student loan for phd

Best Ph.D. Student Loans

Expertise: Mortgages, real estate, investing, credit, debt, small businesses

Lauren Ward is a personal finance writer who regularly covers topics like mortgages, real estate, and investing.

Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance

Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families.

Ph.D. student loans offer a pathway to finance the extensive costs associated with higher education, covering everything from tuition to living expenses. We’ve identified the best Ph.D. student loans from the Department of Education and private lenders.

Use federal Ph.D. student loans first

If you must borrow using Ph.D. student loans, always max out federal student aid as your first funding source. Federal student loans , offered by the U.S. Department of Education, tend to be cheaper, provide more repayment flexibility, and come with other borrower perks, such as the potential for loan forgiveness.

Federal Direct Unsubsidized loans

The first federal loan option to consider is the Direct Unsubsidized Loan . These loans don’t require students to demonstrate any financial need and allow for up to $20,500 in annual federal funding toward your Ph.D. program, depending on your actual educational expenses.

One benefit is that you don’t need a cosigner or a credit check when you apply, which you do by filing the FAFSA . 

Federal Grad PLUS loans

The Department of Education offers Direct PLUS Loans to graduate students to cover advanced education. If you’re eligible, you could borrow up to the school-certified cost of attendance, minus any grants or scholarships you’ve received.

Unlike some federal loans, however, Grad PLUS Loans aren’t available to you if you have an adverse credit history, and you’ll need to undergo a credit check to prove you don’t.

Best private Ph.D. student loans

After maxing out your federal student loans, you may still need more money to pay for your doctoral degree . If that’s the case, you’ll need to look into getting private Ph.D. loans.

Private student loans tend to have higher interest rates, can be harder to qualify for, and have less flexible repayment plans. However, they can cover shortfalls in funding that otherwise might make getting your Ph.D. impossible.

Our team spent hours evaluating the options to choose the best Ph.D. student loans. Among other factors, we considered their options for deferment, repayment plans, cosigner policies, and grace periods .

• Best overall: College Ave
• Best for cosigners: Sallie Mae
• Best for no fees: Earnest

College Ave: Best overall

LendEDU rating: 5 out of 5

• Choose between 20 different repayment schedules
• 36-month grace period
• Deferment during residency

College Ave is an online lender offering new student loans and refinancing. The company covers a variety of doctorate programs, including those for Ph.D.s. 

It stands out in several ways, including a 36-month grace period. You can also get a cosigner release after just 24 consecutive on-time payments. 

Repayment terms go up to 15 years, which is a little shorter than some other lenders who let you spread payments out over 20 years. However, you can borrow anywhere from $1,000 up to the total cost of attendance each year. 

Sallie Mae: Best for cosigners

LendEDU rating: 4.8 out of 5

• Cosigner release after 12 months of consecutive on-time payments
• 48 months of deferment during residency and fellowship 
• No origination or prepayment penalty

Sallie Mae is the largest private student loan lender in the country. It offers loans for graduate students seeking a range of degrees and certifications, covering up to 100% of your educational costs.

Sallie Mae doesn’t have a Ph.D.-specific student loan product, but it offers graduate loans for students in master’s and doctorate programs.

Sallie Mae provides loans for up to 100% of your certified educational expenses, with no maximum loan limit. Repayment terms are up to 15 years, and cosigners can be released after 12 months of on-time payments. Though Sallie Mae loans are not federal, student borrowers may still be eligible for loan payment deferment in 12-month increments.

Earnest: Best for large loans

LendEDU rating: 4.7 out of 5

• Skip a payment once per year, if needed
• Check your rate without affecting your credit

Earnest is a popular online lender offering private student loans and the ability to refinance existing student loans. The Earnest Graduate School Loan covers Ph.D. programs in all states except Nevada. 

These can help cover between $1,000 and up to 100% of your school-certified educational costs. You can choose from five repayment terms, and Earnest provides a nine-month grace period.

Best Graduate Student Loans

How to get Ph.D. student loans

A graduate loan can be an important step in paying for your Ph.D. degree program. Whether you’re looking to cover tuition and fees, housing, or even miscellaneous expenses (such as a laptop for class), federal and private student loans can help.

Our expert’s take on loans for Ph.D. students

Erin Kinkade

The amount of student loans needed for a Ph.D. program will likely be more than a bachelor’s or master’s degree. But along with that, the earning potential could be greater and facilitate an easier repayment.  It’s important to understand the repayment terms; try to make extra payments while pursuing the Ph.D., and don’t wait until you graduate or get a job, if possible. Of course, make room in your budget for this payment, and when job searching, ask whether the employer offers any benefits for paying back student loans, such as 401(K) employer plan matching , which takes effect on January 1, 2025. This will assist with “lost” retirement savings and help you gain traction to meet your retirement goals.

To gain access to these loans, you must do the following.

• Fill out the FAFSA. The Free Application for Federal Student Aid is a form you must fill out months in advance before the deadline for each year you want financial aid. It helps determine your financial need. This is required if you hope to take out federal loans for any part of your educational expenses.
• Consider federal loans. Federal student loans have protections and features that private loans don’t offer. While you may be limited in how much you can borrow based on financial need and annual limits, consider borrowing as much as you can with federal loans before turning to private loans.
• Shop around for a private loan. If you’ve exhausted all your other options (including scholarships, grants, educational savings, and federal loans), it may be time to turn to private loans. Shopping around is a wise step when looking for the right private student loan, and it can help you find the right loan with the right terms and rates.
• Add a cosigner. If your credit history is limited, you have a low score, or you don’t meet the income requirements for a particular lender, consider adding a creditworthy cosigner to your private loan(s). This cosigner will be held equally responsible for your loans until you refinance or release them, but adding them initially can often unlock lower rates and higher loan limits.
• Provide documentation. Before disbursing your loan, your new lender may want to see some documentation. This could include proof of employment, academic progress, identity, and more.
• Get your loan. Once approved, your loan funds will be sent directly to your school, where they’ll be applied to any outstanding balance. The difference will often be refunded to you after the start of the semester.

Alternatives to a Ph.D. student loan

If you’re looking for alternatives to Ph.D. student loans, consider these funding options that could help lower the cost of attendance. 

Tuition reimbursement

Look into tuition reimbursement programs with your employer—where your employer will repay a portion of your tuition costs in exchange for an employment contract.

Program support

Some Ph.D. programs offer financial support, which can be structured in several ways. The first is a fully funded Ph.D. program, which covers tuition, fees, and a stipend for living expenses. 

You can also search for Ph.D. fellowship programs. You get financial help during your studies based on merit, and there may be a service requirement attached to the funding. 

Which Ph.D. student loan is the best?

When it comes to taking out loans for your Ph.D. program, federal student loans are usually the best place to start your search. Federal loans offer more benefits and protections than private student loans. They may even allow you to have some of your debt forgiven later on, particularly if you plan on working in public service. 

If you must turn to private funding, the best Ph.D. student loan for you is the one that offers approval at the lowest interest rate, with the best repayment terms for your unique situation. This lender may be different for each student borrower, so it’s wise to shop around first.

Do I need a cosigner for Ph.D. student loans?

Depending on your credit history, credit score, and current income, you may need to add a cosigner to qualify for a private Ph.D. loan. In exchange for adding a creditworthy cosigner, you may be eligible for certain loans, rates, and repayment terms you didn’t qualify for on your own. Depending on the lender, you may be able to release your cosigner from this obligation later on, once you’ve made a certain number of on-time payments.

Do Ph.D. student loans cover living expenses?

A Ph.D. loan can help cover your school-certified expenses, which may include housing. It’s important to note that some lenders (including federal student loan lenders) may have annual or aggregate limits. If you take out too much for tuition and fees, you may need to consider adding a private loan to cover your living expenses, too.

How much can I borrow with Ph.D. student loans?

The amount you can borrow with a Ph.D. student loan depends on the type of loan and even the specific lender. With federal graduate loans, you are limited to a maximum of $20,500 per year (though certain healthcare fields may qualify for higher limits). With private loans, you may be able to take out up to 100% of your eligible expenses.

When does repayment on Ph.D. student loans start?

Once you drop below half-time enrollment or graduate (depending on the lender), your grace period will usually begin. This grace period often ranges from six to nine months in length, during which you don’t need to make any Ph.D. loan payments. After that grace period, repayment will typically start.

Recap of the best Ph.D. student loans

• Credit Cards
• All Credit Cards
• Find the Credit Card for You
• Best Credit Cards
• Best Rewards Credit Cards
• Best Travel Credit Cards
• Best 0% APR Credit Cards
• Best Balance Transfer Credit Cards
• Best Cash Back Credit Cards
• Best Credit Card Sign-Up Bonuses
• Best Credit Cards to Build Credit
• Best Credit Cards for Online Shopping
• Find the Best Personal Loan for You
• Best Personal Loans
• Best Debt Consolidation Loans
• Best Loans to Refinance Credit Card Debt
• Best Loans with Fast Funding
• Best Small Personal Loans
• Best Large Personal Loans
• Best Personal Loans to Apply Online
• Best Student Loan Refinance
• Best Car Loans
• All Banking
• Find the Savings Account for You
• Best High Yield Savings Accounts
• Best Big Bank Savings Accounts
• Best Big Bank Checking Accounts
• Best No Fee Checking Accounts
• No Overdraft Fee Checking Accounts
• Best Checking Account Bonuses
• Best Money Market Accounts
• Best Credit Unions
• All Mortgages
• Best Mortgages
• Best Mortgages for Small Down Payment
• Best Mortgages for No Down Payment
• Best Mortgages for Average Credit Score
• Best Mortgages No Origination Fee
• Adjustable Rate Mortgages
• Affording a Mortgage
• All Insurance
• Best Life Insurance
• Best Life Insurance for Seniors
• Best Homeowners Insurance
• Best Renters Insurance
• Best Car Insurance
• Best Pet Insurance
• Best Boat Insurance
• Best Motorcycle Insurance
• Best Travel Insurance
• Event Ticket Insurance
• Small Business
• All Small Business
• Best Small Business Savings Accounts
• Best Small Business Checking Accounts
• Best Credit Cards for Small Business
• Best Small Business Loans
• Best Tax Software for Small Business
• Personal Finance
• All Personal Finance
• Best Budgeting Apps
• Best Expense Tracker Apps
• Best Money Transfer Apps
• Best Resale Apps and Sites
• Buy Now Pay Later (BNPL) Apps
• Best Debt Relief
• Credit Monitoring
• All Credit Monitoring
• Best Credit Monitoring Services
• Best Identity Theft Protection
• How to Boost Your Credit Score
• Best Credit Repair Companies
• Filing For Free
• Best Tax Software
• Best Tax Software for Small Businesses
• Tax Refunds
• Tax Brackets
• Taxes By State
• Tax Payment Plans
• Help for Low Credit Scores
• All Help for Low Credit Scores
• Best Credit Cards for Bad Credit
• Best Personal Loans for Bad Credit
• Best Debt Consolidation Loans for Bad Credit
• Personal Loans if You Don't Have Credit
• Best Credit Cards for Building Credit
• Personal Loans for 580 Credit Score Lower
• Personal Loans for 670 Credit Score or Lower
• Best Mortgages for Bad Credit
• Best Hardship Loans
• All Investing
• Best IRA Accounts
• Best Roth IRA Accounts
• Best Investing Apps
• Best Free Stock Trading Platforms
• Best Robo-Advisors
• Index Funds
• Mutual Funds
• Home & Kitchen
• Gift Guides
• Deals & Sales
• Amazon Prime Day
• Sign up for the CNBC Select Newsletter
• Subscribe to CNBC PRO
• Privacy Policy
• Your Privacy Choices
• Terms Of Service
• CNBC Sitemap

Follow Select

Our top picks of timely offers from our partners

Compare Personal Loans

The best graduate student loans of july 2024, these top lenders can help graduate student loan borrowers of all types..

Deciding whether or not to go to graduate school is an expensive decision to make. Graduate degree programs typically cost more than undergraduate programs, plus some students enter their grad school era already carrying student loan debt from their undergrad years.

At the same time, however, grad school can pay off. Many people pursue an advanced degree to become more specialized in their field and, ideally, earn more money in the future.

To lessen the burden that an advanced degree can have on your finances, give good consideration to how you'll pay for it. The most favorable borrowing option for graduate students is generally federal direct unsubsidized loans through the government. But because there's an annual $20,500 limit, you'll likely need to turn to grad PLUS loans or private student loans to finance the rest.

CNBC Select  set out to find the best graduate school student loans from private lenders. In choosing the top ones, we focused on lenders' loan amounts, loan specializations offered, credit requirements and eligibility, as well as repayment terms, interest rates and fees. (See our methodology for more information on how we made this list.)

Best graduate student loans

• Best for instant credit decision : College Ave
• Best for multi-year financing : Citizens Bank
• Best for applying with a co-signer : Sallie Mae
• Best for applying without a co-signer : Ascent
• Best for fair credit : Earnest
• Best for a grad-level certificate : SoFi

Compare offers to find the best student loan

Best for instant credit decision, 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.

• High loan amount
• Flexible repayment terms
• Variable and fixed rates, so you can choose
• Borrowers have hardship protections
• No co-signer required for U.S. students
• Offers co-signer release
• No origination, application or prepayment fees
• 0.25% interest rate discount for autopay
• Offers student loan refinancing
• Accepts in-school payments
• Non-cosigned loans tend to charge higher interest rates
• Co-signer release can't be made until half of repayment term has passed

With College Ave , borrowers can apply within minutes and get an instant decision on their student loan so they can quickly know their next move.

[ Jump to more details ]

Best for multi-year financing

$150,000 maximum, or cost of attendance, whichever is lower

Range from 5 to 15 years

Forbearance options available

• No co-signer required
• Up to 0.50% interest rate discount for autopay
• Loan amount is limited to $150,000 maximum, or cost of attendance, whichever is lower

Instead of having to re-apply each year for grad school funding, Citizens Bank lets borrowers apply for all years in one go. This relieves the stress of worrying about how you'll pay for that next semester. (Borrowers may need to verify their continued eligibility.)

Best for applying with a co-signer

Sallie mae student loan.

