phd student finance loan

• Credit Cards
• All Credit Cards
• Find the Credit Card for You
• Best Credit Cards
• Best Rewards Credit Cards
• Best Travel Credit Cards
• Best 0% APR Credit Cards
• Best Balance Transfer Credit Cards
• Best Cash Back Credit Cards
• Best Credit Card Sign-Up Bonuses
• Best Credit Cards to Build Credit
• Best Credit Cards for Online Shopping
• Find the Best Personal Loan for You
• Best Personal Loans
• Best Debt Consolidation Loans
• Best Loans to Refinance Credit Card Debt
• Best Loans with Fast Funding
• Best Small Personal Loans
• Best Large Personal Loans
• Best Personal Loans to Apply Online
• Best Student Loan Refinance
• Best Car Loans
• All Banking
• Find the Savings Account for You
• Best High Yield Savings Accounts
• Best Big Bank Savings Accounts
• Best Big Bank Checking Accounts
• Best No Fee Checking Accounts
• No Overdraft Fee Checking Accounts
• Best Checking Account Bonuses
• Best Money Market Accounts
• Best Credit Unions
• All Mortgages
• Best Mortgages
• Best Mortgages for Small Down Payment
• Best Mortgages for No Down Payment
• Best Mortgages for Average Credit Score
• Best Mortgages No Origination Fee
• Adjustable Rate Mortgages
• Affording a Mortgage
• All Insurance
• Best Life Insurance
• Best Life Insurance for Seniors
• Best Homeowners Insurance
• Best Renters Insurance
• Best Car Insurance
• Best Pet Insurance
• Best Boat Insurance
• Best Motorcycle Insurance
• Travel Insurance
• Event Ticket Insurance
• Small Business
• All Small Business
• Best Small Business Savings Accounts
• Best Small Business Checking Accounts
• Best Credit Cards for Small Business
• Best Small Business Loans
• Best Tax Software for Small Business
• Personal Finance
• All Personal Finance
• Best Budgeting Apps
• Best Expense Tracker Apps
• Best Money Transfer Apps
• Best Resale Apps and Sites
• Buy Now Pay Later (BNPL) Apps
• Best Debt Relief
• Credit Monitoring
• All Credit Monitoring
• Best Credit Monitoring Services
• Best Identity Theft Protection
• How to Boost Your Credit Score
• Best Credit Repair Companies
• Filing For Free
• Best Tax Software
• Best Tax Software for Small Businesses
• Tax Refunds
• Tax Brackets
• Taxes By State
• Tax Payment Plans
• Help for Low Credit Scores
• All Help for Low Credit Scores
• Best Credit Cards for Bad Credit
• Best Personal Loans for Bad Credit
• Best Debt Consolidation Loans for Bad Credit
• Personal Loans if You Don't Have Credit
• Best Credit Cards for Building Credit
• Personal Loans for 580 Credit Score Lower
• Personal Loans for 670 Credit Score or Lower
• Best Mortgages for Bad Credit
• Best Hardship Loans
• All Investing
• Best IRA Accounts
• Best Roth IRA Accounts
• Best Investing Apps
• Best Free Stock Trading Platforms
• Best Robo-Advisors
• Index Funds
• Mutual Funds
• Home & Kitchen
• Gift Guides
• Deals & Sales
• Sign up for the CNBC Select Newsletter
• Subscribe to CNBC PRO
• Privacy Policy
• Your Privacy Choices
• Terms Of Service
• CNBC Sitemap

Follow Select

Our top picks of timely offers from our partners

Compare Personal Loans

The best graduate student loans for financing an advanced degree, these lenders can help grad student loan borrowers of all types..

Deciding whether or not to go to graduate school is an expensive decision to make. Graduate degree programs typically cost more than undergraduate programs, plus some students enter their grad school era already carrying student loan debt from their undergrad years.

At the same time, however, grad school can pay off. Many people pursue an advanced degree to become more specialized in their field and, ideally, earn more money in the future.

To lessen the burden that an advanced degree can have on your finances, give good consideration to how you'll pay for it. The most favorable borrowing option for graduate students is generally federal direct unsubsidized loans through the government. But because there's an annual $20,500 limit, you'll likely need to turn to grad PLUS loans or private student loans to finance the rest.

