Graduate school is expensive, and federal loans only go so far. If you are pursuing a master's degree, MBA, law degree, medical degree, or PhD, you have probably already discovered that the federal Direct Unsubsidized Loan caps out at $20,500 per year. For programs that cost $40,000, $60,000, or even $90,000 annually, that leaves a serious gap. Private student loans can fill it, but not all private lenders treat graduate borrowers the same way. Some offer higher borrowing limits, lower rates for strong credit profiles, and repayment plans that let you wait until after graduation to start paying. This guide breaks down the best private student loan options for graduate students in 2025-26, so you can borrow smarter and keep your total cost of attendance under control.
Why Graduate Students Turn to Private Loans
Federal Grad PLUS loans can cover the rest of your cost of attendance after Direct Unsubsidized Loans, but they come with a fixed interest rate of 6.99% for the 2025-26 academic year and a loan fee of approximately 4.228%. That fee is deducted from every disbursement, so you receive less than you borrow. If you have good to excellent credit (or a cosigner who does), private lenders may offer you a lower rate with no origination fees at all.
Private loans make the most sense when:
- Your credit score is around 670 or higher (or your cosigner's is).
- You have maxed out your federal Direct Unsubsidized Loan for the year.
- You want a lower interest rate than Grad PLUS offers.
- You need flexibility in repayment timing while you are still in school.
That said, federal loans come with income-driven repayment and Public Service Loan Forgiveness options that private loans do not. Always exhaust your federal Direct Unsubsidized Loan first before turning to private lenders.
Top Private Lenders for Graduate Students in 2025-26
Earnest
Earnest stands out for flexibility. You can choose your monthly payment amount, and the loan term adjusts accordingly. For graduate borrowers in 2025-26, Earnest offers:
- Fixed APR: 3.89% - 15.49% (with autopay)
- Variable APR: 5.24% - 16.19% (with autopay)
- Loan amounts: $1,000 up to the total cost of attendance
- Repayment terms: 5 to 20 years
Earnest allows full deferment while you are enrolled at least half-time, and there are no origination fees or prepayment penalties. One challenge is that Earnest does not accept cosigners on graduate loans, so you need strong credit on your own.
SoFi
SoFi is popular among graduate and professional students for its high loan limits and member benefits. Key details for 2025-26:
- Fixed APR: 3.99% - 14.63% (with autopay)
- Variable APR: 5.24% - 15.99% (with autopay)
- Loan amounts: $5,000 up to the total cost of attendance
- Repayment terms: 5 to 15 years
SoFi offers unemployment protection, which lets you pause payments and get career coaching if you lose your job after graduation. In-school deferment is available. SoFi does not charge origination fees, application fees, or late fees. The $5,000 minimum loan amount could be a drawback if you only need a small amount to close a gap.
College Ave
College Ave is designed specifically around student lending and gives you multiple in-school repayment options. For 2025-26:
- Fixed APR: 2.19% - 15.99% (with autopay)
- Variable APR: 3.89% - 15.99% (with autopay)
- Loan amounts: $1,000 up to the total cost of attendance
- Repayment terms: 5 to 20 years
College Ave lets you pick from four in-school payment options: full deferment, interest-only payments, a flat $25 monthly payment, or full principal-and-interest payments. Choosing a higher in-school payment lowers your overall cost. Cosigners are accepted, and College Ave offers cosigner release after 24 consecutive on-time payments.
Ascent
Ascent is worth knowing about if you do not have a long credit history. Ascent offers both cosigned and non-cosigned loan options, and their outcomes-based approval model considers your school, degree, and projected income. For 2025-26:
- Fixed APR: 4.36% - 15.97% (with autopay)
- Variable APR: 5.50% - 15.74% (with autopay)
- Loan amounts: $2,000 up to $200,000 (varies by program and degree)
- Repayment terms: 5 to 20 years
The non-cosigned option is genuinely useful for international students or borrowers whose parents cannot cosign. Ascent charges a 0% - 6% origination fee depending on the loan type and credit profile, which is unusual among private lenders and worth factoring into your total cost.