Undergraduate and graduate students, borrowers seeking career training

$1,000 minimum; maximum up to cost of attendance

Range from 10 to 15 years

Deferment and forbearance options available

• Both fixed and variable rates
• Loans available to part-time students
• Co-signer release available
• Doesn't offer student loan refinancing

Sallie Mae offers a co-signer release option with a relatively easy-to-meet threshold: Borrowers can apply to let go of their co-signer after they graduate, make 12 on-time principal and interest payments and meet certain credit requirements. This could be an incentive for a co-signer to sign on, knowing they don't have to be on the hook the whole loan term.

Best for applying without a co-signer

Ascent® funding.

Qualifying undergraduate juniors and seniors, graduate students

Up to $200,000 for undergraduate and $400,000 for graduate loans

• Considers borrowers with no credit
• Up to 1% interest rate discount for autopay
• 1% cash back rewards

Ascent can be a good lender to consider if you don't have access to a co-signer. Borrowers without a co-signer must meet the following requirements to get a grad school loan: either a U.S. citizen, U.S. permanent resident or someone with DACA status, an annual income of at least $24,000 and at least two years of credit history. There are minimum credit score requirements as well, but these vary. To help with your grad school funding, Ascent also offers graduate school scholarships .

Best for good credit

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

• Applicants with fair credit can qualify
• No origination or prepayment fees
• Allows qualified borrowers to skip one payment every 12 months and make it up later
• No co-signer release option available
• Variable rates not available everywhere

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.

Those with good credit should look to private lender Earnest to help finance their graduate degree. Earnest allows borrowers — or their co-signers — with a minimum FICO® Score of 665 to apply. Earnest also stands out for offering a Rate Match Guarantee where the lender will match a competing lender's rate, plus give a $100 Amazon gift card upon rate match confirmation.

Best for a grad-level certificate

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

Offer parent loan?

• 0.125% interest rate discount on any additional SoFi lending product
• Loan size minimum of $5,000

It can be harder to find financing for those seeking just a graduate certificate instead of a full-on graduate degree since not all graduate certificate programs qualify for federal aid. However, SoFi provides lending to eligible borrowers in graduate-level certificate programs, as well as to half-time graduate students (which not many private lenders accommodate).

More on our top graduate school student loans

College Ave offers competitive interest rates, plus no application, origination or prepayment fees. Borrowers can choose a fixed or variable rate and there's a 0.25% rate discount when signing up for autopay. College Ave also offers hardship protections like deferment, forbearance and grace period options. Borrowers with College Ave student loans can start repaying while still in school.

In addition to a generic graduate student loan, College Ave offers financing for those pursuing degrees in the following programs: dental, law, medical, MBA and health professions.

Eligible loans

Undergraduate and graduate loans, parent loans

5, 8, 10, 15 years; graduate loans up to 20 years

[ Return to account summary ]

Citizens Bank

Citizens Bank is a big bank that offers competitive student loan rates, plus no application, origination or prepayment fees. Citizens Bank also offers hardship protections like forbearance, and student loan borrowers can start repaying while still in school.

Citizens Bank provides loans for master's degrees, MBAs, law school, medical school and dental school.

5, 10, 15 years

Sallie Mae has interest rates that are competitive with other private lenders, and they can be variable or fixed. Borrowers can score a 0.25% autopay rate discount and take advantage of no origination, application or prepayment fees. Borrower protections include deferment and forbearance. Sallie Mae lets its borrowers start repaying their loans while still in school.

Sallie Mae offers general graduate school loans (for master's or doctoral degrees), MBA loans, medical school and medical residency loans, health professions loans, dental school and dental residency loans, law school and bar study loans.

Undergraduate and graduate loans

10, 15 years

Ascent borrowers can choose between a fixed or a variable rate, and there's an up to 1% interest rate discount for autopay. There are no fees for paying off your loan early, as well as no origination or application fee. Ascent also offers  rewards  like 1% cash back on principal loan amounts at graduation. There are also deferment and forbearance options available to borrowers. Ascent student loan borrowers can start making their payments while in school.

Ascent offers the following graduate school loan options: MBA loans, medical school loans, dental school loans, law school loans, doctorate and master's loans, plus health professional loans.

$2,001 minimum; maximum up to $200,000 for undergraduate loans and up to $400,000 for graduate loans

5, 7, 10, 12, 15, 20 years

With Earnest , there are competitive interest rates and the option to choose between variable or fixed. Borrowers will also get a 0.25% autopay rate discount. There are no origination fees or prepayment penalties. Borrower protections include a 9-month grace period and borrowers can make payments while in school.

Earnest offers general graduate student loans, MBA loans, medical school loans and law school loans.

Undergraduate and graduate loans, parent loans, international and DACA student loans

5, 7, 10, 12, 15 years

SoFi offers solid interest rates, both fixed and variable, as well as a 0.25% autopay rate discount. There are no application or origination fees and no prepayment penalties. Borrowers can get unemployment protection and other forbearance options, plus make student loan payments while still in school.

SoFi offers general graduate school loans, law school loans, MBA loans and health professions loans. As a SoFi student loan borrower, you'll get exclusive member benefits  like premium travel offers, personalized career advice, financial planning from real-life advisors and more.

5, 7, 10, 15 years; refinancing loans up to 20 years

Compare offers to find the best personal loan

Types of graduate school loans.

Graduate student loans consist of both federal and private loans. Under the federal student loan umbrella, there are federal direct unsubsidized loans and grad PLUS loans. (Unlike undergraduate borrowers, graduate borrowers can't access federal direct subsidized loans.)

Federal direct unsubsidized loans are low-interest, fixed loans that don't have any credit requirements and come with federal benefits like income-driven repayment (IDR) plans and loan forgiveness programs. Borrowers can only borrow up to $20,500 per year, however.

To finance the rest of grad school after reaching this limit, borrowers can either turn to the other federal loan option, grad PLUS loans or private student loans.

Grad PLUS loans and private student loans both require a credit check but should be weighed against one another. PLUS loans come with federal borrower protections but charge a loan origination fee. Meanwhile, many private lenders offer zero origination fees and lower interest rates for those with good credit. Plus, private lenders tend to have loans for specialized programs such as law school, medical school, dental school, residencies, MBAs or certain health professions, as well as general graduate loans for those pursuing a master's or doctoral degree.

What kind of loan is best for graduate school?

The loan that's best for graduate school is a federal student loan from the government, also known as federal direct unsubsidized loans. Note that grad students can't get access to subsidized loans like undergraduate students can. Federal direct unsubsidized loans have low, fixed interest rates and come with all the typical federal benefits like income-driven repayment (IDR) plans and loan forgiveness programs. Borrowers aren't required to meet any credit requirements like they have to with private student loans.

What is a good interest rate for grad school loans?

A good interest rate for grad school loans is in line with the current rate on federal direct unsubsidized loans for graduate students, which, at the time of this writing, is 7.05% .

How can I get the best student loans for graduate school?

To get the best student loans for graduate school, start by filling out and submitting the FAFSA ® form (Free Application for Federal Student Aid) to see what federal aid you qualify for. This type of aid can include federal student loans, scholarships, grants and work-study. After you exhaust all federal aid — and any college savings you have — then move on to a private lender on this list to fill in any financial gaps.

What is the maximum federal loan for graduate school?

The maximum federal loan for graduate school is up to $20,500 per year (unsubsidized only).

Bottom line

The best graduate school student loans are federal direct unsubsidized loans from the government. But because they have a funding limit of up to $20,500 per year, to fill in the remaining gap consider the private student loan lenders on this list.

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.  Sign up here .

Why trust CNBC Select?

At  CNBC Select , our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See  our methodology  for more information on how we choose the best graduate school student loans.

Our methodology

To determine the best graduate school student loans, CNBC Select analyzed and compared private student loan funding from national banks, credit unions and online lenders. We narrowed down our ranking by only considering those that offer competitive student loan rates and prequalification tools that don't hurt borrowers' credit.

While the companies we chose in this article consistently rank as having some of the market's lower interest rates, we also compared each company on the following features:

• Broad availability: All of the companies on our list offer undergraduate and graduate private student loans, and they all offer variable and fixed interest rates to choose from
• Flexible loan terms:  Each company provides a variety of financing options that borrowers can customize based on their monthly budget and how long they need to pay back their student loan. Each company also allows borrowers to start repaying their student loans while still in school, ultimately saving them money
• No origination or signup fee: None of the companies on our list charge borrowers an upfront "origination fee" for taking out their loan
• No early payoff penalties:  The companies on our list do not charge borrowers prepayment penalties for paying off loans early
• Streamlined application process:  We made sure companies offered a fast online application process
• Autopay discounts:  All of the companies listed offer an autopay interest rate discount
• Private student loan protections: Each company on our list offers some type of financial hardship protection for borrowers
• Loan sizes:  The above companies offer private student loans in an array of sizes, all the way up to the cost of college attendance. Each company advertises its respective loan sizes, and completing a preapproval process can give borrowers an idea of what their interest rate and monthly payment would be
• Credit requirements/eligibility: We took into consideration the minimum credit scores and income levels required if this information was available
• Customer support:  Every company on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help borrowers educate themselves about student loans in general

After reviewing the above features, we sorted our recommendations by best for instant credit decision, best for multi-year financing, best for applying with a co-signer, best for applying without a co-signer, best for fair credit and best for a grad-level certificate.

Note that the rates and fee structures for private student loans are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Choosing a fixed-rate APR will guarantee that one's interest rate and monthly payment will remain consistent throughout the entire term of the loan.

A borrower's interest rate depends on their credit score, income, debt-to-income (DTI) ratio, savings, payment history and overall financial health. To take out private student loans, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

Catch up on CNBC Select's in-depth coverage of  credit cards ,  banking  and  money , and follow us on  TikTok ,  Facebook ,  Instagram  and  Twitter  to stay up to date.

• These are the lenders that offer the fastest co-signer release Elizabeth Gravier
• How much does car insurance go up after an accident? Brian Sloan
• Best FHA Mortgage lenders of July 2024 Kelsey Neubauer

Best graduate school loan rates in June 2024

• • Personal finance
• • Personal loans

Bankrate's ranking for the best student loan lender for graduate school considers lender terms, interest rates and additional features to help you find a loan that is right for you. 

A graduate school loan is a type of student loan specifically designed for graduate studies, including a traditional master’s degree, a Ph.D, law degree, an MBA or a medical degree. Graduate school loans are used to pay for tuition and fees, although most lenders let you use the funds for books, supplies, housing and other expenses.

Graduate school loans are a great option for people who don't have the money to pay for college out of pocket and who have exhausted scholarships, grants and other aid opportunities. If you're searching for a loan, it's generally best to start with federal loans, as they offer flexible repayment options and you may qualify for forgiveness. However, private student loans can also be a good option. Many lenders don’t charge application or origination fees and borrowers with good credit could secure lower rates than those offered by federal loans.

Federal student loans for graduate school in the 2023-2024 school year have an interest rate of 7.05 percent for direct unsubsidized loans and 8.05 percent for PLUS loans. Private student loans typically have rates ranging from 3 percent to 15 percent.

How to apply for a student loan

Fill out the fafsa., get prequalified with private lenders., submit an application., sign loan documents., how to choose a student loan, look at federal student loan options., compare offers from a few private lenders., consider interest rates and terms., look into unique features., on this page, the bankrate promise.

The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.

• Student loan refinancing Refinance
• Private student loan Private

Secure a great loan in 3 easy steps

Answer a few questions, compare your offers, lock in your rate, the bankrate guide to choosing the best graduate student loans .

When shopping for a graduate student loan, compare APRs across multiple lenders to make sure you’re getting a competitive interest rate. Also look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. 

Check the lenders’ websites for the most up-to-date information. The graduate student loan lenders listed here are selected based on factors such as APR, loan amounts, fees and repayment options. The methodology section at the bottom of the page has more details.

The best graduate student loan rates in June 2024

*The rates in this table are the rate ranges given for graduate student loans. The information on lenders below reflect the overall student loan rate range offered by each lender.

**The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.

Best overall

Federal Direct Unsubsidized and Subsidized Loans

on Bankrate

Pros & Cons

• Several repayment plan options.
• Forgiveness opportunities.
• One interest rate for all borrowers.
• Annual loan amount cap of $20,500.
• Loan fees for all loan disbursements.
• Not available to international or DACA students.

Eligibility & More

Best if you don’t have a co-signer.

Check rate with Credible

Why Ascent is best if you don't have a co-signer: Ascent claims that it considers factors like your school, program and GPA in addition to your credit score, so you may have a better chance of getting a lower rate without a co-signer than you would with other lenders.

• Forbearance for up to 24 months over the life of the loan.
• Extended in-school periods of up to 48 months for some loans.
• Considers factors outside of creditworthiness, such as school, program and GPA.
• High APR caps.
• Not available to students attending less than half time.
• Borrowers must have at least two years of credit history.

Best for multiyear approval

• Get approved for multiple years of funding.
• Low starting APRs.
• Loyalty discount for existing Citizens Bank customers.
• Aggregate loan limit of $150,000 to $350,000, depending on degree.
• Long co-signer release period of 36 months.
• Maximum repayment term of 15 years.

Bankrate 2024 Awards Winner: Best student loan for graduate students

College Ave

• Three-minute initial application.
• Available to borrowers enrolled less than half time.
• Several repayment options and terms.
• Forbearance limited to 12 months over the life of the loan.
• Maximum loan amount of $150,000 for some degrees.
• Limited eligibility information.

Best low APR

• Discounts for existing SoFi members.
• Member rewards.
• Vague income eligibility requirement.
• Relatively short grace period of six months.
• Maximum term length of 15 years.

What is a graduate student loan?

A graduate school loan is a type of student loan that can help pay for graduate school tuition, fees, books, housing and more. These loans often have higher borrowing limits than undergraduate student loans, since graduate school costs more. They may also have perks specific to your degree — for instance, extended deferment during a clerkship or fellowship opportunities.

Types of graduate student loans

When you need to borrow money to pay for graduate school, you have three main options: federal Direct Unsubsidized student loans, federal grad PLUS student loans and private student loans. 

Federal graduate student loans

Federal student loans are backed by the U.S. Department of Education and are loaded with borrower protections and flexibility.  Within this program, graduate students can choose between a Direct Unsubsidized student loan and a grad PLUS loan.

You can borrow up to $20,500 each school year with a Direct Unsubsidized student loan , with a $138,500 aggregate limit for most degrees. A grad PLUS loan allows you to borrow more — up to 100 percent of the cost of attendance. In general, it's best to maximize your unsubsidized loan options first, as interest rates are lower than those of grad PLUS loans. Additionally, you must go through a credit check for grad PLUS loans, which is not the case for Direct Unsubsidized Loans.

