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Financial Aid for Graduate School: Who Qualifies and How to Apply

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Key takeaways

Financial aid for graduate school includes grants, scholarships, fellowships, assistantships and loans.

Exhaust all opportunities for free aid before considering student loans.

If you take out student loans, borrow federal direct loans first. For additional funding, compare offers between federal PLUS loans and private loans to see where you’ll get the best deal.

If you’re considering graduate school, make sure you have a funding plan in place ahead of time. Costs for graduate school can vary greatly depending on the type and length of the program, but there are opportunities to help cut down out-of-pocket costs.

Graduate students can get financial aid through:

FAFSA: The Free Application for Federal Student Aid provides access to federal, state and some school-based grants.

Organization grants: Industry-specific organizations may provide grants to those studying in relevant fields.

Scholarships: State governments, schools and private organizations may provide scholarships for academic excellence or other factors, like studying in high-needs fields or increasing diversity.

Fellowships: Schools, private organizations and government entities offer fellowships based on field of study and academic performance in exchange for research activities.

Assistantships: Schools may award living stipends and tuition waivers to full-time students in exchange for work.

Employer tuition assistance: Employers may offer to reimburse their employees’ tuition expenses as an employment benefit.

Here’s who qualifies and how to apply for each type of aid.

» MORE: How to pay for grad school: 5 strategies for students

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Complete the Free Application for Federal Student Aid, or FAFSA , as your first step to funding your graduate education. Citizens and eligible non-citizen graduate students, including permanent residents and U.S. nationals, are eligible to file.

You must file the FAFSA to qualify for federal and state-based grant awards. Many school-based grants also require the FAFSA.

Federal grants for graduate students include the Teacher Education Assistance for College and Higher Education, or TEACH, grant. The TEACH grant provides up to $4,000 a year to education students who will teach in a low-income school or high-needs field after graduation.

Contact the department of education for your state and your school’s state to learn more about state-based grant opportunities.

Contact your school’s financial aid office to learn more about school-based grants and ask your department head about industry-specific grants.

» MORE: Guide to grants for college

Scholarships

Scholarships are available at the state, local and school levels. These awards are based on various eligibility criteria, which can include field of study and academic achievement. Some scholarships are also need-based or allocated only for certain demographics.

Apply for as many scholarships as you qualify for to increase your chances of getting the most money.

Check the Department of Labor’s Scholarship Finder or National Association of Student Financial Aid Administrators’ state-based scholarship search tool to find programs.

Contact your school’s financial aid office and department head about specific scholarship programs you may be eligible for.

» MORE: How to get a scholarship

Fellowships and assistantships

Eligibility requirements and service commitments for fellowship and assistantship programs vary. While fellowships are offered by schools, private organizations or government agencies, assistantships typically only come from the school.

With a fellowship, you may perform research activities outside of your school and payment may not be directly tied to tuition. As assistantships are generally school-based, they are more likely to directly provide full or partial tuition waivers. Some assistantships also come with living stipends .

Contact your financial aid office about school-based fellowships and assistantships, including teaching and resident assistantships. Search the zintellect database, which has ties to the Department of Education and a consortium of Ph.D.-granting institutions, for government and private-sector fellowships.

» MORE: Is a masters degree worth it?

Employer tuition assistance

According to a 2020 survey by the Society for Human Resource Management, or SHRM, about 47% of employers offer tuition assistance as part of their benefits package. This benefit can be in the form of tuition reimbursement, where the employer gives a lump sum to employees after they prove their tuition expenses. Other companies may pay tuition costs directly to the school, so the employee doesn't have to front the bill.

The amount of reimbursement varies by employer. The most common benefit ranges from $5,000-$5,999, according to a 2019 report by the International Foundation of Employee Benefit Plans.

Contact your human resources team to ask about your company’s tuition assistance benefit. Make sure to verify that graduate school tuition qualifies. You also want to get an understanding of any service commitments that come with accepting the benefit. Some employers require you to stay with the company for a certain period after the reimbursement funds are disbursed.

If you exhaust all of your opportunities for aid that doesn’t have to be repaid, look to student loans to fill the remaining funding gaps for graduate school. Schools may include student loans as part of your aid package, but you have to repay them.

Filing the FAFSA typically qualifies you for direct unsubsidized federal student loans. As a graduate student, you can borrow up to $20,500 each year. These loans will accrue interest while you are in school, but typically come with lower interest rates than their private loan counterparts. They also offer repayment options that private student loans don’t, like income-driven repayment .

» MORE: Government student loans: What are the benefits?

If you still need more funding, compare offers between the Grad PLUS loan from the federal government and options available with private student loan companies .

Unlike other federal student loans, PLUS loans require a hard credit check and may come with a higher rate than you can get with a private lender. But if you think you’ll need the protections of federal student loans, they’re still a better option.

On a similar note...

Best graduate school loan rates in May 2024

• • Personal finance

Kim Porter is a former contributor to Bankrate, a personal finance expert who loves talking budgets, credit cards and student loans. Porter writes for publications such as U.S. News & World Report, Credit Karma and Reviewed.com. When she’s not writing or reading, you can usually find her planning a trip or training for her next race.

• • Personal loans
• • Student loans

Hannah has been editing for Bankrate since late 2022. They aim to provide the most up-to-date information to help people navigate the complexities of loans and make the best financial decisions.

Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans.

Bankrate's ranking for the best student loan lender for graduate school considers lender terms, interest rates and additional features to help you find a loan that is right for you. 

A graduate school loan is a type of student loan specifically designed for graduate studies, including a traditional master’s degree, a Ph.D, law degree, an MBA or a medical degree. Graduate school loans are used to pay for tuition and fees, although most lenders let you use the funds for books, supplies, housing and other expenses.

Graduate school loans are a great option for people who don't have the money to pay for college out of pocket and who have exhausted scholarships, grants and other aid opportunities. If you're searching for a loan, it's generally best to start with federal loans, as they offer flexible repayment options and you may qualify for forgiveness. However, private student loans can also be a good option. Many lenders don’t charge application or origination fees and borrowers with good credit could secure lower rates than those offered by federal loans.

Federal student loans for graduate school in the 2023-2024 school year have an interest rate of 7.05 percent for direct unsubsidized loans and 8.05 percent for PLUS loans. Private student loans typically have rates ranging from 3 percent to 15 percent.

How to apply for a student loan

Fill out the fafsa., get prequalified with private lenders., submit an application., sign loan documents., how to choose a student loan, look at federal student loan options., compare offers from a few private lenders., consider interest rates and terms., look into unique features., on this page, the bankrate promise.

The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.

• Student loan refinancing Refinance
• Private student loan Private

Secure a great loan in 3 easy steps

Answer a few questions, compare your offers, lock in your rate, the bankrate guide to choosing the best graduate student loans.

When shopping for a graduate student loan, compare APRs across multiple lenders to make sure you’re getting a competitive interest rate. Also look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Check the lenders’ websites for the most up-to-date information. The graduate student loan lenders listed here are selected based on factors such as APR, loan amounts, fees and repayment options. The methodology section at the bottom of the page has more details.

The best graduate student loan rates in May 2024

*The rates in this table are the rate ranges given for graduate student loans. The information on lenders below reflect the overall student loan rate range offered by each lender.