CNBC Select  set out to find the best graduate school student loans from private lenders. In choosing the top ones, we focused on lenders' loan amounts, loan specializations offered, credit requirements and eligibility, as well as repayment terms, interest rates and fees. (See our methodology for more information on how we made this list.)

Best graduate student loans

• Best for instant credit decision : College Ave
• Best for multi-year financing : Citizens Bank
• Best for applying with a co-signer : Sallie Mae
• Best for applying without a co-signer : Ascent
• Best for fair credit : Earnest
• Best for a grad-level certificate : SoFi

Best for instant credit decision

College ave, eligible borrowers.

Undergraduate and graduate students, parents

Loan amounts

$1,000 minimum; maximum up to cost of attendance

Range from 5 to 20 years

Variable and fixed

Borrower protections

Deferment, forbearance and grace period options available

Co-signer required?

Only for international students

Offer student loan refinancing?

Yes - click here for details

Terms apply.

• High loan amount
• Flexible repayment terms
• Variable and fixed rates, so you can choose
• Borrowers have hardship protections
• No co-signer required for U.S. students
• Offers co-signer release
• No origination, application or prepayment fees
• 0.25% interest rate discount for autopay
• Offers student loan refinancing
• Accepts in-school payments
• Non-cosigned loans tend to charge higher interest rates
• Co-signer release can't be made until half of repayment term has passed

With College Ave , borrowers can apply within minutes and get an instant decision on their student loan so they can quickly know their next move.

[ Jump to more details ]

Best for multi-year financing

$150,000 maximum, or cost of attendance, whichever is lower

Range from 5 to 15 years

Forbearance options available

• No co-signer required
• Up to 0.50% interest rate discount for autopay
• Loan amount is limited to $150,000 maximum, or cost of attendance, whichever is lower

Instead of having to re-apply each year for grad school funding, Citizens Bank lets borrowers apply for all years in one go. This relieves the stress of worrying about how you'll pay for that next semester. (Borrowers may need to verify their continued eligibility.)

Best for applying with a co-signer

Sallie mae student loan.

Undergraduate and graduate students, borrowers seeking career training

Range from 10 to 15 years

Deferment and forbearance options available

• Doesn't offer student loan refinancing

Sallie Mae offers a co-signer release option with a relatively easy-to-meet threshold: Borrowers can apply to let go of their co-signer after they graduate, make 12 on-time principal and interest payments and meet certain credit requirements. This could be an incentive for a co-signer to sign on, knowing they don't have to be on the hook the whole loan term.

Best for applying without a co-signer

Ascent® funding.

Qualifying undergraduate juniors and seniors, graduate students

Up to $200,000 for undergraduate and $400,000 for graduate loans

• Considers borrowers with no credit
• Up to 1% interest rate discount for autopay
• 1% cash back rewards

Ascent can be a good lender to consider if you don't have access to a co-signer. Borrowers without a co-signer must meet the following requirements to get a grad school loan: either a U.S. citizen, U.S. permanent resident or someone with DACA status, an annual income of at least $24,000 and at least two years of credit history. There are minimum credit score requirements as well, but these vary. To help with your grad school funding, Ascent also offers its own graduate school scholarships .

Best for fair credit

Undergraduate and graduate students, parents, half-time students, international and DACA students

$1,000 minimum (or up to state); maximum up to cost of attendance

9-month grace period

• Applicants with fair credit can qualify
• No origination or prepayment fees
• Allows qualified borrowers to skip one payment every 12 months and make it up later
• No co-signer release option available
• Variable rates not available everywhere

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.19% APR to 9.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.99% APR to 9.74% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 9.99% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

Those with fair credit should look to private lender Earnest to help finance their graduate degree. Earnest allows borrowers — or their co-signers — with a minimum FICO® Score of 650 to apply. Earnest also stands out for offering a Rate Match Guarantee where the lender will match a competing lender's rate, plus give a $100 Amazon gift card upon rate match confirmation.

Best for a grad-level certificate

Undergraduate and graduate students, parents, health professionals

$5,000 minimum (or up to state); maximum up to cost of attendance

Range from 5 to 15 years; up to 20 years for refinancing loans

Offer parent loan?

