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11 Best Graduate Student Loan Options of June 2024

Graduate students should max out federal unsubsidized loans before turning to federal PLUS or private loans to cover their remaining costs.

The federal government and private lenders offer graduate student loans. Max out federal unsubsidized loans — likely the cheapest option — before covering remaining costs with federal grad PLUS loans or private student loans .

Grad PLUS loans don't require credit and come with multiple repayment options, which will likely make them best for most borrowers. But you may pay less with a private graduate school loan if you or a co-signer has excellent credit.

Here are our picks for the best loans for graduate school , as well as information on how to choose between them and manage debt while you're in school.

• 10+ years of combined experience covering higher education and student loans.
• Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance .
• Governed by NerdWallet's strict guidelines for editorial integrity .
• 35+ student loans lenders reviewed and rated by our team of experts.

NerdWallet’s

Why our nerds love it

Best Graduate Student Loan Options

Our pick for

All borrowers as a first option

Graduate students can take out up to $20,500 annually in unsubsidized federal student loans.

Federal Subsidized/Unsubsidized Loan

Graduate school borrowers qualify for unsubsidized student loans only.

• More flexible repayment options for struggling borrowers than other lenders.
• Subsidized loans do not collect interest while in school or during deferment.
• Lower interest rates than many private lenders.
• You pay an origination fee.
• No credit check or minimum income is needed to borrow.
• Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
• Independent students and graduate students have higher loan limits.
• Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate

Borrowers without credit or a co-signer

Graduate PLUS loan interest rates aren't based on your credit score: All eligible borrowers receive the same fixed rate.

Federal Grad PLUS Loan

• More flexible repayment options for struggling borrowers compared with private lenders.
• All borrowers who attend a school authorized to receive federal aid can qualify.
• May have higher interest rates compared with private lenders.
• You can’t see if you’ll qualify without a hard credit check.
• Grad PLUS loan borrowers must not have adverse credit history.
• Borrowers with adverse credit history can still receive a grad PLUS loan by enlisting a co-signer without adverse credit history or documenting extenuating circumstances for their credit history.
• Loan amounts: Total cost of attendance minus other financial aid.

Borrowers with good credit or a co-signer

College Ave Graduate Student Loan

4.39-14.49%

5.59-14.49%

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.
• International students can qualify with a co-signer.
• Nine-month grace period is longer than other lenders offer.
• You must be at least halfway through your repayment term before you can request a co-signer release.
• Typical credit score of approved borrowers: Mid-700s.
• Minimum income: $35,000 per year.
• Loan amounts: $1,000 up to the total cost of attendance.

Ascent Graduate and Health Professions Student Loan

Low-Mid 600s

5.29-15.96%

7.60-16.34%

• Forbearance of 24 months is longer than many lenders offer.
• Grace period of 9 months is longer than many lenders offer.
• You must be enrolled at least half-time to qualify.
• Typical credit score of approved borrowers or co-signers: Not available.
• Minimum income: Not available.
• Loan amounts: up to $400,000.

Custom Choice Loan

4.43-14.04%

5.38-15.56%

• No late fees.
• Principal reduction of 2% if you graduate.
• Stands out for features that enable faster loan repayment.
• Doesn't apply extra payments to the principal balance by default.
• Forbearance program is less generous than others.
• Typical credit score of approved borrowers: 700 for a non-cosigned loan and 733 for co-signed loans.
• Minimum income: No minimum, but borrowers must demonstrate positive income.
• Loan amounts: $1,000 up to $99,999.

Earnest Undergraduate Loan

4.39-16.49%

5.62-16.85%

• Option to skip one payment every 12 months.
• Nine-month grace period is longer than most lenders offer.
• Loans aren't available in Nevada.
• Typical credit score of approved borrowers: 758.
• Minimum income: $35,000.
• Loan amounts: $1,000 up to your total cost of attendance.

RISLA Private Student Loan

• Income-based repayment plan available, with forgiveness after 25 years.
• Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.
• Fewer repayment terms available than other lenders.
• Typical credit score of approved borrowers: 768.
• Minimum income: $40,000.
• Loan amounts: $1,500 to $45,000.

Advantage Education Private Student Loan

Does not disclose

• Forbearance of 24 months is twice as long as most lenders.
• Loans are available if you’re enrolled less than half time.
• Fewer repayment terms than other lenders offer.
• Borrowers are not able to defer loans if they return to school after their grace period ends.
• Typical credit score of approved borrowers: Does not disclose.
• Minimum income: Does not disclose.
• Loan amounts: Minimum $1,000. Maximum depends on creditworthiness and debt-to-income ratio.

SoFi Graduate Student Loan

4.74-14.10%

5.74-14.10%

• Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.
• Does not offer bi-weekly payments via autopay.

International borrowers without credit or a co-signer

International students don't qualify for federal aid and have fewer private options without a co-signer who's a U.S. citizen.

MPOWER Private Student Loan

12.99-15.99%

• Offers a hard-to-find option: non-co-signed student loans for international and DACA students.
• Borrowers are assigned a dedicated student loan advisor.
• Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
• Payment required while in school.
• Offers only one repayment term: 10 years.
• MPOWER considers future income potential but does not factor in credit scores.
• Loan amounts: Minimum $2,001. Maximum loan is $100,000, limited to $50,000 per academic period.

Borrowers from Texas

Brazos Private Student Loan

• May offer lower rates for graduate students than what are available through the federal government.
• Applies extra payments to the loan principal by default.
• Offers five loan terms, which is more than most lenders.
• Not available to borrowers enrolled in two year programs at community colleges.
• Biweekly payments via autopay is not available.

What are the best loans for graduate school?

1. federal graduate student loans.

Borrowers are eligible for two types of federal loans for graduate school: unsubsidized direct loans and grad PLUS loans.

Federal grad PLUS loans have higher interest rates and fees than direct unsubsidized loans, but you can borrow more money — up to your total cost of attendance, minus other aid received. Use grad PLUS loans if you’ve maxed out your federal direct unsubsidized loans and still want to use federal loans to pay for graduate school.

No one can get subsidized loans for graduate school . Certain professional students may be eligible for a federal health professions student loan as well.

You can apply for federal loans for graduate school by completing the Free Application for Federal Student Aid, or FAFSA .

2. Ascent Graduate Student Loan

Ascent's graduate student loan is a good option if you or a co-signer has excellent credit.

While federal interest rates are historically low for the 2020-21 academic year, you still may get a better rate with a private graduate student loan. You'll almost certainly pay less in fees: Grad PLUS loans come with an origination fee of more than 4%, while most private lenders don't charge these fees.

Ascent's graduate student loan stands out due to its flexibility. The lender offers a nine-month grace period and 24 months of forbearance — both of which are longer than many other lenders provide.

3. College Ave Graduate Student Loan

College Ave is a good choice if you're working your way through graduate school. Unlike many lenders, including the federal government, College Ave offers graduate student loans if you're attending school less than half-time.

In addition to Ascent and College Ave, graduate students looking at private student loans may want to consider Advantage , RISLA and SoFi . It's best to get quotes from multiple lenders before applying to ensure you get the best rate possible.

4. MPOWER Graduate Student Loan

MPOWER is a good choice for international graduate students who don't have a U.S. citizen co-signer. You can qualify for a MPOWER graduate student loan without a co-signer; lending decisions are based on your future income, rather than your current financial situation. You’ll need to check if your school is on this lender’s approved list, as they only work with a limited number of institutions.

Which graduate student loan is best for you?

If you need loans to pay for graduate school , the best option will likely be federal student loans. These offer protections that private graduate school loans lack, including income-driven repayment plans and loan forgiveness programs.

Those benefits can come in handy depending on how much you owe. The average graduate student debt is $88,220, including undergraduate loans, according to the most recent data from the National Center for Education Statistics.

Your career plans may also be a factor. For example, you may want to pursue Public Service Loan Forgiveness if you plan to get a Ph.D. and work at a university.

If you won't work at a nonprofit or need federal benefits, compare private student loans to see what interest rate you'd qualify for. Many lenders have specific graduate student loan products based on the degree you're pursuing:

Best medical school loans .

Best law school loans .

Best MBA student loans .

Best veterinary school loans .

Best nursing student loans .

Best pharmacy school loans .

Most lenders won't require you to pay student loans while in graduate school , provided you're enrolled at least half-time. But depending on how much you get paid as a graduate student , making payments can save you money because all graduate school loans accrue interest, increasing the amount you owe.

STUDENT LOAN RATINGS METHODOLOGY

Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Read more about our ratings methodologies for student loans and our editorial guidelines .

