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
Sallie Mae® Graduate School Loan
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
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
Choose the loan option that works for you
Fixed rate: 3.59% - 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: 5.54% - 14.97% 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 student 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 8 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 in grace. Choose the Interest Repayment Option and receive an interest rate that is .50 percentage points lower than the Deferred Repayment Option.footnote 8 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.
Benefit from these features
- 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 9
- 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 10
- You can pay for up to all your school-certified Graduate school costs with a single, established lender.footnote 2
The 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 11
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Sallie Mae Graduate School Loan
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Direct Grad PLUS Loanfootnote 12 |
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No origination fee |
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Available for less than half-time enrollment |
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Offers variable interest rates |
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Offers fixed interest rates |
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6-month grace period |
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Deferred repayment option |
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Interest and fixed repayment options |
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Rate reduction for auto debit enrollment |
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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
Easily apply in 3 steps
Provide some basic info
Give some details about yourself and your school.
Choose your options
After you're approved, pick the repayment option and interest rate type that will suit your budget and timeframe.
Accept your loan
Review, sign and accept your loan documentation. We'll take care of the rest with your school.
Questions? Need help applying?
Call us at