5 Best Graduate Student Loans

Maybe you are planning to pursue your master’s, PhD, or other advanced degree, you may be reviewing your options for graduate student loans.

Also, the best graduate student loans let you borrow as much as you need while providing flexible repayment terms and competitive interest rates.

Moreover, there are various private lenders offering graduate school loans at a low rate that include law school, medical school, dental school, and MBA programs.

Also, we will review the leading student loan lenders here, to help you find the best way to fund your continuing education. Keep reading this article to know the best graduate student loans you can apply for.

READ MORE:  11 Best Graduate Student Loan Options of July 2023

Table of Contents

1. Earnest

Earnest is number one on the list of the best graduate student loans because of its flexible repayment terms, customized loan options, and transparency around lending requirements.

When you borrow from Earnest, then you can choose repayment terms from five to 15 years, to make it easy to find a term that works for your budget.

Additionally, you have four different repayment options after you borrow, whether you want to start to make partial or full payments right away or defer payments until after you graduate.

Moreover, they offer a nine-month grace period on student loans, the is three months longer than the grace period you’ll find from most other lenders. Also, Earnest gives a general graduate school loan option, as it customizes loans for specific degree types.

Specifically, they offer graduate student loans for medical school, law school, and MBA programs as well as loan options for half-time students.

Overall, Earnest is upfront about its eligibility criteria, sharing the residency, financial and other requirements that you or your co-signer need to meet to borrow the loan.

Maybe you or your co-signer have a minimum FICO score of 650 and make at least $35,000 yearly, the graduate student loan from Earnest will be a good one.

For more information, you can read the full Earnest Student Loans Review.

2. Credible

Credible is an online lending marketplace that enables you to check your rates with multiple lenders at once.

Moreover, with no impact on your credit, then you can pre-qualify for the graduate student loan from Credible partners, which include:

College Ave
Ascent
META
Custom Choice
EDvestinU
INvestED
Sallie Mae

As every lender sets its borrowing requirements, you may not be eligible for each one. After you submit your information, you can compare offers and see if any are the right thing.

However, when you decide to progress, you can choose an offer and submit a full application. Most of Credible partner lenders give student loans starting at $1,000 and go up to your school-certified cost of attendance.

Furthermore, you can decide to head to the individual lender’s website or call its customer support team if you need additional details about its loan amounts, repayment options or other loan features.

3. SoFi

SoFi gives graduate student loans to qualified borrowers across the country. Along with the general graduate school loan, it designs loans specifically for medical school, law school and MBA programs.

Moreover, when you borrow from SoFi, then you can select between fixed and variable rates and loan terms of five to fifteen years. Also, you’ll get access to the range of SoFi member benefits that include career coaching and estate planning.

This company doesn’t change their fees on its student loans, so you don’t need to panic about the origination Fee or prepayment penalty.

Additionally, the lender gives you the option to defer payments if you go back to school, undergo disability rehabilitation or serve in the military.

Maybe you apply for the cos-signer, SoFi allows you to apply for co-signer release after 24 months of on-time payments.

However, the lender is not particularly transparent about its underwriting criteria and doesn’t disclose the minimum credit score or income requirements on its website.

READ MORE: Best Graduate Student Loans of July 2023

4. Ascent

Ascent is a solid student loan lender, with a fairly rare perk for eligible borrowers: when you meet certain requirements that include graduating with the degree you took the loan out for you can get 1% of your loan proceeds back.

Ascent gives you the option to pre-qualify the no impact on your credit, as they enlist the co-signee if you’re having trouble qualifying on your own. Moreover, graduate school loans come with flexible repayment options and loan terms of five to 20 years.

Furthermore, not like most private lenders, they give various options for graduated repayment, meaning you can choose to start with lower payments that increase over time. Also, you don’t need to worry about combination fees or prepayment penalties.

5. Discover

Discover gives graduate school loans starting at $1,000 with repayment terms of 20 years. If you borrow from Discover, you don’t have to worry about application origination or late fees.

Moreover, sign general graduate school loans, Discover offers MBA loans, health professions loans, and law loans. Also, it offers two post-graduate loan options: residency loans and bar exam loans.

Furthermore, you can qualify for a one-time 1% cash bonus if you earn a 3.0 GPA or higher in graduate school through Discover’s Rewards for Good Grades program. Discover gives a length of grace period of nine months and options for deferment and forbearance.

However, Discover doesn’t provide the option of co-signer release. When you apply with the co-signee, the individual will share your debt for the life of your loan (unless you refinance in your name).

READ MORE: Best Graduate Student Loans

Conclusion

Graduate student loans are financing options designed to assist helps pay for graduate school. Since federal student loan offer better borrower protections, you should always consider them before taking out private student loans.