Most graduate student in 2024 has an alternative to choose the best federal direct unsubsidized loans, graduate PLUS loans, or private student loans. Federal direct unsubsidized loans typically have the minimum interest rates and the most favorable repayment terms.
However, the maximum amount you can borrow each year with direct unsubsidized loans is $20,500, and most students require securing enough. Additionally, certain lenders present unique loan programs for individuals offering MBA, law, or medical degree students. In addition, our focus here is on generalized graduate degree loans for master’s or Ph.D. students in other fields.
What is Graduate Student Loans?
A graduate student loan is a form of student loan established for graduate studies such as traditional master degrees, PhDs, law degrees, MBAs, and medical degrees. These loans cover tuition and fees, while many lenders allow funds to be used for books, supplies, housing, and other costs.
Additionally, this loans offer a best option for students lacking funds to cover college expenses searching for federal loans is advisable. In addition, it also provides repayment terms and eligibility for forgiveness. However, private student loans can also be advantageous. Numerous lenders waive application or origination fees, and borrowers with strong credit may secure lower interest rates compared to federal loans.
Best Graduate Student Loans of 2024
Graduate student loans of 2024 do not mandate a credit check and offer several repayment options, making them a preferred choice for many borrowers. However, individuals with excellent credit, either personally or through a co-signer, might find lower overall costs with a private graduate school loan. To help you find the best graduate student loan options, we’ve evaluated both federal and private loans based certain factors.
This factor includes fees, repayment flexibility, and application method.
Federal Direct Unsubsidized and Subsidized Loans
Federal student loans are usually the best graduate student loan over private student loans due to their assortment of repayment options. This includes certain plans that are associated with loan forgiveness. Graduate school borrowers are eligible for unsubsidized student loans only.
Additionally, term lengths range from 10 to 25 years upon the start of repayment, chance on the chosen repayment plan. Moreover, graduate students are subject to a higher interest rate of 5.28%. Typically, they can borrow up to $20,500 annually in unsubsidized federal student loans.
Ascent
Ascent is an online lender providing student loans accessible to both borrowers with or without a co-signer making it the best graduate student loan. In addition, it has factors such as your educational institution, program of study, GPA, and cost of attendance when assessing your eligibility for a loan.
Ascent asserts that borrowers may have a higher chance of securing a lower interest rate without a co-signer compared to other lenders. Moreover, Ascent graduate student loans, repayment terms can range from as short as five years to as long as 15 years. Lastly, applicants or their co-signers must have a minimum income of $24,000 for both the current and following year.
SoFi
SoFi is the best recognized as a graduate student loan refinance provider, also it extends loans to undergraduates, graduate, law and business students, as well as parents. Additionally, the loan terms options ranges from 5, 7, 10, to 15 years, providing flexibility to borrowers. Furthermore, SoFi makes available loan amounts ranging from $5,000 up to the total cost of attendance, with no specified aggregate limit.
College Ave
College Ave provides best interest rates along with the absence of application, origination, or prepayment fees for graduate student loan. Borrowers have the option to select both a fixed or variable rate, and enrolling in auto-pay offers a 0.25% rate discount. Additionally, College Ave extends hardship protections including deferment, forbearance, and grace period options.
Moreover, borrowers with College Ave student loans have the flexibility to commence repayment while still attending school. In addition, College Ave offers graduate student loan to specific programs such as dental, law, medical, MBA, and health professions. The minimum loan amount starts at $1,000, with the maximum amount available up to the total cost of attendance and loan terms vary from 5 to 20 years.
Citizens Bank
Citizens Bank provides conventional bank providing private student loans for graduate students pursuing various advanced degrees such as master’s, business, medical, law, and healthcare. Moreover, it recognized as the best graduate student loan offering unique multiyear approval to purchase finance for each academic year with just a single application. Additionally, this approach eliminates the need for repeated hard credit checks throughout your time in school. Lastly, loan amounts range from $1,000 to $350,000, with repayment terms ranging from 5 to 15 years.
Earnest
Earnest offers loans with option to skip one payment annually. Additionally, to be eligible for the first skip, you must have made at least six months of consecutive on-time payments. In addition, it covers the full principal and interest, while maintaining a good standing with your loan. However, during the skipped payment period, interest continues to accrue, and the lender extends the final payoff date. Loan amounts range from a minimum of $1,000 up to $150,000 of the total cost of attendance.
Sallie Mae
Sallie Mae provides a range of loan options or graduate students pursuing various fields of study. These include masters or doctoral degrees for MBA programs, medical residency financing, health professions, dental residency programs and law school expenses. Generally, graduate loans offer flexibility with repayment terms spanning 10 to 15 years. The loan amounts start from a minimum of $1,000 and can cover up to the full cost of attendance.
Prodigy
Prodigy stands out as a best option for international graduate students who lack a U.S. citizen co-signer. The eligibility for this loan does not require a co-signer instead but it relies on your anticipated future income rather than your current financial status. However, it’s important that Prodigy only present different-rate loans, which carry greater risk compared to fixed-rate alternatives. Additionally, Prodigy’s lending services are not available to borrowers in all 50 states.
Custom Choice
Custom Choice provides a 2% decrease in your loan amount after you finish your graduate studies. Although it might not appear significant, it can contribute to reducing the total loan expenses. Additionally, you can select from repayment durations of 7, 10, or 15 years. Customer support is accessible via phone, email, or regular mail. Furthermore, the minimum loan amount is $1,000, with a maximum lifetime loan limit of $180,000.
PNC
PNC Bank provides a significant 0.50% interest rate reduction for enrolling in automatic payments. Additionally, it offers a 12-month loan modification program to assist borrowers facing financial difficulties, along with 12 months of forbearance. Furthermore, the loan modification program aims to decrease both the interest rate and monthly payment burden.
PNC Bank also presents co-signer release, although the eligibility period is longer compared to Citizens Bank’s policy, lasting for 48 months. Lastly, loan terms are available for 5, 10, and 15 years, with loan amounts up to $65,000 and an overall maximum limit of $225,000.
Conclusion
To identify the best graduate student loans of 2024, start by getting a list of reputable lenders with extensive coverage. Additionally, evaluated the initial interest rates offered by these lenders, ensuring that they were below the national averages.
