Graduate student loans

It's easy to apply for a graduate student loan. Use the “Apply for a loan” button on this page to start. You’ll be asked a few questions to decide which graduate loan is right for you. Then, you'll fill out some basic information about you and your studies. The process usually only takes around 15 minutes.

The amount that you can borrow for graduate school generally depends on the loan. Most of our graduate student loans let you borrow from $1,000 up to 100% of the school-certified Cost of Attendance (COA).^{footnote 2}

The COA is an estimate of what you'll pay for expenses like tuition and fees, room and board, books and supplies, travel to and from school, a laptop or other technology, and personal expenses. You’ll most likely find it in your financial aid award letter or on your school’s website.

Private graduate student loans are credit-based. The lender wants to know how responsible you are with credit before approving your student loan application. That means they'll view your history of borrowing money and paying it back on time. If you believe your credit history isn't strong, consider adding a cosigner. Their good credit may help you get approved for your loan.

The greatest benefit to taking out a graduate student loan is being able to pay for the graduate education that's important to you. Most grad students see the expense of getting a degree as an investment in their future. Many believe that it can help them enter or advance in their chosen career field, and potentially reward them with higher earnings.^{footnote 3}

Keep in mind that your school may have a deadline for financial aid to be submitted. When applying for a graduate student loan, make sure you apply with enough time for your application to go through the following steps:

1. You and your cosigner (if you have one) submit an application
   a. This can take anywhere from 15 minutes to a few business days
2. You and your cosigner (if you have one) undergo a credit review
3. After approval, you choose your loan option
   a. Make payments during school or defer them
   b. Select a fixed or variable interest rate
4. Your school certifies your loan
5. The money gets disbursed to your school

The Sallie Mae Graduate School Loan has two interest rates you can choose from: a fixed rate and a variable rate.

Fixed rate: 3.49% - 14.48% APR^{footnote 4}
A fixed rate gives you predictable monthly payments with a rate that doesn’t change over time.

Variable rate: 4.54% - 13.98% APR^{footnote 4}
A variable rate means that the interest rate can rise or fall as the market index changes, so your graduate school loan payments may vary over time.

You can get up to 100% of your school fees covered each year you’re in school with a Sallie Mae Graduate School Loan, including the following for students attending school at least half time.^{footnote 2}

What you can use graduate loans for

• Tuition
• Fees
• Books and supplies
• Housing
• Meals
• Transportation
• Technology and equipment
• Childcare expenses
• Other expenses as long as they are included in your school's cost of attendance

What you can’t use graduate loans for

• Nonessentials (new clothes, concert tickets, etc.)
• Dining out and entertainment
• Other debts (credit cards, car note, etc.)
• Travel for vacations

Check out this blog for what you can and can’t use student loans for.

If you have existing student loan debt, you can still apply for a graduate student loan. After you apply and undergo a credit review, Sallie Mae will determine whether you are eligible for another student loan.

But always borrow smart—only take out loans that you know you can afford to pay back with interest.

Yes! International students can apply for graduate student loans. Students who are not U.S. citizens or permanent residents who reside in and attend school in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and an unexpired government-issued photo ID to verify identity.

Although international students are not eligible for federal student loans through the Free Application for Federal Student Aid (FAFSA®), there is still financial aid, grants, and scholarships available to them.