You’ve conquered your undergraduate degree—but you’re not quite done yet. The career you’re dedicated to pursuing means you’ll need to pursue grad school as a next step. Which lender best suits your goals?
Private graduate student loans tend to be slightly different from undergrad loans. From medical to dental law degrees, this education tends to be more of an investment. You’ll want a lender that charges a reasonable APR, offers lengthy repayment terms, and perhaps offers you some discounts along the way.
Here are our picks for the best private student loans for grad school.
Best private graduate student loans of June 2026
Lender details checked June 8, 2026
Best for a generous repayment term: Abe.
Abe
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- Year founded: 2024
- Company Headquarters: Mechanicsburg, PA
- CEO: Seth Gelber
Abe is one of the relatively few lenders that extends a loan term of up to 20 years for select programs. That’s a huge benefit for borrowers, as it can make a large loan amount affordable. You’ll pay considerable interest over a two-decade loan term—but at least you’ll be able to afford the schooling.
Abe also offers a longer-than-normal grace period of 12 months after you’ve left school before you are required to make payments on your loan. Convenient for transitioning between grad school and career.
Best for a reasonable APR: RISLA
RISLA
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- Year founded: 1981
- Company Headquarters: Warwick, Rhode Island
- Executive Director: Christine Barlow
RISLA is a nonprofit issuer of private student loans for grad school. One of its best features is its low maximum APR of 8.77%. That is remarkably lower than most competitors—by more than 8.00%, in some cases. If your credit score isn’t exemplary, you can apply with RISLA and know that you won’t be subject to predatory interest rates.
RISLA also doesn’t nickel-and-dime you with charges such as origination fees and early repayment fees. Plus, it offers income-based repayment (IBR) which can serve as an aid when your income fluctuates. During a downturn, your minimum payment will decrease to suit your needs.
Best for flexible repayment options: Ascent
Ascent
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- Year founded: San Diego, CA
- Company Headquarters: 15 years
- CEO: Ken Ruggerio
Ascent offers multiple paths of repayment for your graduate student loan. These include immediate repayment, interest-only repayment as long as you’re in school at least half time, $25 minimum monthly repayment during your schooling (at least half time) and grace period, and deferred repayment which postpones all payment until after your grace period.
You may also qualify for Ascent’s Progressive Repayment option. This allows you to pay less initially, with your minimum payments gradually increasing over the term of the loan. It’s helpful for those who may not be able to afford a considerable payment immediately, but expect the future income to handle larger monthly obligations.
Best for borrower discounts: SoFi
SoFi®
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- Year founded: 2011
- Company Headquarters: San Francisco, CA
- CEO: Anthony Noto
SoFi makes saving money fun by gamifying its loans. For example, you can earn a 0.25% autopay discount, a 0.125% member rate discount, up to $250 in cash bonuses as of this writing for GPAs of 3.0 or higher, even an extra 0.25% rate discount when you apply by Sept. 3, 2026.
You can also redeem Member Rewards toward private graduate student loans, earned for “smart money moves” like paying bills on time and increasing your credit score.
Read our SoFi student loans review to learn more.
Best for a variety of graduate loans: Sallie Mae
Sallie Mae
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- Year founded: 1972
- Company Headquarters: Newark, DE
- CEO: Jonathan Witter
Sallie Mae touts one of the most comprehensive catalogs of personal graduate student loans, from the standard medical and dental school options to bar exam loans and various residencies which can cover your travel and relocation.
No matter what you’re going to school for, you’re more likely to find the option through Sallie Mae than many competitors. And because Sallie Mae doesn’t enforce a maximum loan amount, creditworthy borrowers can borrow as much as they need for school-certified expenses.
Read our Sallie Mae student loans review for more details.
What is a private graduate student loan?
A private graduate student loan is a way to finance your grad school education without any federal funding. Instead of receiving money from the U.S. Department of Education, your loan is issued by an online lender, a bank, or a credit union.
You can use it to pay for the entirety of your education, but they’re more commonly used after you’ve exhausted all the federal funding you qualify for, as a supplement. Depending on the program, your schooling may cost much more than you can get from a federal student loan. A private student loan can take care of any excess school-certified expenses, such as tuition, housing, meals, and more.
Is a private graduate student loan a good idea?
A private graduate student loan can be a good idea—but again, it’s better used to cover the school-certified expenses that exceed your federal student loan maximum.
There’s a simple reason for this: Federal student loans come with standardized protections for those having trouble repaying their loan:
- Subsidized interest: If you’re in an eligible situation, the government will pay any interest while you’re still in school, during the grace period after you leave school, and during certain deferment periods.
- Income-driven repayment (IDR): Federal student loans dictate your minimum payment based on your income and family size. So if you find yourself making less money at some points throughout the loan, your monthly payment will drop to accommodate the situation.
- Loan forgiveness and cancellation: A federal loan can sometimes be erased when you use income-driven repayment for the full agreed-upon repayment term—but you still have a balance.
Private graduate student loans typically don’t offer these mechanisms, but law requires federal student loans to have them.