Last updated on May 31, 2024

NerdWallet's Best Graduate Student Loan Options of June 2024

• Federal Subsidized/Unsubsidized Loan : Best for All borrowers as a first option
• Federal Grad PLUS Loan : Best for Borrowers without credit or a co-signer
• College Ave Graduate Student Loan : Best for Borrowers with good credit or a co-signer
• Ascent Graduate and Health Professions Student Loan : Best for Borrowers with good credit or a co-signer
• Custom Choice Loan : Best for Borrowers with good credit or a co-signer
• Earnest Undergraduate Loan : Best for Borrowers with good credit or a co-signer
• MPOWER Private Student Loan : Best for International borrowers without credit or a co-signer
• RISLA Private Student Loan : Best for Borrowers with good credit or a co-signer
• Advantage Education Private Student Loan : Best for Borrowers with good credit or a co-signer
• SoFi Graduate Student Loan : Best for Borrowers with good credit or a co-signer
• Brazos Private Student Loan : Best for Borrowers from Texas

Frequently asked questions

Most students should max out federal student loans for graduate school before considering other options. But if you have excellent credit, a private student loan may be cheaper in the long run.

Grad students can get up to $20,500 annually and $138,500 overall in unsubsidized federal loans. Federal PLUS loans and private loans can cover up to your cost of attendance minus other aid received.

Interest rates and loan fees are higher with grad PLUS loans. But you can also borrow more with these loans — up to your cost of attendance — compared to other federal options.

Complete the FAFSA to qualify for all federal aid, including unsubsidized loans and graduate PLUS loans. If you want a private student loan for grad school, apply directly with the lender.

Further reading

What is graduate school.

How to Pay for a Ph.D.

Expertise: Student loans, mortgages, insurance

Christy Rakoczy has been a personal finance and legal writer since 2008. She has a Juris Doctor degree from UCLA School of Law and was a college instructor before she began writing for the web.

Getting a doctorate is a big commitment. Like any form of higher education, it takes a lot of time and can cost a lot of money. 

Fortunately, you can tap into many resources to pay for it. In this guide, we’ll explain how to pay for a PhD, and we’ll also provide tips for getting your degree without incurring a ton of student debt. 

In this guide:

• Where to begin: interest-free aid
• What to do next: student loans

PhD funding: first steps

There are several funding opportunities to pay for your doctoral program. To minimize student loan debt, explore all your funding options for free money before you borrow.

Here’s the smartest way to approach the process:

Use PhD scholarships, grants, and gully-funded programs first

Scholarships and grants (including fellowships and teaching assistantships) should be your first sources of funding because they give you cash you don’t have to pay back. If you tap into these sources first, you could avoid taking out student loans altogether or minimize the amount you need to borrow.

To find options for scholarships and grants, meet with your university guidance counselor or someone in the financial aid department. 

If you’re earning a doctorate as part of your career development and are employed, you can also ask someone in your company’s human resources department about tuition reimbursement assistance programs.

Through such a program, you could potentially get your employer to pick up all or part of the cost of your degree if you commit to staying with the company for a certain time after graduation. 

Doctoral scholarships

There are many scholarships available to grad students. Here are a few examples to get you started:

• The Avonte Oquendo Memorial Scholarship : This scholarship provides up to $1,000 for students on the autism spectrum or who have a family member living with autism. It can be used to pursue a bachelor’s degree, master’s degree, or graduate degree.
• The United States Institute of Peace (USIP)’s Jennings Randolph (JR) Peace Scholar Program : This program awards between 12 and 18 scholarships annually, with half the scholarships supporting fieldwork and half supporting writing.
• The Gertrude M. Cox Scholarship for Women : This $1,000 scholarship is available for women pursuing a PhD in the statistical sciences.
• The Price Benowitz Social Justice Scholarship : This $2,000 scholarship is for undergraduate and graduate students who have an interest in social justice,  demonstrated through volunteer, professional, or educational experiences. 
• Entrepreneur Circle Scholarship : This $1,000 award is available to both undergraduate and graduate students with an interest in and achievements in entrepreneurship. 
• Richard Eaton Award : This $2,500 award is aimed at juniors, seniors, and graduate students who have an interest in broadcast communications. 
• Doctoral Degree Scholarships in Cancer Nursing:  The American Cancer Society provides $15,000 in financial support each year for two years to candidates doing doctoral research in cancer nursing. Recipients can also apply for an additional two years of funding. 
• Dietetics Research Graduate Scholarships : The Academy of Nutrition and Dietetics Foundation provides graduate scholarships between $500 and $10,000 to students doing research in dietetics. Special consideration might be given to underrepresented groups. 
• FICAD Women in Finance Scholarship : This scholarship of $20,000 is available to women who are pursuing graduate studies in finance, with a preference to those working on the use of derivatives in capital markets, asset management, or risk management. 

To find additional scholarships to apply for, contact your department and your college’s financial aid office.

There are also a number of grants that are available for PhD candidates. Some have broad granting criteria while others are focused on specific fields of study. Here are some examples:

• The AICPA Fellowship for Minority Doctoral Students : This program provides up to $12,000 in scholarships for minority students enrolled in accounting programs.
• Grants from the Wenner-Gren Foundation : Grants are available to students from countries where anthropology is under-represented. Grants encourage collaborative research with scholars from across the globe.
• Grants from t he Alfred P. Sloan Foundation : Grants are available for those contributing to research in the fields of science, technology, and economics.
• Fulbright Grants : Fulbright Grants provide funding to support U.S. doctoral students studying internationally. They are paid for primarily by the U.S. government and are offered in a number of fields. 
• The Ford Foundation Fellowship Program:  These grants offer three years of funding for those pursuing a PhD or a Sc.D. degree. They provide an annual stipend of $24,000 for research-based programs. 
• KPMG Foundation PhD Project:  These grants are designed to diversify business school faculty by attracting racial minorities to doctoral programs in business and careers as business professors. 
• Eileen Blackey Doctoral Fellowship:  This fellowship is aimed at social work PhD students who National Association of Social Work members and are doing research in welfare policy and practice. The amount of the fellowship varies each year but is typically between $4,000 and $6,500. 
• AERA Doctoral Dissertation Grants:  The American Educational Research Association gives one-year doctoral grants of $20,000 each to students doing research into K–12 or college teaching. Priority is given to those focused on STEM and bilingual education. 
• The American Association of University Women’s Fellowships  This organization provides fellowships to American and international students who are doing research in graduate or postgraduate studies. It offers awards from $6,000 to $30,000. 

If you are looking for additional grants, contact your department or school’s financial aid office.

Next, consider student loans

After you’ve tapped all your options for free funding, you might need to borrow to fund additional costs. Exhaust federal student aid before exploring private student loan options. 

Federal student loans 

Federal student loans , including Grad PLUS Loans and Direct Unsubsidized Loans, can be affordable ways to pay for your doctoral education. There is currently no subsidized loan option for graduate students. 

Direct Unsubsidized Loans are best for any student who needs federal student loans for graduate school. They have an interest rate of 6.08% for graduate and professional students, and you can borrow up to $20,500 per year.

You may be able to qualify for these loans even if you don’t have great credit.

>> Read more: Federal Direct Loans

If you need additional funding, you can take out a Grad PLUS Loan . Unlike some other Direct loans, you’ll have to qualify for these loans through a credit check. They carry an interest rate of 7.08% , and you can borrow up to the total cost of attendance calculated by your school.

Federal loans come with flexible repayment options and the possibility for  Public Service Loan Forgiveness  if you go into public service, such as teaching. Federal loans also have relatively low interest rates compared to some private loans.

To apply for federal loans, complete the  Free Application for Federal Student Aid (FAFSA) . Using information from the FAFSA, your school will put together a financial aid package detailing the loans you’re eligible for. 

Private student loans

Private PhD student loans  do not have the same borrower protections as federal student loans, but they can help cover additional costs once you’ve exhausted federal loans each year. 

As a PhD student, you are likely to qualify for competitive rates on private loans because people with doctorates tend to be high earners. But before applying for a loan, you should compare rates from several lenders to find the most affordable loan for your situation.

>> Read More: How to pay for college

Student Loans

Student loans are commonly used financing options that are available to both residential and part-time online applicants, and require a minimum enrollment of 6 credits per term in a degree-granting program. Please note these pages provide information about both federal and supplemental (private) student loans, credit, and debt counseling. Some links will take you to sites outside of the HGSE Financial Aid Office. The HGSE Financial Aid Office is not responsible for the content of any external sites.

The Harvard Graduate School of Education, like all of Harvard University, participates in the Federal Direct Loan Program offered through the U.S. Department of Education. The only lender we list is Direct Lending, however you are free to research and borrow from any lender.

When considering a supplemental loan, we remind students there are many options in addition to those listed in these materials. We encourage students to consider all of their borrowing options to ensure the best possible choice for their individual needs. Remember, only Federal Direct Unsubsidized and Graduate PLUS Loans are administered by the HGSE Financial Aid Office; supplemental loans are available from numerous lenders and you are welcome to explore those that interest you.  Both Federal and supplemental loans are split and disbursed evenly across semesters for full-year students.   Harvard University and the Harvard Graduate School of Education have no financial interest in which supplemental loan you choose to borrow.

