Graduate student loans, both federal and private, are designed to assist you in covering the costs of pursuing an advanced degree, which includes tuition, lodging, and board, books, and supplies, as well as personal expenses.
There are various graduate student loans to select from if you’re pursuing graduate school, but it’s vital to start with federal Direct Unsubsidized Loans, which come with important safeguards such as income-based repayment alternatives. While there is no credit check for Direct Unsubsidized Loans, they do have annual and lifetime borrowing limits, as well as higher interest rates than private loans.
Graduate school can be an excellent way to prepare for a successful profession, but it can also be costly. There are, however, various options for funding graduate education, including government and private student loans, as well as other sorts of financial aid.
If you’re thinking about taking out a graduate student loan to help pay for your next degree, you should know what types of loans to look into, how to apply, and how much money you’ll be eligible for. We’ve compiled a list of the top 10 Graduate Student Loans for 2024, along with instructions on how to choose between them and manage debt while in school. Lets delve in.
Table of contents
What is a Graduate Student Loan?
A graduate student loan is a type of loan that supports students in repaying loans such as tuition, books, and housing. Because graduate education is more expensive, graduate student loans often have larger borrowing limitations than undergraduate student loans.
When it comes to graduate student loans, there are three primary options to consider:
- Unsubsidized federal direct student loans
- PLUS student loans from the federal government
- Student loans from private lenders
What are the Benefits of Applying for a Graduate Student loan?
One of the most significant advantages of applying for graduate student loans is that it provides you with the financial means to pay for the graduate education that you desire.
It assist you in covering the costs of pursuing an advanced degree, which includes tuition, lodging, and board, books, and supplies, as well as personal expenses.
It can help you advance in your career field, resulting in increased pay.
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What are the best loans for graduate school?
1. Federal Graduate Student Loan
The Federal Graduate Student Loan offers loans to graduates, The interest rates and fees on federal loans are greater than those on direct unsubsidized loans, but you can borrow more money up to your complete cost of attendance, minus any other help received. If you’ve used up all of your federal direct unsubsidized loans but still want to pay for graduate school, you may want to consider Federal Graduate Student loan because they offers one of the best graduate student loans.
To apply for federal loans for graduate school all you need to do is to fill out the Free Application for Federal Student Aid, or FAFSA.
2. Ascent Graduate Student Loan
If you’re looking for graduate student loan that’ll not require a cosigner for you to qualify as well as come with a flexible autopay discount then, you can consider Ascent. With Ascent you can borrow anywhere from $2,000 to $200,000 with repayment durations ranging from seven to fifteen years with (depending on whether you choose a fixed or variable rate).
Ascent autopay discounts range from 0.25 percent to 2.00 percent with a 1% cashback as a graduation gift.
If you or a co-signer have excellent credit, Ascent’s graduate student loan is a wonderful alternative. Because of its flexibility, Ascent’s graduate student loan stands out. The lender provides a nine-month grace period and a 24-month forbearance period, both of which are longer than those offered by many other lenders.
In addition, Ascent also offers specialized loans to students pursuing professional degrees such as medicine or law.
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3. College Ave Graduate Student Loan
If you’re still in graduate school, College Ave is a terrific place to be. College Ave, unlike many other lenders, offers graduate student loans if you’re only going to school part-time.
Graduate student loans from College Ave range from $1,000 to 100% of your school-certified cost of attendance (less any other financial help you’ve received), with periods ranging from five to fifteen years. It offers both generic graduate school loans and loans tailored to specific professional programs.
College Ave have the following features:
- APR9 ranges from 3.5 to 12.6 percent.
- Fixed Annual Percentage Rate
- Lowest fixed rate is 3.09 percent plus.
- Variable Annual Percentage Rate
- Lowest variable rate is 1.48 percent
- Autopay discounts range from 0.25 percent to 2.00 percent.
- 1% cashback as a graduation gift
Without a cosigner, you might be able to qualify.
4. Citizens
Citizens offer graduate student loans ranging from $10,000 to 100% of the cost of attendance at your school (aggregate limits might apply).
If you currently have a Citizens account, you may be eligible for a 0.25 percent rate decrease – plus an additional 0.25 percent off if you join up for automatic payments. Large loan amounts are available for parents or students who want to support a high-cost degree or refinance existing student debts..
Citizens offer the following competitive interest rates:
- Fixed Annual Percentage Rate
- Lowest fixed rate is 3.23%+1
- Variable Annual Percentage Rate
- Lowest variable rate is 1.03%+1
- Term of the loan (years): 5, 10, 15
5. Prodigy Graduate Student Loan
Prodigy is a good option for international graduate students without a co-signer who is a US citizen because, you don’t need a cosigner to qualify for Prodigy graduate student loans. Its lending decisions are made based on your future earnings rather than your current financial status.