• 0.125% interest rate discount on any additional SoFi lending product
• Loan size minimum of $5,000

It can be harder to find financing for those seeking just a graduate certificate instead of a full-on graduate degree since not all graduate certificate programs qualify for federal aid. However, SoFi provides lending to eligible borrowers in graduate-level certificate programs, as well as to half-time graduate students (which not many private lenders accommodate).

More on our top graduate school student loans

College Ave offers competitive interest rates, plus no application, origination or prepayment fees. Borrowers can choose a fixed or variable rate and there's a 0.25% rate discount when signing up for autopay. College Ave also offers hardship protections like deferment, forbearance and grace period options. Borrowers with College Ave student loans can start repaying while still in school.

In addition to a generic graduate student loan, College Ave offers financing for those pursuing degrees in the following programs: dental, law, medical, MBA and health professions.

Eligible loans

Undergraduate and graduate loans, parent loans

5, 8, 10, 15 years; graduate loans up to 20 years

[ Return to account summary ]

Citizens Bank

Citizens Bank is a big bank that offers competitive student loan rates, plus no application, origination or prepayment fees. Citizens Bank also offers hardship protections like forbearance, and student loan borrowers can start repaying while still in school.

Citizens Bank provides loans for master's degrees, MBAs, law school, medical school and dental school.

5, 10, 15 years

Sallie Mae has interest rates that are competitive with other private lenders, and they can be variable or fixed. Borrowers can score a 0.25% autopay rate discount and take advantage of no origination, application or prepayment fees. Borrower protections include deferment and forbearance. Sallie Mae lets its borrowers start repaying their loans while still in school.

Sallie Mae offers general graduate school loans (for master's or doctoral degrees), MBA loans, medical school and medical residency loans, health professions loans, dental school and dental residency loans, law school and bar study loans.

Undergraduate and graduate loans

10, 15 years

Ascent borrowers can choose between a fixed or a variable rate, and there's an up to 1% interest rate discount for autopay. There are no fees for paying off your loan early, as well as no origination or application fee. Ascent also offers  rewards  like 1% cash back on principal loan amounts at graduation. There are also deferment and forbearance options available to borrowers. Ascent student loan borrowers can start making their payments while in school.

Ascent offers the following graduate school loan options: MBA loans, medical school loans, dental school loans, law school loans, doctorate and master's loans, plus health professional loans.

$2,001 minimum; maximum up to $200,000 for undergraduate loans and up to $400,000 for graduate loans

5, 7, 10, 12, 15, 20 years

With Earnest , there are competitive interest rates and the option to choose between variable or fixed. Borrowers will also get a 0.25% autopay rate discount. There are no origination fees or prepayment penalties. Borrower protections include a 9-month grace period and borrowers can make payments while in school.

Earnest offers general graduate student loans, MBA loans, medical school loans and law school loans.

Undergraduate and graduate loans, parent loans, international and DACA student loans

5, 7, 10, 12, 15 years

SoFi offers solid interest rates, both fixed and variable, as well as a 0.25% autopay rate discount. There are no application or origination fees and no prepayment penalties. Borrowers can get unemployment protection and other forbearance options, plus make student loan payments while still in school.

SoFi offers general graduate school loans, law school loans, MBA loans and health professions loans. As a SoFi student loan borrower, you'll get exclusive member benefits  like premium travel offers, personalized career advice, financial planning from real-life advisors and more.

5, 7, 10, 15 years; refinancing loans up to 20 years

Compare offers to find the best personal loan

Types of graduate school loans.

Graduate student loans consist of both federal and private loans. Under the federal student loan umbrella, there are federal direct unsubsidized loans and grad PLUS loans. (Unlike undergraduate borrowers, graduate borrowers can't access federal direct subsidized loans.)

Federal direct unsubsidized loans are low-interest, fixed loans that don't have any credit requirements and come with federal benefits like income-driven repayment (IDR) plans and loan forgiveness programs. Borrowers can only borrow up to $20,500 per year, however.

To finance the rest of grad school after reaching this limit, borrowers can either turn to the other federal loan option, grad PLUS loans or private student loans.