**The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.

Best overall

Federal Direct Unsubsidized and Subsidized Loans

on Bankrate

Pros & Cons

• Several repayment plan options.
• Forgiveness opportunities.
• One interest rate for all borrowers.
• Annual loan amount cap of $20,500.
• Loan fees for all loan disbursements.
• Not available to international or DACA students.

Eligibility & More

Best if you don’t have a co-signer.

Check rate with Credible

Why Ascent is best if you don't have a co-signer: Ascent claims that it considers factors like your school, program and GPA in addition to your credit score, so you may have a better chance of getting a lower rate without a co-signer than you would with other lenders.

• Forbearance for up to 24 months over the life of the loan.
• Extended in-school periods of up to 48 months for some loans.
• Considers factors outside of creditworthiness, such as school, program and GPA.
• High APR caps.
• Not available to students attending less than half time.
• Borrowers must have at least two years of credit history.

Best for multiyear approval

• Get approved for multiple years of funding.
• Low starting APRs.
• Loyalty discount for existing Citizens Bank customers.
• Aggregate loan limit of $150,000 to $350,000, depending on degree.
• Long co-signer release period of 36 months.
• Maximum repayment term of 15 years.

Bankrate 2024 Awards Winner: Best student loan for graduate students

College Ave

• Three-minute initial application.
• Available to borrowers enrolled less than half time.
• Several repayment options and terms.
• Forbearance limited to 12 months over the life of the loan.
• Maximum loan amount of $150,000 for some degrees.
• Limited eligibility information.

Best low APR

• Discounts for existing SoFi members.
• Member rewards.
• Vague income eligibility requirement.
• Relatively short grace period of six months.
• Maximum term length of 15 years.

What is a graduate student loan?

A graduate school loan is a type of student loan that can help pay for graduate school tuition, fees, books, housing and more. These loans often have higher borrowing limits than undergraduate student loans, since graduate school costs more. They may also have perks specific to your degree — for instance, extended deferment during a clerkship or fellowship opportunities.

Types of graduate student loans

When you need to borrow money to pay for graduate school, you have three main options: federal Direct Unsubsidized student loans, federal grad PLUS student loans and private student loans. 

Federal graduate student loans

Federal student loans are backed by the U.S. Department of Education and are loaded with borrower protections and flexibility.  Within this program, graduate students can choose between a Direct Unsubsidized student loan and a grad PLUS loan.

You can borrow up to $20,500 each school year with a Direct Unsubsidized student loan, with a $138,500 aggregate limit for most degrees. A grad PLUS loan allows you to borrow more — up to 100 percent of the cost of attendance. In general, it's best to maximize your unsubsidized loan options first, as interest rates are lower than those of grad PLUS loans. Additionally, you must go through a credit check for grad PLUS loans, which is not the case for Direct Unsubsidized Loans.

To apply for either of these loans, you'll have to complete the FAFSA, which opens on Oct. 1 each year. If you're applying for a grad PLUS loan, you'll also have to fill out a separate application once the FAFSA is complete. If this is your first time receiving a Direct Loan, you'll be required to complete entrance counseling.

• Flexible repayment options, including income-driven repayment plans.
• The same fixed rates for all borrowers, regardless of credit score.
• Borrower protections, including deferment and forbearance options and potential loan forgiveness.
• Relatively low loan limits for Direct Unsubsidized Loans.
• Origination fees.
• Potential for garnishment of wages or tax refunds if you default.
• Potentially higher interest rates than private lenders offer if you have excellent credit.

Private graduate student loans

Private student loans are originated by private financial institutions, such as banks, credit unions and online lenders. You have dozens of options to choose from, but each lender sets its own rates, terms and eligibility requirements. Rates are commonly anywhere from about 4 percent to 17 percent and can be fixed or variable. The exact rate you're quoted depends on your credit score and financial profile. As such, you'll have to go through a hard credit check in order to be approved for a loan.

Unlike with federal student loans, you'll generally have a range of repayment terms to choose from with private lenders, usually between five and 20 years. Private student loan lenders also often offer degree-specific loans that are tailored to the needs of law school , medical school , business school and more.

• Zero fees with many lenders.
• Lower interest rates if you have an excellent credit score.
• Choice between fixed and variable interest rates.
• High loan limits.
• No defined hardship plans.
• No income-driven repayment or forgiveness plans.
• Harder to qualify with poor credit.

FAQ about graduate student loans

Do graduate students qualify for subsidized loans.

As of July 1, 2012, graduate students are not eligible for subsidized Stafford loans. However, if you took out a subsidized loan before this time, that loan will still count toward your aggregate loan limits.

What is the average interest rate for graduate student loans?

How much can i borrow in graduate student loans.

Many private student loan lenders will let you borrow up to the full cost of attendance, minus any financial aid received. However, you may be subject to aggregate limits based on your degree program. If you're taking out a federal loan, you may borrow up to $20,500 per year in Direct Unsubsidized Loans or up to the full cost of attendance with grad PLUS loans.

Is taking out loans for graduate school worth it?

You should never take on a large amount of debt without careful consideration; student loans in particular tend to stick around for a decade or more, which can delay wealth-building and eat into your monthly budget. However, for many students, taking out loans is the only way to achieve an advanced degree and potentially open up higher-paying careers.

Ultimately, it's up to you to decide whether it's worth it to take out loans for graduate school. You can start by weighing how much you need to borrow (and what your monthly payment will be) against projected future incomes for your career path. Remember to borrow the minimum amount you need; this limits how much interest builds up and how large your monthly payments will be after graduation.

Methodology

To find the best graduate school student loans, we first compiled lenders that are reputable and have a wide reach, offering loans to students across the United States. We also considered lenders' starting interest rates to ensure that they fell below national averages.

From there, we narrowed down our list by comparing interest rate ranges, available loan amounts, required fees, repayment options, discounts and degree types covered to ensure that our picks catered to a variety of graduate students. To determine our final rankings, we selected lenders with unique features, such as a quick application process or multiyear approval.

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• Student Loans

Best Graduate Student Loans of 2024

Earnest offers the best graduate student loans

Based on our research, we believe Earnest is the best graduate school student loan lender because of its low rates, specialty-targeted loan programs, and flexible repayment plans. We researched and evaluated more than 30 lenders across 60+ factors, including interest rates, repayment plans, deferment policies, and more.

• Best Overall, Best for Medical School: Earnest
• Loan Marketplace: Credible
• Best for Law School Loans: SoFi
• Best for Fair Credit Borrowers: Ascent
• Best Without a Co-Signer: MPOWER
• Best for Student Loan Refinancing: Splash Financial
• Best for International Student Loans: Citizens Bank

Before turning to a private graduate loan, it’s usually a good idea to max out your eligibility for federal Direct unsubsidized loans, which come with low fixed interest rates and a variety of repayment plans. If you’ve exhausted your federal student loan options and still have a gap in funding, though, it’s worth exploring your options for private graduate school loans.

• Our Top Picks

Splash Financial

• Citizens Bank
• See More (4)

Final Verdict

• How to Choose

Methodology

Best overall , best for medical school : earnest.

• APR Range: Fixed 4.11%–15.00%, Variable 5.89%-16.42% (includes autopay discount)
• Loan Amounts: $1,000–$250,000
• Loan Terms: 5–15 years

9-month grace period 

Option to skip a payment once per year 

Loans for graduate school, medical school, law school, and MBAs 

No option for co-signer release 

Not available in Nevada 

Earnest tops our list of the best graduate student loans thanks to its flexible repayment terms, customized loan options, and transparency around lending requirements. When you borrow from Earnest, you can choose repayment terms from five to 15 years, making it easy to find a term that works for your budget.