While Prodigy may be a good option it’s also important to note that, Prodigy only provides variable-rate loans, which are riskier than fixed-rate loans, and it does not lend in all 50 states.
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6. RISLA Private Student loan
If you’re among those that values flexibility then you can consider RISLA’s private student loan. Similar to the federal government’s income-driven repayment schemes, RISLA offers flexible income-based repayment plan that caps payments at 15% of income and forgives any residual balance after 25 years. For borrowers who complete approved internships, RISLA forgives up to $2,000 and covers interest payments for up to 48 months for qualifying nurses.
To qualify for a private student loan from RISLA, you need to live in Rhode Island or attend school there. Its in-school programs are now available across the country.
For suitable internships, partial loan cancellation is available, is well as interest remission for qualifying nurses making RISLA rank among the best graduate student loans.
7. INvestEd
Offers student loan refinancing to students from any state; but, to qualify for a new private student loan, you must live or attend college in Indiana. There are no application, origination, or disbursement fees, although the lender imposes a 5% late payment fee.
INvestEd may be a viable option for graduate student loans if you live or attend school in Indiana. With terms ranging from five to 15 years, you can borrow $1,000 up to 100% of your school’s cost of attendance (less any other financial help you’ve received).
Some of the advantages of this lender are:
Offer a 2% decrease in the principal for graduating in six years or less.
Up to 100% of the cost of attendance will be covered.
Offer numerous repayment alternatives.
8. EDvestinU
EDvestinU is one of the best student loan lenders as such it offers graduate student loans ranging from $1,000 to 100% of your school’s cost of attendance (minus any other financial aid you’ve received).
If you sign up for automatic payments on an EDvestinU loan, you can save 0.50 percent on your interest rate, which is more than the 0.25 percent offered by most other lenders. EDvestinU also offer payback durations ranging from seven to 15 years, and, a cosigner release which is available after 12 months of on-time payments.
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9. Power
Many overseas students do not have access to a co-signer based in the United States, and borrowing in their home country may need collateral. Two large finance businesses are filling this void by providing private graduate student loans without the need for a co-signer as such MPOWER Financing is the most widely available source for this kind of option.
International undergraduate and graduate students within two years of graduating or about to enter a one or two-year program at one of 350 recognized schools in the United States or Canada are eligible for MPOWER private student loans.
For the first six months of education and six months following graduation, students make interest-only payments. Borrowers make full repayments (interest and principal) until the loan is paid off after this period. While there are no application or prepayment fees, each loan comes with a 5% origination cost.
MPOWER also offers 12.94% Fixed APR rate for graduates, 10 years term of repayment as well as loan amounts which ranges from $2,001 to $100,000.
10. Sallie Mae
Sallie Mae offers one of the best graduate student loans option such as fixed and variable interest loans, as well as a variety of repayment alternatives and no penalties for paying off a loan early.
With Sallie Mae, you can borrow $1,000 up to 100% of your school-certified cost of attendance with a 15-year repayment period.
In addition, if you make interest-only payments on a Sallie Mae loan while in graduate school, you may qualify for a 0.50 percent rate decrease.
Frequently Asked Questions on Graduate Student Loan
According to the National Center for Education Statistics, the average graduate degree costs more than twice that amount in tuition and fees. Depending on the lender, you may be able to borrow up to 100% of the cost of attendance through private student loans.
You can only borrow $20,500 per year in unsubsidized federal student loans as a graduate student, while you may be able to borrow up to your school’s cost of attendance using Grad PLUS Loans.
Well, depending on the lender, there are a variety of ways to apply for a graduate student loan. You might be able to apply on the lender’s website. You could also be able to apply for a loan through a website that connects borrowers and lenders. In most cases, you’ll need to submit the FAFSA as well.
A cosigner release permits your cosigner to leave the loan when you’ve shown you can pay it off without their support. Before you may ask to have your cosigner freed from the loan, lenders usually need you to make a certain number of timely payments.
Finding the best student loan for your needs requires doing your homework to understand each lender’s unique requirements, interest rates, and terms.
What makes MPOWER the best for borrowers without a cosigner is the availability of student loans, as well as free visa support letters, immigration assistance, and scholarship options for undergraduate students.
Conclusion
Comparing lenders can help you locate the best alternative for your circumstances if you need to augment your graduate school funding with private student loans.
Keep in mind that the best graduate student loans have low-interest rates, a wide range of loan terms, broad eligibility conditions, and quick response times.
With so many student loan lenders to choose from, it’s critical to pick the best lender and graduate student loan for your specific circumstances. Based on the amount you need to borrow, your financial condition, and your course of study, certain loans may be a better fit for you than others.
Reference
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