The Best Graduate Student loans of January 2023

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Students may be able borrow student loans to help bridge the gap between what they are able to afford and the total cost of college. A student loan might be an option for you if you have already used your “free money”, grants, scholarships, and savings to pay for college but still feel that you are unable to afford it.

Consider your options. federal student loans should always take precedence over private ones. Federal loans have the lowest interest rates, and offer greater protection than private lenders.

Take the Biden administration’s decision to cancel federal student loan debt. If the plan is successful in court and is implemented, then the Department of Education can forgive. $10,000 in student loans for borrowers making less than $125,000 per year, and as much as $20,000 for Pell Grant recipients. Federal loans are eligible for forgiveness private loans won’t.

Graduate students may not be eligible for all federal loans. But they can take out Direct Unsubsidized loans as well as Direct PLUS loans. 

These are the top options for graduate students who want to borrow money. 

Best graduate student loans

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Editor’s rating

4.75/5

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Annual Percentage Rate (APR), Regular

4.99% for undergraduates, 6.54% for graduate and professional students

Editor’s rating

4/5

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APR (Annual Percentage Rate):

7.54%

Editor’s rating

4/5

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APR (Annual Percentage Rate):

Variable: 6.31%- 15.32%, Fixed; 5.62%- 16.43% (varies according to program).

Editor’s rating

4/5

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APR (Annual Percentage Rate):

Variable: 3.99% – 12.99%, Fixed: 4.24% – 12.99%

Editor’s rating

4.25/5

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APR (Annual Percentage Rate):

Variable 4.49%-11.99%, Fixed 4.49%-13.95% with AutoPay

Editor’s rating

3/5

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APR (Annual Percentage Rate):

Variable: 5.50% – 15.10%, Fixed: 5.25% – 14.48%

Editor’s rating

4.25/5

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APR (Annual Percentage Rate):

Variable: 5.16% – 13.75%, Fixed: 3.65% – 12.47%


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Federal Direct Unsubsidized Loans Website

Federal Direct unsubsidized loan

Federal Direct Unsubsidized Loan


Regular Annual Percentage Rate (APR).

4.99% for undergraduates, 6.54% for graduate and professional students

Federal Direct Unsubsidized Loan Federal Direct Unsubsidized Loan

Federal Direct Unsubsidized Loan


Regular Annual Percentage Rate (APR).

Undergraduates: 4.99%; Graduate and professional students 6.54%

Federal Direct Unsubsidized Loans website


APR (Annual Percentage Rate):

4.99% for Undergraduates, 6.54% if you are a professional student or graduate.

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Federal Direct PLUS loan

Department of Education Federal Direct PLUS Loan


Fees

4.228% origination fee


Regular Annual Percentage Rate (APR).

7.54%

Department of Education Federal Direct PLUS Loan


Fees

4.228% origination fee


Regular Annual Percentage Rate (APR).

7.54%

The Department of Education’s website


APR (Annual Percentage Rate):

7.54%


Fees

4.228% origination fee

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Ascent graduate student loan

Ascent Ascent Graduate Student Loans

Ascent Graduate Student Loans


Annual Percentage Rate (APR), Regular

Variable: 6.31%- 15.32%, Fixed; 5.62%- 16.43% (varies according to program).

Ascent Ascent Graduate Student Loans

Ascent Graduate Student Loans


Annual Percentage Rate (APR), Regular

Variable: 6.31%- 15.32%, Fixed; 5.62%- 16.43% (varies according to program).


APR (Annual Percentage Rate):

Variable: 6.31%- 15.32%, Fixed; 5.62%- 16.43% (varies according to program).

Bank of Lake Mills Member FDIC funds Ascent Student Loans. Some loan products may not be available in some jurisdictions. Some restrictions, limitations, terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates effective 11/14/2022. They reflect an automatic payment discount either 0.25% for credit-based loans or 1.00% for undergraduate outcomes-based loans. Automatic Payment Discount is available for those who are enrolled in automatic payments from a personal checking account. The amount is successfully withdrawn each month from the authorized bank account. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. Terms and conditions apply to the 1% Cashback Graduation Reward. The minimum credit requirements for a cosigned Credit-Based loan student are required to meet. The minimum credit score required can change and will depend on the credit score your cosigner has. The lowest APRs require interest only payments, the shortest term loan term and a cosigner. These loans are available to creditworthy applicants only and cosigners with high credit scores.

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Student loans for College Ave graduates

College Ave College Ave Graduate Student Loans

College Ave Graduate Student loans


Regular Annual Percentage Rate (APR).

Variable: 3.99% – 12.99%, Fixed: 4.24% – 12.99%

College Ave College Ave Graduate Student Loans

College Ave Graduate Student loans


Regular Annual Percentage Rate (APR).

Variable: 3.99% – 12.99%, Fixed: 4.24% – 12.99%


APR (Annual Percentage Rate):

Variable: 3.99% – 12.99%, Fixed: 4.24% – 12.99%

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Earnest graduate student loans

Earnest Earnest Graduate Student Loans

Graduate Student Loans from Earnest


Regular Annual Percentage Rate (APR).

Variable 4.49%-11.99%, Fixed 4.49%-13.95% with AutoPay

Earnest Earnest Graduate Student Loans

Earnest Graduate Student loans


Annual Percentage Rate (APR), Regular

Variable 4.49%-11.99%, Fixed 4.49%-13.95% with AutoPay


APR (Annual Percentage Rate):

Variable 4.49%-11.99%, Fixed 4.49%-13.95% with AutoPay

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Sallie Mae graduate student loans

Sallie Mae Sallie Mae Graduate Student Loan

Sallie Mae Graduate Loan for Students


Regular Annual Percentage Rate (APR).

