 a year and $138,500 total (including undergraduate loans). So many advanced students turn to private student loans to finance the rest.
CNBC Select has named the best graduate school student loans from private lenders, focusing on rates, loan amounts, credit requirements, repayment terms and other factors. (See our methodology for more information on how we made this list.)
Compare offers to find the right student loan
Best for instant credit decision: College Ave
- High loan amount
- Flexible repayment terms
- Hardship protections like deferment and forbearance
- No co-signer required for U.S. students
- Offers repayment terms of up to 20 years for graduate student loans (otherwise, up to 15 years for undergraduate loans)
- Co-signer can't be released until half of the repayment term has passed
College Ave's student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
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. 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
Who's this for? Thanks to its well-designed website, applying with College Ave takes just a few minutes and your decision will come almost instantly.
Standout benefits: Each month, College Ave selects a borrower for a $1,000 scholarship.
Best for multi-year financing: Citizens
- No co-signer required
- International students can qualify with a U.S. co-signer
- 0.50% rate discount for autopay from a Citizens account
- Offers student loan refinancing
- Multi-year approval lets you apply once and then just have a soft credit inquiry when they need funds in the following semesters
- Co-signers can't be released until after 36 payments.
- Banking services not available in every state
Who's this for? Rather than making borrowers reapply each year, Citizens Bank offers multi-year financing so you submit just one application and undergo a soft credit inquiry in subsequent semesters.
Standout benefits: In addition to the 0.25% rate deduction for autopay, Citizen Bank customers get another 0.25% discount.
Best for applying with a co-signer: Sallie Mae
- Loans available to part-time and continuing ed students
- Co-signer release after just 12 payments
- No origination fee
- Offers loans for a wide variety of educational needs including: bar study, medical school, residency and relocation costs, dental school, residency and relocation costs, nursing school/health professions, commercial flight school, coding boot camp and professional certifications
- No student loan refinancing
- Doesn't offer parent loans
- Hard credit check to prequalify
- Late payment fee
Who's this for? If you have a co-signer, Sallie Mae will release them after just 12 on-time payments, far sooner than many other lenders.
Standout benefit: Sallie Mae offers a 0.25% rate discount for enrolling in autopay.
Best for applying without a co-signer: Ascent
- Considers borrowers with no credit
- High loan limit
- Co-signer release available after just 12 payments
- Up to 1% interest rate discount for autopay*
- 1% cash back rewards*
- Considers alternative requirements like the borrower’s school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP) to grant approval
- Maximum fixed APR is on the high side
- Doesn't offer student loan refinancing
Disclosure: *Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 3/1/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower's credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
Who's this for? If you don't have a creditworthy co-signer, Ascent approves student loans for U.S. citizens and permanent residents with at least two years of credit history and an annual income of at least $24,000.
Standout benefit: Ascent gives away tens of thousands of dollars in undergraduate and graduate scholarships each year. Borrowers can earn up to 1% discount for setting up autopay.
Best for good credit: Earnest
- Nine-month grace period available
- No co-signer required but offers the option to apply with a co-signer
- 0.25% interest rate discount for autopay
- Qualified borrowers can skip one payment every 12 months
- Offers student loan refinancing
- Offers loans for half-time students while still providing benefits received by full-time students (like the skip payment, autopay discount and more)
- No co-signer release option available
- Variable rates not available in all states
Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.60% APR to 10.24% APR (4.35% - 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% - 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and require selection of our shortest term offered (5 years) and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Who's this for? Earnest approves borrowers with a 650 FICO® Score. If you have a co-signer, only they need to meet the credit requirement.
Standout benefit: Earnest's rate match guarantee means it will meet a competitor's rate offer and give you a $100 Amazon gift card upon confirmation of the rate match.
Best for part-time students: SoFi
- High loan amount
- No co-signer required
- 0.25% interest rate discount for autopay
- Offers student loan refinancing
- Offers 4 flexible repayment plans: Immediate, interest-only, partial payments while in school and deferred payments through graduation (however, interest still accrues with this option)
- Offers unemployment protection
- SoFi members get access to career coaches who can help with resume building, job searches and interview prep (for free)
- Existing SoFi members may qualify for interest rate discounts on additional loans
- No co-signer release
- Minimum loan is on the high side
- Interest Rates: Eligibility and Important Details. Fixed rates range from 2.98% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 5/21/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.
Who's this for? SoFi approves loans for both half-time grad students and those in certificate programs, two categories many lenders exclude.
Standout benefit: Borrowers have access to member benefits, including financial planning, career counseling and premium travel offers.
Types of graduate school loans
As with undergraduate loans, there are both federal and private graduate student loans. But grad students can only access federal direct unsubsidized loans and grad PLUS loans, not subsidized loans.
Federal direct unsubsidized student loans are low-interest, fixed-rate loans that don't have any credit requirements and come with federal benefits like income-driven repayment (IDR) plans and loan forgiveness. Borrowers can only borrow up to $20,500 per year, however.
