Refined and Translated Paragraph: Pursuing advanced studies in graduate school can significantly enhance your earning potential and shape your career trajectory. However, the associated costs may necessitate the consideration of graduate student loans. Federal student loans, such as direct unsubsidized loans and Grad PLUS loans, offer advantageous features such as low interest rates, flexible repayment plans, and built-in protections like forbearance and deferment options. Despite these benefits, federal loans have annual borrowing limits, potentially leading to the need for private loans. Private student loans, viable for those with strong credit, can provide a competitive option with lower interest rates. Navigating through the array of student loan choices doesn’t have to be daunting; Credible is available to assist in comparing student loan companies, striving to secure some of the most favorable rates tailored to your needs.
7 of the Best Graduate Student Loans: For those contemplating graduate studies, this section highlights some of the premier graduate student loan options from private lenders to consider in your academic journey.
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Ascent Ascent extends generous private loans to eligible graduate students, requiring a minimum credit score of 600 and U.S. citizenship or permanent residency. In addition to creditworthiness, Ascent evaluates GPA as a qualifying criterion, setting a minimum threshold of 2.9 for eligibility. Private loans offered by Ascent come with both fixed and variable rates, providing flexibility to borrowers. The loan amounts range from $1,000 to $200,000, offering repayment terms of 5, 10, and 15 years. Ascent imposes no fees on its private loans and offers diverse repayment options, including full deferral, fixed or flat repayment, interest-only repayment, academic deferment, military deferment, and forbearance. Loan Details:
- Loan Amounts: $1,000 to $200,000
- Loan Terms: 5, 10, or 15 years
- Discounts: 0.25% to 2.00% automatic payment discount, 1% cashback graduation reward
- Cosigner Release: Available after 24 months
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Citizens Bank Citizens Bank extends substantial loan offerings for graduate studies, catering to students across all 50 states. International students are also eligible for private loans provided they have a cosigner who is a U.S. citizen or permanent resident. The minimum credit score required for loan qualification is not disclosed by the lender, and a soft credit check is anticipated during the application process. Citizens Bank allows borrowing up to $350,000, contingent on the type of degree pursued. Flexible repayment terms of 5, 10, or 15 years are available, with the only noteworthy fee being a late fee for missed due dates. Repayment options comprise full deferral, full monthly payment, interest-only payments, immediate repayment, academic deferment, military deferment, forbearance, and discharge in the case of death or disability. Loan Details:
- Loan Amounts: $1,000 to $350,000
- Loan Terms: 5, 10, or 15 years
- Discounts: Autopay discount, loyalty discount
- Cosigner Release: Available after 36 months
College Ave
For those attending graduate schools with higher costs, College Ave emerges as a viable option for private student loans, allowing borrowing up to 100% of the certified cost of attendance. Qualification for College Ave private loans necessitates satisfactory academic progress, which could pose challenges for those encountering setbacks during their graduate studies. Graduate students can borrow a minimum of $1,000, with the potential for higher amounts based on the school’s cost of attendance. College Ave offers versatile loan terms of 5, 8, 10, and 15 years, and standard repayment options include full deferral, full monthly payment, fixed/flat repayment, interest-only payments, immediate repayment, academic deferment, forbearance, and loan discharge when eligible. Loan Details:
- Loan Amounts: $1,000 up to 100% of the school’s certified cost of attendance
- Loan Terms: 5, 8, 10, or 15 years
- Discounts: Autopay discount
- Cosigner Release: Available after 24 months
EDvestinU
EDvestinU provides substantial borrowing amounts to finance graduate education, accompanied by flexible repayment options and competitive interest rates. To qualify for private loans with EDvestinU, a minimum credit score of 750 is required, along with meeting specific minimum income requirements. These criteria may enhance the likelihood of necessitating a cosigner. Graduate students have the opportunity to borrow up to $200,000, with repayment terms spanning 7, 10, or 15 years. Repayment options include full deferral, full monthly payment, interest-only, immediate repayment, academic deferment, and loan discharge in case of death or disability. Loan Details:
- Loan Amounts: $1,000 to $200,000
- Loan Terms: 7, 10, or 15 years