Federal Direct Loans

• Federal Direct Loan Program and Related Information
• Federal Student Aid (FSA) Loan Repayment Simulator  - learn about your repayment options using this FSA resource.
• Federal Student Aid Loan Information

Federal Direct Graduate PLUS & Supplemental Loans

Supplemental student loans are credit-based loans that may be borrowed as supplements to the Federal Direct Unsubsidized Loan Program, meeting the gap between the student budget and the financial aid. Students must enroll in a minimum of six credits per term in a degree-granting program (residential or online) to be eligible. Careful attention should be given to the interest rate (whether it is fixed or variable), to the length of the repayment period, to any borrower benefits (such as interest rate reductions and services) and to the deferment options. Students who anticipate continuing their studies beyond HGSE should pay attention to the deferment options for each of the loans.

The Financial Aid Office can only certify loans for up to a maximum of the difference between your student budget and the financial aid you receive from all sources. The difference between your student budget (refer to the HGSE Student Aid Portal) and the amount you are receiving in financial aid from all sources is equal to the maximum supplemental student loan you may borrow.

Please note: Processing supplemental loan requests can  be a lengthy process; loan applications are reviewed by the responsible lender/agency prior to its certification by the HGSE Financial Aid Office. Students who know they will require a supplemental loan should begin the process as early as possible, but not prior to the academic year for which they are applying.

Consider all options when choosing a supplemental education loan. It is important to research and compare each option in detail so you select the best possible product for your individual needs. Students are not required to borrow through the lenders included on this site. These loans were included based on their accessibility to a variety of students, interest rate options, credit criteria, financial management tools and repayment options. Please refer to the specific lender's website for comprehensive information regarding their loan program. 

Harvard University and HGSE have no financial interest in which supplemental loan you choose to borrow . Please review the Harvard University Student Loan Code of Conduct (PDF).

Supplemental Loan Programs

• Federal Direct Graduate PLUS Loan  is part of the Federal Direct Loan Program and administered by the HGSE Financial Aid Office. This loan is for U.S. citizens and permanent residents only, in both residential and online degree programs.
• Supplemental Loan Comparison Guide lists additional loans for comparison purposes, along with helpful information about how to choose the best loan to fit your needs. It also lists supplemental loan options for international students.

Loan and Financial Management Information

• Federal Student Aid  - You can find information on all Federal Aid programs and loan repayment resources here.
• MyMoney.gov  - The U.S. Government's site dedicated to teaching financial literacy
• Consumer Financial Protection Bureau  - This site presents information and assistance on a range of consumer financial products, including student loans.
• Student Loan Borrower Assistance  - This is a comprehensive and very useful website that covers almost all the basics regarding past, present, or future student loans of all varieties.

Understanding Your Credit

Applicants must demonstrate credit worthiness in order to be eligible for supplemental education loans such as the Federal Direct Grad PLUS Loan or loans from private lenders.  Supplemental education loan lenders carefully review an applicant's credit history to determine their eligibility for a loan.

Individuals establish a credit history in many ways, like borrowing money or charging retail purchases. Financial institutions and major retail stores report their customer's credit information to national credit bureaus, which, in turn, compile the information in the form of a credit report. A credit report is a record of every credit card, retail account, student and personal loan, and other credit accounts made or established in your name.

In reviewing your credit report, the lender is trying to determine your ability and willingness to pay based on your payment history. A good credit record indicates that you are likely to repay the loan for which you are applying. If you are unsure about the status of your credit, you should request a copy of your credit report from a credit bureau. You may contact a local credit bureau in your area or one of the three national credit bureaus listed below:

Equifax : 800-685-1111

Experian : 800-682-7654

TransUnion : 877-322-8228

You may also receive a free copy of your credit report from all 3 major credit bureaus listed above by visiting www.annualcreditreport.com , and we recommend reviewing your credit reports on an annual basis.

Once you have received your credit report check it for accuracy. If the information on your report is incorrect, you should contact the credit agency and request that the information be investigated. It is also advisable to contact the company that has reported you to that credit agency. If the information on your report is correct and you do have credit problems, it is imperative that you try to resolve these as soon as possible. Contact the company that has reported you to the credit agency and discuss the steps necessary to clear up your credit problem. If you do succeed in clearing up your credit, you should request this in writing from the reporting company and subsequently submit this information to the credit agency.

It may take several weeks to receive a credit report and several months to correct a credit problem, thus please plan accordingly. In the event that you may need to borrow through one of the alternative education loan programs, we encourage you to remedy any credit issues prior to coming to campus. Any questions or concerns that you may have regarding your credit worthiness should be addressed directly with the appropriate private education loan agency. Unfortunately, the HGSE Financial Aid Office is unable to assist you with personal credit problems or offer advice on the credit review process.

Debt Management Tools

Debt management is an important consideration when attending any college or university. You must properly prepare yourself financially in the near and long term. It is crucial that students have an understanding of the costs of education as well as how to plan and budget accordingly. We encourage students to begin this process as far in advance as possible when considering continuing their education to ensure the highest possible return on their academic investments.

• Federal Student Aid Loan Repayment Calculator
• Your Federal Student Loans: Learn the Basics and Manage Your Debt
• MyMoney.gov - the U.S. Government's site dedicated to teaching financial literacy
• Consumer Financial Protection Bureau
• Bankrate.com - interest rates for a variety of financial products and payment calculators
• Annual Credit Report - receive your free annual credit report from the 3 major credit bureaus
• IRS Tax Benefits for Education - find out what rules may benefit you when filing your U.S. taxes
• Student Loan Borrower Assistance - a comprehensive and very useful website that covers almost all the basics regarding past, present or future student loans of all varieties

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Government PhD loans in England

What students are eligible.

Some PhD students are eligible for loans, but many are not because of their alternative funding arrangements. As with all UK Government student loans, students must be usually resident in England for three years before making the application. If you are an EU national, then you must have settled or pre-settled basis if you are starting your PhD after the 1st of August 2021. Other international students must have indefinite leave to remain in the UK and all students must be under the age of 60 on the first academic day of their studies.

What students are not eligible?

Students who are not eligible for a PhD student loan in England are those who have received or will receive funding from one of the Research Councils, those who are getting a Social Work bursary , an Educational Psychology bursary and those who are getting other funding from Student Finance England . If you have received funding for a PhD in the past, then you may not qualify for funding unless you left your course for a serious personal reason. Students who are also eligible to apply for an NHS bursary, even if they don't apply for it, are not eligible for a government PhD loan, and neither are those who already have a PhD. Students who are behind in their payments to the Student Loan Company will also be rendered ineligible.

What courses are eligible?

The PhDs eligible for a PhD loan are those studied on a structured basis either part-time or full-time. PhDs by publication and top-up PhDs are not eligible for Government PhD loans in England. The PhD must last between three and eight years, and the student must have started their PhD on or after the 1st of August 2018. The course must also be based at a UK public university with research degree awarding powers, or the lead university of your PhD must be a UK university and 50% of your time must be spent in the UK for the duration of your PhD. Many postgraduate doctoral qualifications are eligible and these include a PhD or DPhil, Doctor of Engineering (EngD) and a Doctor of Education (EdD).

Is the value of the loan linked to course fees?

No, the amounts you borrow is up to you rather than the Government, as long as it doesn't exceed the annual limit. If you are studying an integrated masters and PhD program, then you can apply for PhD funding but not masters funding.

Who should you apply to and by when?

Students should apply to Student Finance England, either online, using their online forms or by telephone if there is difficulty using a computer, because some reason such as a disability. You must apply within nine months of the first day of the last academic year of your PhD to access any Government loans, and this must be done once you have a secured PhD place.

Does the debt get cancelled at any point?

Any PhD loan that is still outstanding 30 years after the repayments start is cancelled. For students who become unable to work because of disability or ill health any amount they owe is also cancelled.

Government PhD loans in Wales

Which students are eligible.

Those PhD students eligible for a Government PhD loan in Wales are any student that has been resident in Wales for three years and is a UK citizen, an EU citizen with settled or pre-settled status or has permanent leave to remain the UK. International students who are refugees are also often eligible as are many children of migrants and refugees. EU or EEA and Swiss students who are travelling to Wales to study can all access Welsh Government loans. Students must be under 60 years of age on the first day of their course and the PhD must be the first postgraduate doctoral-level course they have studied. Distance learning PhD students are eligible for Government loans if they are resident in Wales for the duration of the PhD. As are those students who are in the armed forces or are the dependents of someone in the armed forces and are based abroad.

Distance learning PhD courses are eligible for Government PhD loans in Wales, as are both full- and part-time PhDs. However, integrated masters and PhD courses are only eligible for masters-level funding. Students must be attending a UK-based publicly funded university or if it is a private university, then the PhD course must be approved by the Welsh Government. Similarly to Student Finance England, a student applying to Student Finance Wales can be based at two universities but must spend 50% of their time in the UK-based institution. The PhD must be research-based and completed in three to eight years. The amount you can borrow is not related to the topic you are studying.

Who should you apply to and when?

You should apply to Student Finance Wales and you can do this before you have a secured place at a university, but funds will not be released until you have a PhD position. The PhD loan applications are done online, but there is provision for those who need assistance with online applications and must be completed within nine months of the first day of your course.

The debt can be cancelled 30 years after the first repayment is made or if the student becomes too ill or disabled to work.