Federal Grad PLUS loans come with borrower protections, including a six-month grace period, deferment, forbearance, income-driven repayment (IDR) plans and Public Service Loan Forgiveness (PSLF).
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Undergraduate and graduate students, parents, health professionals
$5,000 minimum (or up to state); maximum up to cost of attendance
5, 7, 10, 15, years; up to 20 years for refinancing loans
Terms apply.
Undergraduate and graduate students, parents, international students with U.S. co-signer
$1,000 up to the cost of attendance ($180,000 lifelong maximum)
5, 8, 10, 15 years for undergraduate loans, up to 20 years for graduate loans
Terms apply
You can borrow up to the cost of attendance, but there is an origination fee and Grad PLUS loans are only available for graduate and professional students. Private lenders, meanwhile, fund specialized programs like law school, medical school, business school and Master's and doctoral degrees.
Private student loans are another option for graduate students who need more than federal loans can cover.
Lenders for specific graduate school programs
Once you get past the undergraduate level, specific advanced programs have different options and requirements. Here are CNBC Select's top picks in a variety of graduate degree programs.
How to apply for graduate student loans
Follow these steps to apply for federal and private student loans for graduate school
1. Fill out FAFSA
To be approved for federal student loans, grants, scholarships and work-study, both undergraduate and graduate students must complete the Free Application for Federal Student Aid, or FAFSA.
Unlike undergraduates, however, graduate students are considered independent of their parent’s finances.
Submitting FAFSA enables you to secure direct unsubsidized loans, Grad PLUS loans, Teacher Education Assistance for College and Higher Education (TEACH) grants and other government-sponsored financial aid.
Applicants must:
- be U.S. citizens or eligible noncitizens
- attend an qualifying institution that offers an eligible degree or certification program.
- be enrolled as a regular student as defined by the institution.
2. Complete the forms specific to your loan
FAFSA creates a submission summary of your approximate financial aid eligibility, which your school will use to create a financial aid package.
In addition to FAFSA, Grad PLUS Loan applicants must fill out a Direct PLUS Loan application and a Direct PLUS Loan Master Promissory Note,.
The Department of Education conducts a soft credit inquiry during the Direct PLUS Loan application process. This won't impact your credit score
3. If needed, apply for private loans
If you have utilized all federal aid options and still need more assistance, private loans are also available from banks and other financial institutions.
Private loans have higher loan amounts and lower rates for borrowers with excellent credit, but they also have stricter approval requirements and fewer repayment options and hardship protections.
Graduate student loan FAQs
What kind of loan is best for graduate school?
Since it doesn't require a credit check and has more hardship protectinos, the best loan for graduate school is a federal student loan. Graduate students only have access to federal direct unsubsidized loans, which have low, fixed rates and come with benefits like income-driven repayment (IDR) plans and potential loan forgiveness.
How much can I take out in graduate school loans?
Graduate students can borrow up to $20,500 per year in federal direct unsubsidized loans, with a lifetime maximum of $138,500 (including undergraduate federal loans). If you need additional funding, to cover the full cost of your program, you can apply for private loans or Direct PLUS Loans.
How can I get the best student loans for graduate school?
Start by filling out and submitting FAFSA to see what federal aid you qualify for, including federal student loans, scholarships, grants and work-study. After you exhaust all federal aid, a private lender on this list can fill any financial gaps.
Are graduate students eligible for Pell Grants?
No, typically only undergraduate students qualify for federal Pell Grants. In some cases, however, students enrolled in a postbaccalaureate teacher certification program or who are part of an approved Prison Education Program may be eligible.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Our methodology
To determine the best graduate school student loans, CNBC Select compared private student loan financing from national banks, credit unions, online lenders and other institutions. We narrowed down our ranking by only considering lenders that offer variable and fixed interest rates and that don't charge borrowers an origination fee or prepayment penalty.
We compared each company on the following features:
- Loan amount: We considered the minimum and maximum amount of funding available to borrowers, all the way up to the cost of attendance.
- Credit requirements: If available, we considered the minimum credit scores and income levels required for approval
- Loan terms: Companies were weighed more heavily if they had multiple financing options and allow students to start repayment while still enrolled
- Application process: Companies with an easy-to-use online application that provided approval information within minutes were weighed more heavily
- Discounts: All of the lenders on our list offer rate discounts for setting up autopay.
- Borrower protections: Companies that offered hardship protections like deferment, forbearance and grace periods, were given more weight.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Based on these criteria, our picks for the best graduate student loan companies are:
- For instant credit decision: College Ave
- For multi-year financing: Citizens Bank
- For applying with a co-signer: Sallie Mae
- For applying without a co-signer: Ascent
- For good credit: Earnest
- For part-time students: SoFi
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Interest Rates: Eligibility and Important Details. Fixed rates range from 2.98% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 5/21/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