Plus, you have four different repayment options after you borrow, whether you want to start making partial or full payments right away or defer payments until after you graduate. Earnest offers a nine-month grace period on student loans, too, which is three months longer than the grace period you’ll find from most other lenders.  

While Earnest offers a general graduate school loan option, it also customizes loans for specific degree types. Specifically, Earnest offers graduate student loans for medical school, law school, and MBA programs, as well as loan options for half-time students. 

Finally, Earnest is upfront about its eligibility criteria, sharing the residency, financial, and other requirements that you or your co-signer need to meet to borrow a loan. As long as you or your co-signer have a minimum FICO score of 650 and make at least $35,000 per year, a graduate student loan from Earnest could be a good fit.  

For more information, see the full Earnest Student Loans Review . 

• In-school deferment: You can postpone payments while you’re in school and for up to nine months after you graduate. 
• Fixed payments of $25: To get a head start on your student loan payments, you can opt to pay $25 per month while you’re in school and throughout your grace period. 
• Interest-only payments: To prevent your balance from ballooning, you can pay off the accrued interest while you’re in school. You can continue paying only interest for nine months after graduation, before starting full payments.
• Full payments: Students with a source of income could opt to make full principal and interest payments while in school. As with interest-only payments, this option doesn’t come with deferment after graduation.  

To borrow a graduate student loan from Earnest, you must meet the following eligibility requirements: 

• Live in a participating state or Washington, D.C. (anywhere but Nevada)
• Be the age of majority in your state 
• Be a U.S. citizen, permanent resident, or have a Social Security number 
• Be enrolled in a Title IV-qualified institution 

As for Earnest’s financial requirements, the lender asks that you or your co-signer have a minimum FICO score of 650 and annual income of at least $35,000. You also can’t have any past-due balances in the past year, accounts in collections, or bankruptcies on your credit reports.  

Loan Marketplace : Credible

• APR Range: Fixed 4.07%–16.49%, Variable 4.98%-16.85%
• Loan Amounts: Varies by lender
• Loan Terms: Varies by lender

Check rates with multiple lenders at once 

Best rate guarantee 

Competitive rates 

Options limited to partner lenders 

May need to research individual lenders for full details 

Credible is an online lending marketplace that enables you to check your rates with multiple lenders at once. With no impact on your credit, you can pre-qualify for a graduate student loan from Credible’s partners, which include: 

• College Ave
• Custom Choice 
• Sallie Mae 

Since every lender sets its own borrowing requirements, you may not qualify with each one. After submitting your information, you can compare offers and see if any are the right fit. 

If you decide to move forward, you can select an offer and submit a full application. Most of Credible’s partner lenders offer student loans starting at $1,000 and going up to your school-certified cost of attendance.  

You may need to head to an individual lender’s website or call its customer support team if you need additional details about its loan amounts, repayment options, or other loan features. 

For more information, see the full Credible Student Loans Review .

Your repayment options will vary by lender, but you may find the following: 

• Deferred payments
• Fixed payments 
• Interest-only payments 
• Immediate repayment 

Since Credible is a loan marketplace that partners with various lenders, the specific eligibility requirements will vary by lender. However, most require that you’re the age of majority in your state and are a U.S. citizen or permanent resident. Through Credible, you can find loans in all 50 states. 

Credible’s partners require a minimum credit score of 670, but you or your co-signer will need a score of 700 or higher to access the most competitive rates.

Best for Law School Loans : SoFi

• APR Range: Fixed 4.99%–14.05%, Variable 5.99%-14.05%
• Loan Amounts: $1,000 up to cost of attendance
• Loan Terms: 5, 7, 10, or 15 years

Student loans for law school, medical school, MBAs, and graduate school 

Access to member benefits, including career coaching 

Not transparent about credit score requirements

Maximum APR can exceed 13% 

SoFi provides graduate student loans to qualifying borrowers across the country. Along with its general graduate school loan, SoFi also designs loans specifically for law school, medical school, and MBA programs. 

If you borrow from SoFi, you can choose between fixed and variable rates and loan terms of five to 15 years. You’ll also get access to a range of SoFi member benefits, which include career coaching and estate planning. 

SoFi doesn’t charge any fees on its student loans, so you don’t have to worry about an origination fee or prepayment penalty. Plus, the lender gives you the option to defer payments if you go back to school, undergo disability rehabilitation, or serve in the military. 

If you apply with a co-signer, SoFi allows you to apply for co-signer release after 24 months of on-time payments. However, the lender isn’t particularly transparent about its underwriting criteria and does not disclose its minimum credit score or income requirements on its website. 

For more information, see the full SoFi Student Loans Review . 

• Deferred payments: Postpone payments while you’re in school and for an additional six months after you graduate. 
• Interest-only payments: Pay off the interest that accrues while you’re in school. 
• Partial payments: Make monthly payments of $25. 
• Immediate repayment: Start making full principal and interest payments right away.  

SoFi provides graduate student loans in all 50 states and Washington, D.C. while it doesn’t disclose specific requirements, you’ll need to meet SoFi’s criteria for credit, income, and debt-to-income ratio to qualify. You also have the option of applying with a co-signer. Along with its general graduate student loans, SoFi also designs loans for law students, health professions students, and MBA programs.

Best for Fair Credit Borrowers : Ascent

• APR Range: Fixed 5.29%–15.11%, Variable 7.24%-15.20%
• Loan Amounts: $2,001 to cost of attendance; aggregate total of $400,000 
• Loan Terms: 5, 7, 10, 12, 15, and 20 years

1% cash back reward upon graduation 

Co-signer release option after 12 months

Forbearance in the event of financial hardship 

Does not disclose credit requirements 

Charges late fees 

Maximum APR can exceed 15% 

Ascent is a solid student loan lender, with a fairly rare perk for eligible borrowers: If you meet certain requirements, including graduating with the degree you took the loan out for, you can get 1% of your loan proceeds back. This could be a nice (and fairly sizable) treat for all your hard work.

Ascent gives you the option to pre-qualify with no impact to your credit, so you can enlist a co-signer if you’re having trouble qualifying on your own. Its graduate school loans come with flexible repayment options and loan terms of five to 20 years.

Unlike most other private lenders, Ascent offers the option of graduated repayment, meaning you can choose to start with lower payments that increase over time. You also don’t have to worry about origination fees or prepayment penalties. 

If you apply with a co-signer, you can pursue co-signer release after 12 months of on-time payments, as long as you’re a U.S. resident or permanent citizen. Ascent also offers various deferment and forbearance options in the event of financial hardship. 

For more information, see the full Ascent Student Loans Review . 

• Deferred payments: You can postpone payments while you’re in school and for nine months after you graduate on Ascent’s graduate, health professional, MBA, and law school loans. Ascent dental school loans come with a 12-month grace period, and Ascent medical school loans offer a grace period of up to 36 months. 
• Interest-only payments: You can pay the interest that accrues on your loans while in school. If you choose this option, expect your first payment to be due 30 to 45 days after your loan is disbursed. 
• Partial payments: You can also pay $25 per month toward your loan while in school.