MPOWER Financing
MPOWER Financing serves international and DACA students at over 400 U.S. and Canadian schools, making it a standout for borrowers who are typically shut out of the private loan market. For 2025-26:
- Fixed APR: 7.52% - 14.98% (with autopay)
- Loan amounts: Up to $100,000 across your program ($50,000 per year)
- Repayment terms: 10 years
MPOWER does not require a U.S. cosigner or U.S. credit history. Rates are higher than what domestic borrowers with excellent credit can get elsewhere, but for students without other options, this lender fills a real gap. In-school deferment is available for up to six months after graduation.
Funding U
Funding U takes a different approach by focusing on your academic performance and future earning potential rather than your credit score. This can help graduate students who are early in their careers. For 2025-26:
- Fixed APR: 6.99% - 12.49%
- Loan amounts: $3,000 to $20,000 per year
- Repayment terms: 10 years
The loan limits are lower than other lenders on this list, so Funding U works best as a supplement rather than your primary private loan. No cosigner is required, and there are no origination fees.
How to Compare Lenders Effectively
Rankings
Compare private student loan options
Compare College Ave, Earnest, and Sallie Mae — with Sallie's rate matched to this program where available.
- Rank #1Editor's Pick
Graduate
College Ave
Best for: Students who want flexible repayment options and no origination fees
- 0.25% rate reduction with auto-pay
- Four in-school repayment options
- No application, origination, or prepayment fees
- Borrow from $1,000 up to 100% of cost of attendance
Apply NowRates
From 2.19% APR
2.19% - 15.99% fixed APR, 3.89% - 15.99% variable APR
Disclosures+
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. (1) 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. (2) As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (APR): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 7/20/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on 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.
- Rank #2
Graduate
Sallie Mae
Best for: Undergraduate and graduate students, and parents, comparing competitive fixed- and variable-rate private student loans
- Competitive variable and fixed rates
- Multiple repayment options
- Cosigner release available
- No origination fees
Apply NowRates
From 2.29% APR
2.29% - 14.99% fixed APR, 3.75% - 14.48% variable APR
Disclosures+
Graduate School Loan: Examples of typical transactions for a $10,000 Graduate School Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 2-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 14.69% fixed APR, 27 payments of $25.00, 119 payments of $204.84 and one payment of $83.82, for a total loan cost of $25,134.78. For a borrower with the longest loan term, it works out to 14.78% fixed APR, 27 payments of $25.00, 178 payments of $178.22 and one payment of $98.65, for a total loan cost of $32,496.81. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not. Information advertised valid as of 07/02/2026. Rates: Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan's Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Cosigner Release: Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can't have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can't be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default or 90-day delinquencies in the last 24 months. Requirements are subject to change.
- Rank #3
Graduate
Earnest
Best for: Borrowers who want a zero-fee¹ lender with flexible repayment options² across undergrad, grad, and professional school programs
- 0.25% Auto Pay³ discount plus 0.25% Loyalty⁴ discount for eligible returning borrowers
- No origination fees, late fees, or prepayment penalties¹
- Borrow $1,000⁵ to $400,000 with 5, 7, 10, 12, or 15-year terms⁶
- Four repayment options², a 9-month grace period⁷, and cosigner release for eligible borrowers⁸
Check EligibilityRates
Lowest Rate 2.29%
2.29% - 16.24% fixed APR, 4.74% - 16.60% variable APR
Disclosures+
Earnest Private Student Loans are subject to credit approval. ¹Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1. ²Repayment terms and repayment options available vary based on loan type. ³You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option. ⁴To be eligible for the Loyalty Discount, applicants must have previously obtained an Earnest Private Student Loan and apply using the same email address associated with that loan. Only one Loyalty Discount may be applied per eligible Earnest Private Student Loan. Not all applicants may qualify. This offer cannot be combined with Earnest’s Rate Match program. Earnest may modify or discontinue this offer at any time and without notice, however, once a Loyalty Discount is earned, it will not be taken away. ⁵Residents of Hawaii must request a loan of at least $1,501. ⁶Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples: 1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate ("APR"): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10. 2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months. 3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00. 4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0. ⁷Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school. ⁸To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply. To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply. ⁹Includes 0.50% combined Auto Pay and Loyalty discounts. Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 2.79% to 16.74% (2.29% - 16.24% with Auto Pay and Loyalty discounts). Variable annual percentage rates (APR) range from 5.24% to 17.1% (4.74% - 16.6% with Auto Pay and Loyalty discounts). 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 existing cosigned loan borrowers who receive the 0.25% Loyalty discount 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. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change. Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America. © 2026 Earnest LLC. All rights reserved.
