Best private graduate student loans for fall 2023
While you might be enjoying time off in the summer, it's important for students and their families to make sure their finances are set up for the fall 2023 semester. If you're going to grad school, you might look into student loans to help cover the costs, but there can be big differences between student loan providers.
For one, students may have to choose between federal and private student loans, or take out a combination of loan types to cover their tuition and other expenses.
Federal student loans can have more leeway, especially in terms of the potential to be eligible for student loan debt forgiveness or other relief offered by the government. Federal student loans also often have lower, fixed interest rates, compared with private student loans.
However, this can vary, so it's important to compare interest rates and consider what might happen to rates in the future. If you have a high credit score, you might find that private student loans enable you to pay less interest overall. Plus, sometimes private student loans are necessary for closing a funding gap after taking out some federal loans.
So, if you're looking for the best graduate student loans for fall 2023 among private lenders, consider the following companies.
Explore your student loan options here now to see what you're eligible for.
Best private graduate student loans for fall 2023
Here are some of the best private student loans currently available, which are listed alphabetically, with rates current as of mid-July 2023:
Ascent
Ascent offers some of the best private student loans, especially if you're looking to get college loans without a cosigner.
Fixed annual percentage rates (APRs) for PhD and master's student loans from Ascent range from 4.49% to 15.38% APR with an auto-pay discount, and variable rates range from 6.95% to 15.83% APR after the discount for auto-pay.
One advantage of grad student loans from Ascent is the flexibility they offer. Students have the option to start payments up to nine months after graduating, and they also might be eligible for Ascent's progressive repayment option, which allows recent grads to ease into their student loan payments.
College Ave Student Loans
Another great option for private graduate student loans is College Ave. This lender offers some of the most competitive interest rates, with fixed APRs ranging from 4.07% to 14.49%, or 5.59% to 14.49% APR for variable loans.
College Ave also offers students flexible repayment terms, such as choosing between making full repayments while in school, interest-only payments, flat payments, or deferring payments until after graduation.
Check out College Ave rates here.
Earnest
If you're looking for low rates on private student loans, Earnest can be a great choice. Fixed-rate APRs start at 4.45% after an auto-pay discount, while variable rates begin at 5.66% after this discount. Plus, Earnest offers a rate match, though they do not drop below their listed rates.
Another advantage of Earnest is that this lender does not charge late payment fees, and you can skip one payment per year without incurring penalties. Earnest's mobile application process enables students to easily apply for college loans and typically get a decision within 24 hours.
Learn more about Earnest here.
MPOWER Financing
Interest rates can start higher for this lender, as the APR for graduate loans is 13.72% after an auto-pay discount. But if you're an international student, then MPOWER can be a great option.
The lender specializes in helping global students get financing for U.S. and Canadian schools, and a credit score is not required to apply or potentially qualify for a loan. The company still conducts creditworthiness reviews, but this can potentially expand the pool of eligibility.
SoFi
SoFi rounds out the list of the best graduate student loans for fall 2023 due to its competitive interest rates, flexibility and customer experience.
Fixed-rate student loans range from 4.99% to 14.48% APR, and variable rates run from 5.99% to 13.97% APR. The lowest rates are based on an auto-pay discount and meeting the conditions for a rate discount by being an existing SoFi customer.
SoFi offers payment terms of 5, 7, 10 or 15 years, and students can choose from four different payment options: making interest and principal payments in full while in school, making partial payments while in school, paying interest only while in school or deferring payment for six months after finishing school.
The lender also does not charge late or insufficient funds fees.
Start exploring the student loan options you're eligible for here now.
The bottom line
If you're looking for a private student loan to help pay for grad school, one of these options may help you get a lender offering a combination of reasonable costs and terms that fit your needs. Many of these lenders will even allow you to quickly view your interest rate without hurting your credit, just by answering a few questions.
From there, applying for a private student loan generally involves providing a few more details, like specifying your income and Social Security number. Before you get to the application stage, though, it typically makes sense to compare the different lenders and see which ones work best for you, both financially and logistically.