To apply for either of these loans, you'll have to complete the FAFSA , which opens on Oct. 1 each year. If you're applying for a grad PLUS loan, you'll also have to fill out a separate application once the FAFSA is complete. If this is your first time receiving a Direct Loan, you'll be required to complete entrance counseling.

• Flexible repayment options, including income-driven repayment plans.
• The same fixed rates for all borrowers, regardless of credit score.
• Borrower protections, including deferment and forbearance options and potential loan forgiveness.
• Relatively low loan limits for Direct Unsubsidized Loans.
• Origination fees.
• Potential for garnishment of wages or tax refunds if you default.
• Potentially higher interest rates than private lenders offer if you have excellent credit.

Private graduate student loans

Private student loans are originated by private financial institutions, such as banks, credit unions and online lenders. You have dozens of options to choose from, but each lender sets its own rates, terms and eligibility requirements. 

Rates are commonly anywhere from about 4 percent to 17 percent and can be fixed or variable . The exact rate you're quoted depends on your credit score and financial profile. As such, you'll have to go through a hard credit check in order to be approved for a loan.

Unlike with federal student loans, you'll generally have a range of repayment terms to choose from with private lenders, usually between five and 20 years. Private student loan lenders also often offer degree-specific loans that are tailored to the needs of law school, medical school, business school and more.

• Zero fees with many lenders.
• Lower interest rates if you have an excellent credit score.
• Choice between fixed and variable interest rates.
• High loan limits.
• No defined hardship plans.
• No income-driven repayment or forgiveness plans.
• Harder to qualify with poor credit.

FAQ about graduate student loans

Do graduate students qualify for subsidized loans.

As of July 1, 2012, graduate students are not eligible for subsidized Stafford loans. However, if you took out a subsidized loan before this time, that loan will still count toward your aggregate loan limits.

What is the average interest rate for graduate student loans?

The interest rate for federal graduate student loans is 7.05 percent or 8.05 percent , depending on the type of loan you take out. The average interest rate for private graduate student loans can range anywhere around 4 percent to nearly 17 percent.

How much can I borrow in graduate student loans?

Many private student loan lenders will let you borrow up to the full cost of attendance, minus any financial aid received. However, you may be subject to aggregate limits based on your degree program. If you're taking out a federal loan, you may borrow up to $20,500 per year in Direct Unsubsidized Loans or up to the full cost of attendance with grad PLUS loans.

Is taking out loans for graduate school worth it?

You should never take on a large amount of debt without careful consideration; student loans in particular tend to stick around for a decade or more, which can delay wealth-building and eat into your monthly budget. However, for many students, taking out loans is the only way to achieve an advanced degree and potentially open up higher-paying careers.

Ultimately, it's up to you to decide whether it's worth it to take out loans for graduate school. You can start by weighing how much you need to borrow (and what your monthly payment will be) against projected future incomes for your career path. Remember to borrow the minimum amount you need; this limits how much interest builds up and how large your monthly payments will be after graduation.

How we chose our best graduate school loan lenders 

Bankrate's trusted personal loans industry expertise.

years in business

lenders reviewed

loan features weighed

data points collected

To find the best graduate school loan lenders, Bankrate's team of experts evaluated over 20 lenders. Each lender was then rated on a 14-point scale. The scale is split into three main categories :

Availability

Student loan availability is best described as how the product can meet the needs of many different types of borrowers. To get a high score in availability, the degree and location of a potential borrower should have a minimal effect on if they can qualify.

Affordability

Interest rates, fees and co-signer requirements make up a large part of the affordability category. Whether there is a grace period and how long it is also factors into this part of the score.

Customer experience

Recurring payment options, app availability, online access and customer support hours all play a role in defining a lender's customer experience score. Lenders that make the repayment process as easy as possible receive top marks.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

• Search Search Please fill out this field.

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more .

• Student Loans

Best Graduate Student Loans of 2024

Earnest offers the best graduate student loans

Based on our research, we believe Earnest is the best graduate school student loan lender because of its low rates, specialty-targeted loan programs, and flexible repayment plans. We researched and evaluated more than 30 lenders across 60+ factors, including interest rates, repayment plans, deferment policies, and more.

• Best Overall, Best for Medical School: Earnest
• Loan Marketplace: Credible
• Best for Law School Loans: SoFi
• Best for Fair Credit Borrowers: Ascent
• Best Without a Co-Signer: MPOWER
• Best for Student Loan Refinancing: Splash Financial
• Best for International Student Loans: Citizens Bank

Before turning to a private graduate loan, it’s usually a good idea to max out your eligibility for federal Direct unsubsidized loans, which come with low fixed interest rates and a variety of repayment plans. If you’ve exhausted your federal student loan options and still have a gap in funding, though, it’s worth exploring your options for private graduate school loans.

• Our Top Picks

Splash Financial

• Citizens Bank
• See More (4)

Final Verdict

• How to Choose

Methodology

Best overall , best for medical school : earnest.

• APR Range: Fixed 4.68%–15.00%, Variable 6.14%-16.42% (autopay included)
• Loan Amounts: $1,000–$250,000
• Loan Terms: 5–15 years

9-month grace period 

Option to skip a payment once per year 

Loans for graduate school, medical school, law school, and MBAs 

No option for co-signer release 

Not available in Nevada 

Earnest tops our list of the best graduate student loans thanks to its flexible repayment terms, customized loan options, and transparency around lending requirements. When you borrow from Earnest, you can choose repayment terms from five to 15 years, making it easy to find a term that works for your budget.

Plus, you have four different repayment options after you borrow, whether you want to start making partial or full payments right away or defer payments until after you graduate. Earnest offers a nine-month grace period on student loans, too, which is three months longer than the grace period you’ll find from most other lenders.  

While Earnest offers a general graduate school loan option, it also customizes loans for specific degree types. Specifically, Earnest offers graduate student loans for medical school, law school, and MBA programs, as well as loan options for half-time students. 

Finally, Earnest is upfront about its eligibility criteria, sharing the residency, financial, and other requirements that you or your co-signer need to meet to borrow a loan. As long as you or your co-signer have a minimum FICO score of 650 and make at least $35,000 per year, a graduate student loan from Earnest could be a good fit.  

For more information, see the full Earnest Student Loans Review . 

• In-school deferment: You can postpone payments while you’re in school and for up to nine months after you graduate. 
• Fixed payments of $25: To get a head start on your student loan payments, you can opt to pay $25 per month while you’re in school and throughout your grace period. 
• Interest-only payments: To prevent your balance from ballooning, you can pay off the accrued interest while you’re in school. You can continue paying only interest for nine months after graduation, before starting full payments.
• Full payments: Students with a source of income could opt to make full principal and interest payments while in school. As with interest-only payments, this option doesn’t come with deferment after graduation.  

To borrow a graduate student loan from Earnest, you must meet the following eligibility requirements: 

• Live in a participating state or Washington, D.C. (anywhere but Nevada)
• Be the age of majority in your state 
• Be a U.S. citizen, permanent resident, or have a Social Security number 
• Be enrolled in a Title IV-qualified institution 

As for Earnest’s financial requirements, the lender asks that you or your co-signer have a minimum FICO score of 650 and annual income of at least $35,000. You also can’t have any past-due balances in the past year, accounts in collections, or bankruptcies on your credit reports.  

Loan Marketplace : Credible

• APR Range: Fixed 4.17%–16.69%, Variable 5.37%-16.85% (autopay included)
• Loan Amounts: Varies by lender
• Loan Terms: Varies by lender

Check rates with multiple lenders at once 

Best rate guarantee 

Competitive rates 

Options limited to partner lenders 

May need to research individual lenders for full details 

Credible is an online lending marketplace that enables you to check your rates with multiple lenders at once. With no impact on your credit, you can pre-qualify for a graduate student loan from Credible’s partners, which include: 

• College Ave
• Custom Choice 
• Sallie Mae 

Since every lender sets its own borrowing requirements, you may not qualify with each one. After submitting your information, you can compare offers and see if any are the right fit. 

If you decide to move forward, you can select an offer and submit a full application. Most of Credible’s partner lenders offer student loans starting at $1,000 and going up to your school-certified cost of attendance.  

You may need to head to an individual lender’s website or call its customer support team if you need additional details about its loan amounts, repayment options, or other loan features. 

For more information, see the full Credible Student Loans Review .

Your repayment options will vary by lender, but you may find the following: 

• Deferred payments
• Fixed payments 
• Interest-only payments 
• Immediate repayment 

Since Credible is a loan marketplace that partners with various lenders, the specific eligibility requirements will vary by lender. However, most require that you’re the age of majority in your state and are a U.S. citizen or permanent resident. Through Credible, you can find loans in all 50 states. 

Credible’s partners require a minimum credit score of 670, but you or your co-signer will need a score of 700 or higher to access the most competitive rates.

Best for Law School Loans : SoFi

• APR Range: Fixed 4.74%–14.83%, Variable 5.74%-15.86% (autopay included)
• Loan Amounts: $1,000 up to cost of attendance
• Loan Terms: 5, 7, 10, or 15 years

Student loans for law school, medical school, MBAs, and graduate school 

Access to member benefits, including career coaching 

Not transparent about credit score requirements

Maximum APR can exceed 13% 

SoFi provides graduate student loans to qualifying borrowers across the country. Along with its general graduate school loan, SoFi also designs loans specifically for law school, medical school, and MBA programs. 

If you borrow from SoFi, you can choose between fixed and variable rates and loan terms of five to 15 years. You’ll also get access to a range of SoFi member benefits, which include career coaching and estate planning. 

SoFi doesn’t charge any fees on its student loans, so you don’t have to worry about an origination fee or prepayment penalty. Plus, the lender gives you the option to defer payments if you go back to school, undergo disability rehabilitation, or serve in the military. 

If you apply with a co-signer, SoFi allows you to apply for co-signer release after 24 months of on-time payments. However, the lender isn’t particularly transparent about its underwriting criteria and does not disclose its minimum credit score or income requirements on its website. 

For more information, see the full SoFi Student Loans Review . 

• Deferred payments: Postpone payments while you’re in school and for an additional six months after you graduate. 
• Interest-only payments: Pay off the interest that accrues while you’re in school. 
• Partial payments: Make monthly payments of $25. 
• Immediate repayment: Start making full principal and interest payments right away.  

SoFi provides graduate student loans in all 50 states and Washington, D.C. while it doesn’t disclose specific requirements, you’ll need to meet SoFi’s criteria for credit, income, and debt-to-income ratio to qualify. You also have the option of applying with a co-signer. Along with its general graduate student loans, SoFi also designs loans for law students, health professions students, and MBA programs.

Best for Fair Credit Borrowers : Ascent

• APR Range: Fixed 5.29%–15.96%, Variable 7.73%-16.09% (autopay included)
• Loan Amounts: $2,001 to cost of attendance; aggregate total of $400,000 
• Loan Terms: 5, 7, 10, 12, 15, and 20 years

1% cash back reward upon graduation 

Co-signer release option after 12 months

Forbearance in the event of financial hardship 

Does not disclose credit requirements 

Charges late fees 

Maximum APR can exceed 15% 

Ascent is a solid student loan lender, with a fairly rare perk for eligible borrowers: If you meet certain requirements, including graduating with the degree you took the loan out for, you can get 1% of your loan proceeds back. This could be a nice (and fairly sizable) treat for all your hard work.

Ascent gives you the option to pre-qualify with no impact to your credit, so you can enlist a co-signer if you’re having trouble qualifying on your own. Its graduate school loans come with flexible repayment options and loan terms of five to 20 years.

Unlike most other private lenders, Ascent offers the option of graduated repayment, meaning you can choose to start with lower payments that increase over time. You also don’t have to worry about origination fees or prepayment penalties. 

If you apply with a co-signer, you can pursue co-signer release after 12 months of on-time payments, as long as you’re a U.S. resident or permanent citizen. Ascent also offers various deferment and forbearance options in the event of financial hardship. 

For more information, see the full Ascent Student Loans Review . 

• Deferred payments: You can postpone payments while you’re in school and for nine months after you graduate on Ascent’s graduate, health professional, MBA, and law school loans. Ascent dental school loans come with a 12-month grace period, and Ascent medical school loans offer a grace period of up to 36 months. 
• Interest-only payments: You can pay the interest that accrues on your loans while in school. If you choose this option, expect your first payment to be due 30 to 45 days after your loan is disbursed. 
• Partial payments: You can also pay $25 per month toward your loan while in school.

Ascent’s graduate student loans are available in all 50 states, as well as Washington, D.C. and U.S. territories. While Ascent doesn’t share its minimum credit score requirement, it does say you or your co-signer must have at least two years of credit history and an annual income of at least $24,000. International students are eligible to apply as long as they apply with a U.S. citizen or permanent resident as their co-signer. 

Best Without a Co-Signer : MPOWER

• APR Range: 13.98% (autopay included)
• Loan Amounts: $2,001–$100,000
• Loan Terms: 10 years

No co-signer or collateral required 

Available to international students 

Interest rate discounts available 

Relatively high interest rate 

Must pay interest while in school 

Only one loan term 

MPOWER Financing offers student loans without requiring a co-signer or collateral; along with the traditional borrower qualifications, MPOWER also considers your future earning potential, which can help you get approved if you’re applying on your own. While domestic students are eligible to borrow from MPOWER, this lender is largely geared toward helping international students attend school in the U.S. and Canada. 

Along with student loans, MPOWER provides visa support and career development guidance. Its graduate loans come with a relatively high fixed interest rate of 13.98%, though you can qualify for a 0.25% interest rate discount by setting up autopay.  

Unlike some other lenders, MPOWER doesn’t let you postpone payments completely while you’re in school. Instead, you’ll have to pay the interest while you’re in school and during your six-month grace period. 

After that, you’ll be set up on a repayment term of 10 years.

For more information, see the full MPOWER Student Loans Review . 

• Interest-only payments: You’re required to pay the interest while in school and for six months after you graduate.

MPOWER Financing provides loans for graduate students, specifically focusing on international students attending graduate school in the U.S. and Canada. Unlike most other lenders in the U.S., MPOWER doesn’t require international students to apply with a co-signer or collateral. 

Because it doesn’t require a creditworthy co-signer, MPOWER requests other documents when you apply, such as your resume, standardized test scores, and transcripts. You also must be attending one of the schools on its approved list in order to borrow a student loan. 