Government PhD Loans in Scotland & Northern Ireland

The Scottish and Northern Irish Governments do not offer any loans to PhD students in any form. This includes those masters level students who are studying a masters that is an integrated into a PhD, however these students may well be eligible to apply for a UK Government masters loan .

UK Government PhD Loans… in a nutshell

So, in summary, what PhD loans are avaialble from the UK Governments?

Apply for one of our x5 bursaries worth £2,000

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Other PhD loan options in Scotland & Northern Ireland

Students in Scotland and Northern Ireland will have to find alternative funding methods, such as the UK Research Councils and other funding bodies or private loans. In Scotland and Northern Ireland, PhD students often receive public funds in the form of grants and bursaries from the Research Councils based in Scotland and Northern Ireland. The governments in these home nations fund areas they wish to see more research through these different research councils and organisations. Check with the university you are applying to for your PhD, as they will have a significant understanding of the financing options for your particular research area. As part of your application for a research PhD, you will find that funding your studies will be a large part of your investigations.

Are any private loans available for PhD students in the UK?

There are a few private lenders who work with some universities in the UK to offer specialised loans to PhD students. Lendwise is one good private loan option, this private loan company offers loans of between £5,000 and £100,000 and has the advantage of student-friendly considerations such as fee-free early repayment. This type of lenders will contact your university to ensure that you are studying there, but don't usually require a co-signer for the loan. The amount they will lend to you and the conditions are based on your credit rating in the UK and the subject that you are researching. However, in comparison to UK Government loans, you can receive other funding sources and this does not impact on how much you can borrow.

PhD bank loans

PhD students are able to get bank loans if they meet the eligibility requirements. If you are studying your PhD part time and working at the same time, then your income should allow you to borrow money from traditional banks. For full-time students, borrowing money like this will be less likely as the bank will want to know how you will pay back the money. Also, the repayments will start immediately and you are unlikely to be offered a discounted rate like private or publicly funded student loans. If you have a limited credit rating, then you may find that you cannot have a loan without a guarantor or co-signatory.

PhD loan repayments

Whatever type of PhD loan you opt for, it is crucial that you are fully aware of the repayment terms. So let’s take a look at what these could be.

Here we have compiled answers to frequently asked questions about UK PhD loans. If you still have any unanswered questions about PhD loans please email us and we will do our best to help.

What courses qualify for a UK Government PhD loan?

The PhD loan is only available for students in England and Wales. The PhDs eligible for a PhD loan are those studied on a structured basis either part-time or full-time. PhDs by publication and top-up PhDs are not eligible for Government PhD loans in England. If you are studying an integrated masters and PhD program, then you can apply for PhD funding but not masters funding.

Can I apply for a UK Government PhD loan in Scotland or Northern Ireland?

No – UK Government PhD-funding is only available for PhD students in England and Wales. Other private and commercial PhD funding options are available in Scotland and Northern Ireland.

Are UK Government PhD loans means-tested?

No – all that matters is that you and your PhD are eligible for the loan, your income and savings do not affect your eligibility.

Can I apply for a UK Government PhD loan if I’ve lived outside the UK in the last three years?   

No – to apply for a loan as a UK student you must have lived in the UK for three years prior to your PhD. You can have travelled from the UK for holidays or periods of temporary absence during these three years, but you shouldn’t have become ordinarily resident in another country.

Will my credit history be checked?  

Your personal credit rating and existing debts won’t matter for UK Government PhD loans unless you are in arrears with the Student Loans Company. Your credit history will usually be checked with private funding companies.

Can I get a PhD loan whilst working?

Yes – you can have a job during your PhD studies and still access UK Government PhD student finance. You will also be able to apply for a private loan from companies like Lendwise if studying your PhD whilst working.

When will I have to start making my PhD loan repayments?

Your loan repayments will depend on what home nation or private company you got your loan from. It is important to check the repayment terms before you commit to taking out the loan

Disclaimer:  Prodigy Finance and Lendwise are two of many potential funding options for postgraduate students. Other student funding options are available; research all your options thoroughly before making a commitment. Please be aware that Postgrad Solutions Ltd receives a commission from both parties for any successful loan applications taken out by Postgrad.com and LLMstudy.com users. Postgrad Solutions accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance or Lendwise. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713. Lendwise Ltd is authorised and regulated by the Financial Conduct Authority under firm registration number 782496.

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• PhD Student Loans

The UK government offers a £27,892 doctoral loan to help with the costs of a PhD. Our detailed guides and blogs cover everything you need to know about eligibility, applications, repayments and much more.

You may be able to get a PhD loan of up to £27,892 for a UK doctorate. Our guide explains eligibility, applications and repayments.

It's time to start applying for postgraduate student finance. Read some tips and advice from the experts at the Student Loans Company.

Have your funding applications been unsuccessful? This blog discusses what it's like to self fund with a UK doctoral loan, and what it might mean for your studies.

PhD loan applications are open! Our handy checklist will help ensure yours is simple and successful.

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• Education and learning
• Student finance

Doctoral Loan

A Postgraduate Doctoral Loan can help with course fees and living costs while you study a postgraduate doctoral course, such as a PhD.

There’s different funding if you normally live in Wales . Moving somewhere to study does not count as normally living there.

You can also get extra support if you have a disability .

You will not be eligible for an Adult Dependants’ Grant, a Childcare Grant or Parents’ Learning Allowance from Student Finance if you’re studying a doctoral course.

When you can apply

You can now apply for funding for the 2023 to 2024 academic year.

When you repay your loan

You’ll have to start repaying your loan when your income is over a certain amount (the ‘threshold’ amount).

You’ll be charged interest from the day you get the first payment.

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Postgraduate loans for doctoral students

If you’re coming to Manchester this year to begin or continue postgraduate doctoral research, you could qualify for a loan from the UK government.

The maximum loan available for those starting a programme on or after 1 August 2024 is £29,390. Applications are open now.

This postgraduate student loan is paid directly to you and is non-means tested. The loan is a contribution towards the cost of study and is unlikely to fund the full cost of your doctoral studies. You will need to research how to fund any shortfall.

The information on this page is about the loan available to English students studying in the UK. There are similar funding arrangements for UK students resident in Wales; apply online at Student Finance Wales . Students ordinarily resident in Jersey , Guernsey and the Isle of Man may also be eligible for support.

Eligibility

To apply for a postgraduate doctoral loan, you must:

• be a UK or Irish national or have settled or pre-settled status under the EU Settlement Scheme  or indefinite leave to remain so there are no restrictions on how long you can stay;
• normally live in England;
• have been living in the UK, the Channel Islands, the Isle of Man or Ireland for three continuous years before the first day of your course, apart from temporary absences such as going on holiday; 
• UK applicants from Northern Ireland, Wales, Scotland, Channel Islands or the Isle of Man who move to England solely for the purpose of attending the course will not be eligible.

If you’re an EU national or a family member of an EU national

You may be eligible if you’re an EU national or a family member of an EU national, and all the following apply:

• you have settled status under the EU Settlement Scheme;
• you’ve normally lived in the UK, Gibraltar, EU, Switzerland, Norway, Iceland or Liechtenstein for the past three years (this is also known as being ‘ordinarily resident’);
• you’ll be studying at a university or college in England.

You could also be eligible if you’re:

• the child of a Swiss national and you and your parent have settled or pre-settled status under the EU Settlement Scheme;
• a migrant worker from the EU, Switzerland, Norway, Iceland or Liechtenstein with pre-settled status, or a family member of a migrant worker where both have pre-settled status;
• a resident of Gibraltar who is a UK or EU national, or their family member.

You may also be eligible with another residency status. See the gov.uk website for full details.

You must be under 60 on the first day of the first academic year of your course to get a postgraduate doctoral loan.

Previous study

If you have a loan from a previous undergraduate course or postgraduate master’s course, it won’t affect your eligibility for a postgraduate doctoral loan.

You can only get a postgraduate doctoral loan if you don’t already have an equivalent doctoral qualification or a higher-level qualification such as a PhD.

If you borrow a postgraduate doctoral loan for a course but don’t complete it, you won’t be able to get a second postgraduate doctoral loan. However, if you have to withdraw from your course for compelling personal reasons, such as illness, you may still be able to apply for another postgraduate doctoral loan.

Other eligibility

You won’t be able to get a postgraduate doctoral loan if you are getting any Research Council funding.

Course eligibility

The course you’re studying must be a full postgraduate doctoral course leading to a qualification such as:

• subject specialist doctorates: a formal programme of study such as a PhD;
• integrated subject specialist doctorates: a supervised research project undertaken alongside a more structured taught course, or may depend on successful completion of taught elements and be undertaken in later years. Integrated doctorates normally offer exit awards at master's level based on successful completion of taught course units (students must register for the doctoral degree at the outset to be eligible for a postgraduate doctoral loan);
• professional and practice-based doctorates: post-experience qualifications aimed at mid-career professionals, for example, an Engineering Doctorate (EngD).

A postgraduate doctoral loan isn't available to students wanting to ‘top up’ a lower-level qualification to a doctoral degree. Your course must be a full standalone doctoral course. The loan is available whether you are studying your course in person or by distance learning, and your course can be:

• a full-time course lasting at least three years;
• a part-time course lasting up to eight years.