Pros and cons of private graduate student loans
Pros
- Those with excellent credit may get a lower interest rate than federal student loans
- Finance school-certified expenses that exceed your federal funding maximum
- Some lenders offer larger borrowing amounts and longer repayment terms than federal student loans
Cons
- Typically fewer hardship programs
- You must have a good credit score or a cosigner with good credit to qualify
- Those with average credit may get a higher interest rate than federal student loans
How to find the right private student loan for grad school
To find the right private graduate student loan, consider the following factors.
APR/interest
Interest rates are essentially the cost of borrowing money. This is one of the most important details of a private grad student loan. Even a fraction of a percent can translate to many thousands of dollars in interest.
As an example, let’s say you’ve got a 20-year loan of $150,000 at 5.00% APR. If you stick to the minimum payment, you’ll pay a total of approximately $87,584.07 in interest. But with a slightly lower 4.50% APR, you’d pay about $77,753.78. That’s nearly a $10,000 savings from just half a percentage point.
Also take a look at a loan’s APR, as it includes all fees associated with the loan in addition to interest. This will tell you the true out-of-pocket for opening a private grad loan.
Maximum loan amount
Some lenders enforce a cap on how much you can borrow, and some are willing to fund as many school-certified expenses as you’ve got (as long as you’re creditworthy). Choose a loan that will cover all your expenses so that you’ve only got one payment per month.
Loan term options
Your loan term is the amount of time you have to repay the money you’ve borrowed. The longer the loan term, the more affordable your monthly payments will be. Just note that a longer loan term means you’ll pay more interest (unless you repay early).
A financial institution may offer you a sufficient loan—but if they don’t give you enough time to pay, it may not be affordable.
Hardship options
Remember, private graduate student loans don’t automatically come with the collection of hardship options available with a federal student loan. Some lenders extend similar perks, though, making them the better choice if all else is equal.
How to qualify for a private student loan for grad school
To qualify for a private graduate student loan, there are a few specifics the lender will look for. Here’s what to expect:
- Credit score: Lenders typically require a good credit score for approval, as they want to make sure you’re a responsible borrower. If your credit score is fair or below, you may opt for a cosigner with a more impressive credit profile. Cosigners are more typical for undergraduates, as they tend to have thinner credit profiles—but it can absolutely be worth adding a cosigner if it means securing a better interest rate.
- Debt-to-income ratio (DTI): Another detail a lender will examine before handing you a private graduate student loan is your DTI. This is the percentage of your monthly gross income that is committed to repaying your current debts (think credit cards, auto loans, mortgage, and so on). A healthy DTI is under 36%.
- Enrollment at an eligible school: You can’t use a private graduate student loan at just any school; lenders generally have an approved list schools qualify for funding from every lender. Whichever graduate program you pursue, make sure it’s offered by a school on that list.
- Satisfactory Academic Progress (SAP): Schools use “Satisfactory Academic Progress” to gauge whether you’re keeping up academically. Some lenders ask that you meet SAP to be eligible for the continued funding of a private student loan.
Our methodology
Fortune identified the most important elements of a private student for grad school and compared lenders based on those specific details. We ranked them according to:
- Maximum loan amount (20%): Many lenders allow you to cover up to 100% of your tuition—with no cap. Some do offer hard caps, however, and they were docked accordingly.
- Minimum APR (25%): This is the lowest advertised rate by each institution. The APR you qualify for will depend on your credit, but if you or your cosigner has excellent credit, you could be eligible for these rates.
- Maximum APR (15%): This is the highest advertised rate by the lender. Even those that barely qualify for a private student loan can know their proposed APR won’t exceed this number.
- Maximum loan term (20%): The amount of time you’ve got to repay your debt is a critical aspect of a student loan. The longer the repayment term, the lower your minimum payment will be each month.
- Satisfactory Academic Progress requirement (5%): If your school decides that you’re not making SAP under its policy, it can choose not to certify the loan. Those that don’t require this were ranked higher.
- Repayment grace period (15%): The grace period is the amount of time after you finish school before the repayment period begins.This gives you a bit of time to find a job and become more stable before taking on this financial burden.
Frequently asked questions
What credit score do I need for graduate private student loans?
A good rule of thumb is to not apply for a private graduate student loan until your score is at least 670. This will give you better odds at approval—and generally more acceptable interest rates.
Are private graduate student loans better than federal loans?
Private graduate student loans are not typically considered “better” than federal loans. They each come with their own pros and cons. Federal loans come with robust hardship programs and reasonable interest rates, and they don’t require a credit check. For these reasons, it’s a good idea to take out federal student loans first and use private graduate student loans as a supplement if needed.
Do graduate private student loans cover living expenses?
Yes, graduate private student loans can cover living expenses such as housing and meals.
How much can I borrow with private student loans for graduate school?
The amount you can borrow with private student loans for graduate school depends on your lender’s maximum loan amount.
Are private student loans for graduate school tax deductible?
Private student loans for graduate school may be tax deductible, up to $2,500—but only the interest paid. Of course, you’re only eligible if you’ve used the loan for qualifying education expenses.
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