The average cost of a two-year Master's degree in 2026 is about $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.
Beginning July 1, Graduate PLUS loans are no longer available to new borrowers — and new caps have been placed on Unsubsidized Direct Loans for graduate school and professional programs.
That means an increasing number of students will turn to private loans to fill funding gaps in their postgraduate education. Many are still paying off undergrad loans, so securing more financing could be a colossal challenge.
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.)
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Best for instant approval: College Ave
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 an individual borrower for a $1,000 scholarship.
- 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-signers can't be released until half of the repayment term has passed
- Charges late fees
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 the 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
Best for multi-year financing: Citizens Bank
Who's this for? Rather than requiring borrowers to reapply each year, Citizens Bank offers multi-year financing, so you can submit one application and just undergo a soft credit inquiry in subsequent semesters.
Standout benefits: In addition to the 0.25% rate deduction for autopay, Citizens customers get another 0.25% discount.
- 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
Best for applying with a co-signer: Sallie Mae
Who's this for? Sallie Mae will release co-signers 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.
- 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
Best for applying without a co-signer: Ascent
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 a 1% discount for setting up autopay.
- 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 7/15/2026 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.
Best for good credit: Earnest
Who's this for? Earnest approves borrowers with a FICO® Score of 650. 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.
- 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 and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 3.04% to 16.74% (2.79% – 16.49% with Auto Pay discount). Variable annual percentage rates (APR) range from 5.24% to 17.10% (4.99% – 16.85% with Auto Pay discount). Earnest variable interest rate student 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 plus a margin and will change on the 1st of each month. 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. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount from a checking or savings account. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.
Best for part-time students: SoFi
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.
- $25/month partial interest payment option available while you are enrolled at least half-time
- 0.25% interest rate discount for autopay
- Co-signers eligible for release after 12 consecutive payments
- Offers a $250 bonus to eligible borrowers with a 3.0 GPA or better
- Existing SoFi members may qualify for an additional rate discount
- Good to excellent credit is typically required for approval
- $5,000 minimum loan amount is higher than other lenders' minimums.
- Interest Rates: Eligibility and Important Details. Fixed rates range from 2.45% 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 7/6/2026 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.
Types of graduate school loans
There are both federal and private options for graduate school financing.
Direct Unsubsidized Loans. These are fixed-rate federal loans that do not require a credit check and offer access to federal repayment protections, including income-driven repayment plans. (Direct Subsidized Loans are not available for graduate school.)
Beginning July 1, 2026, graduate school students may borrow up to $20,500 annually, with an aggregate limit of $100,000. Students enrolled in law school, medical school and certain other professional programs have an annual cap of $50,000 and an aggregate limit of $200,000.
Federal Direct PLUS loans. As of July 1, 2026, Graduate PLUS Loans are no longer available to new applicants.
Private student loans. Students who are not eligible for federal student aid or who have exhausted their federal loan eligibility can apply for financing from private lenders.
Although private student loans generally do not offer the same borrower protections as federal loans, some private medical school loans provide benefits tailored to physicians in training, such as extended grace periods, reduced payments or deferment options during residency and fellowship.
Best lenders for professional programs
Specific advanced programs have different options and requirements. Here are CNBC Select's top picks in a variety of professional degree programs.
Pros and cons of private graduate student loans
- Higher borrowing limits than federal Direct Unsubsidized Loans
- Faster approval process
- Typically, no origination fee
- Borrowers with excellent credit may receive lower rates than with federal loans
- Approval is based on credit history, income, and debt levels
- Borrowers with weak credit may receive higher interest rates than with federal graduate loans.
- Fewer repayment protections and more limited hardship-relief and loan-forgiveness options than federal loans.
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, students in MBA, law, health professional and dental programs
$5,000 (or state-mandated minimum) up to the 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
How to apply for graduate school 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, undergraduate and graduate students must complete the Free Application for Federal Student Aid, or FAFSA.
Unlike undergrads, however, graduate students are considered independent of their parents’ finances.
Completing the FAFSA may make you eligible for:
- Federal Direct Unsubsidized Loans
- Teacher Education Assistance for College and Higher Education (TEACH) Grants
- Federal work-study
- Other federal and institutional aid programs
You must:
- Be a U.S. citizen or eligible noncitizen
- Attend a qualifying institution that offers an eligible degree or certification program.
- Be enrolled as a regular student as defined by your institution.
FAFSA creates a submission summary of your approximate financial aid eligibility, which your school will use to create a financial aid package.
Historically, Grad PLUS Loan applicants filled out a Direct PLUS Loan application and a Direct PLUS Loan Master Promissory Note (MPN). However, the Federal Graduate PLUS Loan program is being largely eliminated starting July 1, 2026.
For the 2026-2027 academic year, check your eligibility for the grandfathered status to determine if you need to file a PLUS application or a standard MPN.
2. Apply for private loans
If you have utilized all your federal aid options and still need more assistance, private loans for graduate school are 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?
Federal student loans are usually the best option for graduate school because most don't require a credit check and they offer borrower hardship protections that private loans generally don't. Graduate students can access Direct Unsubsidized Loans, which have fixed interest rates and benefits like income-driven repayment plans, deferment and forbearance options, and potential loan forgiveness.
If you need to borrow more, private student loans are worth considering.
How much can I take out in federal graduate school loans?
In 2026, graduate students can borrow up to $20,500 per year in Direct Unsubsidized Loans, with an aggregate limit of $100,000.
How can I get the best student loans for graduate school?
Start by filling out and submitting the 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 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 our ranking to lenders that offer variable and fixed interest rates and don't charge borrowers an origination fee or a prepayment penalty.
We compared each company on the following features:
- Loan amount: We considered the minimum and maximum funding amounts, up to the cost of attendance.
- Credit requirements: We considered the minimum credit score and income level required for approval, when made available
- Loan terms: Companies were given more weight if they had multiple financing options and allowed 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 such as deferment, forbearance, and grace periods were given greater weight.
We also considered CNBC Select audience data, when available, including 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 2.45% 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 7/6/2026 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
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).
