• The federal Graduate PLUS loan program was phased out for new borrowers, complicating how students pay for school.
• Private loans can help cover costs when federal aid, scholarships and savings are not enough.
• Top-rated private lenders for graduate students include Sallie Mae, Earnest and Ascent Funding.

If you’re a grad student heading back to campus this fall, figuring out how to pay for your schooling might be more complicated than previous years. As the federal Graduate PLUS program was phased out for new borrowers in July, many grad students are now relying on a mix of federal aid, scholarships, savings and private loans to cover costs. 

Private loans can help fill the gap when other payment options fall short. Private lenders usually don’t offer the same borrower protections as federal loans, like income-driven repayment plans, hardship options and federal loan forgiveness programs. But qualified borrowers can often still secure competitive interest rates and flexible repayment terms with a private loan. These are our top loan options for graduate students this school year. 

Our top-rated graduate school loans 

• Sallie Mae: Best for professional degree programs
• Earnest: Best for customizing repayment terms
• Ascent Funding: Best for students without established credit
• RISLA: Best for repayment safety nets
• College Ave: Best for graduate loan flexibility
• SoFi: Best for career and customer support

Compare the best loan providers for grad students 

Lender	Graduate loan amounts	Repayment term length	Fixed APR for grad students	Variable APR for grad students
Sallie Mae	$1,000 up to full cost of attendance	5–20 years	2.09%–15.26%	3.62%–16%
Earnest	$1,000 up to full cost of attendance	5–15 years	1.99%–16.49%	Up to 16.85% (no minimum disclosed)
Ascent Funding	$2,001 up to full cost of attendance	5–20 years	2.69%–17.01%	3.64%–16.05%
RISLA	$1,500 up to full cost of attendance	5–15 years	2.99%–9.24%	Not available
College Ave	$1,000 up to full cost of attendance	5–20 years	2.09%–15.99%	3.89%–15.99%
SoFi	$1,000 up to full cost of attendance	5–15 years	2.45%–14.83%	4.39%–15.86%

Sallie Mae: Best for professional degree programs

• Graduate loan amounts: $1,000 up to full cost of attendance
• Typical repayment term length: 5–20 years 
• Fixed APR for grad students: 2.09%–15.26%
• Variable APR for grad students: 3.62%–16% 

Sallie Mae is the largest private student loan lender in the country, and it offers many dedicated loans for professional and graduate programs. Beyond standard grad school loans, Sallie Mae has loans specifically for students in MBA, medical, dental, health professions and law school programs. It even offers loans to cover expenses while studying for the bar exam or in a dental or medical residency. 

Although interest rates vary by program, Sallie Mae has fixed APRs for grad students starting at 2.09% and variable APRs starting at 3.62%, among the lowest on our list. Still, you’ll need excellent credit or a cosigner for the best rates. If your credit history isn’t as strong, you may be able to find a better deal elsewhere. 

Earnest: Best for customizing repayment terms

• Graduate loan amounts: $1,000 up to full cost of attendance, lifetime maximum of $400,000
• Typical repayment term length: 5–15 years
• Fixed APR for grad students: 1.99%–16.49%
• Variable APR for grad students: up to 16.85% (no minimum disclosed)

Earnest gives borrowers many flexible ways to pay off their loans. For starters, it offers undergraduate and graduate borrowers a nine-month grace period after graduation until full payments begin. That’s longer than the six months offered by most competitors.

Before your grace period ends, you can choose from one of several payment options: deferment, low fixed payments, full payments or interest-only payments. This gives you the option to start paying off your loans earlier, or wait until you’re done with school. This is particularly helpful if, as a grad student, you expect your income to rise significantly after graduation. 

Unlike other major players like Sallie Mae and College Ave, Earnest does not offer loans specifically tailored to different professional programs, such as medical and law schools. Instead, it only offers general graduate and undergraduate loans. 

Ascent Funding: Best for students without established credit

• Graduate loan amounts: $2,001 up to full cost of attendance, lifetime maximum of $400,000
• Typical repayment term length: 5–20 years
• Fixed APR for grad students: 2.69%–17.01%
• Variable APR for grad students: 3.64%–16.05%

Ascent Funding offers graduate loans for borrowers with or without cosigners. Many grad students are in a unique position because they’re technically financially independent, but often don’t have a high income or long credit history. 

Ascent uses flexible underwriting practices, such as assessing a student’s future earning potential and academic standing, to approve some students who don’t have a cosigner or might not otherwise qualify.

Still, if you do have very strong credit, you might be able to get a lower APR at competitors like Sallie Mae or College Ave. 

RISLA: Best for repayment safety nets

• Graduate loan amounts: $1,500 up to full cost of attendance, lifetime maximum of $350,000
• Typical repayment term length: 5–15 years
• Fixed APR for grad students: 2.99%–9.24%
• Variable APR for grad students: Not available

Rhode Island Student Loan Authority, or RISLA, is a state-backed, nonprofit lender offering loans to graduate and professional students. Like Sallie Mae, RISLA’s offerings are tailored to specific programs, including law, medical, dental and veterinary school. 

What makes RISLA stand out is its extensive borrower protections. Unlike many private lenders, RISLA offers options like income-based repayment plans and payment forbearance. 

RISLA also has the lowest APR maximum of the list, making it a more affordable loan option. That said, it does not offer variable APR loans for any of its undergraduate or graduate loans. 

College Ave: Best for graduate loan flexibility 

• Graduate loan amounts: $1,000 up to full cost of attendance
• Typical repayment term length: 5–20 years
• Fixed APR for grad students: 2.09%–15.99%
• Variable APR for grad students: 3.89%–15.99%

College Ave is an all-online lender offering several loans catering to graduate students across programs like law, medical, veterinary and dental school, as well as other STEM and health professions degrees. Many students can get approval online for their loan with College Ave within a few minutes. 