How to apply

You only need to apply once for the postgraduate doctoral loan, as the application and funding are for the duration of your course. If you’re studying over three or more academic years, you’ll get a letter each year confirming your payments for the upcoming academic year.

The quickest way to apply for a postgraduate doctoral loan is online. If you’ve taken out a loan with Student Finance England before, use your account to apply . If you do not already have one, you can create an account .

If you can’t apply online, you should download a paper application form .  

When to apply

You should apply as soon as possible so that the Student Loans Company can contact you if they need any further information or evidence. You must apply no more than nine months after the first day of the last academic year of your course.

Please note if you apply after your first year, you might not get the maximum loan amount. 

When you’re paid

You get the first payment after your course start date, once your university or college confirms that you’ve registered.

The loan will be paid in three instalments of 33%, 33% and 34% each year. After your application has been approved you’ll be sent a letter with your payment dates or you can check them in your online account.

The repayment threshold currently stands at £21,000, and repayment amounts are 6% of income above the relevant threshold. For full details on repayment of student loans please visit the gov.uk website .

Find out more

Find out more about the Doctoral Loan on the UK government website.

Go to gov.uk

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• Fees and funding
• Postgraduate doctoral

Postgraduate Doctoral Loan

Loan amount

How to apply, check if you're eligible, eu, other eea and swiss nationals, how the loan is paid, repaying your loan.

If you are a Home student, you can apply for Postgraduate Doctoral Loan from the UK government to help with course fees and living costs while you study a postgraduate doctoral course, such as a PhD.

See an estimate of costs for living in London as an Imperial student.

There’s different  funding if you normally live in Wales .

The loan will not be available if:

• you have or will receive Research Council funding which includes stipends and or tuition fee support
• you are receiving a  social work bursary
• you are eligible to apply for an  NHS Bursary
• you are still studying another course and are in receipt of payments from Student Finance
• you already have a doctoral degree or equivalent/higher qualification
• you are receiving a doctorate by publication
• you are behind in repayments for any previous loans from Student Loans Company

Students studying doctoral courses starting on or after 1 August 2024 can get up to £29,390.

The loan is not means-tested, so it doesn't matter what your household income is.

Back to top of page

Students who normally live in England should apply via Student Finance England.

If you’ve taken out a loan with Student Finance England before,  use your account to apply . If you do not already have one,  set up an account .

If you're a Home student living elsewhere, you should apply to your regional funding body.

Explore information about  eligibility for this loan on Gov.uk.

EU, other EEA and Swiss nationals starting courses on or after 1 August 2021 must have settled or pre-settled status in the UK under the EU Settlement Scheme to be able to apply for this type of financial support.

Visit the  EU Settlement Scheme information guide  for more information.

This does not apply to students who are Irish citizens living in the UK or Ireland, who are automatically treated as settled in the UK and do not need to apply to the EU Settlement Scheme to benefit from the right to UK student finance. 

For full information on the nationality or residency status requirement for this type of financial support, please see the Gov.uk website .

The loan is paid directly to you.

It will be divided equally across each year of your course.

You have to repay your loan, but only once you:

• have left university
• are in employment
• are earning over a certain amount

Find out more about repaying your loans .

Types of graduate scholarships

Where to find graduate school scholarships, tips for applying and winning scholarships, graduate school scholarships: your path to affordable education.

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate student loans to write unbiased product reviews.

• Grad school scholarships provide funds to cover your educational costs. 
• In general, you don't have to repay scholarships or grants after graduation. 
• Start your search for grad school scholarships with your school's financial aid office.

Graduate school can help you take your career ambitions to the next level. But the cost can be very high. That's where grad school scholarships and grants come in. Scholarships and grants don't need to be repaid, which means you can leave school with minimum drag on your post-graduation finances.

Merit-based vs. need-based scholarships

Merit-based scholarships are awarded based on your academic achievements and other achievements. In contrast, need-based scholarships are awarded based on the financial need of the student.

Subject-specific scholarships

Beyond these need-based and merit-based scholarships, you can find specialized scholarships designed for particular fields of study or demographics. For example, you might find a scholarship opportunity based on your prior military experience or your desire to obtain a graduate degree in STEM.

Your university

Before you can snag a scholarship, you'll have to find the opportunity and apply for it . Your school's financial aid office is a good place to start your search because they might have information on school-specific scholarships.

Online scholarship databases

You can also find scholarship opportunities through online search engines, like the U.S. Department of Labor's free tool or Scholarships.com . To locate scholarships specific to you, filter searches by "graduate level" and your field of study.

Professional organizations and employers

Many organizations offer some form of scholarship or tuition reimbursement to students pursuing related careers, or those gaining skills to aid in their existing role.

Grant databases

Grants are another form of funding that you usually don't have to pay back. Below are some of the most popular grants for grad school:

• Federal grants: Some federal grants are available to graduate students, including the TEACH Grant, which is designed to prepare them for teaching at the elementary or secondary school level. After graduation, grant recipients must teach full-time for at least four years in a school that serves low-income students. Skipping the teaching commitment means you'll have to repay the funds. 
• State grants : Many states provide grant opportunities to students. In some cases, these grants are designed to support students pursuing a graduate degree that's relevant to the state's needs. 
• Institutional grants : Many colleges and universities provide grant opportunities to students. You can find out about these opportunities through your school's financial aid office. 
• Private grants: Some organizations and foundations offer grant funding to graduate students. In most cases, you'll need to meet some specific eligibility requirements to apply. 

Tapping into this source of free money for college is a worthwhile option. If you are interested in grant funding, start by filling out the FAFSA (Free Application for Federal Student Aid) to potentially tap into federal grant opportunities. 

In terms of state-level, institutional, and private grants, you'll need to do some research to find grants that might apply to your unique situation. Consider reaching out to your school's financial aid office, they might have more information on grant opportunities you can apply for.

When you find an enticing opportunity, it's important to craft a compelling application. Many scholarships require an essay, which could make or break your chances. 

"Writing essays for a graduate scholarship is not the same as it was for undergraduates," says Ben Ralston, president of Sachs Foundation , an organization that provides scholarship opportunities to Black Coloradans. 

"You are later in your career and can focus less on what you want to do with your education and more about what you have already accomplished," Ralston says. "Get specific in how graduate studies will develop more professional skills to build on previous accomplishments instead of speaking more generally about future goals."

Start early and apply often

It's important to note that the scholarship search process can take quite a bit of time, and once you've identified scholarships to apply for, you'll need time to prepare. Don't be selective with your scholarship applications; The more scholarships you apply to, the better your chances of winning.

Tailor your applications

When applying, personalize your essays and highlight how your experience aligns with the scholarship's mission. Be sure to triple-check your essays, and ensure that you're not referencing a separate scholarship opportunity from the one you're applying for.

Get strong letters of recommendation

Choose recommenders who can speak to your academic abilities and potential. This can be a teacher, employer, coworker, etc.

Grad school scholarship FAQs

Competition for graduate scholarships can be high, but many scholarships are available. Applying to a wide range increases your chances of success.

No, you don't. Scholarships are typically considered gift aid and don't need to be repaid.

While it's uncommon, there are some full-ride scholarships are available, especially for highly competitive programs or exceptional students.

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Compare Personal Loans

Federal vs. private student loans: what's the difference, federal loans are the go-to for students. for certain borrowers, though, a private loan might be the right call..

The U.S. Department of Education announced federal student loan rates for the 2024 to 2025 academic year, and they're the highest they've been in over a decade .

Interest on direct subsidized and unsubsidized loans has gone from 5.50% to 6.53% for undergraduate loans and from 7.05% to 8.08% for graduate loans. For parent PLUS loans , which allow parents to help contribute toward education expenses not covered by other financial aid, they jumped from 8.05% to 9.08% .

Federal student loans are typically the first stop when financing higher education: You don't need a credit history or co-signer and the interest rates are fixed, so your monthly payments won't ever change. They also offer flexible repayment options, extensive borrower protections, delayed interest accrual and — historically, at least — lower rates than those offered by private lenders.

But with federal student loan rates breaking records, is it time to consider a private loan? Here's what you need to consider.

Private student loans

Should you take out a private student loan, what's your credit score, can you get a co-signer, what's your income, get prequalified, private student loans pros and cons, compare private student loans.

When it comes to student loans, the general recommendation is to exhaust all federal loans and financial aid options before first turning to private student loans. More than 90% of education debt is federal student loans.

But the current rate environment means some borrowers taking out new student loans may want to rethink this advice. To decide if you should take out a private student loan, ask yourself these questions.

Unlike federal loans, private student loan lenders use your credit score to determine your eligibility. Because they only perform a soft credit inquiry when you prequalify, though, it won't ding your credit.

If you have very good or excellent credit , you may find a lower annual percentage rate (APR) with a private lender than with the Department of Education. On the FICO® Score scale, a "very good" credit score falls between 740 to 799 , while 800 or above is considered "excellent." A 760 credit score will likely qualify you for the lowest rate and best terms.

