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If you’re planning to attend graduate school, student loans could help you pay for it. However, keep in mind that some graduate student loans come with limits that will affect how much you’ll be able to borrow.
Here’s what you should know about graduate student loan limits:
Federal student loan limits
If you need to borrow money to pay for grad school, federal student loans are typically a good place to start. This is mainly because federal student loans offer federal benefits and protections, such as access to:
- Deferment or forbearance: These options let you temporarily pause or reduce your payments without impacting your credit score or repayment plan. Keep in mind that interest might continue to accrue, depending on the type of loan you have.
- Income-driven repayment plans: On an income-driven repayment plan, your monthly payment is based on your income. You could also have any remaining balance forgiven after 20 to 25 years of payments, depending on the plan.
- Student loan forgiveness programs: These programs generally require that you work in a specific field or sign up for a certain repayment plan. For example, if you’re a doctor who used federal student loans to pay for medical school, you might be eligible for Public Service Loan Forgiveness in the future.
- Federal consolidation through a Direct Consolidation Loan, which combines all of your federal student loans into one and could potentially extend your repayment term up to 30 years
Here are the kinds of federal student loans that graduate students might be eligible for, as well as the student loan limits that come with them:
Also see: FAFSA for Graduate School: What You Should Know
Direct Unsubsidized Loans
How much can I borrow? Unsubsidized loans for graduate students come with a limit of $20,500 per year ($138,500 total limit).
Direct Unsubsidized Loans loans are available to graduate and professional students, regardless of financial need. Keep in mind that unlike other types of federal student loans, you’re responsible for all interest that accrues on unsubsidized loans.
Unsubsidized student loans for the 2020-21 academic year come with a 4.30% fixed interest rate for graduate and professional students.
Unlike PLUS Loans, you won’t have to pass a credit check to take out unsubsidized loans. This might make them a good option if you want to get a student loan without a cosigner.
Keep in mind: Direct Subsidized Loans are available only to undergraduate students with financial need — which means you won’t qualify for subsidized loans as a graduate student.
If you’re considering subsidized vs. unsubsidized student loans, it’s generally a good idea to start with subsidized loans for your undergraduate studies before turning to other types of federal loans. This is because the government will cover any interest that accrues on subsidized loans while you’re in school.
Learn More: Federal Stafford Loans
Direct PLUS Loans
How much can I borrow? As a graduate student, you might be able to borrow up to your school’s cost of attendance in federal Direct PLUS Loans, minus any other financial aid you’ve received.
There are two types of Direct PLUS Loans: Grad PLUS Loans for students who want to pay for grad school and Parent PLUS Loans for parents who want to cover their child’s education.
PLUS loans come with a 5.30% interest rate for the 2020-21 academic year. Note that unlike Direct Unsubsidized Loans, PLUS Loans require a credit check.
Tip: To apply for federal student loans, you’ll need to fill out the
Free Application for Federal Student Aid (FAFSA). Your school will use your FAFSA results to determine the federal student loans you’re eligible for.
Some colleges and universities also offer school-specific grants and scholarships, which are generally awarded based on your FAFSA results.
If you decide to take out a student loan, be sure to consider how much that loan will cost you in the future so you can prepare for any added expenses. You can use our student loan calculator below to find out how much you’ll owe over the life of your federal or private student loans.
Total Payment
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Total Interest
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Monthly Payment
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With a
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loan, you will pay
$
monthly and a total of
$
in interest over the life of your loan. You will pay a total of
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over the life of the
loan, assuming you're making full payments while in school.
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Check Out: What Is the Average Cost of College in the U.S.?
Private student loan limits
How much can I borrow? You might be able to borrow up to your school’s cost of attendance with a private student loan, depending on the lender.
If you’ve hit your federal student loan limits and have exhausted other types of financial aid like college scholarships and grants, private student loans could help fill any financial gaps left over. These loans are offered by private lenders and can come with a fixed or variable rate.
Keep in mind that private student loans don’t come with federal protections, such as access to income-driven repayment plans or student loan forgiveness programs. However, they do offer some benefits of their own, such as:
- No application deadlines: You can apply for a private student loan at any time.
- Potentially higher borrowing limit: You might be able to borrow up to your school’s cost of attendance, depending on the lender.
- Might get a lower interest rate: If you have excellent credit, you might qualify for a lower interest rate compared to federal student loans.
- Specialized loans sometimes available: Some lenders offer special private loans if you’re going into certain fields, such as law school loans and medical school loans.
If you decide to take out a private student loan, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.
Lender | Fixed rates from (APR) | Variable rates from (APR) | Loan terms (years) | Max loan limit |
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
4.48%+10
|
5.98%+10
| 5, 7, 10, 12, 15, 20
(depending on loan type) | $400,000 |
- Fixed APR:
4.48%+10
- Variable APR:
5.98%+10
- Min. credit score:
Does not disclose
- Loan amount:
$2,001 to $400,000
- Loan terms (years):
5, 7, 10, 12, 15, 20
- Repayment options:
Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees:
None
- Discounts:
0.25% to 1.00% automatic payment discount, 1% cash back graduation reward
- Eligibility:
Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
After 12 on-time principal and interest payments
- Loan servicer:
Launch Servicing, LLC
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
4.43%+1
|
6.02%+
| 5, 10, 15 | $350,000
(depending on degree) |
- Fixed APR:
4.43%+1
- Variable APR:
6.02%+
- Min. credit score:
720
- Loan amount:
$1,000 to $350,000
- Loan terms (years):
5, 10, 15
- Loan types:
Any private or federal student loan
- Repayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees:
Late fee
- Discounts:
Autopay, loyalty
- Eligibility:
Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)
- Customer service:
Email, phone, chat
- Soft credit check:
Yes
- Cosigner release:
After 36 months
- Loan servicer:
Firstmark Services
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
4.44%+2,3
|
5.09%+2,3
| 5, 8, 10, 15 | Up to 100% of school-certified cost of attendance |
- Fixed APR:
4.44%+2,3
- Variable APR:
5.09%+2,3
- Min. credit score:
Does not disclose
- Loan amount:
$1,000 up to cost of attendance
- Loan terms (years):
5, 8, 10, 15, 20
- Repayment options:
Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
- Fees:
Late fee
- Discounts:
Autopay
- Eligibility:
Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
After 24 months
- Loan servicer:
College Ave Servicing LLC
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
3.65%+
|
6.14%+
| 7, 10, 15 | $180,000 |
- Fixed APR:
3.65%+
11
- Variable APR:
6.14%+
11
- Loan amount:
$1,000 to $99,999 annually
($180,000 aggregate limit)11
- Loan terms (years):
7, 10, 1511
- Repayment options:
Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees:
None
- Discounts:
Autopay11
- Eligibility:
Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident.