Ascent’s graduate student loans are available in all 50 states, as well as Washington, D.C. and U.S. territories. While Ascent doesn’t share its minimum credit score requirement, it does say you or your co-signer must have at least two years of credit history and an annual income of at least $24,000. International students are eligible to apply as long as they apply with a U.S. citizen or permanent resident as their co-signer. 

Best Without a Co-Signer : MPOWER

• APR Range: 13.98%
• Loan Amounts: $2,001–$100,000
• Loan Terms: 10 years

No co-signer or collateral required 

Available to international students 

Interest rate discounts available 

Relatively high interest rate 

Must pay interest while in school 

Only one loan term 

MPOWER Financing offers student loans without requiring a co-signer or collateral; along with the traditional borrower qualifications, MPOWER also considers your future earning potential, which can help you get approved if you’re applying on your own. While domestic students are eligible to borrow from MPOWER, this lender is largely geared toward helping international students attend school in the U.S. and Canada. 

Along with student loans, MPOWER provides visa support and career development guidance. Its graduate loans come with a relatively high fixed interest rate of 13.98%, though you can qualify for a 0.25% interest rate discount by setting up autopay.  

Unlike some other lenders, MPOWER doesn’t let you postpone payments completely while you’re in school. Instead, you’ll have to pay the interest while you’re in school and during your six-month grace period. 

After that, you’ll be set up on a repayment term of 10 years.

For more information, see the full MPOWER Student Loans Review . 

• Interest-only payments: You’re required to pay the interest while in school and for six months after you graduate.

MPOWER Financing provides loans for graduate students, specifically focusing on international students attending graduate school in the U.S. and Canada. Unlike most other lenders in the U.S., MPOWER doesn’t require international students to apply with a co-signer or collateral. 

Because it doesn’t require a creditworthy co-signer, MPOWER requests other documents when you apply, such as your resume, standardized test scores, and transcripts. You also must be attending one of the schools on its approved list in order to borrow a student loan. 

Best for Student Loan Refinancing : Splash Financial

• APR Range: Fixed 5.09%–10.24%, Variable 5.28%-10.24%
• Loan Amounts: Minimum of $5,000, maximum varies by lender
• Loan Terms : Not disclosed

Connects borrowers with student loan refinance offers 

Lets you check your rates with multiple lenders at once 

Rates start as low as 5.09% 

Refinance offers limited to Splash’s exclusive partner lenders 

Loan terms and conditions can vary by individual lender 

Splash is a student loan network that can connect you with student loan refinance offers from several lenders that are exclusive to Splash; you won’t be able to apply with them through other means. If you’ve already borrowed graduate student loans and are looking to lower your rates, Splash is worth exploring. 

You can pre-qualify for student loan refinancing with no impact on your credit score and access extra-low rates.

Splash can also connect you with graduate school loans, specifically from its partner Earnest. As mentioned, Earnest provides loans for graduate school, as well as specific programs, including medical, law, and MBAs. 

For more information, see the full Splash Financial Student Loan Refinancing Review .

Refinancing student loans can help you lower your interest rate and restructure your repayment terms, but be cautious about refinancing federal loans. If you refinance federal loans, you turn them private and thus lose access to federal repayment plans, forgiveness programs, and other protections. 

• Full principal and interest: Since refinancing is typically done after graduation, you'll begin paying full payments right away as you were with your previous loan or loans.
• Medical and dental school repayment : Refinanced medical or dental school loans only require fixed monthly payments of $100 while you're in a residency or fellowship, and for a six-month period after you leave those programs.

The Splash Financial network is available to borrowers in all 50 states, Washington, D.C., Puerto Rico, and the Virgin Islands. The credit and income requirements will vary by lender, but you’ll need strong credit (or a creditworthy co-signer) to access the lowest rates. Some of Splash’s partner lenders offer co-signer release after a certain period of on-time repayment.

Best for International Student Loans : Citizens Bank

• APR Range: Fixed 5.99%–12.64%, Variable 6.98%-14.19%
• Loan Amounts: $1,000–$150,000, or more with some degrees

Multi-year approval

International students eligible with a co-signer 

Multiple loan types for specific graduate programs 

No option to prequalify 

Co-signer release only available after 36 months 

Applying for more funding for every year you want to go to school can be a hassle, and if you fail to secure the funds your education may suffer. Citizens offers multi-year approval to help erase this concern. If you apply for a loan, are approved, and are given multi-year approval, you won’t have to submit a full, formal application for later school years. Instead, you can simply request more funds without the need for further hard inquiries or documentation.

If you’re already a Citizens banking customer, you could qualify for a 0.25% interest rate discount, in addition to the 0.25% automatic payment discount. Unfortunately, Citizens doesn't give you the option to check your rates through pre-qualification, so you’ll need to submit a full application to see your options. 

Citizens does not charge origination, application, disbursement, or prepayment fees. Along with its graduate school loan option, Citizens also offers MBA, law, medical, dental, and medical residency refinance loans. 

For more information, see the full Citizens Student Loans Review . 

• Deferred: You can defer payments while you’re in school and for six months after you graduate.  
• Interest-only: You can start paying the interest right away to prevent your balance from growing while you’re in school. 
• Immediate repayment: You can choose to make full payments from the get-go. 

Citizens looks for a strong credit history when you apply for a loan. You’ll also need to provide your personal details, school’s cost of attendance, and information about any financial aid you’ve already received. International students can qualify if they apply with a co-signer who’s a U.S. citizen or permanent resident. Citizens student loans are available in all 50 states, Washington, D.C., and Puerto Rico. 

You have many options when it comes to borrowing a private student loan for graduate school. Earnest tops our list of the best graduate school loans overall and best for medical school, thanks to its low rates, flexible repayment options, and transparent lending practices. 

However, there are a variety of lenders that might be a good fit depending on your situation. MPOWER Financing could be a good choice for international students who want to take out a loan on their own, without a co-signer. Citizens stands out for its multi-year approval option, while Ascent offers a 1% cash-back bonus to qualifying students. 

Because every lender has its own pros and cons, it’s worth shopping around before you pick one. Many of these lenders let you pre-qualify online, so you can check your rates with no obligation or impact on your credit score. 

Taking the time to compare your options can help you find a graduate school loan that’s the best fit for you and your finances. 

Guide to Choosing the Best Graduate Student Loan

How do graduate student loans work.

Graduate student loans offer funding that you can use on qualified education expenses, such as tuition, fees, room, board, books, supplies, and living expenses. Most lenders send your loan proceeds directly to your financial aid office, which will apply it to required expenses, like tuition. Then, the office will send the remaining amount to you. 

Most private lenders give you the option of postponing payment while you’re in school and for six or nine months after you graduate. However, make sure to read the fine print to confirm when your first payment is due. If you can afford in-school payments, you could reduce your overall interest charges. 

Private student loans are different from federal loans, which typically don’t require a credit or income check. Federal loans are also eligible for a variety of federal repayment plans, forgiveness programs, deferment and forbearance programs, and other protections. 

Graduate students are eligible to borrow Direct unsubsidized loans and grad PLUS loans. It’s often a good idea to max out your eligibility for Direct unsubsidized loans, since they come with relatively low fixed interest rates. If you need additional funding for graduate school, compare private student loans with federal grad PLUS loans to see which would be the better option. 