Best for Student Loan Refinancing : Splash Financial

• APR Range: Fixed 5.09%–10.24%, Variable 5.28%-10.24%
• Loan Amounts: Minimum of $5,000, maximum varies by lender
• Loan Terms : Not disclosed

Connects borrowers with student loan refinance offers 

Lets you check your rates with multiple lenders at once 

Rates start as low as 5.09% 

Refinance offers limited to Splash’s exclusive partner lenders 

Loan terms and conditions can vary by individual lender 

Splash is a student loan network that can connect you with student loan refinance offers from several lenders that are exclusive to Splash; you won’t be able to apply with them through other means. If you’ve already borrowed graduate student loans and are looking to lower your rates, Splash is worth exploring. 

You can pre-qualify for student loan refinancing with no impact on your credit score and access extra-low rates.

Splash can also connect you with graduate school loans, specifically from its partner Earnest. As mentioned, Earnest provides loans for graduate school, as well as specific programs, including medical, law, and MBAs. 

For more information, see the full Splash Financial Student Loan Refinancing Review .

Refinancing student loans can help you lower your interest rate and restructure your repayment terms, but be cautious about refinancing federal loans. If you refinance federal loans, you turn them private and thus lose access to federal repayment plans, forgiveness programs, and other protections. 

• Full principal and interest: Since refinancing is typically done after graduation, you'll begin paying full payments right away as you were with your previous loan or loans.
• Medical and dental school repayment : Refinanced medical or dental school loans only require fixed monthly payments of $100 while you're in a residency or fellowship, and for a six-month period after you leave those programs.

The Splash Financial network is available to borrowers in all 50 states, Washington, D.C., Puerto Rico, and the Virgin Islands. The credit and income requirements will vary by lender, but you’ll need strong credit (or a creditworthy co-signer) to access the lowest rates. Some of Splash’s partner lenders offer co-signer release after a certain period of on-time repayment.

Best for International Student Loans : Citizens Bank

• APR Range: Fixed 5.99%–12.64%, Variable 6.97%-14.18%(autopay included)
• Loan Amounts: $1,000–$150,000, or more with some degrees

Multi-year approval

International students eligible with a co-signer 

Multiple loan types for specific graduate programs 

No option to prequalify 

Co-signer release only available after 36 months 

Applying for more funding for every year you want to go to school can be a hassle, and if you fail to secure the funds your education may suffer. Citizens offers multi-year approval to help erase this concern. If you apply for a loan, are approved, and are given multi-year approval, you won’t have to submit a full, formal application for later school years. Instead, you can simply request more funds without the need for further hard inquiries or documentation.

If you’re already a Citizens banking customer, you could qualify for a 0.25% interest rate discount, in addition to the 0.25% automatic payment discount. Unfortunately, Citizens doesn't give you the option to check your rates through pre-qualification, so you’ll need to submit a full application to see your options. 

Citizens does not charge origination, application, disbursement, or prepayment fees. Along with its graduate school loan option, Citizens also offers MBA, law, medical, dental, and medical residency refinance loans. 

For more information, see the full Citizens Student Loans Review . 

• Deferred: You can defer payments while you’re in school and for six months after you graduate.  
• Interest-only: You can start paying the interest right away to prevent your balance from growing while you’re in school. 
• Immediate repayment: You can choose to make full payments from the get-go. 

Citizens looks for a strong credit history when you apply for a loan. You’ll also need to provide your personal details, school’s cost of attendance, and information about any financial aid you’ve already received. International students can qualify if they apply with a co-signer who’s a U.S. citizen or permanent resident. Citizens student loans are available in all 50 states, Washington, D.C., and Puerto Rico. 

You have many options when it comes to borrowing a private student loan for graduate school. Earnest tops our list of the best graduate school loans overall and best for medical school, thanks to its low rates, flexible repayment options, and transparent lending practices. 

However, there are a variety of lenders that might be a good fit depending on your situation. MPOWER Financing could be a good choice for international students who want to take out a loan on their own, without a co-signer. Citizens stands out for its multi-year approval option, while Ascent offers a 1% cash-back bonus to qualifying students. 

Because every lender has its own pros and cons, it’s worth shopping around before you pick one. Many of these lenders let you pre-qualify online, so you can check your rates with no obligation or impact on your credit score. 

Taking the time to compare your options can help you find a graduate school loan that’s the best fit for you and your finances. 

Guide to Choosing the Best Graduate Student Loan

How do graduate student loans work.

Graduate student loans offer funding that you can use on qualified education expenses, such as tuition, fees, room, board, books, supplies, and living expenses. Most lenders send your loan proceeds directly to your financial aid office, which will apply it to required expenses, like tuition. Then, the office will send the remaining amount to you. 

Most private lenders give you the option of postponing payment while you’re in school and for six or nine months after you graduate. However, make sure to read the fine print to confirm when your first payment is due. If you can afford in-school payments, you could reduce your overall interest charges. 

Private student loans are different from federal loans, which typically don’t require a credit or income check. Federal loans are also eligible for a variety of federal repayment plans, forgiveness programs, deferment and forbearance programs, and other protections. 

Graduate students are eligible to borrow Direct unsubsidized loans and grad PLUS loans. It’s often a good idea to max out your eligibility for Direct unsubsidized loans, since they come with relatively low fixed interest rates. If you need additional funding for graduate school, compare private student loans with federal grad PLUS loans to see which would be the better option. 

How to Compare Graduate Student Loans

When comparing graduate student loans, there are a number of features to consider: 

• APR: The loan with the lowest APR will likely be the most affordable one.  
• Fees: Look out for application, origination, administrative, disbursement, or late fees that could add to your costs of borrowing. 
• Repayment terms: Choose a loan with a repayment term that works for your budget, whether it spans five or 15 years. Find out what your options are for in-school payment too, and whether the lender offers a grace period. 
• Borrower protections: When comparing private lenders, find out if they offer any benefits, such as forbearance in the event of financial hardship or deferment if you go back to school. 
• Co-signer release: If you need to apply with a co-signer to qualify, find out if the lender offers the option of co-signer release after a certain period of time. 
• State availability: Some lenders provide loans in all 50 states, while others are restricted to certain areas.
• School eligibility: Finally, make sure your school is on a lender’s list of eligible institutions for a graduate student loan. 

How to Qualify for Private Graduate Student Loans

To qualify for a private graduate student loan, you may need to meet the following requirements: 

• Be a U.S. citizen or permanent resident, or apply with a co-signer who is (this requirement varies among lenders) 
• Have a strong credit history 
• Meet a minimum threshold for annual income 

If you can’t meet a lender's underwriting requirements on your own, you may still be able to qualify by applying with a co-signer. 

What Can Graduate Student Loans Be Used for?

Graduate student loans can be used for qualified education expenses, which include: 

• Tuition and fees 
• Room and board 
• Off-campus rent 
• Books, computers, and other supplies 
• Transportation
• Living expenses 

In fact, your lender probably isn’t going to monitor how you use your student loans. It’s up to you to follow guidelines and spend responsibly so you don’t take on more debt than you need.

How Much Should You Borrow for Graduate School?

There’s no one-size-fits-all answer to how much you should borrow for graduate school. However, some experts recommend not taking on a monthly payment that exceeds 8% of your post-graduation income. Others suggest not borrowing any more than you can afford to pay off in 10 years. Consider your post-graduation career plans and projected income to decide on an amount that will work for your budget.

What Are the Requirements for Private Graduate Student Loans?

Private graduate student loans typically require that you: 

• Are a U.S. citizen or permanent resident, or apply with a co-signer who is 
• Are the age of majority in your state 
• Reside in a state where the lender operates
• Are enrolled in an eligible school 
• Meet the lender’s requirements for credit and income (on your own or with a co-signer)

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected thousands of data points across 30 lenders—including loan types, interest rates, fees, loan amounts, and repayment terms—to ensure that we help readers make the right borrowing decision for their education needs.

ParthShah / Getty Images

Earnest. " Student Loan Rate Disclosures ."

Earnest. " What Are the Minimum and Maximum Loan Amount I Can Take? "

Earnest. " See Your Monthly Student Loan Payments ."

Earnest. " What Payment Options Are Available to Me? "

Earnest. " Graduate Private Student Loans ," Click "Do I Need a Cosigner for Private Graduate School Loans?"

Credible. " Graduate Student Loans ."

Credible. " Credit Score Needed for Federal & Private Student Loans ."

SoFi. " Private Student Loan Graduate and Health Professions Rates & Terms ."

SoFi. " Graduate Student Loans for Your Next Step ."

SoFi. " Graduate Student Loans ."

SoFi. " Graduate Student Loans ," Click "What Is a Cosigner Release?"

SoFi. " Eligibility Criteria ."

Ascent. " Ascent Services Terms of Use ."

Ascent. " Graduate Student Loans for the Next Generation of Leaders ."

Ascent. " Ascent’s Discounts & Cash Rewards ."

Ascent. " Frequently Asked Questions ," Click "What Are My Ascent College Loan Repayment Options and Terms?"

Ascent. " Everything You Should Know About Cosigning a Student Loan ."

MPOWER. " Funds to Achieve Your Study Abroad Dreams ."

MPOWER. " Funds to Achieve Your Study Abroad Dreams ."

MPOWER. " What Is the Repayment Term? "

Splash. " Put Us to Work on Those Student Loans ."

Splash. " Frequently Asked Questions ," Click "How Much Can I Borrow for Student Loan Refinance?"

Splash. " Med School Was Stressful. Refinancing Shouldn’t Be ."

Citizens. " Graduate Student Loans ."

Citizens. " Private Student Loans ," Click "How Much Can I Borrow With a Citizens Student Loan?"

Citizens. " Student Loan Repayment Examples ."

Citizens. " Student Lending Disclosures ."

Citizens. " What Is Student Loan Deferment? "

GradSchools.com. " Guidelines for How Much to Borrow for Graduate Student Loans ."

• Terms of Service
• Editorial Policy
• Privacy Policy

• Communications
• Computer Science
• Criminal Justice
• Environmental Management
• Forensic Psychology
• Healthcare Admin
• Human Resources
• Project Management
• Social work
• Special Education
• Sports Management
• Supply Chain Management
• Adult Education
• Business Intelligence
• Early Childhood Education
• Educational Technology
• Homeland Security
• Information Systems Security
• Information Technology
• International Business
• Management Information Systems
• Nonprofit Management
• School Counseling
• Academic Publishing Guide
• Building a Graduate School Resume or CV
• Choosing Between a Thesis or Non-thesis Master's Degree
• Expert Guide to Studying Abroad
• FAQ: Online Master's Degrees
• Grad School Guide Book
• Graduate School for Students with Disabilities
• Green Graduate Degrees
• How to Be a Successful Grad Student
• How to Choose the Right Graduate Program
• How to Get a Master's Degree in an Unrelated Field
• How to Transfer College Credits in Grad School
• How to Write a Winning Personal Statement
• Inside Graduate Admissions
• Ivy League Grad Schools
• Master's Degrees for Veterans
• Master's Degree for Women
• Mental Health in Grad School
• Progressive LGBTQ Graduate Degrees
• Should You Apply for a Graduate School Assistantship?
• Surviving Grad School with a Family
• Taking a Gap Year Before Grad School
• Women in STEM Graduate Resources
• Writing a Successful Statement of Purpose
• Alternative Ways to Pay for School
• The Best Part-Time Jobs During Grad School
• Company Funded Graduate School
• FAFSA For Grad Students
• Financial Aid Resources
• Graduate Student Loans
• Paying for Your Master's Degree
• Paying Off Student Loans
• Paying for Your PhD
• Fellowship Opportunities
• LGBTQ Scholarships
• MBA Scholarships
• Scholarship Resources
• Scholarships for Veterans
• Scholarships for Women
• Crushing the GRE Guidebook
• GMAT Guidebook
• Guide to the LSAT
• MCAT Prep for Medical School
• Study Guide: Exam Resources
• TOEFL Prep for Non-Native English Speakers
•       Financial Aid       PhD Scholarships and Financial Aid

PAYING FOR YOUR PHD Expert Tips, Scholarships Opportunities and Resources for Financing an Advanced Degree

The average yearly tuition for a PhD program is slightly above $16,000, which means students will invest about $80,000 in tuition fees alone for a five-year program. Add in fees, cost-of-living, travel expenses and the figure can easily surpass six figures. Yet, it is possible to fund a PhD program without breaking the bank and going into debt.

Featured Online Schools

• PhD Cost Breakdown
• PhD Financial Aid Options
• Expert Spotlight: Lawrence Burns, PhD
• Earning Outlook for Phd Students
• Most Lucrative PhD Careers
• Expert Spotlight: Darren Pierre, PhD
• PhD: By The Numbers
• Additional Financial Aid Resources

PHD COST BREAKDOWN

The value of a college education should not be understated, but neither should its actual cost. Earning a doctoral degree can be an expensive proposition. According to the latest data from the National Center for Education Statistics, the average tuition and fees for a graduate program of study was $16,435 in 2012-2013. The table below outlines the 2012-2013 graduate tuition and fees by academic institution.

• All Institutions $16,435
• Public $10,408
• Private Non-Profit $23,698
• Private For-Profit $14,418

Source: National Center for Education Statistics

A rough calculation of the number of years it takes to complete a doctoral program, multiplied by the average 2012-2013 tuition and fees from the NCES, reveals the following total cost figures by academic field of study.

A five- to six-figure education is something to take seriously as there are debt implications after leaving finishing a PhD program. Graduating doctoral students in 2013 left school with an average debt of just over $15,000, according to the National Science Foundation. By field, students in the Social Sciences, Education and Humanities graduate with the highest levels of student debt:

• Education: $26,566
• Social Sciences: $26,222
• Humanities: $21,485

Conversely, the science and technology fields graduate students with the lowest debt figures:

• Physical Sciences: $6,342
• Engineering: $7,031
• Life Sciences: $11,905
• Physical Sciences 78.2%
• Engineering 75.1%
• Life Sciences 67.2%
• Humanities 48.4%
• Social Sciences 46.5%
• Education 44.1%

Source: National Science Foundation, Survey of Earned Doctorates, 2013

While these figures may seem alarming, a deeper dive into survey data from the National Science Foundation actually paints a more positive picture. Overall, more than 62 percent of all doctoral recipients graduate from school without a single dollar of debt.