Variable: 5.50% – 15.10%, Fixed: 5.25% – 14.48%

Sallie Mae Sallie Mae Graduate Student Loan

Sallie Mae Graduate Loan for Students


Annual Percentage Rate (APR), Regular

Variable: 5.50% – 15.10%, Fixed: 5.25% – 14.48%


APR (Annual Percentage Rate):

Variable: 5.50% – 15.10%, Fixed: 5.25% – 14.48%

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Custom Choice graduate student loans

Custom Choice Custom Choice Graduate Student Loans

Graduate student loans of custom choice


Regular Annual Percentage Rate (APR).

Variable: 5.16% – 13.75%, Fixed: 3.65% – 12.47%

Custom Choice Custom Choice Graduate Student Loans

Graduate student loans of custom choice


Regular Annual Percentage Rate (APR).

Variable: 5.16% – 13.75%, Fixed: 3.65% – 12.47%

Custom Choice’s website


APR (Annual Percentage Rate):

Variable: 5.16% – 13.75%, Fixed: 3.65% – 12.47%

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Other graduate student loans that we considered

  • Citizens Bank private student loans. Citizens Bank offers excellent rates, but Citizens doesn’t offer the option to pay while still in school. 
  • Discover private student loans. Although the lender does not charge fees, you can still find lower APRs elsewhere. 
  • Credible private student loans. Credible doesn’t make student loans directly. It is a marketplace which makes loans through the listed lenders and others. Credible works well with Ascent, Citizens Bank and College Ave, as well as Sallie Mae. 

Which lender is the most trustworthy

We have only chosen student loan lenders that have not been subject to public controversy in the past three years. We also compared the financial statements of each institution. Better Business Bureau score.

The BBB, a non profit organization focused on consumer protection, trust and safety, evaluates companies based on how they respond to consumer complaints, honesty of advertising, and clarity about business practices. Here’s how each company scored:

Only Custom Choice is currently rated A- or higher by BBB among our top private lenders. Custom Choice is not rated by the BBB. However, this rating doesn’t necessarily reflect Custom Choice’s trustworthiness. You should speak with others about their experiences with the businesses prior to deciding whether or not to borrow from them. 

Methodology

Personal Finance Insider’s mission it to help smart people make smart financial decisions. We compared interest rates, terms, and fine print across many student loan companies to help you make informed decisions. In determining the best student loans, we considered: 

      • Interest ratesWe prioritize lenders that offer the lowest interest rates to graduate students.
      • Nationwide availability:We searched all 50 states for student loans. 
      • Flexible repayment plans Most lenders offer four options for repayment: defer payment until after school, interest-only payments in schools, small fixed payments in schools, and full monthly in-school payments. We searched for lenders that offered the most flexible payment options.
      • There are no or very few fees We prioritized lenders that did not charge fees, such as origination fees or prepayment penalty.

See our full ratings methodology for student loans >>

Frequently Asked Questions

Your financial situation will play a major role in your decision. You might consider other options, such as scholarships, a lower-cost school, or a side hustle to make more money. No matter what your decision, ensure you understand the terms of your loan agreement before making a commitment.

Keep in mind that interest continues to accrue while you are in school. Therefore, it is a good idea to make your interest payments each month and/or set aside a certain amount for monthly payments.

It could be a good idea to pay the principal or the interest on your student loans. After all, any interest that is not paid will result in your loan going into repayment. capitalize. This means it will be included in the principal balance of the loan, which increases the loan. This new loan balance is used to determine interest.

Each lender will offer different repayment options while you are in school. Some lenders allow you to pay off your monthly debt in full each month. Others offer interest-only, flat, or both. You may also be able defer all costs until you graduate.

Because you will likely repay your student loans over longer periods, it is important to understand your options for the term length. Although you may want to spread your costs, it is possible to extend the term but pay more overall interest. Sallie Mae and other lenders can set your repayment terms for you.

Federal student loansPrivate student loans do not offer the same protections as private student loans. Examples include the loan forgiveness for student loans and loan forbearance during a coronavirus pandemic.

Similarly, income-based repayment plansThese are only available for federal student loan borrowers and reduce payments to a certain percentage of a person’s income. This protection is not available for private student loan borrowers, and could make a significant difference. 

It is a smart idea to make use of all your federal loan options before you take advantage these protections.

Yes, interest will accrue for six months after graduation, in a similar manner to it doing while you are still in school. Private lenders may not have been able to suspend this practice due the pandemic. However, they are not required to. 

Fixed-interest rates are the same throughout the loan term. Variable interest rates are exactly what they sound like — they have interest rates that change based on interest rate indexes, like the LIBOR or prime rate, plus a margin. The index rate rises, and so does your monthly payment. 

Variable-rate loans have interest rates and payments that change over time. It’s important that you remember that what goes up must also come down. There’s a possibility that interest rates could rise before a loan like a student loan is paid off. Therefore, your interest rate and payments may not always be as low. 

Your financial situation, as well as your belief about the direction of the market, will determine the best choice for you. 

Private student loans are not available. not eligibleFederal forgiveness programs are not eligible. You may be eligible for forgiveness if federal student loans are paid in full.   

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