Rates and loan amounts matter, but they are not the whole picture. When you are evaluating private loans for graduate school, pay attention to these factors:
Total Cost, Not Just the Rate
A loan with a slightly higher rate but no origination fee can be cheaper overall than a loan with a lower rate and a 4% fee. Run the numbers. If you borrow $30,000 at 5.5% fixed over 10 years with no fees, you will pay about $8,900 in total interest. The same loan at 5.0% with a 4% origination fee means you only receive $28,800 but repay the full $30,000 plus roughly $8,100 in interest, bringing your effective cost nearly even.
In-School Payment Options
Full deferment sounds great, but interest still accrues on most private graduate loans while you are in school. If you can make even interest-only payments during your program, you will save thousands. On a $40,000 loan at 6% interest, two years of full deferment adds roughly $4,800 in capitalized interest to your balance before you even start repaying.
Cosigner Release
If you borrow with a cosigner, look for lenders that offer cosigner release after a set number of on-time payments, typically 24 to 48 months. This frees your cosigner from liability and can be important for maintaining family relationships and your cosigner's own borrowing capacity.
Autopay Discounts
Nearly every private lender offers a 0.25% rate reduction when you enroll in automatic payments. It is a small thing, but on a $50,000 loan over 10 years, that quarter-point saves you around $700. Always sign up for autopay.
Roadblocks to Watch
You Lose Federal Protections
Private loans do not qualify for income-driven repayment plans, Public Service Loan Forgiveness, or federal forbearance programs. If you are considering a career in public service, nonprofit work, or any field where your starting salary may be modest relative to your debt, lean heavily on federal loans first.
Variable Rates Can Climb
Variable rates look attractive right now, especially when they start a point or more below fixed rates. But variable rates are tied to the Secured Overnight Financing Rate (SOFR), and they can adjust monthly or quarterly. If rates rise by two or three percentage points over your repayment period, that bargain variable rate could end up costing more than a fixed rate would have. For graduate borrowers taking on $50,000 or more, the predictability of a fixed rate often outweighs the initial savings of a variable rate.
Overborrowing Is Easy
Private lenders will often approve you for up to the full cost of attendance, which includes living expenses. Just because you can borrow $80,000 does not mean you should. Build a realistic budget that separates true needs from wants. Every extra $5,000 you borrow at 6% over 10 years costs you about $1,663 in interest alone.
Credit Score Requirements Are Real
Most private lenders want a credit score of 670 or above for competitive rates. If your score is below 650, you will likely need a cosigner to get approved at all, and even then your rate may be at the higher end of the range. Check your credit report for errors before you apply, and avoid opening new credit accounts in the months leading up to your loan application.
Refinancing Is Not Guaranteed
Some borrowers plan to take whatever rate they can get now and refinance later. That strategy can work, but refinancing depends on your credit profile, income, and market conditions at the time. Do not count on a future refinance to fix a bad borrowing decision today.
The Bottom Line
Private student loans are a practical tool for graduate students who need more funding than federal loans provide. The best options in 2025-26 come from lenders like Earnest, SoFi, College Ave, Ascent, MPOWER, and Funding U, each with different strengths depending on your credit profile, citizenship status, and repayment preferences. Fixed rates for well-qualified borrowers start in the high 3% to low 4% range, which can undercut the 6.99% federal Grad PLUS rate by a meaningful margin.
Your priority order should be: free money (scholarships and grants) first, then federal Direct Unsubsidized Loans, then carefully chosen private loans, and Grad PLUS loans as a last resort only if private options are not available or competitive. Compare at least three lenders using prequalification tools, which let you check estimated rates with a soft credit pull that does not affect your score.
Graduate school is an investment in your future earning power. The goal is to make that investment without carrying more debt than necessary into the next chapter of your career.
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Before you borrow, build a complete financial plan for your program. Use CollegeLens to map out your school costs, loan options, and repayment timeline in one place.
Sravani at CollegeLens
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