Prospective students can use the table below to get a better sense of the percentage of students who take on debt at incremental levels in each field of academic study. A majority of students graduate with $10,000 or less in debt after finishing their doctoral degree.

PhD Cost Factors

The total cost of earning a doctoral degree is variable because of the sheer number of different factors involved. Tuition is not the only cost to consider when thinking about applying to a PhD program.

Typically, students pay full tuition rates during their first three years of doctoral study and receive reduced tuition rates for the remainder of the program. However, the actual cost of tuition does vary and may be dependent on the student’s actual degree program.

Graduate students pay a range of fees, with the most common including:

• Health Services (access to health facilities on campus)
• Health Insurance (personal health insurance)
• Student Activity (subsidizes athletics and other clubs)
• Student Recreation (access to recreational facilities on campus)

Some programs estimate students should be prepared to pay between $3,000 and $4,500 per academic year in student fees and health insurance costs.

Students with a master’s degree or coursework in a similar graduate program may be able to transfer credits into their doctoral program. That can lower the total number of credits required to graduate, which can lower the total cost of the degree. However, some institutions do limit the amount of tuition credits that can be applied for graduate work done in a related field at other institutions.

Whether or not the student has an assistantship does not affect the cost of textbooks and other academic materials. Books are a revolving charge, one a student should plan upon each semester or quarter.

Housing, utilities and food are considered indirect expenses students incur during their education. PhD students should plan on anywhere from $12,000 to $25,000 and up for living expenses each year. Again, this figure is highly variable based on the location of the university and the cost-of-living in that area.

Owning a car means additional budgeting for insurance, car payments and gas. Additionally, students may need to travel for conferences and research. Without funding from a graduate student association or grant program, the student will have to cover these costs individually.

PhD students with children may have to account for childcare costs. Purchasing a new computer and other supplies may also be required. This type of budgeting will vary from individual to individual, program to program.

Most PhD programs allow students to progress at their own pace, requiring them to complete and defend their dissertation within a certain time period (e.g. six years). However, the time it takes to complete a dissertation depends on the student, area of study, research, etc. This can impact cost of attending a doctoral program.

Example Cost of Attendance

A student’s budget should include the total cost of attendance—that is both direct (tuition and fees) and indirect costs (e.g. housing). This budget is the starting point for determining the student’s financial need, how much financial aid they require, and if they can afford to attend a doctoral program. Below is a sample five-year total cost of attendance chart based on an in-state tuition program, with a budget that assumes fixed costs for fees and indirect costs, such as housing. It also does not take into account assistantships and tuition waivers for assistants.

Based on a figure that’s slightly below the 2012-2013 average graduate tuition cost, the total cost of attendance can still produce sticker shock. An average student in a program that charges $12,000 per year in tuition could have to pay between $30,000 and $45,000 year in total costs.

PhD FINANCIAL AID OPTIONS

Prospective PhD candidates have an abundance of financial aid options to help fund their graduate studies. Typically, students are fully funded by a combination of sources, including scholarships, fellowships, research assistantships, teaching assistantships, or student loans.

It is important for students to note that most sources of aid are awarded by individual academic programs, so they should follow-up with their department for up-to-date information.

Below is a high-level overview of the common types of graduate financial aid.

Prospective PhD candidates can turn to a variety of funding sources, including scholarships, grants, and fellowships to support their education financially. As discussed, most students use a combination of one or more of these funding sources to finance their degree program and research.

PhD students can apply for a variety of scholarships that award students with funds that can be used to help cover the cost of tuition, books and other fees.

Grants are similar to scholarships and are academic-based awards that can be used to augment other sources of financial aid.

Fellowships are a different type of funding that may encompass a scholarship or grant and can be used to fund research, study and teaching in the US and internationally. Many fellowships provide full tuition and a yearly stipend to students.

A PhD should never be an end in itself but rather a means to an end. The path to a PhD is an arduous one and should never be undertaken without serious thought to what it will bring the student. That said, there is money available for graduate study in most fields, and a student in the humanities should be very careful to apply to appropriate programs which fund their grad students.

• Engineering
• Physical Sciences

The SMART program is designed to support graduate students studying in STEM disciplines and offers a range of other benefits, including supplies and health insurance allowances and employment placement services with the DoD after graduation.

The National Defense Science and Engineering Graduate Fellowship is a three-year graduate fellowship that is designed to support doctoral students across fifteen engineering disciplines.

This three-year fellowship program supports the research efforts of doctoral students in STEM-related fields of study and allows them to pursue their work at any accredited graduate program in the country.

Renewable award for graduate students enrolled in a full-time APA-accredited doctoral program of study in psychology. Underrepresented, minority students are encouraged to apply.

This fellowship is open to female scholars and is designed to help offset the doctoral student’s living expenses during her final year of working on a dissertation.

This fellowship is a single-year of funding that is designed to support the doctoral research of a student working in child psychology.

The Javits Fellowship is provided on a needs- and competitive-basis to graduate students pursing graduate degrees in the humanities, social sciences, and the arts.

Two fellowships are awarded to support doctoral students who plan to study at the American School of Classical Studies in Athens, Greece for a year.

The Richard M. Weaver Scholarship is open to graduate student members of the Intercollegiate Studies Institute and supports the academic work of scholars pursuing teaching careers at the college level.

The AICPA fellowship is designed for minority students pursuing or planning to pursue a doctorate in accounting.

Five scholarships are available to provide financial assistance to graduate students pursuing studies in accounting and plan on earning CPA licensure.

This fellowship provides financial support to female scholars conducting research and economic analysis into natural resource, food, or agricultural issues.

This renewable, four-year fellowship is designed to support a scholar’s work in the field of stewardship science: nuclear science, high density physics, and materials under extreme conditions and hydrodynamics.

This multi-year fellowship supports doctoral research in several fields, ranging from chemistry to geology, materials science to physics and connects fellows with NPSC employer partners.

The NWRI fellowship program is open to full-time doctoral students conducting water-based research in areas such as water quality, water treatment and technologies, water supplies and water resources.

Really think about your reasons for getting a PhD. Critically exam the support systems you have in place to get you through the journey: 50 percent of doctoral students suffer from depression. Utilize services like the counseling center on your college/university campuses to help you respond to the stressors that may occur with the transition.

ASSISTANTSHIPS, FELLOWSHIPS AND LOANS

Graduate assistantships.

Graduate assistantships are a form of academic appointment and are provided by individual departments. Competitive in nature, they are typically awarded on the basis of the student’s academic accomplishments and potential in the graduate program of study. Most programs provide appointments for one year at time and students receive a tuition credit or waiver and monthly stipend. There are three types of assistantships: Teaching Assistantships, Assistant Lecturers, and Research Assistants.

Teaching assistants perform a range of support duties for faculty members at a university, including grading papers and teaching classes.

Lecturers may serve as instructors in the academic department where they are studying.

Research assistants conduct and assist faculty members with research projects in the student’s area of interest.

Fellowships

Fellowships are short-term funding opportunities (typically 9- to 12 months) provided to students in the form of tuition credits and/or stipends. They support a student’s graduate study in their field of choice, may assist them in their research, or gain professional training in an area of interest. Fellowships are competitive and are available in two types: University-based and External.

Individual schools, colleges, and departments at a university (e.g. College of Science, Department of English) may have endowed fellowships. Students are either nominated for an award by their department or may be open to an application process.

External fellowships are funded by foundations, government agencies and other groups and provide opportunities to study both in the US and abroad. For example, the Department of Defense offers the National Defense Science & Engineering Graduate Fellowship to engineering students studying in one of sixteen engineering specialties.

Corporations

Many companies and businesses have created scholarship, fellowship, and tuition reimbursement programs for their employees. Depending on the company, there may be a possibility it supports the graduate school efforts of its employees. Speak to the Human Resources department to learn more about the potential funding avenues available.

Graduate students may borrow funds from the federal government under two loan programs: William D. Ford Federal Direct Loan Program and the Federal Perkins Loan Program.

Private financial institutions, including banks and credit unions, offer unsecured educational loans to graduate students. These loans must be repaid with interest. The interest rates, loan amount, and repayment terms are based on the credit worthiness of the borrower.

Federal work study provides students with demonstrated financial need part-time job opportunities that allow them to earn income while they are in graduate school. The program focuses on placing students in community service situations related to the student’s academic course of study. A majority of jobs are on-campus, but some schools may have some off-campus jobs with nonprofit agencies and other groups. It is important to note that some universities may not allow students to use their federal work study for tuition, but other related expenses (e.g. books, fees).

EXPERT SPOTLIGHT: Lawrence Burns, PhD

What should a future phd student consider when selecting a program of   study .

Speaking in the humanities, a student is best advised, I think, to select the faculty member with whom he or she wishes to study rather than simply a program. This faculty member becomes the student’s mentor, a relationship that lasts well beyond graduate school years. Because the mentor becomes the student’s primary reference, his or her standing in the field can and does have an impact on pre- and post-doctoral grants a student might win as well as on the student’s success on the academic job market.

It is a delicate balance though, because one must also look at programs that have standing in a particular field and at institutions that can afford to fund their PhD students throughout their graduate years.

Much is made about the saturation of PhD graduates and not enough   positions — both in academic and the private sector. Should that dissuade   a student from pursuing a PhD?

Yes, of course. Again, a PhD is not something that comes easily, and it should not be pursued without a reason for it. On the other hand, for students who are committed to their fields, and for whom that field is a career choice, the PhD is still the only way into the university job market. 

There is a catch-22 in the world of post-graduate education. Research universities need to turn out research, and researchers often depend on their grad students to assist them–in all fields–and departments on their PhD candidates to teach many undergraduate courses. PhD students are thus recruited regardless of the job market for the PhD holders.

The challenges in funding the PhD for me were less about how am I going to pay for this degree, but making the adjustment from being a full-time salaried employee to now, taking a significant pay cut to serve as a graduate assistant.

EARNING OUTLOOK FOR PHD STUDENTS

Potential career earnings should be a significant part of the discussion when considering whether or not to pursue a doctoral degree. Completing an advanced program of study could increase an individual’s earning potential with their current or future employers.

Research from the Bureau of Labor Statistics reveals a direct correlation between educational attainment and career success—both in employment opportunities and annual salaries. Doctoral degree holders are some of the highest paid professionals in the country. The table below outlines the difference in earnings by degree level in 2014.

source: Bureau of Labor Statistics, Earnings and Unemployment by Educational Attainment

• Industry or Business $97,700
• Government $82,000
• Nonprofit Organizations $72,500
• Other $70,000
• Academia $60,000

Source: National Science Foundation, Survey of Earned Doctorates

In turn, prospective students should consider how their sacrifice of time and money will pay off when they embark in their careers. Some professional fields have a higher return on investment than others. A majority of PhD candidates endeavor to become tenured-track faculty members, but they should realize that academia is one of the lowest paying sectors for individuals with a doctoral degree.

A review of National Science Foundation survey information shows that the best paying professional areas for PhD graduates include Industry and Business—with an average salary of $97,700. At the bottom of the list? Academia.

MOST LUCRATIVE PHD CAREERS

So, which PhD degrees pay the best?

According to the NSF, business, economics, and engineering are consistently among the best earning academic fields regardless of industry. The following tables outline the highest paying academic fields by professional area of work after graduation.

• Business Management and Administration $110,000
• Economics $82,000
• Engineering $79,000
• Health Sciences $70,000
• Education $60,000
• Business Management and Administration $135,000
• Economics $115,000
• Mathematics and Computer Information Sciences $115,000
• Geosciences $110,000
• Engineering $98,000
• Economics $112,500
• Business Management and Administration $96,590
• Engineering $96,500
• Mathematics and Computer Information Sciences $95,300
• Health Sciences $94,000
• Business Management and Administration $105,000
• Economics $100,000
• Mathematics and Computer Information Sciences $100,000
• Health Sciences $98,000

At the occupational level, 2012 employment research from the Bureau of Labor Statistics revealed the best paying doctoral career was Physicist ($109,600), followed by Astronomers ($105,410), and Engineering Professors ($94,130).

Overall, the top 10 most lucrative PhD careers include the following:

• 1 Physicists $109,600
• 2 Astronomers $105,410
• 3 Engineering Professors $94,130
• 4 Economics Professors $90,870
• 5 Health Specialties Professors: $90,210
• 6 Agricultural Sciences Professors $86,260
• 7 Biochemists and Biophysicists $84,940
• 8 Forestry and Conservation Science Professors $84,090
• 9 Physics Professors $80,720
• 10 Medical Scientists $79,930

EXPERT SPOTLIGHT: Darren Pierre, PhD

How has earning a phd impacted you personally and professionally.

Personally, the PhD was an incredibly introspective process. I believe for many, they go into the PhD thinking one thing, and come out transformed by the experience. I learned and grew personally in how I harness my self-worth, I grew professionally in my ability to humble myself and authentically listen to the feedback given about my work.

Professionally, I move with a greater level of confidence, I have more insight into my own potential in ways I could have never imagined, and all of that propelled me to write my book, The Invitation to Love.

Through your own experience, what are the biggest mistakes   prospective PhD students make when choosing and/or funding their PhD?

The biggest mistake that perspective students make is doing the degree for the wrong reason. If you are doing the degree for any other reason that self-motivated factors, you will falter. Doing the PhD to cover areas of insecurity, or low self-worth; doing the PhD for the prestige or title sake, those reasons will have you floundering and faltering when the psychological stressors being to weigh heavy.

Did you create a roadmap--financially or academically--to stay on track to   completing your PhD?

Absolutely, you have to have a plan and work that plan. Each Sunday, I would develop the week's action plan, I would carve out everything from when I was doing assignments/research to when I would work out, everything was on a schedule so that even when the fog of the process set in, I had headlights (my schedule) that allowed me to drive consistently when the road ahead was hard to see.

PHD: BY THE NUMBERS

Doctoral education in the U.S. is a varied and broad system, one that has been growing in popularity. In the 2013-2014 academic year, more than 178,000 doctoral degrees were conferred to students nationally, according to data from the National Center for Education Statistics.

• Doctoral Education Continues to Grow
• Engineering and Physical Sciences Dominate
• STEM Fields are the Most Popular
• Only Half of Students Earn a PhD in the Same Academic Field as their Master’s Degree
• Doctoral Degrees are an Investment in Time
• Primary Source of Funding Varies by Program

In its survey of earned doctorates, the National Science Foundation learned the number of doctoral recipients increased by nearly 30 percent between 2003 and 2013.

