Best graduate student loans for fall 2024

Depending on what field you're planning to go into, graduate school might be a necessity. But even if it's not, you may still want an advanced degree to improve your earning or employment prospects.

It's an effective strategy. After all, having a master's degree or higher offers earnings about 20% higher than those with only a bachelor's degree, according to the National Center for Education Statistics.

Unfortunately, those advanced degrees don't come for free. The average cost of graduate school is just under $20,000 per year, the latest data shows — and that's for in-state tuition only. While federal student loans and aid can often help cover some of these costs, it may not be enough. If that's the case for you, private student loans can be an option to fill in the gaps. 

Start comparing the top student loan rates available to you here.

Best graduate student loans for fall 2024

Here are the best private graduate student loans to consider: 

Best overall: College Ave

When it comes to private student loans for graduate school, College Ave is tops overall. The lender offers general graduate school loans as well as loans specifically for graduate students in dental, MBA, medical and law programs. Its interest rates are among the lowest we looked at and come in both fixed and variable options.

There are also four repayment plans to choose from, including a flat $25 payment during school. Loan terms range from five to 15 years. 

Learn more about your College Ave student loan options here.

Best for low rates: Sallie Mae

Sallie Mae offers low interest rates on both fixed-rate and variable-rate graduate loans. Fixed interest rates range from 3.99% to 14.48%, while variable rates range from 5.37% to 14.97% (including an autopay discount). 

There are zero origination fees tied to these loans, and you can get up to 48 months of payment deferment while doing an internship or fellowship. There's also a six-month grace period upon graduation with this lender.

Find out how affordable your student loans could be with Sallie Mae.

Best for no fees: Earnest

If you want to avoid fees when getting your graduate student loan, look to Earnest, which charges no origination, disbursement or late payment fees. You can also skip a payment once a year without penalty, and there are four repayment options to choose from. 

Another standout: Earnest offers a rare nine-month grace period after graduation vs. the six-month option offered by most lenders.

Check your private student loan options with Earnest today.

Best for borrowers with a cosigner: Ascent Funding

If you can find a creditworthy cosigner, you may to look to Ascent Funding for your graduate school loans. The lender offers some of the lowest rates around for cosigned loans, with fixed APRs starting at just 3.79%. Be aware, though, that its non-cosigned loans have APRs much higher (ranging from 8.65% to nearly 15%). 

There are also graduate loans for a number of programs, including MBA, medical school, dental school, law school, PhD programs, master's programs and health professions, and the maximum loan amounts can be as high as up to $400,000.

Start comparing your loan options from Ascent Funding now.

Best for students with bad credit: SoFi

If you don't have great credit, you may want to look to SoFi. Not only does the lender offer a number of cosigner options you can use to qualify, but as a member, you can also check your credit score and get access to financial advisor and career services, too. There are opportunities to earn cash for good grades as well, and there are several options for rate discounts.

Loans are available for graduation programs and certificates, and the minimum loan amount is just $5,000.

See what rate you could get with SoFi here.

Best for students with good credit: LendKey

If you've got good credit and are willing to set up autopay, you can get a rate as low as 3.99% with LendKey (or as low as 6% on variable-rate loans). The marketplace boasts a variety of loan options from credit unions nationwide and streamlines the application process on its digital platform. You can also refinance student loans through LendKey.

The bottom line

When getting any sort of loan — education or otherwise — make sure to shop around for your lender. Rates, fees, and loan offerings can vary widely between companies, so comparing several options can help ensure you get the best deal.

If you need help deciding what private student loan or lender to go with, reach out to a financial professional. They can point you toward the right options for your goals.