How to Compare Graduate Student Loans

When comparing graduate student loans, there are a number of features to consider: 

• APR: The loan with the lowest APR will likely be the most affordable one.  
• Fees: Look out for application, origination, administrative, disbursement, or late fees that could add to your costs of borrowing. 
• Repayment terms: Choose a loan with a repayment term that works for your budget, whether it spans five or 15 years. Find out what your options are for in-school payment too, and whether the lender offers a grace period. 
• Borrower protections: When comparing private lenders, find out if they offer any benefits, such as forbearance in the event of financial hardship or deferment if you go back to school. 
• Co-signer release: If you need to apply with a co-signer to qualify, find out if the lender offers the option of co-signer release after a certain period of time. 
• State availability: Some lenders provide loans in all 50 states, while others are restricted to certain areas.
• School eligibility: Finally, make sure your school is on a lender’s list of eligible institutions for a graduate student loan. 

How to Qualify for Private Graduate Student Loans

To qualify for a private graduate student loan, you may need to meet the following requirements: 

• Be a U.S. citizen or permanent resident, or apply with a co-signer who is (this requirement varies among lenders) 
• Have a strong credit history 
• Meet a minimum threshold for annual income 

If you can’t meet a lender's underwriting requirements on your own, you may still be able to qualify by applying with a co-signer. 

What Can Graduate Student Loans Be Used for?

Graduate student loans can be used for qualified education expenses, which include: 

• Tuition and fees 
• Room and board 
• Off-campus rent 
• Books, computers, and other supplies 
• Transportation
• Living expenses 

In fact, your lender probably isn’t going to monitor how you use your student loans. It’s up to you to follow guidelines and spend responsibly so you don’t take on more debt than you need.

How Much Should You Borrow for Graduate School?

There’s no one-size-fits-all answer to how much you should borrow for graduate school. However, some experts recommend not taking on a monthly payment that exceeds 8% of your post-graduation income. Others suggest not borrowing any more than you can afford to pay off in 10 years. Consider your post-graduation career plans and projected income to decide on an amount that will work for your budget.

What Are the Requirements for Private Graduate Student Loans?

Private graduate student loans typically require that you: 

• Are a U.S. citizen or permanent resident, or apply with a co-signer who is 
• Are the age of majority in your state 
• Reside in a state where the lender operates
• Are enrolled in an eligible school 
• Meet the lender’s requirements for credit and income (on your own or with a co-signer)

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected thousands of data points across 30 lenders—including loan types, interest rates, fees, loan amounts, and repayment terms—to ensure that we help readers make the right borrowing decision for their education needs.

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• PhD Loans – 2023 Guide for Doctoral Students
• Funding a PhD
• A PhD Loan can fund a PhD in any field lasting between three to eight years .
• You can borrow up to £28,673 for courses that started on or after 1st August 2023.
• There are several eligibility restrictions, including that you must be a UK national resident and not receiving other funding (e.g. from Research Council or NHS).
• The repayments will be 6% of your annual income above  £21,000 .

What Is a PhD Loan?

A PhD loan is a form of UK Government loan made available to doctoral students residing in England or Wales. It is designed to help students fund their doctoral programme or equivalent degree, covering basic costs such as the tuition course fees and living costs.

The most common degrees they cover are:

• PhD – Doctor of Philosophy
• EngD – Doctor of Engineering
• EdD – Doctor of Education

Note: PhD Loans are formally known as Postgraduate Doctoral Loans, however, many postgraduate students commonly refer to Doctoral Loans as PhD Loans due to their primary use to fund PhDs.

Am I Eligible for a PhD Loan?

There are several requirements you must meet to be an eligible student for a PhD loan, such as your residency status. The eligibility criteria are summarised below into two categories – those that make you eligible and those that make you ineligible for a PhD loan.

Requirements That Make You Eligible:

• Be a UK or Irish citizen or have settled or pre-settled status under the EU Settlement Scheme , and ordinarily a resident of England or Wales.
• Be under the age of 60.
• Undertake a PhD (or another doctoral degree) that is three to eight years long and provided by a university in the UK.

Note: A common misunderstanding amongst university students is that a Doctoral Loan can fund an MPhil degree. As an MPhil is a Master’s degree, it does not meet the ‘Doctoral or equivalent’ requirement for being eligible for a Doctoral Loan. Therefore, if you are considering undertaking an MPhil, you should instead be applying for a Postgraduate Master’s Loan. If more appropriate for your situation, you can find out more information about Postgraduate Loans here .

Requirements That Make You Ineligible:

You must not:

• Already hold a PhD or equivalent doctoral degree.
• Already be receiving funding. This includes grants from the Research Council (studentships, stipends & scholarships etc.), a social work bursary or NHS bursary (note that being eligible for an NHS Bursary even if you’re not receiving one will make you ineligible for a PhD loan).
• Already have had a Doctoral Loan before, unless you left your course due to illness, bereavement or another serious personal reason. You are still eligible if you have received an undergraduate loan in previous study.
• Obtain your PhD through publication (as this won’t have a period of study associated with it)

Aspects That Don’t Affect Your Eligibility:

There are several aspects of your PhD course that do not affect your eligibility to receiving Doctoral Loans. These are:

• Your doctoral course – your PhD can be in any subject or field. The underlying requirement is that it is provided by a university in the UK; i.e. a university in either England, Wales, Scotland or Northern Ireland.
• Full-time or part-time course – you need not pursue your PhD full-time to be eligible. The underlying requirement is that your PhD can be completed within eight years regardless of how you allocate your time.
• Taught, research-based or a combination of both – as long as your PhD has an aspect of studying associated with it, the method of obtainment of your PhD will not affect your eligibility.

How Much Funding Can I Get?

The amount of funding you can obtain isn’t means-tested. This means that it isn’t related to your financial background or household income and therefore you can qualify for the full amount regardless of your situation.

The maximum loan amount you can borrow falls into one of three categories:

• Up to £28,673 if your course starts on or after 1st August 2023 ,
• Up to £27,892 if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £27,265 if your course started between 1st August 2021 and 31 July 2022 .

You may apply for a Postgraduate Doctoral Loan in any year of study, however you may not receive the maximum amount if you apply after the first year of your PhD. For annual costs, you may receive:

• Up to £12,167 per year  if your course starts on or after 1st August 2023 ,
• Up to £11,836 per year  if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £11,570 per year  if your course started between 1st August 2021 and 31 July 2022 .

When Will I Get Paid?

Your loan payments will be spread out across all academic years of your course.

Example: If you undertake a full-time PhD over 5 years and apply for a loan amount of £25,000, you will receive £5,000 in each academic year.

Further to this, the allocation for each academic year will be paid in three even instalments, with each instalment paid at the start of a new term.

Example: Continuing with the above example, the £5,000 per each academic year would be paid in three instalments of £1,667.

Your first instalment will typically be paid immediately after your course start date. This is because your university will first need to confirm to Student Finance England (SFE) or Student Finance Wales that you’ve officially enrolled with them before the student loan can be released to you.

How and When Do I Repay?

Repayment terms – You will need to start repaying your loan once you have completed your PhD and started earning an annual income over £21,000 .

Once both these conditions are met, you will start making your repayments at 6% of your income above £21,000 . This means that for the first £21,000 you earn, you won’t need to make any contributions towards your loan repayment, however, anything above £21,000 will be subject to a 6% deduction for repayment towards your student loan.