College Ave also offers similar, flexible repayment options as Earnest, including interest-only, deferred and low fixed payments. It offers strong starting interest rates, though less-qualified borrowers might be able to find a better rate elsewhere. And while many lenders offer a repayment timeline up to 15 years, College Ave offers an extended 20-year repayment plan for many programs. 

SoFi: Best for career and customer support

• Graduate loan amounts: $1,000 up to full cost of attendance
• Typical repayment term length: 5–15 years
• Fixed APR for grad students: 2.45%–14.83%
• Variable APR for grad students: 4.39%–15.86%

SoFi offers many of the same terms and benefits for grad loans as other competitors. It has flexible repayment options and no origination fees or prepayment penalties. However, SoFi also does not charge insufficient-funds fees or late fees when you’re paying back your loans, a standout feature that can give you more flexibility. 

SoFi also offers an advance approval program that prequalifies you for loans throughout your entire degree program, not just one year. This can help reduce the time it takes when submitting your annual application. 

The lender also stands out for its robust career and customer support network. With SoFi, you have access to live customer service over the phone or online chat, plus career coaching, professional development and financial planning resources on its website. 

While SoFi is a solid all-around lender, other competitors are stronger in certain categories. For instance, Earnest has the best payment customization options, and RISLA offers the most borrower protections. 

How do graduate student loans work?

Federal graduate loans 

There are two main forms of graduate student loans: federal and private. Grad students must complete their FAFSA, or Free Application for Federal Student Aid, to see what federal student loans and scholarships they qualify for. 

Federal direct unsubsidized loans are the primary loan option available to grad students through the government. The maximum annual borrowing limit is usually $20,500, though it is higher for some students in professional programs. 

Once you receive your loan offer and borrow the funds, the U.S. Department of Education will typically send the money directly to your school to cover tuition and fees. Remaining funds that you borrow will be sent to you to cover other education-related costs, like housing and books. 

Keep in mind that, unlike subsidized loans, unsubsidized loans start accruing interest as soon as you borrow them. You can choose to make payments while you’re still in school, or wait until after graduation. 

Private graduate loans 

If you still have additional school-related expenses beyond what savings, grants, scholarships and federal loans pay, you might want to consider taking out a private loan. Private student loans typically cover up to the full cost of attendance at your school, minus whatever aid you receive. 

Unlike federal graduate loans, private loans assess your full financial picture, such as your credit history and income, to determine your eligibility and terms. You will typically repay private student loans according to the interest rate and repayment term length. 

How much can graduate students borrow?

Most graduate students can borrow only up to $20,500 per year in federal loans, with a lifetime limit of $100,000. Borrowers for professional grad programs, like medicine and law, have an annual limit of $50,000, with a lifetime limit of $200,000. 

The U.S. Department of Education’s Graduate PLUS loan program – which covered up to the additional cost of attendance – ended for new applications in July 2026. 

Now, private student loans are the primary option for covering these additional costs. While private loans often don’t have the same borrower protections as federal loans, qualified borrowers might be able to get a comparable or even better interest rate compared to Grad PLUS loans, which had a fixed APR of 9.07%

If you’re considering taking out a private loan for grad school, make sure to compare your options in order to get the best terms and interest rates possible. 

How we rate grad student loan providers 

We score the top student loan providers across more than 20 metrics in four categories. We assessed each lender based on: 

• Affordability (30%): This includes comparing the highest and lowest graduate-specific APRs across providers, as well as any fees. 
• Eligibility (20%): Nationwide providers offering graduate loans, especially loans for specific professional degrees, earned the highest marks.
• Borrower protections (25%): Lenders offering programs like reduced and interest-only payments, forbearance and post-graduation grace periods scored best in this category. 
• Customer service (25%): We compared lenders based on their online customer reviews, customer service and complaint teams, and payment options. 

Bottom Line

Federal loans often don’t cover the full cost of attending graduate school. If you’re a student who needs to borrow to cover additional costs like tuition and living expenses, private loans can be a good option. We recommend companies like Sallie Mae and Earnest for grad students. 

Make sure to weigh your options before taking out a loan. Compare interest rates and terms before choosing a provider, and have a plan to pay back the money after you graduate. 

FAQs: Best graduate school loans 

What are the best private loans for grad schools? 

Our top picks for grad school loan providers include Sallie Mae and Earnest. These companies offer competitive interest rates and flexible repayment options for grad students. 

Is Trump ending Grad PLUS loans?

Yes. As of July 1, 2026, the U.S. Department of Education is no longer accepting new applications for Graduate PLUS loans. Some students who borrowed Grad PLUS loans before this deadline can continue using the program for up to three years. 

What is the best way to borrow money for graduate school? 

If you’re borrowing money for grad school, taking out federal unsubsidized loans is the best place to start. Federal loans have borrower protections that many private loans do not, like income-driven repayment and Public Service Forgiveness. However, there is an annual borrowing cap of $20,500 for these loans. Private loans can help cover school-related expenses beyond the federal limit.  

How much would a $70,000 student loan be monthly?

It depends on your repayment timeline and APR. If you have a 6% interest rate and a 10-year repayment term, your monthly payment will be around $777. If you took 15 years to repay the same loan at the same interest rate, your monthly payment would be $591 – but you’d pay more interest in the long run. 

Is $70,000 in student loans a lot?

$70,000 in student loans is a lot, but it depends on your circumstance and career path. Many grad students expect their salaries to increase significantly after they graduate, meaning paying off a $70,000 loan is manageable with the right plan.