Level up your career with a graduate student loan

Let us secure your financial needs while working toward your master’s or doctoral degree.

Apply now

Fixed rates

3.49%

to 14.48% APR^{footnote 1}

What are fixed rates?

Fixed means your interest rate never changes.

If you want a predictable monthly payment, this is the way to go.

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Variable rates

4.54%

to 13.98% APR^{footnote 1}

What are variable rates?

Variable interest rates go up or down as the market changes.

This means your monthly payments may also change—they might be higher if interest rates rise and lower if they fall.

Go back

Lowest rates shown include the auto debit discount. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate.

Graduate school loan benefits

3 repayment options

Go for what works best for your budget.

No origination fees

There’s no fee to process a loan or if you pay it off early.^{footnote 2}

Save money

Get a 0.25 percentage point discount with auto debit.^{footnote 3}

100%

Up to 100% coverage

of your school-certified costs like tuition, fees, housing, meals, travel, and more.^{footnote 4}

Graduate borrowers were 2x more likely to get approved without a cosigner than undergraduates last year.^{footnote 5}

Make 12 interest-only payments after your grace period.^{footnote 6}

Months of deferment during your residency and fellowship.^{footnote 7}

Month grace period to support you during your career.^{footnote 8}

Breaking down your repayment options

Pay interest in school
Pay some in school
Pay after school

Pay interest in school

Pay some in school

Pay after school

Interest repayment option

How does it work?
You pay your interest every month you’re in school and in grace (the 6 months after).^{footnote 1}

This is a great option if you want to save the most.
Students may get an interest rate that is .50 percentage points lower than deferred repayment.^{footnote 1}

Keep in mind:
You might have higher monthly payments, but the total cost of your loan may be lower.

Fixed repayment option

How does it work?
You pay $25 every month^{footnote 9} you’re in school and in grace.^{footnote 1}

This is a great option if you want to make a dent in payments from the start.
Students may get an interest rate that is .25 percentage points lower than deferred repayment.^{footnote 1}

Keep in mind:
Any interest you don’t pay during school will be added to your principal amount (total borrowed) after grace.

Deferred repayment option

How does it work?
You’ll have no scheduled payments while you’re in school and in grace.^{footnote 1}

This is a great option if you want to focus on class and not on making loan payments.

Keep in mind:
The total cost of your loan may be higher because the interest you don’t pay on your loan while you’re in school and grace will be added to the original amount you borrowed (principal amount).

What you gain with our graduate school loan

	Sallie Mae^SM Graduate School Loan	Other competitors
Less than half-time enrollment eligibility
Apply for cosigner release after 12 months of on-time principal and interest payments and credit requirements have been met^{footnote 10}
Interest-only payments for 12 months after grace period for qualifying graduate loan borrowers^{footnote 6}
Cover up to 100% of the cost of attendance minus financial aid^{footnote 4}
Fixed and variable interest rate options
In-school or deferred repayment options for graduate loan borrowers^{footnote 1}

Apply in
minutes

1. Tell us some basics

2. Choose your loan options

3. Sign and accept

Apply now

Let's make sure you're ready

You’ll need a few things to apply like address, Social Security number (if you have one), and details about your school.

FAQs

Have other questions? We’re here to help.
1-877-279-7172

Which student loans are available for graduate students?

Grad students can apply for federal and private loans. Federal loans are funded by the federal government, and you apply for Federal Direct Unsubsidized 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 school 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 11}

How do I apply for a private graduate school loan?

It's easy to apply for a graduate school loan. Use the “Apply now” 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 10 minutes.

How much can I borrow as a graduate student?

The amount that you can borrow for graduate school generally depends on the loan. Most of our graduate school loans let you borrow from $1,000 up to 100% of the school-certified Cost of Attendance (COA).^{footnote 4}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.

What are the benefits of applying for a graduate school loan?

The greatest benefit to taking out a graduate school 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.

What kind of interest rates does Sallie Mae offer for graduate school loans?

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

Fixed interest rate

The rate never changes, so you’ll have a predictable monthly payment amount. 

Variable interest rate 

The rate can go up or down as market conditions change. This means your student loan payments may also change—you might have lower payment amounts if interest rates fall and higher payments if interest rates rise.

Can I use a graduate school loan to pay for any college-related expenses?

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 4}

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

Can I apply for a graduate school loan if I already have existing student loan debt?

If you have existing student loan debt, you can still apply for a graduate school 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.

Can international students apply for graduate school loans?

Yes! International students can apply for graduate school 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.

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

footnote 3. 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 4. 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 5. Based on a comparison of the percentage of graduate students who were approved without a cosigner to the percentage of undergraduate students who were approved without a cosigner from October 1, 2023 to September 30, 2024.

footnote 6. GRP allows interest-only payments for the initial 12-month period of repayment when the loan would normally begin requiring full principal and interest payments or during the 12-month period after GRP request is granted, whichever is later. At the time of GRP request, the loan must be current. The borrower may request GRP only during the six billing periods immediately preceding and the twelve billing periods immediately after the loan would normally begin requiring full principal and interest payments. GRP does not extend the loan term. If approved for GRP, the Current Amount Due that is required to be paid each month after the GRP ends will be higher than it otherwise would have been without GRP, and the total loan cost will increase.

footnote 7. 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 8. Payments may be required during the grace period depending on the in-school repayment option selected by the student or cosigner.

footnote 9. 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.

footnote 10. 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 11. 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 Sallie Mae loans are made by Sallie Mae Bank.

footnote Information advertised valid as of 4/17/2025.

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.