- Discounts: Autopay discount
- Cosigner Release: Available after 24 months
INvested
INvested combines advantageous interest rates with substantial borrowing amounts for eligible candidates, allowing borrowing up to 100% of the certified cost of attendance for their school. However, there is a prerequisite; you must either be an Indiana resident or a U.S. citizen attending an eligible Indiana college or university to qualify for INvested’s graduate school loans. The minimum loan amount is $1,001, and repayment can be extended over 5, 10, or 15 years. The only noteworthy fee is the late fee. Repayment options encompass full deferral, full monthly payment, interest-only payments, immediate repayment, academic deferment, or forbearance. Loan Details:
- Loan Amounts: $1,001 up to 100% of your school’s certified cost of attendance
- Loan Terms: 5, 10, or 15 years
- Discounts: Autopay, a reward for on-time graduation
- Cosigner Release: Available after 48 months
MEFA
MEFA offers low fixed-rate loans to eligible graduate students. To qualify, you must be a permanent resident or U.S. citizen and maintain satisfactory academic progress. However, MEFA loans do not provide a variable rate option, and there are no available discounts to optimize interest savings. Loan amounts vary from $1,500 to $2,000, extending up to 100% of your school’s certified cost of attendance, depending on the school type and deductions for other financial aid received. MEFA imposes no fees, and you can select from 10 or 15-year loan terms. Repayment options include full deferral, interest-only payments, or immediate repayment. Loan Details:
- Loan Amounts: $1,500 or $2,000 up to 100% of your school’s certified cost of attendance (depending on school type and minus other financial aid received)
- Loan Terms: 10 or 15 years
- Discounts: None
- Cosigner Release: Available after 48 months
Sallie Mae
Sallie Mae extends graduate school loans to U.S. citizens, permanent residents, and non-U.S. citizens attending a U.S. school with a qualifying cosigner. Minimum credit score requirements are not disclosed by Sallie Mae, necessitating an application to determine eligible rates. A cosigner may be required for individuals lacking an extensive credit history. Sallie Mae allows borrowing up to 100% of your school’s certified cost of attendance, with repayment spanning 5 or 15 years. While a fee is charged for late payments, repayment options align with other private loan servicers and include full deferral, fixed/flat repayment, interest-only payments, academic deferment, forbearance, and loan discharge for death or disability. Loan Details:
- Loan Amounts: Up to 100% of your school’s certified cost of attendance
- Loan Terms: 5 or 15 years
- Discounts: Autopay discount
- Cosigner Release: Available after 12 months
Take the time to meticulously compare graduate school loan options. Before committing to federal or private student loans for your advanced degree, several factors merit consideration. Notably, federal direct unsubsidized loans and Grad PLUS loans may carry higher interest rates compared to their private counterparts. Those with a robust credit score might qualify for lower interest rates through private loans, yet this advantage comes with a trade-off, as private student loans lack the protective features inherent in federal student loans.
Conducting thorough research is a crucial component of the decision-making process for graduate students evaluating financial aid options. It is prudent to scrutinize fixed and variable rates across diverse private loan options offered by various lenders. Utilizing an online student loan calculator can aid in estimating repayment costs for graduate school loans.
For individuals contemplating the use of private student loans to finance graduate studies, obtaining a complimentary rate quote proves invaluable in narrowing down potential lenders and loan servicers that align with their needs.
Delineating the disparity between federal and private student loans is imperative. Both loan types accrue interest, yet crucial distinctions exist. Federal student loans, originating from the Department of Education, share common characteristics in terms of interest. They feature fixed rates, ensuring the interest rate remains constant throughout the entire repayment period. Additionally, interest rates are not contingent on an individual borrower’s credit profile; rather, they are determined by loan type and issuance date.
Private loans operate differently, with interest rates determined by each borrower’s distinct credit history. Borrowers with favorable credit records enjoy lower interest rates. Rates for private loans can be either fixed or variable, the latter being tied to financial indices and subject to fluctuations over time. Variances in interest rates among different lenders can be substantial, highlighting the importance of careful consideration when selecting a loan provider.