The most popular academic areas of study were Engineering and the Physical Sciences.

• Engineering 69.80%
• Physical Sciences 59.30%
• Health Sciences 53.60%
• Life Sciences 44.60%
• Other 38.90%
• Social Sciences 19.90%
• Humanities 9.10%
• Education -25.70%

Within the engineering and physical sciences disciplines, multiple sub-fields have been experiencing explosive interest and enrollments, with some programs (e.g. physics, materials science engineering) growing by more than 70 percent between 2003 and 2013.

• Other engineering 127.5%
• Materials science engineering 86.5%
• Aerospace, aeronautical, and astronautical engineering 74.5%
• Mechanical engineering 70.5%
• Electrical, electronics, and communication engineering 53.6%
• Chemical engineering 46.0%
• Computer and information sciences 119.1%
• Mathematics 83.0%
• Physics and astronomy 76.7%
• Geosciences 28.8%
• Chemistry 22.0%

According to NSF, the science, technology, engineering and mathematics fields are the most popular doctoral areas of study.

• Life Sciences 23.3%
• Physical Sciences 17.6%
• Engineering 17.0%
• Social Sciences 15.9%
• Humanities 10.7%
• Education 9.4%

Interestingly, slightly more than 56 percent of graduate students continue into a doctoral program in the same field as their master’s degree. Rates are highest in the humanities, engineering, and social sciences fields.

• Humanities 67.6%
• Engineering 65.7%
• Social Sciences 65.6%
• Education 61.5%
• All Fields 56.1%
• Physical Sciences 53.4%
• Life Sciences 35.5%

It requires approximately 7.5 years of study for the average graduate student to complete a doctoral degree after enrolling in graduate school. Education takes the longest — more than 11 years, while the physical sciences and engineering fields only require 6.5 to 6.6 years of study to complete.

• Education 11.7
• Humanities 9.2
• Social Sciences 7.7
• All Fields 7.5
• Life Sciences 6.9
• Engineering 6.6
• Physical Sciences 6.5

According to the NSF, the most common source of funding for doctoral students are teaching and research assistantships. The table below details the primary source of funding for students by academic area of study.

• Life Sciences Fellowships/ Grants
• Physical Sciences Research Assistantships
• Social Sciences Teaching Assistantships
• Engineering Research Assistantships
• Education Own Resources
• Humanities Teaching Assistantships
• All Fields Research Assistantships

The following table includes a breakout of the primary funding source by major field of study, according the National Science Foundation.

Source: http://www.nsf.gov/statistics/sed/2013/data-tables.cfm

ADDITIONAL FINANCIAL AID RESOURCES

The ultimate financial goal of any PhD student should be to complete their program successfully and move into a professional career with as little debt as possible. The resources below are available to help students locate scholarships and other funding sources that can help make that goal a reality.

Unigo offers a selection of financial assistance resources for graduate students, including a scholarship directory, a scholarship match tool, educational information on student loans and funding options, and more.

Scholarships.com is a website that provides a selection of financial aid information, including a searchable scholarship directory, insights into funding trends, financial aid calculators, and information about grants and fellowships.

Peterson’s is an educational resource site that includes a searchable scholarship database, articles and advice columns, and a catalog of graduate school profiles.

FinAid.org is an educational resource site that focuses on financial aid and offers information about student loans, federal financial aid, financing a doctoral education, and includes a scholarship search option.

An office of the U.S. Department of Education, Federal Student Aid is the country’s largest provider of financial aid. Graduate students can learn about and pally for loans, grants, and work-study funds to pay for their doctoral education.

FastWeb is a financial aid-focused website that offers a searchable scholarship directory that allows students to focus their search to their major area of study, work experience, and personal and professional activities.

Chegg is an online educational portal that not only offers used textbooks, but a scholarship database as well.

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

• Credit cards
• View all credit cards
• Banking guide
• Loans guide
• Insurance guide
• Personal finance
• View all personal finance
• Small business
• Small business guide
• View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

Graduate Borrowers, Consider This Student Loan Plan Before July 1

Eliza Haverstock is NerdWallet's higher education writer, where she covers all aspects of college affordability and student loans. Previously, she reported on billionaires and investing for Forbes in New York, and she also covered private markets for PitchBook in Seattle. Eliza got started at her college newspaper at the University of Virginia and interned for Bloomberg, where she spent a summer writing a feature story about plastic straws. She is based in Washington, D.C.

Cecilia Clark is a writer and spokesperson on the education team. She covers student loan refinance and manages product reviews and roundups. Previously, she worked as a freelance writer and developed communications strategies for cybersecurity firms. Cecilia has also worked in post-secondary education, elevator operations management and sales and military nuclear command control, maintenance management and public affairs.

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Starting July 1, the Education Department will limit enrollment in three income-driven repayment (IDR) plans, which cap monthly student loan payments at a certain portion of income and can eventually forgive remaining debt.

The most significant change: The Pay as You Earn (PAYE) plan will close all new enrollment starting July 1. If you’re already on PAYE, you’ll remain on the plan.

“Any borrower who has significant debt and thinks they're going to get forgiveness under an income-driven plan should look into whether Pay as You Earn is able to save them more money over time,” says Betsy Mayotte, president and founder of The Institute of Student Loan Advisors.

If PAYE is your route to paying the least over time, apply ASAP. As long as you submit a PAYE application before July 1, you’ll get onto the plan if your application is approved, even if that approval comes after July 1, an Education Department spokesperson told NerdWallet on June 6.

Two other IDR plans, the Income-Contingent Repayment (ICR) and the New Income-Based Repayment (New IBR) , will also close to certain borrowers in July.

Here’s who should act before the deadline, what these July 1 changes could mean for you and how to prepare.

Borrowers with graduate school loans or future high incomes should consider PAYE

PAYE is a good fit for certain borrowers. Take a close look at the plan if you’re in any of these situations:

You have graduate school debt. You can get forgiveness after 20 years of payments on PAYE if you have any graduate school loans, compared to 25 years on other popular plans, like Saving on a Valuable Education (SAVE) . 

You expect to earn a high income in the future. PAYE payments are capped at 10% of your discretionary income, but even if your earnings grow in the future, payments will never be higher than what they would be under the standard 10-year repayment plan . Most other IDR plans don’t have this payment ceiling, which can give some high-earners very large student loan bills.

You’re eligible for PAYE. If you had no outstanding direct loan or FFEL Program loan debt as of Oct. 1, 2007, and you took out a direct loan on or after Oct. 1, 2011, you can qualify for PAYE. You also must have a partial financial hardship to get on the plan: This is generally true if your total federal student loan debt is higher than your annual discretionary income.

You’re ineligible for New IBR. The New IBR plan is almost identical to PAYE, but it requires that you originally took out a student loan on or after July 1, 2014. 

“PAYE is really beneficial for people who might be married and make a good household income with their spouse, or people who expect high-income earning jobs in the future or who already have them and are not eligible for the New IBR plan," says Emma Crawford, a certified financial planner focused on student loans at Perk Planning, a financial planning firm based in Madison, Wisconsin.

For example, future physicians who earn less during residency but have high earning potential can be a good fit for PAYE, Crawford says.

Borrowers pursuing Public Service Loan Forgiveness (PSLF) who expect their income to increase in the future should also consider PAYE because of the monthly payment cap, says Jantz Hoffman, executive director of the Certified Student Loan Board of Standards, a nonprofit that helps financial planners and their clients make student loan decisions.

Sign up for PAYE online or through your servicer

The Education Department’s loan simulator can help you estimate your payoff journey under different repayment plans.

If you determine PAYE is your best option, start your application ASAP and submit it by June 30 at the latest. Sign up for the plan online by filling out the application on StudentAid.gov/IDR , or contact your federal student loan servicer directly.

“The easiest and fastest way to apply is on studentaid.gov using the tools there, as long as the borrower provides the linked tax return through studentaid.gov for their income documentation,” says Hoffman. “If, for some reason, their income has changed and they're providing a pay stub instead, they're better off completing a paper form and uploading that to their loan servicer.”

People currently enrolled in PAYE can stay on the plan

If you’re already enrolled in PAYE, or you apply before July 1 and are approved, you’ll be able to make payments on the PAYE plan until your loans are paid off or your debt is forgiven.

However, if you decide to switch to a different repayment plan in the future, you won’t be able to re-enroll in PAYE.

“It becomes a one-way exit,” says Mayotte.

If you believe you were wrongly denied for PAYE, Hoffman suggests submitting a student loan complaint with the Education Department’s ombudsman.

Income-Contingent Repayment will only accept parent PLUS borrowers

Starting July 1, the ICR plan will only be available to borrowers who have a direct consolidation loan containing a parent PLUS loan. The plan has a 25-year repayment term and caps payments at 20% of discretionary income, rather than 5% to 15% with other plans. As a result, ICR is not the best fit for the majority of borrowers, so this change won’t have a wide impact, Hoffman says.

However, it could be worth looking at ICR if it can give you the lowest monthly payment and you’re close to the 25-year forgiveness finish line (or 10-year finish line, for PSLF), Mayotte says. Though uncommon, ICR could give you the lowest payment if you have an income that’s very high relative to what you owe, Mayotte adds.

The New IBR plan will close to borrowers enrolled in SAVE

The New IBR plan is very similar to PAYE: It can forgive graduate debt after 20 years of payments capped at 10% of your income, compared to 25 years on other plans like SAVE. The key difference is that you must have taken out a student loan on or after July 1, 2014, to access New IBR. You can access PAYE if your loans are older than that.

Effective July 1, borrowers who spend at least 60 months (five years) on the SAVE repayment plan will be blocked from enrolling in New IBR.

This change is meant to close a loophole for borrowers with graduate loans, Mayotte says: “They're trying to make sure that people don't game the system by getting the additional benefits and lower payment of SAVE and then flip over at the last minute to New IBR to get the 20-year forgiveness.”

On a similar note...

• PhD Loans – 2023 Guide for Doctoral Students
• Funding a PhD
• A PhD Loan can fund a PhD in any field lasting between three to eight years .
• You can borrow up to £28,673 for courses that started on or after 1st August 2023.
• There are several eligibility restrictions, including that you must be a UK national resident and not receiving other funding (e.g. from Research Council or NHS).
• The repayments will be 6% of your annual income above  £21,000 .

What Is a PhD Loan?

A PhD loan is a form of UK Government loan made available to doctoral students residing in England or Wales. It is designed to help students fund their doctoral programme or equivalent degree, covering basic costs such as the tuition course fees and living costs.

The most common degrees they cover are:

• PhD – Doctor of Philosophy
• EngD – Doctor of Engineering
• EdD – Doctor of Education

Note: PhD Loans are formally known as Postgraduate Doctoral Loans, however, many postgraduate students commonly refer to Doctoral Loans as PhD Loans due to their primary use to fund PhDs.

Am I Eligible for a PhD Loan?

There are several requirements you must meet to be an eligible student for a PhD loan, such as your residency status. The eligibility criteria are summarised below into two categories – those that make you eligible and those that make you ineligible for a PhD loan.

Requirements That Make You Eligible:

• Be a UK or Irish citizen or have settled or pre-settled status under the EU Settlement Scheme , and ordinarily a resident of England or Wales.
• Be under the age of 60.
• Undertake a PhD (or another doctoral degree) that is three to eight years long and provided by a university in the UK.

Note: A common misunderstanding amongst university students is that a Doctoral Loan can fund an MPhil degree. As an MPhil is a Master’s degree, it does not meet the ‘Doctoral or equivalent’ requirement for being eligible for a Doctoral Loan. Therefore, if you are considering undertaking an MPhil, you should instead be applying for a Postgraduate Master’s Loan. If more appropriate for your situation, you can find out more information about Postgraduate Loans here .

Requirements That Make You Ineligible:

You must not:

• Already hold a PhD or equivalent doctoral degree.
• Already be receiving funding. This includes grants from the Research Council (studentships, stipends & scholarships etc.), a social work bursary or NHS bursary (note that being eligible for an NHS Bursary even if you’re not receiving one will make you ineligible for a PhD loan).
• Already have had a Doctoral Loan before, unless you left your course due to illness, bereavement or another serious personal reason. You are still eligible if you have received an undergraduate loan in previous study.
• Obtain your PhD through publication (as this won’t have a period of study associated with it)

Aspects That Don’t Affect Your Eligibility:

There are several aspects of your PhD course that do not affect your eligibility to receiving Doctoral Loans. These are:

• Your doctoral course – your PhD can be in any subject or field. The underlying requirement is that it is provided by a university in the UK; i.e. a university in either England, Wales, Scotland or Northern Ireland.
• Full-time or part-time course – you need not pursue your PhD full-time to be eligible. The underlying requirement is that your PhD can be completed within eight years regardless of how you allocate your time.
• Taught, research-based or a combination of both – as long as your PhD has an aspect of studying associated with it, the method of obtainment of your PhD will not affect your eligibility.

How Much Funding Can I Get?

The amount of funding you can obtain isn’t means-tested. This means that it isn’t related to your financial background or household income and therefore you can qualify for the full amount regardless of your situation.

The maximum loan amount you can borrow falls into one of three categories:

• Up to £28,673 if your course starts on or after 1st August 2023 ,
• Up to £27,892 if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £27,265 if your course started between 1st August 2021 and 31 July 2022 .

You may apply for a Postgraduate Doctoral Loan in any year of study, however you may not receive the maximum amount if you apply after the first year of your PhD. For annual costs, you may receive:

• Up to £12,167 per year  if your course starts on or after 1st August 2023 ,
• Up to £11,836 per year  if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £11,570 per year  if your course started between 1st August 2021 and 31 July 2022 .

When Will I Get Paid?

Your loan payments will be spread out across all academic years of your course.

Example: If you undertake a full-time PhD over 5 years and apply for a loan amount of £25,000, you will receive £5,000 in each academic year.

Further to this, the allocation for each academic year will be paid in three even instalments, with each instalment paid at the start of a new term.

Example: Continuing with the above example, the £5,000 per each academic year would be paid in three instalments of £1,667.

Your first instalment will typically be paid immediately after your course start date. This is because your university will first need to confirm to Student Finance England (SFE) or Student Finance Wales that you’ve officially enrolled with them before the student loan can be released to you.

How and When Do I Repay?

Repayment terms – You will need to start repaying your loan once you have completed your PhD and started earning an annual income over £21,000 .

