Need to borrow for graduate school? As a graduate student, you can borrow a Direct Unsubsidized loan and/or a Grad PLUS loan from the federal government. You can also find a private lender for a private graduate student loan.
Start the process by comparing Grad PLUS loans against our curated list of the best private graduate student loans in 2019. These lenders come vetted and highly recommended because of their unique solutions to helping students like you finance their education.
Ascent
No Cosigner or Income Required
Ascent is a private student loan program that helps graduate students fund their own education and become financially well. Graduate students can choose a cosigned loan or a non-cosigned loan. The latter takes their credit score and credit history into account when assigning a rate.
Am I Eligible?
Ascent’s eligibility requirements include:
- Have a minimum income of $24,000 as a solo applicant or have a cosigner
- Minimum credit score: Varies
- Minimum income:
- No minimum income requirement for student borrowers with less than 2 years credit history
- Minimum income requirement of $24,000 for students with 2 years credit history and for cosigners
- You must be at least a half-time graduate student
- You need to borrow at least $2,001
*Other criteria may apply according to the lender
Why Ascent?
Ascent offers graduate student borrowers many benefits:
- Borrow up to 100% of your cost of attendance
- Several loan terms available (5, 7, 10,12, 15 or 20 years)
- Your choice of repayment options, including deferred repayment with a 9 month grace period
- No application fees, origination fees, disbursement fees or prepayment penalties
- Cosigner release after 12 payments
- Rates for non-co-signed loans takes a borrower’s future earnings into account
- Military deferment of up to 36 months
- .25% interest rate deduction for payments made via Automatic Debit
- 1% Cash Back Reward upon graduation
- Earn up to $525 for each friend you refer to Ascent through their refer-a-friend program
- Non-U.S. citizens and DACA status students can apply with a U.S. citizen or U.S. permanent resident as a cosigner
LendKey
Get Matched with a Community Bank or Credit Union
LendKey is an online platform that matches loan-seeking graduate students with the community banks and credit unions offering the best rates.
Am I Eligible?
LendKey looks for loan candidates that:
- Have a minimum credit score of 660
- Have a minimum income of $24,000 per year
- Are enrolled at least half-time in a graduate program
- Need to borrow at least $1,000
*Other criteria may apply according to the lender
Why LendKey?
LendKey offers graduate student borrowers many benefits:
- Borrow up to the total cost of attendance minus any financial aid
- Plenty of competitive rates and lenders to choose from
- A 0.25% interest rate deduction when you use autopay
- No application fees, prepayment penalties, or origination fees
- 18 months of forbearance available (in 6-month increments)
- Several in-school repayment plans available
- Cosigner release available with some of the banking institutions that LendKey has relationships with
- Complimentary Career Assistance Program for borrowers looking to improve their employment situation
- 5-minute online application and pre-approval
Earnest
Rates Based on More than Just Your Credit Score
Earnest is an online-only lender that offers unique financing solutions for students pursuing a graduate degree.
Am I Eligible?
Earnest looks for loan candidates that:
- Have a minimum income of $35,000 as a solo applicant or have a cosigner
- Have a minimum credit score of 650 with at least 3 years of credit history or have a cosigner
- Are full-time graduate students
- Need to borrow at least $1,000
*Other criteria may apply according to the lender
Why Earnest?
Earnest offers graduate student borrowers many benefits:
- Borrow up to 100% of the cost of attendance minus any financial aid
- No fees for origination, disbursement, or late payments
- Rates based on your credit history, income, and spending and saving habits
- Choose from four payment options, including deferred payment in select states
- Long 9-month grace period (3 months longer than the norm)
- No prepayment penalties, so you can pay off your loan as fast as you want
- Forbearance of up to 12 months and death or disability discharge available
- Skip a payment once per year
- A 0.25% rate reduction with autopay
- Academic and military deferment
- Client Happiness team available through call, text, and email
CommonBond
Funding Your Education Funds a Child’s Education Too
CommonBond is an online marketplace lender that helps graduate students secure low-interest private student loans. Plus, when you fund with CommonBond, CommonBond funds a child’s education through its Pencils of Promise initiative.
