Parents, you may help your student get a better rate than grad PLUS loans

Have good credit? Cosigning our private graduate school loan could get you and your student a lower rate than the grad PLUS loan.^{footnote 1}

Apply now

Fixed rates

3.45%

to 14.99% APR^{footnote 2}

Fixed means your interest rate never changes.

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

Variable rates

4.37%

to 13.98% APR^{footnote 2}

Variable rates go up or down as the market changes.

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

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

Why parents choose the #1 private student lender

No origination fees

There’s no fee to process a loan or if you pay it off early.^{footnote 3}

Help them get approved

Students with cosigners were 5x more likely to be approved last year.^{footnote 4}

Parents can pay, too

Parents can make payments anytime on the loan, not just the student.

Cosigner release

Students can apply to release a cosigner after meeting requirements.^{footnote 5}

100%

Up to 100% coverage

of your school-certified costs like tuition, fees, housing, meals, travel, and more.^{footnote 6}

93%

Approved again

93% of grad students approved with a cosigner were approved with a cosigner the next year.^{footnote 7}

300,000+

Choose Sallie Mae^®each year

3,000+

Eligible schools

The smart choice for grad students and students¹

	Sallie Mae Graduate School Loan	Federal Direct Graduate PLUS Loan^{footnote 8}
Less than half-time enrollment eligibility
Apply for cosigner release after 12 months of on-time principal and interest payments, and after credit and other eligibility requirements have been met^{footnote 5}
Interest-only payments for 12 months after grace period for qualifying graduate loan borrowers^{footnote 9}
Variable interest rates
Fixed interest rates
Cover up to 100% of the cost of attendance minus financial aid^{footnote 6}
Rate discount when you enroll in auto debit^{footnote 10}
Credit check required

Quick and easy

We keep cosigning simple

1. Tell us some basics

2. Invite your student

3. Sign and accept

Apply now

All private loans, all the time

We’re a private student lender—not federal. We’ve got the experience and resources to help students from start to finish.

FAQs

Have any questions? Let’s get you those answers.

Does my student need a cosigner?

Private student loans are credit-based, which means we check students’ credit when they apply. Last year, students were 5x more likely to be approved with a cosigner.^{footnote 4}

A cosigner is an adult with good credit, usually a parent, who shares responsibility with you for paying back the undergraduate student loan.

What are my responsibilities as a cosigner?

Being a cosigner means you’re jointly and legally responsible for repaying the loan on time and in full. So if your student doesn’t make payments for any reason, you’ll be expected to make them. Missed or late payments can have a negative impact on your credit report as well as your student’s.

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 and Federal 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 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 1}

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).6 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 costs 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 6}

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.

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. 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 2. 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 3. 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 4. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.

footnote 5. 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 6. 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 7. 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 a Sallie Mae undergraduate loan with a cosigner in the 2022/23 school year and were approved for another Sallie Mae undergraduate loan when they returned with the same or new cosigner in 2023/24. It does not include the denied applications of students who were ultimately approved in 2023/24.

footnote 8. Federal loan rate and fee information is provided by Federal Student Aid, an Office of the U.S. Department of Education.

footnote 9. 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 10. 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 Sallie Mae loans are made by Sallie Mae Bank.

footnote Information advertised valid as of 5/27/2025.

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.