It’s worth noting that if you work for an employer after your PhD, your repayments will be automatically deducted from your salary and there isn’t anything you will directly need to do. However, if you decide to work for yourself as opposed for an employer, you will need to make the repayments yourself.

Like undergraduate loans taken for undergraduate degrees, a postgraduate Doctoral Loan is subject to interest, which will need to be paid on top of your original student loan value. The interest rate is the retail price index (RPI) plus 3%.

Example: The average UK RPI for 2019 was approximately 2.4%. This means that besides the mandatory 3% that is owed, the average interest rate on a Doctoral Loan in 2019 would have been 5.4%.

It’s worth noting that if you aren’t able to completely repay your postgraduate loan within 30 years from the date of your first payment, the remaining loan debt will be voided.

How Do I Apply?

You can apply in one of two ways – either online , by setting up an account on Student Finance England’s website, or by post , by filling in a printable form on GOV.UK ‘s website. Click the respective below to be taken directly to their websites where you can find out more. Note that you will only have to apply once for Postgraduate Doctoral Loans; Student Finance England will contact you every year to confirm the amount you will receive.

Online Application – Student Finance England

Postal Application – GOV.UK

Note: While English residents and EU students who will study in England need to apply to Student Finance England, Welsh residents and EU students who will study in Wales will need to apply to Student Finance Wales .

The application deadline is based on when your doctoral programme is due to start; you should apply within 9 months of this start date.

Finding a PhD has never been this easy – search for a PhD by keyword, location or academic area of interest.

Other PhD Funding Options

A PhD Loan is only one of several sources of funding to support your PhD studies and living expenses. The other postgraduate funding options available to you are:

• Research Council funding and studentships
• Scholarships and bursaries
• Employer sponsorship
• Charities and Trusts

Browse PhDs Now

Join thousands of students.

Join thousands of other students and stay up to date with the latest PhD programmes, funding opportunities and advice.

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The ULTIMATE guide to Postgraduate Funding

19 th December 2023

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Figuring out how to fund your postgraduate studies can seem immensely confusing, so we’ve created our Ultimate Guide to Postgraduate Funding to help you discover what your options are and how you can pay for your education. Routes for funding postgraduate degrees are quite different to undergraduate degrees, most of which are paid via Student Finance. For postgraduates, you’ll have a few different directions you could follow. From bursaries to budgeting, you will find lots of useful information here for you to consider when applying for your postgraduate degree, along with tips for helping you save money while you study. 

How much can a postgraduate degree cost?

What living costs should you consider, what postgraduate degree funding options are there.

• Postgraduate loans
• Bursaries and scholarships

Teacher Training Bursaries and Scholarships

Nhs learning support fund and social work bursaries, subject related funding, scholarships for under-represented groups, location related funding, disabled students’ allowance, enhanced learning credits scheme for the armed forces, research councils, employer sponsorship, part-time employment, crowdfunding, tips for saving money while studying.

The costs for postgraduate degrees and undergraduate degrees are notably different, while undergraduate degrees are subject to a tuition fee cap (currently £9,250 per year), postgraduate degrees are not. The universities themselves set the tuition fees for postgraduate degrees, which means there can be quite a lot of variation. 

Costs for postgraduate degrees average around £11,000 per year, depending on the qualification, course and university. Check out the table below to get an idea of the tuition fees per year for some of the most popular postgraduate qualifications... 

To find out up to date costs for degrees that you are interested in, have a browse using our Course Search feature, which can sort courses from the lowest to highest if you’re looking to find an affordable master’s course. 

Next: Search for postgraduate courses

Alongside tuition fees, postgraduate students will also need to take into account the associated living costs for the years they will be studying. This will include things like rent, bills, food, travel and course materials, among others. The cost of living will depend on where in the country you live as rent can vary between cities, and some degrees can require you to buy more course materials than others. It’s wise to put together a realistic budget for living costs and plan your monthly expenses accordingly, which could include the items on this list below below... 

• Rent + Bills 
• Course materials 
• Travel 
• Entertainment 
• Clothes  

A note on Council Tax – as a student, you shouldn’t have to pay it. However, if you live with non-students or with a partner and you want to contribute to the Council Tax bill (bear in mind you don’t legally have to), you should double check that your property is in the right band to avoid unnecessary costs. 

There are several options available for postgraduate students when it comes to funding their education. This includes loans from the government specifically for postgraduate students, a range of bursaries and scholarships, employee sponsorships, crowdfunding and even salaried teacher training courses. Previously, the Professional and Career Development Loan scheme was a popular route for postgraduate students, but the government closed applications for it in 2019. 

Postgraduate Loans

In 2016, the government introduced loans for students looking to embark on postgraduate studies. This began with the Master’s Loan and continued with the Doctoral Loan introduced in 2018. These are not means-tested loans, and they are paid directly to the student. They can be used to pay for course fees and living costs. 

For the Master’s Loan , students can get up to £11,836 for courses that start after 1 August 2022. The loan will be paid in three installments over the academic year (or equally divided across each year of your course if it is longer than one year). You must be taking a full, standalone master’s course worth at least 180 credits, and it can be a taught or research-based master’s.  

For the Doctoral Loan , students can get up to £27,892 for courses that start after 1 August 2022. The loan will be divided equally across each year of your course. You must be taking a full, standalone doctoral course, and it can be a taught or research-based course (or a combination of the two). 

There are other requirements that you must fulfil to be eligible to receive a postgraduate loan from the government, details of which you will be able to find on the gov.uk website.  

Similar to the standard undergraduate degree loan, students will have to start repaying their postgraduate loan once they begin to earn an income over a certain threshold. 

Go to: Read more about Loan Options for Postgraduate Students

Bursaries and Scholarships

Bursaries and scholarships are also popular for students looking to make postgraduate education more affordable. The names are sometimes used interchangeably, and they can be quite similar, though getting a scholarship is usually a competitive process, while bursaries are available to any student that qualifies for them. However, neither scholarships nor bursaries have to be repaid. 

When looking for bursaries or scholarships, the first place you’ll want to look is the university. There will often be university-wide bursaries as well as department-specific bursaries, depending on your subject and/or circumstances. Some postgraduate courses come with a certain number of scholarships attached. 

Most universities also offer discounts on postgraduate courses for alumni. If you have completed an undergraduate degree at a university, you could consider staying on or returning to take advantage of this discount. However, your course is an investment; evaluate the department and the reputation of the course carefully and don’t be enticed solely by cost. 

Next: Search for bursaries and scholarships

If you're looking to become a teacher, you might be eligable for a bursary from the government depending on the subject you want to teach. You'll need a 2:2 or higher bachelor’s degree, a master’s or a PhD in the subject to qualify for the bursary, alongside some more terms and conditions which are available on the gov.uk website. The subjects and bursary can be found on the table below...

There are also scholarships available for people looking to become teachers in certain subjects, offered by other independent institutions. Students will need to apply directly to the institution for these scholarships, and meet the institution's critera. The subjects, scholarship amounts and institutions are listed on the label below...

