Sallie Mae® Graduate School Loan

 

Pay for your expenses as you pursue a master's or doctoral degree

Fixed rates
3.49%
to 14.48% APRfootnote 1
Variable rates
4.54%
to 13.98% APRfootnote 1

Lowest rates shown include the auto debit discount. Only the most credit-worthy applicants who choose the interest repayment option may receive the lowest rate.
Apply for this loan

Your graduate school loan with 0% origination fee

up to 100 percent

coverage

of all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop.footnote 2


of graduate students 

who’ve been approved for a graduate school loan with a cosigner were approved again when they returned with a cosigner the following year.footnote 3


48 

months of deferment

during your internship or
fellowship.footnote 4

years to repay

your graduate school loanfootnote 5 with no prepayment penalty.footnote 6 
Does not include payments made during the grace period.

month grace period

to support you during your career.footnote 7

Tip for borrowers

You can apply only once for the money you need for the entire school year. Funds will be sent for each term as requested by your school.

Learn about how much to borrow

Choose the graduate school loan options that work for you

Fixed rate: 3.49% -  14.48% APRfootnote 1
Lowest rate shown includes auto debit discount. Get predictable monthly payments with a rate that doesn't change over time.

Variable rate: 4.54% - 13.98% APRfootnote 1
Lowest rate shown includes auto debit discount. Your interest rate can rise or fall as the market index changes, so your graduate school loan payments may vary over time.

Pay later
Deferred repayment option: Make no payments while you're in school and in grace (six months after leaving school).footnote 1 With this graduate school loan repayment option, you’ll likely pay more for your total loan cost, since the interest rate may be higher and unpaid interest will be added to your principal amount at the end of your grace period.

Pay a little and save
Fixed repayment option: Pay $25 every month.footnote 5 Choose the fixed repayment option and receive an interest rate that is .25 percentage points lower than the deferred repayment option.footnote 1 Unpaid interest will be added to your principal amount at the end of your grace period.

Pay interest and save even more

Interest repayment option: Pay your graduate school loan interest every month you’re in school and during your grace period. Choose the interest repayment option and receive an interest rate that is .50 percentage points lower than the deferred repayment option.footnote 1 Your total loan cost will likely be lower than with the other repayment options, but your graduate school loan payments will likely be larger while you’re in school and in grace.

Graduate school loan benefits

  • Return customers can save time with a streamlined application.footnote 3
  • Lower your total loan cost—get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.footnote 8
  • Pay no origination fee or penalty for paying off your graduate school loan before its due date.footnote 6
  • You can apply to release your cosigner after you graduate, make 12 on-time, principal and interest payments and meet certain credit requirements.footnote 9
  • You can pay for up to all your school-certified graduate school costs with a single, established lender.footnote 2

The Sallie Mae Graduate School Loan vs the Federal Direct Grad PLUS Loan

After you explore federal loans, you may find the Sallie Mae Graduate School Loan to be a good alternative to the Federal Direct Grad PLUS Loan, and if you’re highly qualified, you may receive a lower interest rate.footnote 10
Sallie Mae Graduate School Loan

Direct Grad PLUS Loanfootnote 11

No origination fee

Available for less than half-time enrollment

Offers variable interest rates

Offers fixed interest rates

6-month grace period

Deferred repayment option

Interest and fixed repayment options

Rate reduction for auto debit enrollment

Find flexibility with an internship or fellowship deferment

A deferment may help you postpone or reduce your graduate school loan payments during your internship or fellowship. It's available in increments of 12 months, up to a total of 48 months.footnote 4

Find out about an internship or fellowship deferment

 

Applying is easy

  • Tell us about yourself

    We’ll need some basic information from you (and your cosigner if you’re applying with one) like your name, address, and date of birth, along with some details about your school.

  • Choose your loan option(s)

    After you’re approved, pick the repayment option and interest rate type that work best for your budget.

  • Sign and accept

    Be sure to review all loan documents so you understand your responsibilities. Once you’ve decided to borrow from us, just e-sign and accept your loan. We'll work with your school to take care of the rest. That's it!

    Apply for loan

Frequently asked questions about the Sallie Mae Graduate School Loan

Grad students can apply for federal and private loans. Federal loans are funded by the federal government, and you apply for Federal Direct Loans and Direct Graduate PLUS Loans by filling out a FAFSA®. Private student loans are offered by banks and credit unions, and you apply directly with the lender. Sallie Mae offers private student loans for graduate school.

Depending on the professional field that you're planning to enter, you may have different needs for a graduate student loan. For example, medical and dental degrees often require residencies, so it can help to have a deferment period. That’s why we offer graduate student loans designed for specific degrees: medical school, dental school, law school, MBA, and health professions graduate school. We also have a Graduate School Loan for humanities, sciences, and other degrees.

Learn more about the differences between federal and private student loans for graduate students.footnote 10

It's easy to apply for a graduate student loan. Use the “Apply for this 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.

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

Sallie Mae Graduate School Loans have two types of interest rates you can choose from: a fixed rate and a variable rate.

Fixed rate: 3.49% - 14.48% APRfootnote 1

Lowest rate shown includes the auto debit discount. A fixed rate gives you predictable monthly payments with a rate that doesn’t change over time.

Variable rate: 4.54% - 13.98% APRfootnote 1

Lowest rate shown includes the auto debit discount. 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.

Questions? Need help applying?

Call us at

877-279-7172
Didn't find what you were looking for?
See all graduate student loans

footnote Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

footnote Graduate School Loan and Graduate School Loan for Health Professions are for graduate students at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

footnote 1. Advertised APRs for Graduate School Loan, MBA Loans, and Graduate School Loan for Health Professions assume a $10,000 loan with a 2-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

footnote 2. For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 

footnote 3. Sallie Mae loans cover enrollment periods of up to 12 months. Students must apply for a new loan each school year. This approval percentage is based on students who were approved for this Sallie Mae loan product with a cosigner in the 2021/22 school year and were approved again when they returned with the same or new cosigner in 2022/23. It does not include the number of denied applications of students who were ultimately approved in 2022/23.

footnote 4. To apply for this deferment, customers and an official from the internship, clerkship, fellowship, or residency program must complete and submit a deferment form to us for consideration. If approved, the loan will revert back to the same repayment option that applied during the in-school period for up to 12 months. Customers can apply for and receive a maximum of four 12-month deferment periods. Interest is charged during the deferment period and Unpaid Interest will be added to the Current Principal at the end of each deferment period, which will increase the Total Loan Cost.

footnote 5. Example of a typical transaction for a $10,000 Graduate School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 14.30% fixed APR, 27 payments of $25.00, 178 payments of $172.22 and one payment of $115.59, for a total loan cost of $31,445.75. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not.

footnote 6. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. 

footnote 7. Payments may be required during the grace period depending on the in-school repayment option selected by the student or cosigner.

footnote 8. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 

footnote 9. Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can’t have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can’t be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default or 90-day delinquencies in the last 24 months. Requirements are subject to change.

footnote 10. Explore federal loans and compare to make sure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

footnote 11. Federal student loan information was gathered on 3/5/2024 from studentaid.ed.gov.

footnote Sallie Mae loans are made by Sallie Mae Bank. 

footnote Information advertised valid as of 01/27/2025.

footnote SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.