Before you look at private loans
Grad PLUS ended for new borrowers on July 1, 2026. Federal Direct Unsubsidized Loans are still there. Most grad students can borrow $20,500 a year. Students in programs on the federal “professional” list can borrow $50,000 a year. That list is under court review. For now, the Department of Education’s interim list has 29 program types, and the MBA is not on it. The list may change, so ask your school how your program is classified.
Federal loans have a fixed 8.07% rate for 2026–27 and no credit check. Use them, plus any grants, scholarships or employer help, before a private loan. See how grad students pay for school now.
How to choose a private grad loan
- Compare the APR. The APR (annual percentage rate) is the yearly cost of the loan, including fees. Compare offers on APR, not the interest rate alone.
- Pick fixed or variable. A fixed rate never changes. A variable rate follows a market index, such as SOFR, and can go up.
- Check the fees. An origination fee is a charge taken out of the loan before you get it. The three lenders below list no origination fee.
- Choose a repayment term. A longer term means a lower monthly payment but more interest in total.
- Look at in-school options. Paying interest while in school costs less than deferring. Sallie Mae, for example, gives a rate 0.50 percentage points lower if you pay interest monthly instead of deferring.
- Check the grace period and residency deferment. A grace period is the time after school before full payments start. Medical students should ask how long payments can wait during residency.
- Ask about cosigner release. This lets your cosigner leave the loan later. The rules differ a lot between lenders.
- Ask what happens if you can’t pay. Read the loan agreement for forbearance (a pause in payments) and hardship options.
Lender comparison: graduate loans
These facts come from each lender’s own pages, checked on November 6, 2026. We do not rank lenders. Terms can change at any time, so check the lender’s site before you apply.
| Lender | Who can apply | Fees | Repayment term | Rate type | In-school options | Cosigner release |
|---|---|---|---|---|---|---|
| Sallie Mae (Graduate School Loan) | Students at participating schools, full-time, half-time or less than half-time. Non-citizens need a U.S. citizen or permanent resident cosigner. | No origination fee, no prepayment penalty | 10 to 15 years | Fixed or variable | Pay interest, pay $25 a month, or defer | Yes. After you graduate and make 12 on-time principal and interest payments, and pass a credit review. |
| SoFi (Graduate loan) | Enrolled at least half-time at a SoFi-participating school. U.S. citizen or other eligible status. Income is verified. | No application, origination or late fees, no prepayment penalty | 5, 7, 10 or 15 years | Fixed or variable (variable capped at 17.95%) | Full payments, interest only, $25 a month, or defer | Not described on the SoFi pages we checked. Ask SoFi. |
| College Ave (Graduate loan) | U.S. citizens or permanent residents at an eligible school. International students with a Social Security number and a U.S. cosigner. | No origination fee, no application fee | 5, 8, 10 or 15 years (up to 20 years for medical, dental and law loans) | Fixed or variable | $25 a month or other in-school payments, or defer | Yes. After half of the original repayment term, if your income is at least twice the balance, and you pass a credit review. |
All three let you check your rate with a soft credit check first. A soft check does not affect your credit score. The full application then uses a hard check.
Loans for medical, law and MBA students
| Lender | Degree-specific loans | Features listed by the lender |
|---|---|---|
| Sallie Mae | Medical (MD, DO, DPM, DVM, VMD), Dental, Law (JD, LLM), MBA, Health Professions | Medical loan: 48-month grace period, plus up to 48 months of residency deferment. Law loan: 9-month grace period. Separate Bar Study Loan and Medical Residency and Relocation Loan. |
| College Ave | Separate rate tiers for Master’s and PhD, MBA, Health Professions, Law, STEM, Dental, and Medical and Veterinary | Deferment during residency or fellowship. MBA loan lists a $150,000 maximum. |
| SoFi | Graduate, MBA and health professions loans | 0.25% autopay discount. Health professions page shows payment examples up to 20 years. |
Deferring payments is not free. With Sallie Mae’s residency deferment, interest builds and is added to your balance at the end of each period. That makes the loan cost more.
Federal vs private grad loans
| Federal Direct Unsubsidized | Private grad loan | |
|---|---|---|
| Credit check | No | Yes |
| Cosigner | Not needed | Often needed |
| Rate (2026–27) | 8.07% fixed for everyone | Fixed or variable, based on credit |
| Fee | 1.057% | None at the three lenders above |
| How much | $20,500 or $50,000 a year | Up to cost of attendance minus other aid |
| RAP (income-based payments) | Yes | No |
| PSLF and federal forgiveness | Yes | No |
Refinancing federal loans into a private loan gives up RAP, PSLF and federal forgiveness for good. Keep your federal loans federal unless you are sure you won’t need those options.
Which features matter most for you?
- Medical or dental student: compare grace periods and residency deferment. Payments during residency can be hard on a resident’s pay.
- Law student: check the grace period and whether a bar study loan is offered. Bar study costs come after graduation.
- Need a cosigner: compare release rules. Sallie Mae’s rule is based on 12 payments. College Ave’s is based on half the term.
- Want the lowest total cost: pay interest while in school and choose the shortest term you can afford.
How to apply
- Work out your gap after aid and federal loans.
- Check rates with at least three lenders on the same day.
- Compare APR, total cost, term, fees and cosigner release.
- Apply with the lender you choose. This is the hard credit check.
- Your school certifies the amount. This can take a few weeks, so apply early.
- Borrow only the gap, not the most you are offered.
Private rates change daily. A lender’s lowest rate goes to borrowers with the best credit, so your offer may be higher. More: How to Get a Student Loan · The 2026 loan limits
Sources
- Sallie Mae: Graduate School Loan Terms
- Sallie Mae: Medical School Loan
- Sallie Mae: Law School Loan brochure
- Sallie Mae: Graduate loan FAQ
- Sallie Mae: Medical Residency and Relocation Loan
- SoFi: Graduate Student Loans Rates and Terms
- SoFi: Graduate Student Loans
- SoFi: Graduate Loans for Health Professionals
- College Ave: Graduate Student Loans
- College Ave: Compare Grad PLUS vs. Private Student Loans
- College Ave: MBA Student Loans
- College Ave: Can a cosigner be released from a loan?
- College Ave: What repayment terms are available for a Student or Parent loan?
- Federal Student Aid: 2026–27 interest rates
- Federal Student Aid: Loan fees for loans first disbursed Oct 1, 2026 – Sept 30, 2027
- NASFAA: Temporary Changes to Professional Student Loan Limits
Last checked: November 6, 2026. Lender terms and rates change often. Confirm every detail on the lender’s site before you apply.