Read more: The best student loans if you have bad credit

College Ave offers student loans with fixed rates starting at 4.24% APR (including a 0.25% rate discount for autopay), well below the new rates for federal loans. Its fixed-rate APR currently goes up to 16.39% APR.

College Ave

Eligible borrowers.

Undergraduate and graduate students, parents

Loan amounts

$1,000 minimum; maximum cost of attendance

Range from 5 to 20 years

Variable and fixed

Borrower protections

Deferment, forbearance and grace period options available

Co-signer required?

Only for international students

Offer student loan refinancing?

Yes - click here for details

Terms apply.

If you don't have a strong credit profile, a creditworthy co-signer could help you secure a better rate. Some 93% of private undergraduate loans are co-signed, according to Enterval Analytics .

Ascent Funding offers co-signed undergraduate loans with fixed rates from 4.29% APR to 15.96% APR (including 0.25% autopay discount).

Ascent® Funding

Qualifying undergraduate juniors and seniors, graduate students

Up to $200,000

Range from 5 to 15 years

Deferment and forbearance options available

Co-signed undergraduate loans with Earnest® have a fixed APR of between 4.39% and 16.49% (including 0.25% autopay discount)

Undergraduate and graduate students, parents, half-time students, international and DACA students

$1,000 minimum (or up to state); maximum up to cost of attendance

9-month grace period

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.19% APR to 9.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.99% APR to 9.74% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance 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. The rate will not increase more than once per month. The maximum rate for your loan is 9.99% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

Private lenders also look at your debt-to-income (DTI) ratio to get a sense of your ability to repay a loan. A higher ratio means that more of your paycheck already goes toward paying your bills, so the lower the better. To calculate your DTI ratio, divide your total monthly payments by your gross monthly earnings. Homeowners should aim for a DTI ratio of 36% or less (including your mortgage) and renters for 15% to 20% or less (not including rent).

To see what terms your credit score and income can get you with a private student loan, use the prequalification tools that most lenders offer. SoFi® , for example, allows you to view your rate in just three minutes.

Undergraduate and graduate students, parents, health professionals

$5,000 minimum (or up to state); maximum up to cost of attendance

Range from 5 to 15 years; up to 20 years for refinancing loans

To receive a quote, you'll need to enter:

• Personal information, including address, birthday, Social Security number and citizenship status.
• Enrollment details, including school name and expected graduation date
• Financial data, including income and monthly rent or mortgage amount

You may also have to include details about your co-signer, if you have one.

While you're shopping for the best rate, see which lenders have attractive features — like an autopsy discount, flexible repayment options, deferment or forbearance and no application fees, origination fees, or charges for late payments or prepayments.

Before taking out a private student loan, consider the benefits and drawbacks.

• Higher loan amounts than with federal student loans
• Faster application and approval process
• Lower interest rate if you have great credit and a low DTI ratio or a co-signer
• Usually no origination fees, compared to 1.057% for federal loans and 4.228% for Parent PLUS loans
• Available to students who may not qualify for federal student loans, like international students
• Available for career-training classes, bar exam prep and other programs.
• Interest on private student loans may be tax-deductible
• Interest rate could be in the double digits if you don't have good credit or co-signer
• Limited deferment and forbearance options
• No income-based repayment plans
• No loan forgiveness programs for public service
• Widespread student loan cancellation or relief measures by the federal government don't apply to private loans.

Is it hard to get a private student loan?

Getting approved for a private student loan can be difficult if you have a limited or no credit history. This is why many students use a co-signer, often a parent, with very good or excellent credit.

How much can you borrow with a private student loan?

The amount you can get in private student loans varies by lender and can range from $75,000 to $120,000 for undergraduate students and from $150,000 to $300,000 for graduate students, according to LendEDU . Some lenders offer loan amounts up to the full cost of attendance.

Who's eligible for a private student loan?

To be eligible for a private student loan, you must meet the lender's credit score requirements or have a co-signer who does. International students can apply for private student loans, though most often will need a co-signer who's a U.S. citizen or permanent resident.

Do private student loans allow deferment?

Deferment and forbearance options vary by lender. If you delay payments, you may eventually owe interest even if you're not making payments.

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What is student loan consolidation?

Will my interest rate go up if i consolidate my student loans, i don’t know if i’m eligible for student loan forgiveness. should i still consolidate my loans, how to consolidate your student loans, what happens if you miss the deadline, don’t miss this student loan forgiveness deadline to maximize your debt relief.

You have until June 30 to consolidate your federal student loans and potentially qualify for additional forgiveness options.

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Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.

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Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best money decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor's degree in journalism and has been a writer and editor for publications including the New York Post, Women's Running magazine and Soap Opera Digest. When she isn't working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter and a very needy dog.

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Key takeaways

• If you have federal student loans, consolidating them soon may help you take advantage of forgiveness options.
• You must consolidate by June 30th to apply for this one-time benefit.
• You can consolidate your loans online. The process takes about 30 minutes.

If you have federal student loans, a key forgiveness benefit is about to expire.

The Department of Education is currently reviewing past student loan payment counts to help maximize borrowers’ debt relief benefits. If you have federal loans that aren’t eligible for forgiveness programs, consolidating them into a new Direct Loan could help you qualify for more relief. But you’ll need to move fast -- this benefit expires after June 30.

Consolidating your federal student loans can help you get your loans out of default and maximize your forgiveness amount. But it’s not the right move for everyone. I talked to financial aid expert Mark Kantrowitz to learn more about this one-time consolidation option, how it could maximize your debt relief and who should consider it.

Read more: Borrowers Stuck in Student Loan Limbo During Processing Pause

Student loan debt consolidation is similar to refinancing -- it lets you combine your existing federal student loans into a new loan with a fixed interest rate.

Why would you want to do this? If you hold FFELP, Perkins and other nondirect federal student loans, they may not be eligible for forgiveness programs. By consolidating them into a new Direct Loan and enrolling in an income-driven repayment plan, you may be eligible for automatic loan cancellation, interest forgiveness or other debt relief benefits.

If you qualify for an IDR plan and have been making payments for 20-25 years, your entire balance could be forgiven automatically.

And there are other benefits to loan consolidation. Having one student loan to keep track of, rather than many, can also make it easier to manage payments. Depending on the payment plan you choose, a consolidation loan could lower your monthly payments but also extend your repayment period. But if you’re eligible for forgiveness after consolidating, this might not be much of a concern.

Even if you already have Direct Loans, you might benefit from consolidating if you have more than one with different repayment start dates, said Kantrowitz, who’s also a member of CNET Money’s Expert Review Board .

Private student loan companies also offer debt consolidation for student loans. Even if these programs offer lower interest rates or other perks, converting your federal student loan into a private loan rarely makes sense. Private student loans are not eligible for federal income-driven repayment programs or federal debt relief.

Read more: Did You Default on Your Student Loans? You May Qualify for This Debt Relief Program

If you currently have low interest rates on your federal student loans, you won’t have to worry about your new consolidated rate spiking -- in most cases.

Your new Direct Consolidation Loan’s interest rate will be based on a weighted average of the loans you consolidate and it will be rounded up to the next 1/8th of 1%, according to Federal Student Aid , the Department of Education’s official student loan website.

There’s one exception, though. If you have a FFELP loan, you might lose some benefits when consolidating. “The main issue is borrowers who have a big interest rate reduction from the FFELP lender,” said Kantrowitz. “These discounts are provided by the lender and will disappear if you consolidate the loans.” 

You don’t have to consolidate all of your loans, so you might exclude your FFELP loans if you want to keep your current discount. You’ll need to weigh whether you qualify for forgiveness and how consolidating might affect your monthly student loan payment to decide if consolidating is right for you.

If you have unpaid interest on a student loan, it will be capitalized when you consolidate the loan and could increase your principal balance. Factor that in when deciding how much your new monthly payment would be and how much you may qualify for in forgiveness. 

For many borrowers, consolidating your federal student loans will help lower your monthly payment and could maximize your potential debt relief. If you currently hold federal student loans that are not Direct Loans, it can be particularly beneficial. Consolidating can also help you lock in a fixed interest rate if any of your federal student loans have a variable rate.

The latest student loan forgiveness program takes into account the date of your first student loan payment. Consolidating your loans helps ensure you get credit for your new Direct Loan starting with your earlier loan payment date.

So, let’s say you graduated from college and made your first federal student loan payment in 2004. Later, you went back to school for a second degree and started paying those loans in 2010. Under an income-driven repayment plan with a 20-year path to forgiveness, you might be eligible to have your loans from 2004 forgiven this year. But by consolidating your more recent loans with your older ones into one new Direct Loan, your entire balance could be wiped out this year. 

Even if you graduated more recently, consolidating your federal loans and enrolling in an IDR can help you get access to forgiveness sooner. And if you only have one student loan, if it’s not a Direct Loan, you may also benefit from consolidating. 

But if you don’t qualify for debt relief, it may not make sense to go through this step. “If you are not currently pursuing any kind of forgiveness (e.g., not even IDR forgiveness) and expect to never pursue forgiveness, then you don’t need to do it, ” said Kantrowitz.