Once both these conditions are met, you will start making your repayments at 6% of your income above £21,000 . This means that for the first £21,000 you earn, you won’t need to make any contributions towards your loan repayment, however, anything above £21,000 will be subject to a 6% deduction for repayment towards your student loan.

It’s worth noting that if you work for an employer after your PhD, your repayments will be automatically deducted from your salary and there isn’t anything you will directly need to do. However, if you decide to work for yourself as opposed for an employer, you will need to make the repayments yourself.

Like undergraduate loans taken for undergraduate degrees, a postgraduate Doctoral Loan is subject to interest, which will need to be paid on top of your original student loan value. The interest rate is the retail price index (RPI) plus 3%.

Example: The average UK RPI for 2019 was approximately 2.4%. This means that besides the mandatory 3% that is owed, the average interest rate on a Doctoral Loan in 2019 would have been 5.4%.

It’s worth noting that if you aren’t able to completely repay your postgraduate loan within 30 years from the date of your first payment, the remaining loan debt will be voided.

How Do I Apply?

You can apply in one of two ways – either online , by setting up an account on Student Finance England’s website, or by post , by filling in a printable form on GOV.UK ‘s website. Click the respective below to be taken directly to their websites where you can find out more. Note that you will only have to apply once for Postgraduate Doctoral Loans; Student Finance England will contact you every year to confirm the amount you will receive.

Online Application – Student Finance England

Postal Application – GOV.UK

Note: While English residents and EU students who will study in England need to apply to Student Finance England, Welsh residents and EU students who will study in Wales will need to apply to Student Finance Wales .

The application deadline is based on when your doctoral programme is due to start; you should apply within 9 months of this start date.

Finding a PhD has never been this easy – search for a PhD by keyword, location or academic area of interest.

Other PhD Funding Options

A PhD Loan is only one of several sources of funding to support your PhD studies and living expenses. The other postgraduate funding options available to you are:

• Research Council funding and studentships
• Scholarships and bursaries
• Employer sponsorship
• Charities and Trusts

Browse PhDs Now

Join thousands of students.

Join thousands of other students and stay up to date with the latest PhD programmes, funding opportunities and advice.

Cookies on GOV.UK

We use some essential cookies to make this website work.

We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services.

We also use cookies set by other sites to help us deliver content from their services.

You have accepted additional cookies. You can change your cookie settings at any time.

You have rejected additional cookies. You can change your cookie settings at any time.

Bring photo ID to vote Check what photo ID you'll need to vote in person in the General Election on 4 July.

• 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 2024 to 2025 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.

Related content

Is this page useful.

• Yes this page is useful
• No this page is not useful

Help us improve GOV.UK

Don’t include personal or financial information like your National Insurance number or credit card details.

To help us improve GOV.UK, we’d like to know more about your visit today. Please fill in this survey (opens in a new tab) .

Is online grad school worth it? Hundreds of programs yield no income boost, new study says

• Students from hundreds of schools—both for- and non-profit experience no salary gain from their online graduate program.
• Billions of dollars in federal student loans are funding “no ROI” programs.
• More data transparency could help prospective students, university administrations and policymakers understand the education ecosystem.

Graduate student debt is out of control.

Among master’s degree holders, the average debt is $83,651—over double that of undergraduates. In total, 60% of all master’s degree holders have some form of student loan debt. These numbers are according to data compiled by the Education Data Initiative . 

The staggering rise in graduate student debt is what inspired a recent report studying the financial returns of online graduate education , published by ThirdWay , a self-described center-left think tank. 

The report analyzed more than 1,700 online graduate programs and determined that nearly half—837—did not provide any earnings boost for graduates beyond what they earned four years after a bachelor’s degree.

Chazz Robinson, the report’s author and education policy advisor at ThirdWay, says graduate students largely measure value from an economic boost and that too many programs are just leaving students with mounds of debt—and no salary boost to help pay it off.  

While ThirdWay chose not to release the specific degree names of the “no ROI” programs, Robinson explains to Fortune that even in public service fields like social work and nursing assisting, in which salaries may be lower, it doesn’t mean graduate school—especially online–should be expensive.

“Our issue is that if they’re super expensive grad degrees, we want policymakers and institutions alike to really be addressing how much these programs cost and the compensation for these programs, so students are not saddled with these insurmountable debts with degrees that aren’t necessarily paying off for them economically,” Robinson says.

Of the hundreds of schools with “no ROI” programs (many of which are for-profit), nine schools in particular were among the top offenders, including Strayer University , Walden University , and Grand Canyon University . Together, the nine institutions take in a reported $4.6 billion in taxpayer-funded student loans.

A call for transparency

The researchers took the median earnings of graduates with an online master’s degree four years after attending each program and compared it to national median earnings of bachelor’s degree. 

A lack of transparency from schools about the cost of their programs and the potential outcomes when it comes to jobs and salary can truly hurt students more than others, particularly low-income, minority students, Robinson explains.

“If I already came in with, say, a low income background in debt from undergrad, and then I’m expecting that a grad degree is going to help me be the generational income level to overcome the social stratification I’ve been dealing with, and then that doesn’t happen—that is detrimental,” he says.

More transparency, he says, would not only help policymakers analyze the education world and make changes but it also helps consumers better weigh the pros and cons of a particular institution or even career path.

University response

Fortune reached out to several of the universities mentioned in the report who were noted as having multiple “no ROI” online graduate programs. 

Strayer University said in a statement they were unable to comment on a report that they were not privy to its methodology, but added:

“It’s important to keep in mind that Strayer University is an open access institution that primarily serves working adult students who have historically been underserved by traditional higher education. Strayer is committed to helping all students achieve economic mobility and is proud of the successes we have achieved in providing high-quality education to working adults.”

GCU explained to Fortune that “ROI lists” like the one published by ThirdWay are not an adequate measure of student experience and the school makes tuition affordable and has low student loan default rates

“As is the case with the gainful employ m ent regulations , not all academic programs can be measured simply by first-year salary levels,” the GCU spokesperson says. “For example, many students choose degrees in theology, teaching, social work or counseling not because they are high-paying jobs but because it is a lifestyle choice. They deem the work more meaningful to their quality of life.”

“Ivy League schools and expensive private or public universities may not make this “ROI list” because they don’t have a significant number of online programs, but charging $50,000+ for a teaching degree or social work degree with low pay levels is the bigger issue that needs to be addressed,” the spokesperson adds.

The U.S. Department of Education classifies GCU as a “private, for-profit” institution, but the school told Fortune that the state of Arizona and the IRS recognizes it as non-profit.

In October 2021, the Federal Trade Commission put 70 for-profit colleges “on notice” that false promises about graduates’ job and earning prospects could result in significant financial penalties.

The takeaway

Before enrolling in graduate education, it is more important than ever to understand what you are signing up for. Know how much the cost of attendance will be, including tuition, fees, and required textbooks. If you have to sign a student loan, take the time to read the fine print on when you have to start making payments.

While some online graduation programs may not provide income boosts to students, hundreds more do provide career accelerations. For example, online MBAs generally lead students to a promising future in business.

It can also be a great idea to find a recent alumni of the program via LinkedIn or other means and see if they would be willing to discuss their experience during and after schooling. Were they able to land a job after graduating? In what field? What’s their salary like? Was the degree worth it?

Above all, keep an eye out for red flags and know you can carve your own path. There are thankfully hundreds of different opportunities when it comes to online graduate education—at both for- and non-profit schools. If a program is not overly transparent with tuition or career pathways, then maybe check out somewhere new; make sure your educational journey is worth your time and money—and will lead you to where you want to go.

Note: Fortune Education does not invite for-profit institutions to participate in its graduate program rankings .

Harvard Business Analytics Program

Mba rankings.

• Best Online MBA Programs for 2024
• Best Online Master’s in Accounting Programs for 2024
• Best MBA Programs for 2024
• Best Executive MBA Programs for 2024
• Best Part-Time MBA Programs for 2024
• 25 Most Affordable Online MBAs for 2024
• Best Online Master’s in Business Analytics Programs for 2024

Information technology & data rankings

• Best Online Master’s in Data Science Programs for 2024
• Most Affordable Master’s in Data Science for 2024
• Best Master’s in Cybersecurity Degrees for 2024
• Best Online Master’s in Cybersecurity Degrees for 2024
• Best Online Master’s in Computer Science Degrees for 2024
• Best Master’s in Data Science Programs for 2024
• Most Affordable Online Master’s in Data Science Programs for 2024
• Most Affordable Online Master’s in Cybersecurity Degrees for 2024

Health rankings

• Best Online MSN Nurse Practitioner Programs for 2024
• Accredited Online Master’s of Social Work (MSW) Programs for 2024
• Best Online Master’s in Nursing (MSN) Programs for 2024
• Best Online Master’s in Public Health (MPH) Programs for 2024
• Most Affordable Online MSN Nurse Practitioner Programs for 2024
• Best Online Master’s in Psychology Programs for 2024

Leadership rankings

• Best Online Doctorate in Education (EdD) Programs for 2024
• Most Affordable Online Doctorate in Education (EdD) Programs for 2024
• Coding Bootcamps in New York for 2024
• Best Data Science and Analytics Bootcamps for 2024
• Best Cybersecurity Bootcamps for 2024
• Best UX/UI bootcamps for 2024

Boarding schools

• World’s Leading Boarding Schools for 2024
• Top Boarding School Advisors for 2024

UNC Kenan-Flagler’s top-ranked online MBA

• Updated Terms of Use
• New Privacy Policy
• Your Privacy Choices
• Closed Captioning Policy

Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by  Factset . Powered and implemented by  FactSet Digital Solutions .  Legal Statement .

This material may not be published, broadcast, rewritten, or redistributed. ©2024 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy

Private student loan interest rates spike for 5- and 10-year loans

The latest private student loan interest rates from the Credible marketplace, updated weekly. ( iStock )

During the week of June 17, 2024, average private student loan rates increased for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out 10-year fixed-rate loans and 5-year variable-rate loans.

• 10-year fixed rate: 7.97%, up from 7.76% the week before, +0.21
• 5-year variable rate: 11.14%, up from 10.85% the week before, +0.29

Through Credible, you can compare private student loan rates from multiple lenders.

For 10-year fixed private student loans, interest rates rose by nearly a quarter of a percentage point, while 5-year variable student loan interest rose by just over a quarter of a percentage point.

Borrowers with good credit may find a lower rate with a private student loan than with some federal loans. For the 2023-24 academic school year, federal student loan rates will range from 5.50% to 8.05%. Private student loan rates for borrowers with good to excellent credit can be lower right now.

Because federal loans come with certain benefits, like access to income-driven repayment plans, you should always exhaust federal student loan options first before turning to private student loans to cover any funding gaps. Private lenders such as banks, credit unions, and online lenders provide private student loans. You can use private loans to pay for education costs and living expenses, which might not be covered by your federal education loans. 

Interest rates and terms on private student loans can vary depending on your financial situation, credit history, and the lender you choose.

Take a look at Credible partner lenders’ rates for borrowers who used the Credible marketplace to select a lender during the week of June 17:

Private student loan rates (graduate and undergraduate)

Who sets federal and private interest rates?

Congress sets federal student loan interest rates each year. These fixed interest rates depend on the type of federal loan you take out, your dependency status and your year in school.

Private student loan interest rates can be fixed or variable and depend on your credit, repayment term and other factors. As a general rule, the better your credit score, the lower your interest rate is likely to be.  

You can compare rates from multiple student loan lenders using Credible.

How does student loan interest work?

An interest rate is a percentage of the loan periodically tacked onto your balance — essentially the cost of borrowing money. Interest is one way lenders can make money from loans. Your monthly payment often pays interest first, with the rest going to the amount you initially borrowed (the principal). 

Getting a low interest rate could help you save money over the life of the loan and pay off your debt faster.

What is a fixed- vs. variable-rate loan?

Here’s the difference between a fixed and variable rate:

• With a fixed rate, your monthly payment amount will stay the same over the course of your loan term.
• With a variable rate, your payments might rise or fall based on changing interest rates.

Comparison shopping for private student loan rates is easy when you use Credible.

Calculate your savings

Using a student loan interest calculator will help you estimate your monthly payments and the total amount you’ll owe over the life of your federal or private student loans.

Once you enter your information, you’ll be able to see what your estimated monthly payment will be, the total you’ll pay in interest over the life of the loan and the total amount you’ll pay back. 

About Credible

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 4,300 positive Trustpilot reviews and a TrustScore of 4.7/5.

Watch CBS News

When students graduate debt-free

By Lilia Luciano

Updated on: June 11, 2024 / 5:34 PM EDT / CBS News

Back in 2019, Freddie Williams Jr. had a lot on his mind at his college graduation: "That's when, you know, it started really kicking in – hey, this is how much you owe, you're gonna have to start paying this back," he said.

Growing up on the south side of Chicago, he had dreamed of going to Morehouse, the historically Black college in Atlanta that counts Martin Luther King Jr. among its distinguished alumni. "Once I got accepted and saw that, hey, the money is being offered, [I] didn't have an idea of what I was really getting myself into," he said.

And then at commencement, Williams got the surprise of a lifetime, when billionaire businessman Robert F. Smith pledged to pay the student loans for the entire class , clearing some $34 million in student and parent debt . "We're gonna put a little fuel on your bus," Smith said.

Williams said, "It was crazy, you know? To look back and see my parents in the stands crying and celebrating. That's when I knew like, okay, this is big."

He said his total debt – around $125,000 – was a "tremendous" weight to be lifted.

Total student loan debt in the U.S. is now nearly $1.8 trillion, and experts say many young people are delaying buying homes and starting families because of it. But the Morehouse Class of 2019 is something of an experiment: What could lives look like when students graduate debt-free?

Filmmakers Joshua Reed and Emani Rashad Saucier, who were also part of the class of 2019, are making a documentary about how their classmates are faring thanks to that generous gift.

"I think only now, as we get five years out, people realize the implication of what having no loans is," said Reed. "You can buy a house right after graduation, which people we've interviewed did. Someone started a nonprofit to get Black and Brown students into tech. Someone became a family man."

Saucier said, "This is what happened at Morehouse: They got the debt cleared and they were able to have this exponential effect. What happens when we clear the debt for millions of Americans?"

