Best Student Loans for PhD Students

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A doctoral degree is an impressive credential, but it comes with a hefty price tag. PhD students graduate with an average of about $100,000 in debt, according to the National Center for Education Statistics.

The best way to pay for this higher education is through scholarships and grants, followed by federal student loans. But these often aren’t enough to complete a PhD program, and private student loans can help you foot the rest of the bill.

Here’s everything you need to know about getting a loan for a doctorate degree:

8 best private student loans for a doctorate degree

To find the best private student loan for your doctorate degree, it’s important to compare as many lenders as you can.

The companies in the table below are Credible’s approved partner lenders. Whether you’re the borrower or cosigner, Credible makes it easy to compare rates from multiple private student loan providers without affecting your credit score.

Lender	Fixed Rates From (APR)	Variable Rates From (APR)	Min. Credit Score
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.79%+	2.47%+	540
Fixed APR: 3.79%+ Variable APR: 2.47%+ Min. credit score: 540 Loan amount: $2,001 to $400,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 on-time principal and interest payments Loan servicer: Launch Servicing, LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	4.24%+1	3.25%+	720
Fixed APR: 4.24%+1 Variable APR: 3.25%+ Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.22%+2,3	2.49%+2,3	Does not disclose
Fixed APR: 3.22%+2,3 Variable APR: 2.49%+2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: College Ave Servicing LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.65%+	3.38%+	Does not disclose
Fixed APR: 3.65%+ Variable APR: 3.38%+ Min. credit score: Does not disclose Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit) Loan terms (years): 7, 10, 15 Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident. Customer service: Phone, email Soft credit check: Yes Cosigner release: After 36 months Loan servicer: American Education Services Min. income: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	4.52%+7	4.83%+7	750
Fixed APR: 4.52%+7 Variable APR: 4.83%+7 Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	5.25%+8	2.92%+8	670
Fixed APR: 5.25%+8 Variable APR: 2.92%+8 Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	4.89%+	N/A	670
Fixed APR: 4.89%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 up to cost of attendance less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.75% – 13.72% APR9	3.25% – 13.59% APR9	Does not disclose
Fixed APR: 3.75% – 13.72% APR9 Variable APR: 3.25% – 13.59% APR9 Min. credit score: Does not disclose Loan amount: $1,000 to $90,00010 Loan terms (years): 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: After 12 consecutive on-time payments Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Other private student loan lenders to consider

Here are more private student loan companies we evaluated. Keep in mind that these lenders aren’t offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.