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Go to: Read more about How to Fund a PGCE

The NHS provides a Learning Support Fund as additional funding for students on pre-registration postgraduate courses for a number of subjects. Eligible students can get a training grant of £5,000 per academic year which is not means-tested and does not need to be repaid. You’ll have to reapply for the training grant for each academic year of your study. The Learning Support Fund can be received by students studying for the following courses: 

• Dental Hygiene or Dental Therapy (level 5 or 6 courses) 
• Dietetics 
• Midwifery 
• Nursing (adult, child, mental health, learning disability, joint nursing and social work) 
• Occupational Therapy 
• Operating Department Practitioner (level 5 or 6 courses) 
• Orthoptics 
• Orthotics and Prosthetics 
• Paramedic Science (DipHE and FD courses are not eligible for NHS LSF) 
• Physiotherapy 
• Podiatry or Chiropody 
• Radiography (diagnostic and therapeutic) 
• Speech and Language Therapy 

Students can also receive a Specialist Subject Payment of an additional £1,000 aper academic year if they are studying one of these particular courses: 

• Mental Health Nursing 
• Learning Disability Nursing 
• Radiography (Diagnostic and Therapeutic) 
• Prosthetics and Orthotics 
• Orthoptics and Podiatry 

The Learning Support Fund features more funding alongside the training grant. There is a £2,000 annual Parental Support grant for students who have parental responsibility for a child. The Travel and Dual Accommodation Expenses to help pay for excess travel and accommodation for students undertaking clinical placements for their practical training. The Exceptional Support Fund also provides funding for students facing unforeseen financial difficulties. 

The NHS can also provide a bursary for postgraduate students who are studying an approved Social Work course, comprised of a non-means-tested basic grant and a means-tested maintenance grant. 

You can also look further afield for bursaries and grants, as various charities, trusts, and societies across the UK will offer them to students studying in related subjects, since it is in their interest to further research in that area or train more individuals to work in the sector. Explore the established groups that exist in and around the subject you are looking to study to see if there is funding available to you. 

For example, The Royal Geographical Society supports fieldwork projects with grants for master’s and PhD students. Cancer Research UK also supports PhD students looking to help make medical breakthroughs in the line of research. The Scott Trust offers multiple bursaries each year for students looking to take an MA in journalism.  

Several societies and trusts offer scholarships to members of under-represented groups to support academics from all backgrounds and build diversity of ideas in sectors that need it. Some companies will even work with the universities themselves to help establish these scholarships and bursaries, so get in touch with the institutions you’re interested in to see if they have any funding that you can receive. 

For example, the Windsor Fellowship works with the likes of UCL, DeepMind, Cancer Research UK and Visa to offer scholarships for students from under-represented communities for a variety of postgraduate courses. The Miranda Brawn Diversity Leadership Scholarship offers funding for future diversity leaders, complete with mentoring and training. 

You may be able to access funds from a local council or charity where you live, or where you will be living during your studies. Often small towns and rural communities have charities and hardship funds where money goes unclaimed. If you can demonstrate that you were, or are, a contributing member of the community, and that you are hoping to further your education and job prospects, you may be able to secure a financial contribution. Reaching out to your local council to see what is available should form part of your university funding research. 

The Disabled Students’ Allowance (DSA) can be used by postgraduate and undergraduate students to support with study-related costs. Students can get up to £25,575 in the 2022 to 2023 academic year to help meet disability-related costs of studying, which can include paying for specialist equipment, non-medical helpers and extra travel expenditure.  

Eligible students may be asked to book a needs assessment to determine what will be needed for their courses. The DSA does not need to be repaid. You’ll be able to find more information, including eligibility criteria, on the gov.uk website. 

The Ministry of Defence aims to promote "lifelong learning amongst members of the Armed Forces" with its Enhanced Learning Credits Scheme (ELC). This scheme provides financial support for a maximum of three separate years to contribute towards the costs of a degree with a qualifying institution. The ELC can be claimed by personnel who have recently left or serving members of the Armed Forces depending on their eligibility. 

Research Councils are publicly funded bodies that exist to further research in various academic fields and subject areas. Part of their role is to fund PhD and master’s students. Your university applies for funding, and courses or subjects that have received grants from research councils should advertise this when prospective students are researching courses or applying.  You will then have to apply to the department or school, so it varies from university to university as to the competition and application requirements. 

If you are interested in completing a postgraduate course to advance your career prospects in the organisation you work for, it’s worth asking if the company will sponsor you in some way. Some businesses will have official schemes in place for this, but if there is no official scheme, it’s up to you to negotiate an arrangement and hope that your employer will see the potential.  

Whether you are planning to do a part-time course, either in attendance or through distance learning, or take time out to complete a full-time course, you need to think about the logistics and the terms of your employment. Ensure you are clear on any agreements you make with your employer when arranging your sponsorship, as some agreements may require you to return funds used for your course should you leave the company within a specified period. 

If you need to provide an argument for why your employer should sponsor your education, think about presenting how it will help your contribution to the business, how it fits in with your long-term development goals at the organisation and the value it could add to the company.

Next: Read more on Balancing Work and Study on an MBA

Part-time work can help contribute towards living costs while studying for your postgraduate degree. Many places will have part-time jobs, but we also recommend looking to find a part-time job at your university. Whether it’s acting as an ambassador for open day, helping with administration tasks or shifts working at the Students’ Union, they will respect that you are there first and foremost for your education. 

You should speak to your tutor prior to finding part-time work to check whether they think you will have enough time to make it a realistic option. Depending on how intense your course is, it may get in the way of assignments and/or increase your stress levels. 

Next:  Read more on Does Postgraduate Study Mean Giving Up Work?

If you are looking for further assistance paying for your tuition fees or living costs, you may want to consider crowdfunding as an option. Appealing to friends, family, and strangers the internet will not be the dependable method for raising the full amount needed for your degree, but combined with other funding routes, crowdfunding a small portion of the money needed can help make progressing through your studies much more achievable from a financial standpoint.  

Websites like GoFundMe and Crowdfunder can be used to host your crowdfunding campaigns, though be aware that they will charge fees for using their service. You can use social media platforms like Twitter and Instagram to get the campaign out into the world and post updates. Marketing is a vital part of crowdfunding, as it will allow you to show why taking your postgraduate degree is important. Try to think about how your study will help develop not only your prospects, but also a particular field or specific community. 

Alongside the funding options available, many students will also be looking for ways to save money while studying for their postgraduate degree. With that in mind, we’ve put together a handy selection of tips to help you look after your money at university.  

Graduate Accounts

The first place to start is your bank account. As obvious as it sounds, having the right account with benefits tailored to graduates is essential when assessing your funding options for postgraduate study. Some graduate accounts will offer an interest-free overdraft for up to three years, which is useful for clearing your overdraft debt without adding to it in the meantime.  

You may want to stick with the bank where you had your student account, but it is worth your time looking around to see what features the graduate accounts from other banks have. This can include different sizes and lengths of overdraft, along with other freebies. 

A huge number of shops and brands will offer student discounts, which can really help to save you money. You’ll usually need to show your student ID or provide your university email address to benefit from student discounts. There are also student discount cards available, like the TOTUM card (previously known as the NUS Extra card), which have even more exclusive deals to offer. 

Many shops will also have loyalty cards for you to use when you shop to collect points or get money off your purchases. This includes the likes of the Tesco Clubcard, Nectar Card, and the Boots Advantage Card. These cards are almost always free and can be used online and in person, so they’re worth picking up if you regularly shop at these places. 

If you need to travel by train frequently, take a look at the selection of Railcards available from National Rail. Many of these, like the 16-25 or the 26-30 Railcard, can let you get 1/3 off train tickets across the country. Students in London can also get an 18+ Student Oyster Photocard to save 30% on Travelcards and Bus and Tram Pass season tickets. 