• Millennials, Gen Z are putting off major financial decisions because of student loans, study finds
• A portrait of America's young adults: More debt burdened and financially dependent on their parents
• Nearly three-quarters U.S. millennials live paycheck to paycheck, survey shows

Last year the Supreme Court struck down President Biden's ambitious $430 billion student debt relief plan . Since then, the Biden Administration has expanded existing programs to cancel $167 billion in debt , with most relief going to people working in the public sector and for nonprofits.

Josh Mitchell, author of "The Debt Trap: How Student Loans Became a National Catastrophe," said, "They're sort of doing these piecemeal fixes, but they're not doing anything to stop the underlying problem."

Mitchell said Congress created the federal student loan program to expand college access. But by allowing students and their parents to borrow virtually any amount to study virtually anything, the government has enabled colleges to raise tuition without consequence. "There's a cycle of: students take out loans, schools raise their tuition, students take out more loans," said Mitchell. "That's essentially what's happened over the past 40 years. That's why tuition (up until recent years) has grown at sometimes triple the rate of inflation."

More than half (51%) of all college students now graduate with student loan debt, with the average owing $29,400, according to the College Board's "Trends in College Pricing and Student Aid 2023" report .

Mitchell says those levels of student debt are negatively affecting the economy: "The U.S. economy is the world's biggest, most dynamic, in large part because of higher education," he said. "But you also have a lot of students who are – not in default in their loans, but are devoting more and more of their paychecks to paying off debt. That's money that they could have been using to save for retirement, or buy a house, or to even start a business. For the average student, there is a payoff for going to college. But I think that the problem is they're overpaying,"

Asked why the cost of tuition has increased at a rate greater than inflation, Nicole Hurd, president of Lafayette College, a private four-year school in Easton, Pennsylvania, said, "Colleges and universities obviously have to be good stewards, and we have to constantly look at our business model. But I will say this: We're in the business of human capital, and human capital is expensive. So, when you think about investing in teaching, research, scholarship, those things are investments we have to make."

Hurd worries that fear of student debt is discouraging the lower- and middle-income students who benefit most from attending college: "We're so fixed on the price, and we're thinking about the sticker shock of the price. We're not thinking about the long-term investment as individuals, as families, and as a country. If somebody goes to college, their children will go to college, their grandchildren will go to college. It changes everything."

Tuition and room and board at Lafayette is more than $87,000 a year, though in recent years, the school has made efforts to offer more grants and fewer loans as part of its financial aid packages.

Hurd said, "Some debt is okay. A little skin in the game is not the end of the world. What we can't have is people [having] tens of thousands, hundreds of thousands of dollars of student debt. That's not okay. But the non-profit sector in higher education is getting much better about being transparent about what debt is, and then making sure students and families make good choices."

Still, more than 40 million Americans have student loan debt, with 3.5 million owing more than $100,000, according to the College Board. The Education Data Initiative says the  average interest on that debt is 6.87 percent ; the average length of repayment, 21.1 years .

It's why filmmaker Joshua Reed believes the story of the Morehouse Class of 2019 needs to be told. "People are being crushed by the immense weight of this debt," he said. "But once it's relieved, they can go on to do all sorts of things."

Freddie Williams Jr. said he thinks about not having to pay back student loans almost every day. He was back on campus last month for the five-year reunion of that lucky class. Now a 26-year-old software engineer, he said that, instead of paying back a mountain of debt, he gets to pay the gift forward: "It was, you know, bigger than just having my debt paid off. Because of that gift, you know, I was able to buy a house, and with me buying a house, that allowed for my brother to move in while he's finishing his degree. And I know it, you know, in my soul that I have to continue to give back and pass it forward."

      For more info:

• Josh Mitchell, The Wall Street Journal
• "The Debt Trap: How Student Loans Became a National Catastrophe"  by Josh Mitchell (Simon & Schuster), in Hardcover, eBook and Audio formats, available via  Amazon ,  Barnes & Noble  and  Bookshop.org
• Filmmakers Joshua Reed and Emani Rashad Saucier ("The Gift")
• Nicole Farmer Hurd, president of Lafayette College , Easton, Pa.

      Story produced by Mark Hudspeth. Editor: Emanuele Secci. 

• Student Debt
• Student Loans

Lilia Luciano is an award-winning journalist and CBS News 24/7 anchor and correspondent based in New York City. Luciano is the recipient of multiple journalism awards, including a Walter Cronkite Award, a regional Edward R. Murrow Award and five regional Emmys.

More from CBS News

4 big student loan mistakes experts say to avoid

These trans activists wanted to build community. They found each other.

How long does credit card debt forgiveness stay on your credit report?

3 debt relief moves to make for July

• Share full article

Advertisement

Supported by

What Happens to Biden’s Student Loan Repayment Plan Now?

More than eight million borrowers are enrolled in the income-driven plan known as SAVE. The Education Department is assessing the rulings.

By Tara Siegel Bernard

President Biden’s new student loan repayment plan was hobbled on Monday after two federal judges in Kansas and Missouri issued separate rulings that temporarily blocked some of the plan’s benefits, leaving questions about its fate.

The preliminary injunctions, which suspend parts of the program known as SAVE, leave millions of borrowers in limbo until lawsuits filed by two groups of Republican-led states challenging the legality of the plan are decided.

That means the Biden administration cannot reduce borrowers’ monthly bills by as much as half starting July 1, as had been scheduled, and it must pause debt forgiveness to SAVE enrollees. The administration has canceled $5.5 billion in debt for more than 414,000 borrowers through the plan, which opened in August.

If you’re among the eight million borrowers making payments through SAVE — the Saving on a Valuable Education plan — you probably have many questions. Here’s what we know so far, though the Education Department has yet to release its official guidance.

Let’s back up for a minute. What does SAVE do?

Like the income-driven repayment plans that came before it, the SAVE program ties borrowers’ monthly payments to their income and household size. After payments are made for a certain period of years, generally 20 or 25, any remaining debt is canceled.

But the SAVE plan — which replaced the Revised Pay as You Earn program, or REPAYE — is more generous than its predecessor plans in several ways.

Ask us your questions about the SAVE student loan repayment plan.

We are having trouble retrieving the article content.

Please enable JavaScript in your browser settings.

Thank you for your patience while we verify access. If you are in Reader mode please exit and  log into  your Times account, or  subscribe  for all of The Times.

Thank you for your patience while we verify access.

Already a subscriber?  Log in .

Want all of The Times?  Subscribe .

More From Forbes

A law degree’s payoff depends on your student debt, report finds.

• Share to Facebook
• Share to Twitter
• Share to Linkedin

A new report calculates the ROI from a law degree after factoring in law school student loan debt.

Graduates of many law schools carry heavy loads of debt that substantially reduce their early-career net earnings, a new report from the Georgetown University Center on Education and the Workforce finds. In "A Law Degree Is No Sure Thing: Some Law School Graduates Earn Top Dollar, But Many Do Not," Georgetown CEW ranks 186 law schools based on their graduates' median earnings net of student loan debt.

Using data from the U.S. Department of Education’s College Scorecard, the researchers calculated the return on investment for law school graduates after factoring in the amount of loan debt they incurred during their studies. Net earnings refer to median earnings four years after graduation, net of debt payments. The return-on-investment calculations do not include the additional costs of tuition, fees, and living expenses.

For all law school graduates, median earnings four years after graduation were $88,800. However, after student loan payments were subtracted from median earnings, net earnings fell to $72,000.

Four years after graduation, graduates of 33 law schools earned less than $55,000 at the median after subtracting student loan debt. At the other end of the distribution, graduates of 26 law schools earned an annual net income of at least $100,000. And annual earnings exceeded $200,000 for graduates of seven law schools: Columbia University, University of Pennsylvania, University of Chicago, Cornell University, Stanford University, Harvard University, and Northwestern University.

Graduates of six law schools saw median net earnings of less than $40,000 per year — Appalachian School of Law, Faulkner University, Thomas M. Cooley Law School, Atlanta’s John Marshall Law, Inter American University of Puerto Rico School of Law, and Pontifical Catholic University of Puerto Rico.

Law school graduates accumulated a median debt of $118,500 while obtaining a J.D., the researchers found. The median monthly debt payments, median annual earnings and median earnings net of debt for all 186 law schools can be found in the full report. Median earnings associated with law school degrees other than the J.D. are also included in the report.

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024.

“When it comes to law school, the best returns are concentrated among a small number of institutions, educating approximately 20% of law students,” said CEW Director and lead author Jeff Strohl, in a news release. “Graduates earn the highest salaries from highly selective institutions. The top 26 law schools lead to six-figure salaries and a bar passage rate of 97%.”

According to the report, disparities in law school outcomes are largest for women and members of marginalized racial/ethnic minority groups, who make up a larger share of enrollments at law schools where earnings are lower and unemployment for graduates is higher. The disparities are most pronounced for Black/African American and Hispanic/Latina women.

For working lawyers ages 25 to 54, the gender pay gap favors men by $28,000. Female lawyers earned a median of $113,000 while male lawyers earned $141,000. This gender pay gap is much smaller ($12,000) for entry-level lawyers, indicating that institutional barriers and attrition in the legal profession might be contributing to the unequal earnings later in lawyers’ careers.

Asian American lawyers, ages 25 to 54, have the highest median salaries ($132,000), followed by white ($131,000), multiracial ($125,000), Hispanic/Latino ($113,000), and Black/African American lawyers ($108,000).

While those median salaries are relatively high, they don’t account for the student loan payments many former law students are making years later. Black/African American and Hispanic/Latino graduates are more likely to graduate law school with higher debt than their white or Asian American peers.

The Georgetown CEW report also indicated that “prior to the pandemic-era student loan pause, law school graduates were not making significant progress in paying off student loans. At six in ten law schools, at least half of graduates held loan balances that were the same as they were at graduation, or had increased three years after completing their degree.”

“Law schools are notoriously expensive. Graduates leave law schools with a median debt burden of $118,500, and lower earnings make it harder to pay back this debt,” said Catherine Morris, report co-author and senior editor and writer at CEW. “The consequences of six-figure debt are also far-reaching for law school graduates, impacting their ability to purchase a home, start a family, and achieve other traditional markers of success.”

• Editorial Standards
• Reprints & Permissions

Join The Conversation

One Community. Many Voices. Create a free account to share your thoughts. 

Forbes Community Guidelines

Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.

In order to do so, please follow the posting rules in our site's  Terms of Service.   We've summarized some of those key rules below. Simply put, keep it civil.

Your post will be rejected if we notice that it seems to contain:

• False or intentionally out-of-context or misleading information
• Insults, profanity, incoherent, obscene or inflammatory language or threats of any kind
• Attacks on the identity of other commenters or the article's author
• Content that otherwise violates our site's  terms.

User accounts will be blocked if we notice or believe that users are engaged in:

• Continuous attempts to re-post comments that have been previously moderated/rejected
• Racist, sexist, homophobic or other discriminatory comments
• Attempts or tactics that put the site security at risk
• Actions that otherwise violate our site's  terms.

So, how can you be a power user?

• Stay on topic and share your insights
• Feel free to be clear and thoughtful to get your point across
• ‘Like’ or ‘Dislike’ to show your point of view.
• Protect your community.
• Use the report tool to alert us when someone breaks the rules.

Thanks for reading our community guidelines. Please read the full list of posting rules found in our site's  Terms of Service.

• Environment
• National Politics
• Transportation
• Coronavirus

NJ looks to quell crisis in care by offering student loan relief to health workers

2-minute read.

• New Jersey is offering up to $50,000 in student loan relief to healthcare and social service professionals.

New Jersey announced $17 million in student loan relief for group home aides and other health care workers, part of an effort to attract and retain staff in fields fraught with turnover and vacancies.

Up to $50,000 in student loan relief is available to health care and social service professionals who commit to one year of service at designated agencies, the state said. Gov. Phil Murphy said the program should improve services for New Jersey residents with medical, mental health, and disability needs. 

“This student loan redemption program further bolsters our home and community-based services workforce, and it is key in supporting qualified service providers to bring their skills and expertise to communities across the state,” he said.

Story continues below photo gallery

“In addition to alleviating the financial burdens of this workforce, this program also builds the capacity to deliver care in the community for more New Jerseyans,” Murphy said.

The New Jersey departments of Human Services and Children and Families announced the relief, along with the state's Higher Education Student Assistance Authority.

The program aims to assist a wide range of professionals, including psychiatrists, psychologists, social workers, nurses, and counselors, among others. 

Funding comes from the federal Centers for Medicare and Medicaid Services and is part of a $100 million effort by the state to grow a workforce that has faced significant staffing shortages due to low pay and poor benefits.

In addition to the student loan relief program, the Murphy administration said the money will help establish recruitment, training, and certification programs for direct care staff, as well as more community-based housing options for individuals with disabilities or behavioral health conditions.

“We continue to invest in innovative approaches to strengthen and prioritize independence and person-centered care that will help individuals live in their own homes and remain active in their communities,”  Human Services Commissioner Sarah Adelman said in a statement. 

“This new student loan redemption program will benefit caregivers who provide vital supports to people with disabilities and with behavioral health needs, as well as older adults living in the community,” she said.

How to apply for NJ loan relief program

The application process for the loan relief program opens on July 1. Selection of recipients will be on a first-come, first-serve basis, with decisions announced by Oct. 1.  Applicants must meet such criteria as being employed full-time in a qualifying role, holding the necessary certifications, and not participating in similar loan relief programs.

For more information on how to apply and detailed eligibility requirements, interested candidates can visit the New Jersey Higher Education Student Assistance Authority website starting July 1. 

“We are proud to offer this new benefit to dedicated workers who support individuals with disabilities and older adults in the community,” said Kaylee McGuire, Deputy Commissioner for Aging and Disability Services. “Creative steps such as a loan redemption program will help attract and retain workers and build a stronger foundation for the future.”

The one-time student loan relief program provides:

• $5 million for eligible employees serving in DHS’  Division of Mental Health and Addiction Services -contracted agencies
• $5 million for eligible employees serving in DHS’  Division of Developmental Disabilities -funded agencies and self-directing employees
• $5 million for eligible employees at DCF-approved settings
• $2 million for eligible private duty nurses employed by agencies contracted by  NJ FamilyCare ’s  managed care organizations .

Visit here for applications.

Gene Myers covers disability and mental health for NorthJersey.com and the USA TODAY Network. For unlimited access to the most important news from your local community,  please subscribe or activate your digital account today .

Email:  [email protected] Twitter:  @myersgene