Lender	Loan types	Loan terms (years)	Min. credit score
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	Fixed, variable	5, 10, 15	680
Rates: Fixed, variable Min. credit score: 680 Loan terms (years): 5, 10, 15 Cosigner release: Yes Min. GPA: No Repayment options: Full deferral, full months payment, fixed/flat repayment, interest only, academic deferral, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident. Customer service: Email, phone, chat Soft credit check: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	Fixed, variable	15, 20	Does not disclose
Fixed APR: 4.84% – 12.39%6 Variable APR: 1.59% – 11.37%6 Min. credit score: Does not disclose Loan amount: Up to cost of attendance Cosigner release: No Loan terms (years): 15, 20 Min. GPA: No Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay, good grade discount, cash reward for on-time graduation Eligibility: Must be a U.S. citizen, permanent resident, or international student with a qualifying cosigner, as well as be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Loan servicer: Discover Bank
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	Fixed, variable	5, 7, 10, 12, 15, 20	650
Rates: Fixed, variable Min. credit score: 650 Loan terms (years): 5, 7, 10, 12, 15, 20 Min. GPA: No Cosigner release: No Repayment options: Full deferral, full month payment, fixed/flat repayment, interest only, academic deferral, military deferral, forbearance Fees: None Discounts: Autopay Eligibility: A U.S. Citizen or permanent resident. Not available in KY or NV. Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	Fixed, variable	20	Does not disclose
Min. credit score: Does not disclose Loan amount: $1,000 to $150,000 Loan terms (years): 10, 15, 20 Min GPA: No Cosigner release: Yes Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	Fixed, variable	Does not disclose	Does not disclose
Min. credit score: Does not disclose Cosigner release: Does not disclose Loan terms (years): 5, 10, 15 Min. GPA: No Repayment options: Fixed/flat repayment, interest only, forbearance Fees: Late fees Discounts: Autopay, on-time graduation Eligibility: Does not disclose Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	Fixed, variable	5, 10, 15	Does not disclose
Rates: Fixed, variable Min. credit score: Does not disclose Loan terms: 5, 7, 15 Min. GPA: No Cosigner release: Yes Repayment options: Full deferral, interest only, immediate repayment, academic deferral, military deferral, forbearance Fees: Late Fee Discounts: Autopay Eligibility: Must be a U.S. citizen Customer service: Email, phone Soft credit check: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	Fixed, variable	5, 10, 15	Does not disclose
Rates: Fixed, variable Min. credit score: Does not disclose Loan terms (years): 5, 10, 15 Min. GPA: Yes Cosigner release: Yes Repayment options: Full deferral, fixed/flat repayment, interest only, immediate repayment, academic or military deferral, forbearance Fees: None Discounts: Autopay Eligibility: Must be a US Citizen or permanent resident Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	Fixed, variable	15, 20	Does not disclose
Min. credit score: Does not disclose Loan terms (years): 15, 20 Cosigner release: Yes Min. GPA: No Repayment options: Full deferral, full monthly payment, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay, loyalty Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes

Methodology

Credible evaluated private student loan lenders in 10 different categories to determine the best lenders for PhD loans. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and cosigner release options.

Federal loans for PhD students

The federal government also makes loans available to students pursuing a PhD. While federal loans come with more accommodating repayment plans, you may face loan limits and higher interest rates than you’ll find with private student loans.

• Federal Direct Unsubsidized Loans: These loans are available to both undergraduate and graduate students, and they’re not dependent on financial need. You’re responsible for interest that accrues on these loans from the time they’re disbursed. And, there’s a limit on the total amount you can borrow.
• Federal Grad PLUS Loans: These are available to parents of undergraduate students or graduate and professional students. Interest rates on federal Grad PLUS Loans are higher than other federal loans, currently at 7.54%. You’re able to borrow up to the cost of attendance of your school, minus any financial aid you receive. You’re also responsible for accrued interest.

Keep Reading: Student Loan Limits: How Much in Student Loans You Can Get

How to get a PhD loan

Follow these five steps to help make sure you get the best student loans for your individual situation:

• Start with the FAFSA. Fill out the Free Application for Federal Student Aid to make yourself eligible for grants, scholarships, work-study programs, and student loans from the federal government. Many of these forms of financial aid don’t require you to repay them, so you’ll want to make sure you receive as much as you can qualify for. You may also choose to borrow certain federal student loans to take advantage of the more flexible repayment plans they offer.
• Determine how much more money you need for your education. Your university’s financial aid office will help you determine how much you’ll need to borrow in student loans to meet your cost of attendance, taking into account any federal financial aid you receive.
• Prequalify for a private student loan. Most private student lenders make it easy to prequalify for a graduate student loan. You can do this online by submitting some basic information about yourself, such as your annual income, the school you’re attending, and how much you’d like to borrow. It’s a good idea to prequalify with several different lenders to see the rates and terms you might qualify for.
• Choose your loan. Review your prequalification offers, comparing loan terms, interest rates, and monthly payment amounts. Select the lender and loan option that works best for you, then submit a formal application.
• Make sure your loan funds are received. Student lenders typically disburse your loan funds directly to your university. You’ll want to double check with your school’s financial aid office that the money was received.