Grad PLUS loans and private student loans both require a credit check but should be weighed against one another. PLUS loans come with federal borrower protections but charge a loan origination fee. Meanwhile, many private lenders offer zero origination fees and lower interest rates for those with good credit. Plus, private lenders tend to have loans for specialized programs such as law school, medical school, dental school, residencies, MBAs or certain health professions, as well as general graduate loans for those pursuing a master's or doctoral degree.

What kind of loan is best for graduate school?

The loan that's best for graduate school is a federal student loan from the government, also known as federal direct unsubsidized loans. Note that grad students can't get access to subsidized loans like undergraduate students can. Federal direct unsubsidized loans have low, fixed interest rates and come with all the typical federal benefits like income-driven repayment (IDR) plans and loan forgiveness programs. Borrowers aren't required to meet any credit requirements like they have to with private student loans.

What is a good interest rate for grad school loans?

A good interest rate for grad school loans is in line with the current rate on federal direct unsubsidized loans for graduate students, which, at the time of this writing, is 7.05% .

How can I get the best student loans for graduate school?

To get the best student loans for graduate school, start by filling out and submitting the FAFSA ® form (Free Application for Federal Student Aid) to see what federal aid you qualify for. This type of aid can include federal student loans, scholarships, grants and work-study. After you exhaust all federal aid — and any college savings you have — then move on to a private lender on this list to fill in any financial gaps.

What is the maximum federal loan for graduate school?

The maximum federal loan for graduate school is up to $20,500 per year (unsubsidized only).

Bottom line

The best graduate school student loans are federal direct unsubsidized loans from the government. But because they have a funding limit of up to $20,500 per year, to fill in the remaining gap consider the private student loan lenders on this list.

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.  Sign up here .

Why trust CNBC Select?

At  CNBC Select , our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See  our methodology  for more information on how we choose the best graduate school student loans.

Our methodology

To determine the best graduate school student loans, CNBC Select analyzed and compared private student loan funding from national banks, credit unions and online lenders. We narrowed down our ranking by only considering those that offer competitive student loan rates and prequalification tools that don't hurt borrowers' credit.

While the companies we chose in this article consistently rank as having some of the market's lower interest rates, we also compared each company on the following features:

• Broad availability: All of the companies on our list offer undergraduate and graduate private student loans, and they all offer variable and fixed interest rates to choose from
• Flexible loan terms:  Each company provides a variety of financing options that borrowers can customize based on their monthly budget and how long they need to pay back their student loan. Each company also allows borrowers to start repaying their student loans while still in school, ultimately saving them money
• No origination or signup fee: None of the companies on our list charge borrowers an upfront "origination fee" for taking out their loan
• No early payoff penalties:  The companies on our list do not charge borrowers prepayment penalties for paying off loans early
• Streamlined application process:  We made sure companies offered a fast online application process
• Autopay discounts:  All of the companies listed offer an autopay interest rate discount
• Private student loan protections: Each company on our list offers some type of financial hardship protection for borrowers
• Loan sizes:  The above companies offer private student loans in an array of sizes, all the way up to the cost of college attendance. Each company advertises its respective loan sizes, and completing a preapproval process can give borrowers an idea of what their interest rate and monthly payment would be
• Credit requirements/eligibility: We took into consideration the minimum credit scores and income levels required if this information was available
• Customer support:  Every company on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help borrowers educate themselves about student loans in general

After reviewing the above features, we sorted our recommendations by best for instant credit decision, best for multi-year financing, best for applying with a co-signer, best for applying without a co-signer, best for fair credit and best for a grad-level certificate.

Note that the rates and fee structures for private student loans are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Choosing a fixed-rate APR will guarantee that one's interest rate and monthly payment will remain consistent throughout the entire term of the loan.

A borrower's interest rate depends on their credit score, income, debt-to-income (DTI) ratio, savings, payment history and overall financial health. To take out private student loans, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

Catch up on CNBC Select's in-depth coverage of  credit cards ,  banking  and  money , and follow us on  TikTok ,  Facebook ,  Instagram  and  Twitter  to stay up to date.