Am I Eligible?
CommonBond looks for loan candidates that:
- Have a minimum income of $35,000 as a solo applicant or have a cosigner
- Have a minimum credit score of 660 or have a cosigner
- Are full-time graduate students
- Need to borrow at least $1,000 and no more than $500,000
*Other criteria may apply according to the lender
Why CommonBond?
CommonBond offers graduate student borrowers many benefits:
- Borrow up to the cost of attendance minus any financial aid
- Cosigner release after 2 years of on-time payments
- Zero application fees, prepayment penalties, or origination fees
- Up to 12 months of loan forbearance
- Your choice of a variable or fixed interest rate
- Academic and military deferment
- Death and disability discharge for the borrower and cosigner
- Quick and easy online application process
- Responsive in-house customer service team
CollegeAve
Clear & Personal Solutions for Graduate Students
College Avenue is an online-only lender that helps graduate students fund their master’s degree.
Am I Eligible?
CollegeAve looks for loan candidates that:
- Have a minimum income of $35,000 as a solo applicant or have a cosigner
- Have a minimum credit score of mid-600s or have a cosigner
- Are full-time graduate students
- Need to borrow at least $1,000
*Other criteria may apply according to the lender
Why CollegeAve?
CollegeAve offers graduate student borrowers many benefits:
- Super-flexible loan terms ranging from 5 to 15 years
- Four repayment options, including deferred payments while you’re in school
- Zero application fees, prepayment penalties, or origination fees
- Your choice of a variable or fixed interest rate
- Biweekly payments via AutoPay
- Military deferment for active-duty military
- Borrow up to the cost of attendance minus any financial aid
- In-house customer service team
How Do I Know What Lender is Right for Me?
Choosing to borrow money to attend graduate school is a big decision. It’s money that you’ll have to pay back plus interest. If you’ve already borrowed for your undergraduate degree, you might feel hesitant to take on even more debt. If you’ve never borrowed before, finding a lender is new territory.
Since borrowing is a big decision, it’s important for you to get it right. As you weigh your options, keep these factors in mind:
Interest Rate
Getting approved for a loan is one feat. Securing a low-interest rate is another. The lower the interest rate, the less money you’ll owe overall for the loan. Compare different lenders to see which one offers you the best rate. If you don’t like the rates you see, find a cosigner or build up your credit score.
Loan Term
The longer the loan term, the less the monthly payment, but the more interest you’ll owe over the life of the loan. A long loan term is helpful if you must start making payments while you’re in school and/or you already have a high monthly payment from your undergraduate loans. However, if you can swing it, opt for a shorter loan term to save the most money.
Academic Deferment
It’s good practice to at least make interest payments while you’re enrolled, but it’s not always possible. If you’ll have limited income during graduate school, prioritize lenders that let you defer payments while you’re in school. Most of the lenders we work with offer a deferred repayment plan.
Borrower Protections
Choose the lender that makes you feel comfortable should something go awry in your life or you face a change in employment. For example, Ascent offers military deferment of up to 36 months. If you’re in the military, borrowing with Ascent means you don’t need to stress about loan payments while you’re on active duty.
Cosigner Release
Do you have a cosigner with good credit? If so, you’ll have an easier time getting a good rate. Of course, you need to make sure that you and your cosigner both feel comfortable with the arrangement. Prioritize lenders that offer a simple cosigner release process. For example, CommonBond and Ascent offer cosigner release after 12 months of on-time payments. No refinancing necessary.
Final Thoughts on the Best Private Graduate Student Loans
Borrowing money to attend college is a personal decision. The best lender for you might not be the best choice for someone else. Do your own research into our top picks above to see which one truly suits your needs.