You can consolidate your federal student loans online at StudentAid.gov. You’ll need to submit your application before midnight local time on June 30 to meet the deadline. You can consolidate after this date, but would miss out on some benefits.

To fill out the application, you’ll need your Federal Student Aid ID, some personal information, financial information and loan information to fill out the application. The FSA website says it takes approximately 30 minutes to complete the application for consolidating your loans.

You can fill out the application now at studentaid.gov/loan-consolidation . 

Once you apply, it can take up to 60 days to process your consolidation, said Kantrowitz. In the meantime, you might see your student loan payment count drop to zero. Don’t panic if this happens. It just means your adjustment count is being worked on.

If you consolidate your loans after the June 30 deadline, you can still get credit for past payments made on direct loans. But you might not get as much credit. Instead, your payment count would be based on a weighted average or may reset to zero. But, you could still gain access to a debt relief program.

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More From Forbes

Student loan payments paused for millions as biden is poised to slash bills in july.

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US President Joe Biden speaks at the Washington Hilton in Washington, DC, on June 11, 2024. The ... [+] Biden administration has instructed student loan servicers to place millions of borrowers in a temporary forbearance while payments get recalculated. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)

Millions of borrowers were notified this week that they will not have to make a student loan payment in July. The Biden administration has directed loan servicers to place many borrowers enrolled in the Saving on a Valuable Education plan into a special type of forbearance in anticipation of payments getting recalculated and reduced. SAVE is a new income-driven repayment plan that often has lower payments and gives borrowers a pathway to student loan forgiveness .

“We look forward to providing millions of borrowers with lower monthly payments as part of the Biden-Harris Administration’s work to provide the most affordable student loan repayment plan ever,” said an Education Department spokesperson in an email on Wednesday.

Here’s what borrowers need to know.

Faster Student Loan Forgiveness And Lower Payments Under Biden’s SAVE Plan

President Joe Biden debuted the SAVE plan last fall. Officials have described the plan as the most affordable and most beneficial income-driven repayment plan. The program features lower monthly payments, an interest subsidy that will eliminate any future balance increases for borrowers who are underwater on their payments relative to interest accrual, and accelerated student loan forgiveness for those who took out small amounts of debt.

But the SAVE plan is about to get even better for borrowers. Starting on July 1, a new repayment formula for the plan will go into effect. This update will slash the monthly payments for undergraduate borrowers by half as the plan’s discretionary income formula is reduced from 10% to 5%. Borrowers who have graduate school loans will also see a reduction to their payments if they have undergraduate loans as well; the amount of the reduction will depend on the proportion of their graduate and undergraduate student loan debt.

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024, student loan payments paused for july as new formula goes into effect.

More than eight million borrowers have enrolled in SAVE, according to the Education Department, and many of these borrowers will have their payments recalculated under the new formula that goes into effect next month. In anticipation of this, and in an effort to avoid some of the repayment chaos that plagued the student loan system when the Covid-19 payment pause ended last fall, the Education Department has directed loan servicers to place impacted borrowers in an administrative forbearance for the month of July, cancelling any payment that would otherwise be due.

Borrowers started receiving notices this week that their servicer “has placed an Administration Forbearance on your account” from July 1 through July 31. The Education Department confirmed that the forbearances are being applied at the direction of the Office of Federal Student Aid.

“As the Department finalizes preparations with student loan servicers to implement borrowers’ new, lower monthly payments capped at 5% for undergraduate loans under the SAVE Plan, some borrowers may be placed in a brief processing forbearance to ensure they can access the full benefits of the SAVE Plan and that their new payment amounts are accurate,” said the department spokesperson. During the forbearance, “no payment is required” and borrowers’ interest rates will be temporarily set to 0%.

Forbearance Will Count Toward Student Loan Forgiveness Under PSLF And IDR

Under new regulations, mandatory processing forbearances can now count toward student loan forgiveness for IDR plans as well as for Public Service Loan Forgiveness . This is a significant departure from past practice, when these types of forbearances would not count, and borrowers could face significant setbacks in making progress toward eventual loan forgiveness.

The Education Department spokesperson confirmed that the July administrative forbearance will count toward student loan forgiveness for IDR plans and PSLF.

SAVE’s Student Loan Forgiveness And Repayment Benefits Face Legal Challenges

While the Biden administration works to implement the student loan payment reductions under SAVE, the plan is facing two serious legal challenges brought by a coalition of more than a dozen Republican-led states. The states are seeking to block the program, arguing that President Biden exceeded his authority in establishing such a generous IDR plan.

Last week, a federal judge in Kansas gave the Biden administration a partial victory in one of the challenges when he dismissed the lawsuit for eight out of 11 states. But the court allowed the lawsuit to proceed for the three remaining states associated with that legal challenge.

Meanwhile, a ruling is expected any day from a judge in Missouri who is overseeing the second legal challenge. The court held a hearing on the states’ request for a preliminary injunction earlier this month. If granted, the injunction would block SAVE for new enrollees while the litigation continues; it is unclear if borrowers currently enrolled in SAVE would be able to get their payments reduced in July as the administration intends. A ruling is expected any day .

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Grad students have been a cash cow; now universities fret over graduate enrollment

ATLANTA — Two construction cranes hover over a giant worksite just outside the Scheller College of Business at the Georgia Institute of Technology.

What they’re building is both a show of optimism in and a way to attract more students to something universities badly need but are beginning to worry about: graduate education.

The $200 million project will house Scheller’s graduate and executive business programs in one tower, connected to Georgia Tech’s School of Industrial and Systems Engineering in another. Linking graduate business programs with other disciplines has proven to increase demand; Scheller has already added a science, technology, engineering and math designation to its master’s program in business administration, with a resulting bump in applications, the school says.

At a university focused on technology, doing this “seemed like a natural fit, and we were seeing some of our competitors doing it,” said Peter Severa, Scheller’s assistant dean for MBA student engagement, in a conference room overlooking the construction site.

It’s also a kind of enticement that’s become essential in response to signs that, after years of increase, the graduate enrollment on which universities heavily rely for revenue may be softening, as prospective students question the cost of grad school and as shorter, cheaper and more flexible alternatives pop up.

“What we’re seeing now is a combination of a leveling off and a big question mark as to where this long-term trend will go,” said Brian McKenzie, director of research at the Council of Graduate Schools.

Unlike undergraduate enrollment, which has been on a steady decline, graduate enrollment has gone up over the last decade. Undergraduate numbers fell by 15% between 2010 and 2021 , according to the National Center for Education Statistics, while graduate enrollment grew by 9% . That was fueled in part by a change in 2007 that let graduate students borrow up to the full cost of their educations, unlike undergraduates, who can borrow only a limited amount.

This growth made graduate programs a lucrative source of revenue for universities. To cash in, universities and colleges vastly expanded their graduate offerings.

It seemed a good bet. Not even the pandemic slowed the increase in graduate enrollment . It reached its highest level ever in 2021, as workers who had been laid off or furloughed opted to get graduate degrees. Then, in 2022, it fell.

There was a slight rebound in the fall of 2023, but that was driven largely by international students enrolling. Among domestic students, graduate enrollment declined.

Beginning next year, a decline in the number of 18-year-old Americans is projected to take another big toll on undergraduate enrollment. Basic math suggests that it will eventually hit graduate programs, too.

There are other challenges. All those graduate programs that universities rushed to add meant that, even when graduate enrollment was going up, the number of students per program – and, therefore, the revenue from these programs  – was going down.

Meanwhile, a strong labor market has many people staying in their jobs instead of furthering their educations.

“The choice became, ‘Do I go to graduate school or do I look at some of these very good opportunities?’ Many of them chose to go with the money,” said Julia Kent, vice president for best practices and strategic initiatives at the Council of Graduate Schools.

There has also been a proliferation of alternatives to traditional graduate degrees, such as lower-priced, shorter-term certificate programs and other nondegree offerings. 

“We live in a fast-food society,” said Lily Bi, president and CEO of the Association to Advance Collegiate Schools of Business, or AACSB. “People want something easy, something fast.”

And flexible. Twenty-seven percent of master’s programs and 66% of MBAs are now offered online , giving students more choice of when and where to take them. That’s up from 12% and 36%, respectively, in 2012.

Graduate students represent only a little more than a fifth of all students but account for nearly half of federal student borrowing , according to the U.S. Department of Education.

The average graduate student federal loan holder owes $70,000, an analysis found, and one in five has borrowed more than $100,000.

The increase in borrowing for graduate study has sparked a warning from the education department, which notes that growing numbers of borrowers are finishing their graduate educations with very high levels of debt. And while people with graduate degrees generally earn more than people without them, that premium has flattened out , “suggesting a potential decline in the net return,” the department’s chief economist observed.

Mindful of all this, the Council of Graduate Schools has created a task force to study the cost of graduate education and has recommended expanding eligibility for Pell Grants to graduate students and lowering the graduate student loan interest rate from the current 8.05%, Kent said.