• AIG Travel Guard insurance review: What you need to know Ana Staples
• Here are the 8 best password managers Ryley Amond
• 5 things to avoid if you’re applying for a mortgage Kelsey Neubauer

Doctoral loans for 2024-entry

• Eligibility

How to apply

The English and Welsh governments introduced a loan scheme for doctoral courses from 2018/19 entry. If you are a new entrant for 2024/25, find out if you are eligible and how you can take out a loan through the information on this page.

Please note that details for students starting in 2024 have not yet been released in full by the UK government. All figures and eligibility criteria on these pages refer to those who started in 2023, unless stated otherwise, and will be updated when further information is available.

How much is the loan?

You can apply for a loan of up to £29,390 (or £28,655 for students from Wales) towards your course and living costs. These figures have been confirmed for students starting in 2024/25.

The loan will be divided equally across each year of your course in line with the number of years course fees are payable .

The loan is paid into your bank account in three instalments during the academic year.

More information

You can find full details about eligibility, application and repayment in the sections listed across the top of this page. An overview of doctoral loans and details of how to apply is available from your regional funding agency's website:

• Student Finance England
• Student Finance Wales

For courses starting on or after 1 August 2021, the UK government has confirmed that EU, other EEA, and Swiss Nationals will be eligible for student finance from the UK government if they have UK citizens’ rights (i.e. if they have pre-settled or settled status, or if they are an Irish citizen covered by the Common Travel Area arrangement). The support you can access from the government will depend on your residency status. Further details on eligibility can be found on the UK government website .

Who can take out the loan?

The information in this section is presented as a guide only. You should refer to the UK government website for further details.

To take out the doctoral loan, you must be:

• Aged under 60 on the first day of the first academic year of your course (on 1 September 2024 for courses starting in October 2024).
• Starting an eligible doctoral course in the 2018/19 academic year or later (on or after 1 August 2018).
• A UK or Irish national, or have settled or pre-settled status under the EU Settlement Scheme or indefinite leave to remain so there are no restrictions on how long you can stay.
• Normally live in England or Wales.
• Have been ordinarily resident in the UK, Channel Islands, Isle of Man or Ireland for three continuous years before the first day of your course.

You will not be eligible for the doctoral loan if:

• You already have a doctorate or higher level qualification.
• You have received or will receive Research Council funding.
• You are eligible to apply for the NHS bursary.
• You are already receiving funding from Student Finance for the same academic year.
• You have outstanding student loan arrears or have previously been found to be ‘unfit’ for student support (e.g. because of attempted fraud).
• You have received a Postgraduate Doctoral Loan before - unless you left your course due to illness, bereavement or another serious personal reason.
• You have transferred from a Masters to a Doctoral course.

Which courses are covered?

Taught and research standalone doctoral courses in any subject are covered by the loan. Courses must start on or after 1 August 2018, and be 3 to 8 years in duration. Courses can be studied on a full-time or part-time basis.

Doctoral courses that include an integrated master’s degree are eligible for the Postgraduate Doctoral Loan, but you must be admitted to and enrol on the doctoral course. You would not be able to make a separate application for Postgraduate Master’s Finance.

If your DPhil course commences in Hilary or Trinity Term please contact the Student Fees and Funding team and we can arrange for a Hilary or Trinity Term start version of your course to be set up within the Student Finance application portal if it has not been added previously.

Applications for students starting in 2024/25 are expected to open in May 2024. You are encouraged to apply as early as possible via your regional funding agency's website to ensure that funding is in place for the start of your course.

The information below is the University's best understanding of the current position. Any changes the government make to repayment arrangements are outside the control of the University.

Will I be charged interest on my loan?

Interest is charged at the Retail Price Index (RPI) plus 3% from the day your first payment is made until your loan is repaid in full.

How do I repay my loan?

You have to repay any loan you borrow, but not until your income is over £21,000 a year. Repayments will be based on your income, not what you borrow.

You will start making repayments the April after you finish or leave your course, or the April four years after the start of your course.

You will only start making repayments once your income is over the current threshold of £403 a week, £1,750 a month or £21,000 a year. You will repay 6% of what you earn over the threshold. So if you are paid monthly and earn £2,500 before tax you’ll repay 6% of the difference between what you earn and the threshold (£1,750):

£2,500 - £1,750 = £750

6% of £750 = £45

So your Postgraduate Loan repayment would be £45 that month.