Student loan limits for PhD loans

Different graduate student loan programs have varying limits on how much you can borrow. Because PhD programs are often expensive, you may run into these limits as you complete your education:

• Federal Direct Unsubsidized Loans: Graduate students can borrow up to $20,500 per year, with an aggregate limit of $138,500 (a total that includes any undergraduate loans).
• Federal Grad PLUS Loans: These loans don’t have a total loan limit. You can borrow up to your school’s cost of attendance.
• Private PhD loans: Each lender has its own limits on how much or little you can borrow. The smallest amount you can typically borrow is $1,000. Some private student lenders have maximum loan amounts of $110,000 to $180,000 or higher. Others don’t have a set maximum loan amount, and instead allow you to borrow up to your school’s cost of attendance. In some cases, a general PhD loan may have different loan limits than a professional school program, like law school or an MBA program. So be sure to check with each lender you’re considering.

Check Out: Graduate Student Loan Limits: How Much Can You Get?

When PhD student loan payments start

With student loans, you generally have the option of beginning to pay them back right away or waiting until you leave school. The rules vary depending on the type of loan you take out:

• Federal Direct Unsubsidized Loans: You’re not required to begin repaying these loans until six months after you graduate, leave school, or drop below half-time enrollment. But you are responsible for the interest that accrues from the moment the loan is disbursed. If you don’t pay the interest while you’re in school, it’ll be added to the principal of the loan once you graduate. You may choose to make interest-only payments while in school to keep this from building up and adding to the total you have to repay.
• Federal Grad PLUS Loans: Like Direct Unsubsidized Loans, you have a six-month grace period after leaving school before you’re required to begin paying back your loan. You’re responsible for the interest from the time the money is disbursed, and you may make interest-only payments while in school.
• Private PhD loans: Different lenders may have slightly varying rules, but you generally don’t need to make loan payments while enrolled in school or during a six- to nine-month grace period after graduating. You’re generally responsible for the interest that accrues from the time the loan is disbursed. You typically have the option to make interest-only payments or full principal and interest payments, or to defer payments entirely. However, this last option will mean the interest that accrues while you’re enrolled in school will be added to the total you’ll need to pay back.

Student loan forgiveness for PhD loans

If you have federal student loans, you may be eligible for certain loan forgiveness programs that can help erase the amount you borrowed for your PhD program.

One of the most common ways to do this is through the Public Service Loan Forgiveness Program. To be eligible, you must make 120 qualifying loan payments under an income-driven repayment plan while working full-time for a government or not-for-profit agency. Only Direct Loans qualify for PSLF.

If you’re a teacher, you may qualify for the Teacher Loan Forgiveness Program, which only requires five years of employment in a qualifying elementary or secondary school — though you may only receive up to $17,500 in loan forgiveness.

You may also qualify for loan cancellation on federal loans if you become totally and permanently disabled.

Under the student loan forgiveness plan announced by the Biden Administration in August, PhD students are eligible for up to $10,000 in debt cancellation of their federal student loans, or up to $20,000 for those who received a Pell Grant. You must earn less than $125,000 per year to qualify.

Private loans aren’t eligible for any type of loan forgiveness.

PhD loan alternatives

You should generally use student loans as a last resort when paying for your higher education. You may be able to help pay for the cost of tuition and living expenses with a few of these options, reducing the amount you need to borrow:

• Scholarships and grants: Both scholarships and grants are considered gift aid — meaning you don’t need to pay them back. You may be able to earn a scholarship or grant from your university, or from nonprofit organizations. Each scholarship or grant program has its own criteria. Your school’s financial aid office may be able to help you determine which programs you can qualify for.
• Fellowships and assistantships: Many universities employ PhD students as teaching or research assistants for professors, typically in the same department. You may also qualify for a fellowship — a competitive short-term research opportunity with financial support.
• Employer assistance: Depending on where you work, your current employer may be willing to help you pay for your higher education if your field of study is related to your career. Your company’s human resources department can let you know if you qualify for employer assistance programs.

Learn More: Up to $20K in Student Loan Forgiveness for Some Borrowers, And Payments Remain Paused

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