Graduate programs are increasingly forced to dependent on one market that continues to grow: international graduate students. Their numbers rose 21% in 2022 and 22% in 2023, according to the National Student Clearinghouse Research Center.

In almost every graduate field that reported increased enrollment, it was due to a big jump in the number of international students, even as the numbers of U.S. citizen and permanent resident students fell.

In graduate business schools, the number of students who are U.S. residents or permanent residents dropped 7%, while the number from other countries went up 19% in the fall, AACSB figures show.

That growing dependence on international students could be risky; during the pandemic, they all but disappeared. Geopolitical tensions also could have an impact; though more international students continue to come to the United States from China than from any other country, the number of Chinese students fell slightly last year , according to the Institute of International Education. Still, McKenzie, of the Council of Graduate Schools, said the number of students from India increased 35% during the same period.   

Universities are aggressively recruiting international students. Georgia Tech’s STEM designation for its MBA program was devised in part as a way to help reverse a steady decline in the number of full-time MBA students .

That’s because a STEM designation allows international students to stay in the United States and work in their fields of study, without an employer sponsor, for three years after earning a degree, compared to the usual limit of one year.

“If a large portion of our applicants are international, it’s important to be attractive to them,” said Emily Sharkey, Scheller’s executive director of MBA admissions and recruiting.

Among other universities whose business schools have added STEM designations: Arizona State, Carnegie Mellon, Duke, Indiana, Michigan, Northwestern and Rice.

Incorporating technology into business education also appeals to undergraduates who might eventually pursue graduate degrees.

Even as an undergraduate at Scheller, “I’ve learned coding and stuff I probably wouldn’t have learned at other business schools,” said Elizabeth Curvin, who just finished her sophomore year there.

But she's not ready to commit to investing in an MBA. “I’d probably go out to the workforce and see if it was something that I wanted,” Curvin said.

Junior Aubrey Charron said she also wants to try out her planned career in hospital administration first, “just to make sure I’ve really found what I want to do.”

Individual students’ careers and universities’ bottom lines aren’t the only concern. The country is facing growing shortages of workers for jobs that require graduate degrees, the Council of Graduate Schools says.

“It is concerning that domestic enrollment is slightly down, because it will be critical to have more Americans participating in graduate education,” said Kent, at the Council of Graduate Schools.

This story about graduate enrollment was produced by The Hechinger Report , a nonprofit, independent news organization focused on inequality and innovation in education.

Tech Companies That Will Pay Off Your Student Loan Debt for You

Getting a job can help you repay your student loans, but what if the hiring business was willing to split the cost with you?

Businesses around the world have begun offering excellent employee perks and benefits to entice top talent into staying for longer. Given that retention is more valuable than anything when it comes to human resources, businesses have gotten creative with ways to encourage employees to stick around.

With the rising issue of student loan debt in the US, some businesses have decided that helping employees nix that debt is worth their while, and we’ve collected some tech companies that do so in order to help you find a job.

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What Is Student Loan Reimbursement?

According to the Federal Reserve , the cumulative student loan debt in the US sits at approximately $1.7 trillion. As you can imagine, this has a decidedly negative impact on the 43 million Americans saddled with these exorbitant sums, leading to all kinds of financial hardship.

Given the predatory interest rates of these loans, combined with stagnant wages over the last few decades, it has been nearly impossible for the average worker to make a sizable dent in their debt. That’s where student loan reimbursement can come in handy.

These programs are offered by businesses that want to take care of the financial health of their employees. They offer some form of reimbursement or repayment in an effort to cut down on the financial burden of student loan debt on employees. It’s an increasingly popular employee perk, particularly with the Supreme Court shutting down President Biden’s plan to forgive student loan in 2023.

Tech companies offering some form of student loan reimbursement for employees:

Live Nation

As an educational technology company, it’s understandable that Chegg would make an effort to alleviate the stress of student loan debt on its employees. In 2018, the company announced that it would launch an equity plan aimed at doing exactly that.

Even better, Chegg announced that the plan would provide funds based on your employment level. Entry level and manger employees are eligible for up to $5,000 per year, while higher ups are eligible for up to $3,000 per year. It’s worth noting, however, that you will have to work at Chegg for at least two years before you are eligible.

Amount : $3,000-5,000 per year

Google is considered one of the best companies in the world to work for, and that’s largely fueled by the fact that it offers quality perks and benefits to its employees. These include generous parental leave, while those who value the option of working from home will find plenty of remote jobs at Google this month.

In 2020, the big tech firm announced that it would be matching student loan payments of employees up to $2,500 per year. Unfortunately, if you’re a freelancer or a contractor with Google, you’re out of luck. The student loan reimbursement program at Google only applies to full-time employees, of which there are more than 100,000 across the US.

Amount : $2,500 per year

There’s more to the popular streaming service than just binge watching your favorite shows. Since 2018, Hulu has been offering student loan repayment options for its employees, to the tune of $100 per month or $1,200 per year.

There are some caveats, though. You will have to work at Hulu for at least a year before you can take advantage of this employee perk. Additionally, the program has a cap of $6,000 total, so you’ll have to find another way to pay off the rest.

Amount : $1,200 per year

As a human capital and work management company, Kronos is clearly committed to the wellbeing of employees at their business and beyond. In an effort to cut back on turnover, the company began offering student loan repayment for employees, as the rate of turnover is less than half for those having their debts paid off.

Kronos is on the lower end of the spectrum admittedly, offering only $500 per year to help manage payments. However, the company also offers reimbursement for undergraduate and graduate degree programs that are associated with the employee’s job.

Amount : $500 per year

Live Nation was the first entertainment companies to offer student loan repayment options for its employees, getting in on the trend all the way back in early 2017. Since then, the company has reportedly saved employees more than $4 million in student loan debts.

The Live Nation repayment options is somewhat generous, coming in at $100 per month or $1,200 per year. Additionally, the company does put a limit on total repayment options, with a cap at $6,000 in your lifetime. If only student loans had a similar rule.

Amount : $100 per month

NVIDIA has had a great year, boasting lots of revenue thanks to the boom in AI technology across the business world. Fortunately, the company is passing that along to employees, offering one of the more generous student debt repayment options on the list at $500 per month or $6,000 per year.

Even better, NVIDIA keeps the lifetime cap on student loan repayment quite high, allowing employees to get as much as $30,000 repaid over the course of their employment. And with the eligibility waiting period being only three months, it’s safe to say NVIDIA doesn’t want its employees bothered by student debt.

Amount : $500 per month

Sofi is an online bank and finance company that encourages other businesses to provide perks like student loan forgiveness to attract top talent. Luckily, the company doesn’t just talk the talk, it walks the walk, offering student loan repayment for its own employees as well.

Announced all the way back in 2016, Sofi offers up to $200 per month or $2,400 per year, to help employees pay back their student loans. And with the company helping curb student loan debt by more than $1 billion, it’s safe to say the company is on the side of the students.

Amount : $200 per month

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105-year-old dons cap and gown, receives overdue degree from Stanford University

Updated on: June 17, 2024 / 2:26 PM PDT / CBS San Francisco

STANFORD -- At age 105, Virginia Hislop has lived a full life with two children, four grandchildren and nine great-grandchildren. She has devoted much of her life to education and has served on school and college boards in central Washington, where she lives.

Despite her success, she says something was missing.

"From time to time, I wished I had finished and gotten my master's (degree)," Hislop said. "Part of it was the fact that I've been a college director for a good number of years and I didn't have the advanced degree that some of the other ones did."

Hislop had taken the required classes at Stanford University but had not yet submitted a master's thesis when the U.S. entered World War II in 1941.

"The Japanese bombed Pearl Harbor," Hislop explained.

She quickly married her college sweetheart before his Army deployment. She assisted in the war effort then focused on her family but never finished her thesis.

"Fast-forward 83 years -- we don't have a thesis requirement anymore so she's actually satisfied the requirements for Master of Arts in the Graduate School of Education," said Daniel Schwartz, dean of the Stanford Graduate School of Education. "So, 83 years later, we're honoring this woman who has done so much."

Sunday afternoon at the education department's commencement ceremony, fellow graduates and Hislop's family, many of whom live in the Bay Area, gave her a standing ovation as she walked onto the stage with a little support from her cane.

"So much gratitude. She's believed in all of us and cheered us on all the way through and we get to cheer her on now. It's pretty cool," said Elizabeth Jensen, Hislop's granddaughter. "I feel like this is the crowning glory of her amazing career. This is her lifetime achievement award."

Hislop received her master's academic hoop and her diploma.

"Very satisfied, very pleased," Hislop beamed.

She was quick to remind people it's never too late to get a college degree. And this one added one more highlight to her many accomplishments.

When asked what she'd do with the diploma, she smiled.

"Add it to the others I have in the basement," she said.

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Da Lin is an award-winning journalist at KPIX 5 News. He joined KPIX 5 in 2012, but has been reporting the news in the Bay Area since 2007. Da grew up in Oakland, and before his return to the Bay Area, he spent five years covering the news at three other television stations in Texas, Southern and Central California. He also spent five years reporting at KRON 4.

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