Sallie Mae® Graduate School Loan

Pay for your expenses as you pursue a master's or doctoral degree
Fixed rates:
4.99% APR
to 14.48% APRfootnote 1
Variable rates:
6.87% APR
to 16.47% APRfootnote 1
Lowest rates shown include the auto debit discount. Only the most credit-worthy applicants who choose the interest repayment option may receive the lowest rate.

Designed for your graduate school needs with 0% origination fee

coverage

of all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop.footnote 2

approval rate

of 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

Tip for borrowers

You can apply only once and get 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

Choose the loan option that works for you

Fixed rate: 4.99% -  14.48% APRfootnote 1
Lowest rate shown includes auto debit discount. Get predictable monthly payments with a rate that doesn't change over time. You may pay more for your total loan cost because a fixed interest rate is usually higher than a starting variable interest rate.

Variable rate: 6.87% - 16.47% 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. Get a rate that may be less than a fixed interest rate, which could result in a lower total loan cost.

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 monthfootnote 5 you're in school and in grace, and you can save on your total loan cost when compared to our deferred repayment option.footnote 1 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. Your interest rate will be 0.50 percentage points lower than with the deferred repayment option and 0.25 percentage points lower than with the fixed repayment option.footnote 1 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 8
  • 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 9
  • Pay for 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 10

Sallie Mae Graduate School Loan

Direct Grad PLUS Loanfootnote 11

No origination fee

Available for less than half-time enrollment

Offers variable interest rates

Offers fixed interest rates

6-month grace period

Deferred repayment option

Interest and fixed repayment options

Rate reduction for auto debit enrollment

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

 

Applying is easy

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

877-279-7172
Didn't find what you were looking for?

footnote Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should 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., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. 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. 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 may be subjected 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 3. Students must apply for a new loan each school year. Sallie Mae loans cover enrollment periods of up to 12 months. This approval percentage is based on students who were approved for this Sallie Mae loan product with a cosigner in the 2020/21 school year and were approved again when they returned with the same or new cosigner in 2021/22. It does not include the number of denied applications of students who were ultimately approved in 2021/22.

footnote 4. 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, deferment periods are issued in up to 12-month increments. Customers can apply for and receive a maximum of four 12-month deferment periods. Interest is charged during the deferment period and Unpaid Interest may be added to the Current Principal at the end of each deferment period, which will increase the Total Loan Cost.

footnote 5. 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. A variable APR may increase over the life of the loan. A fixed APR will not.

footnote 6. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. 

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

footnote 8. 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 9. 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 10. Explore federal loans and compare to ensure 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 11. Federal student loan information was gathered on 7/5/2023 from studentaid.ed.gov.

footnote Sallie Mae loans are made by Sallie Mae Bank.

footnote Information advertised valid as of 2/26/2024.

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.