- Customer service:
Phone, email
- Soft credit check:
Yes
- Cosigner release:
After 36 months11
- Loan servicer:
American Education Services
- Min. income:
$1
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
6.25%+7
|
7.96%+7
| 7, 10, 15 | $200,000 |
- Fixed APR:
6.25%+7
- Variable APR:
7.96%+7
- Min. credit score:
750
- Loan amount:
$1,000 to $200,000
- Loan terms (years):
7, 10, 15
- Repayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability
- Fees:
Late fee
- Discounts:
Autopay
- Eligibility:
Must be a U.S. citizen or permanent resident and have a minimum income of $30,000.
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
After 36 months
- Loan servicer:
Granite State Management & Resources (GSM&R)
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
4.37%+8
|
6.85%+8
| 5, 10, 15 | Up to 100% of school-certified cost of attendance |
- Fixed APR:
4.37%+8
- Variable APR:
6.85%+8
- Min. credit score:
670
- Loan amount:
$1,001 up to cost of attendance
- Loan terms (years):
5, 10, 15
- Repayment options:
Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance
- Fees:
Late fee
- Discounts:
Autopay, reward for on-time graduation
- Eligibility:
Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school
- Customer service:
Email, phone, chat
- Soft credit check:
Yes
- Cosigner release:
After 48 months
- Loan servicer:
American Education Services
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
4.89%+
| N/A | 10, 15 | Up to school-certified cost of attendance
(depending on school type and minus other aid received) |
- Fixed APR:
4.89%+
- Variable APR:
N/A
- Min. credit score:
670
- Loan amount:
$1,500 up to cost of attendance less aid
- Loan terms (years):
10, 15
- Repayment options:
Full deferral, interest only, immediate repayment, academic deferral, forbearance
- Fees:
None
- Discounts:
None
- Eligibility:
Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
After 48 months
- Loan servicer:
American Education Services (AES)
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
4.50%9
-
14.83%9
|
5.99%9
-
16.33%9
| 10 to 20 | Up to 100% of school-certified cost of attendance |
- Fixed APR:
4.50%9
-
14.83%9
- Variable APR:
5.99%9
-
16.33%9
- Min. credit score:
Does not disclose
- Loan amount:
$1,000 up to 100% of school-certified cost of attendance
- Loan terms (years):
10 to 209
- Repayment options:
Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability
- Fees:
Late fee, non-sufficient funds (NSF) fee
- Discounts:
Autopay
- Eligibility:
Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner.
- Customer service:
Phone, chat
- Soft credit check:
Yes
- Cosigner release:
Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements.
- Loan servicer:
Sallie Mae
|
Compare rates without affecting your credit score. 100% free!
Compare Now
|
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 10Ascent Disclosures | 1Citizens Disclosures | 2,3College Ave Disclosures | 11Custom Choice Disclosures | 6Discover Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures |
You’ll generally need good to excellent credit to qualify for a private student loan. While some lenders might offer student loans for bad credit, these loans typically come with higher interest rates compared to good credit loans.
Tip: If you can’t get approved for a private loan on your own, applying with a
cosigner could help. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
Keep in mind that a cosigner is equally responsible for your loan repayment. If you fail to make payments, your cosigner will be on the hook. Missing payments will also likely hurt your credit score as well as your cosigner’s.
Learn More: Best Private Student Loans
Graduate student loans vs. undergrad student loans
While graduate student loans function similarly to undergrad student loans, here are a couple of differences to keep in mind when comparing graduate student loans vs. undergrad student loans:
- Credit check might be required: Direct Subsidized and Unsubsidized Loans don’t require a credit check, but PLUS Loans and private student loans do.
- Different loan limits: As an undergraduate student, you’re limited to a maximum of $12,500 per year in Direct Unsubsidized Loans — depending on your year in school, dependency status, and school’s cost of attendance. However, as a graduate student, you could borrow up to $20,500 annually in unsubsidized loans. You might also be able to borrow up to your school’s cost of attendance in Grad PLUS Loans or private student loans, minus any other financial aid you’ve received.
Tip: Regardless of the type of loan you borrow, be sure not to borrow more than you need to pay for school. Borrowing only as much as you need will help keep your future costs low.
If you decide to take out a private student loan, remember to compare as many lenders as possible to find a loan that suits your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Compare student loan rates from top lenders
- Multiple lenders compete to get you the best rate
- Get actual rates, not estimated ones
- Finance almost any degree
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About the author
Dori Zinn
Dori Zinn is a student loan authority and a contributor to Credible. Her work has appeared in Huffington Post, Bankate, Inc, Quartz, and more.
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