Some universities will offer various incentives to encourage students to travel by bike, including free bike checks. If you already have a bike, or can find a good student discount on one, this can help you save money on train and bus tickets throughout your studies. 

Cooking food with housemates is a good way to save money, as these meals will often work out to be cheaper than cooking just for yourself. Plus, you’ll get to spend time with your housemates, and if you’re in student accommodation, this is a great way to make friends. 

Similarly, cooking in bulk and freezing portions to eat for the next couple of days is another good way to save money on ingredients, with the added benefit of saving you time in the evenings. You can find plenty of recipes on the internet for bulk cooking, and there are even cookbooks dedicated to bulk cooking, too. 

Student discounts will once again be your friend should you need to eat out, as a host of restaurants will have some tasty student deals. You may also find that some student discount cards also come with access to a Tastecard, which can get you exclusive deals in all sorts of restaurants and cafes. 

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PhD loans 2024

PhD loans are available in 2024/25 to help Doctoral students living in England or Wales pay for their course fees and living expenses

PhD loans at a glance

• Worth up to £29,390 for 2024/25.
• For UK nationals resident in England or Wales.
• Study at any UK university that awards PhDs.
• Repayments combined with Masters loans .

How much can I borrow?

With these government-backed postgraduate Doctoral loans, you can borrow any amount up to £28,673 if your course started between 1 August 2023 and 31 July 2024, or £28,673 if it starts on or after 1 August 2024.

PhD loans are not means-tested, so you can apply for the full amount regardless of your financial background. Also, the loan can be used however you like - to cover fees, other study-related costs or to help with your living expenses.

If you have a disability, you may be entitled to additional support in the form of Disabled Students' Allowances .

Am I eligible for a PhD loan?

• be a UK or Irish national or have settled/pre-settled status under the EU Settlement Scheme 
• be ordinarily resident in England
• have lived in the UK, Channel Islands or the Isle of Man for three years before starting the course
• be under the age of 60 on the first day of the first academic year of your course
• not already hold a PhD or equivalent qualification
• not be receiving a Research Council studentship (including fees-only), NHS funding or other government finance towards your PhD.

You can't get the loan if you began your PhD before the 2022/23 academic year.

To discover whether you qualify for PhD funding, see GOV.UK - Doctoral loan eligibility .

Is my Doctorate eligible?

Most full and part-time PhD programmes, Professional Doctorates and PhDs 'upgraded' from Master of Philosophy (MPhil) are eligible, provided they are hosted by a UK university.

Your programme must last for at least three years and no longer than eight years. There are no restrictions on what subject you can study and your PhD proposal will not be assessed as part of your loan application.

PhDs by publication are not eligible because they do not involve an active period of studying. You also can't get a PhD loan for a research Masters degree such as an MRes or a standalone MPhil - for these you should apply for a postgraduate loan instead.

If you're studying for a PhD within a Doctoral Training Partnership (DTP), Doctoral Training Centre (DTC) or Centre for Doctoral Training (CDT), your eligibility depends on whether your research is funded by a Research Council studentship. If it is, you won't be able to get a loan.

How do I apply?

Visit  GOV.UK - Apply for a Doctoral loan for full details of how to apply for PhD funding via Student Finance England.

The deadline for Doctoral loan applications is nine months after the first day of the final academic year of your PhD - meaning you can still apply after you have started studying.

How will I receive my PhD loan?

Your loan will be paid in three instalments (33%, 33% and 34%) per academic year directly into your bank account by the Student Loans Company (SLC). It will be spread evenly across your studies.

You'll stop receiving your loan if you withdraw from your PhD or transfer to an ineligible programme, but you'll still be liable to repay what you have borrowed.

When do I start repaying my loan?

Repayments will start once you have completed your PhD and you're earning at least £21,000 per year (£1,750 per month before tax and other deductions). You'll pay at a rate of 6% of your income over this threshold.

If you're employed, your repayments will be taken out of your salary automatically on a monthly basis. If you're self-employed, HM Revenue and Customs (HMRC) will calculate how much you must repay on completion of your annual self-assessment tax return.

You'll be charged interest on your loan from the date you receive the first instalment from the SLC. This is calculated at the retail price index (RPI) +3%, meaning that that the interest accrued will typically be the annually reviewed RPI percentage, plus an additional 3%. The interest rate currently stands at 7.8%.

Any outstanding balance will be written off 30 years after your loan first becomes due for repayment.

Be aware that if you have previously taken out a postgraduate loan to fund Masters-level study, this will be combined with your PhD loan. You'll therefore repay a single debt at a rate of 6% of your income over £21,000.

However, debt from your undergraduate student loan is paid concurrently rather than combined. This means you may find yourself repaying up to 15% of your income - 9% for your undergraduate loan and 6% for your postgraduate/PhD loan.

What other PhD funding is available?

• PhD studentships
• Research Council funding
• Scholarships and bursaries
• Employer sponsorship
• Crowdfunding

Remember that PhD loans cannot be combined with other public funding such as Research Council studentships or NHS funding.

PhD loans in Wales

In 2024/25, the Welsh government has confirmed that eligible students ordinarily resident in Wales are able to borrow up to £28,655 to study for a full or part-time PhD. As with the postgraduate Doctoral loan scheme for residents in England, it isn't means-tested.

If your course started in 2023/24, you can apply for a loan of up to £28,395.

Explore how and when to apply by visiting  Student Finance Wales .

Doctoral funding in Scotland and Northern Ireland 

PhD loans are not currently available in Scotland and Northern Ireland, but there are other options you can pursue in order to fund your education.

For instance, organisations such as Student Information Scotland and the Department for the Economy (DfE) provide details of the PhD scholarships available to residents of Scotland and Northern Ireland respectively.

Find out more

• Search for PhDs in the UK .
• Learn about PhD study .

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Student finance: higher education

In this guide, 4. postgraduate masters and doctoral students.

Eligible students starting a full-time or part-time postgraduate master’s in academic year 2024 to 2025 are able to apply for a Postgraduate Master’s Loan of up to £18,950.

If you’re starting a full-time or part-time postgraduate doctoral course (such as a PhD) you can apply for a Postgraduate Doctoral Loan of up to £28,655.

Postgraduate Master’s and Doctoral loans are for the duration of the course and are not based on household income.

Further information about support is available on the Student Finance Wales website .

Students who started their postgraduate Master’s or Doctoral programme prior to academic year 2024 to 2025 will find information on available support also on the  Student Finance Wales website .

All figures are subject to regulations being made.

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• Education and learning
• Student finance

Master's Loan

A Postgraduate Master’s Loan can help with course fees and living costs while you study a postgraduate master’s course.

Funding for postgraduate loans is different if:

• you normally live in Scotland
• you normally live in Wales
• you normally live in Northern Ireland

Moving somewhere to study does not count as normally living there.

You can also get extra support if you have a disability .

You will not be eligible for an Adult Dependants’ Grant, a Childcare Grant or Parents’ Learning Allowance from Student Finance England if you’re studying a master’s course.

When you can apply

You can now apply for funding for the 2023 to 2024 academic year.

When you repay your loan

You’ll have to start repaying your loan when your income is over a certain amount (the ‘threshold’ amount).

You’ll be charged interest from the day you get the first payment.

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