What if I already have a student loan?

If you already have a Postgraduate Master’s Loan then you’ll make a combined repayment of 6% over the income threshold of £21,000 covering both postgraduate loans.

If you have had any other loan from the Student Loans Company then you will continue to make separate repayments alongside those for your postgraduate loan.

You can find further information on repayments at the  GOV.UK Repayments website .

Can't find what you're looking for?

If you have a query about graduate admissions at Oxford, we're here to help:

Ask a question

Privacy Policy

Postgraduate Applicant Privacy Policy

• Home »
• Funding »
• Postgraduate Loans »

find your perfect postgrad program Search our Database of 30,000 Courses

Government PhD loans in England

What students are eligible.

Some PhD students are eligible for loans, but many are not because of their alternative funding arrangements. As with all UK Government student loans, students must be usually resident in England for three years before making the application. If you are an EU national, then you must have settled or pre-settled basis if you are starting your PhD after the 1st of August 2021. Other international students must have indefinite leave to remain in the UK and all students must be under the age of 60 on the first academic day of their studies.

What students are not eligible?

Students who are not eligible for a PhD student loan in England are those who have received or will receive funding from one of the Research Councils, those who are getting a Social Work bursary , an Educational Psychology bursary and those who are getting other funding from Student Finance England . If you have received funding for a PhD in the past, then you may not qualify for funding unless you left your course for a serious personal reason. Students who are also eligible to apply for an NHS bursary, even if they don't apply for it, are not eligible for a government PhD loan, and neither are those who already have a PhD. Students who are behind in their payments to the Student Loan Company will also be rendered ineligible.

What courses are eligible?

The PhDs eligible for a PhD loan are those studied on a structured basis either part-time or full-time. PhDs by publication and top-up PhDs are not eligible for Government PhD loans in England. The PhD must last between three and eight years, and the student must have started their PhD on or after the 1st of August 2018. The course must also be based at a UK public university with research degree awarding powers, or the lead university of your PhD must be a UK university and 50% of your time must be spent in the UK for the duration of your PhD. Many postgraduate doctoral qualifications are eligible and these include a PhD or DPhil, Doctor of Engineering (EngD) and a Doctor of Education (EdD).

Is the value of the loan linked to course fees?

No, the amounts you borrow is up to you rather than the Government, as long as it doesn't exceed the annual limit. If you are studying an integrated masters and PhD program, then you can apply for PhD funding but not masters funding.

Who should you apply to and by when?

Students should apply to Student Finance England, either online, using their online forms or by telephone if there is difficulty using a computer, because some reason such as a disability. You must apply within nine months of the first day of the last academic year of your PhD to access any Government loans, and this must be done once you have a secured PhD place.

Does the debt get cancelled at any point?

Any PhD loan that is still outstanding 30 years after the repayments start is cancelled. For students who become unable to work because of disability or ill health any amount they owe is also cancelled.

Government PhD loans in Wales

Which students are eligible.

Those PhD students eligible for a Government PhD loan in Wales are any student that has been resident in Wales for three years and is a UK citizen, an EU citizen with settled or pre-settled status or has permanent leave to remain the UK. International students who are refugees are also often eligible as are many children of migrants and refugees. EU or EEA and Swiss students who are travelling to Wales to study can all access Welsh Government loans. Students must be under 60 years of age on the first day of their course and the PhD must be the first postgraduate doctoral-level course they have studied. Distance learning PhD students are eligible for Government loans if they are resident in Wales for the duration of the PhD. As are those students who are in the armed forces or are the dependents of someone in the armed forces and are based abroad.

Distance learning PhD courses are eligible for Government PhD loans in Wales, as are both full- and part-time PhDs. However, integrated masters and PhD courses are only eligible for masters-level funding. Students must be attending a UK-based publicly funded university or if it is a private university, then the PhD course must be approved by the Welsh Government. Similarly to Student Finance England, a student applying to Student Finance Wales can be based at two universities but must spend 50% of their time in the UK-based institution. The PhD must be research-based and completed in three to eight years. The amount you can borrow is not related to the topic you are studying.

Who should you apply to and when?

You should apply to Student Finance Wales and you can do this before you have a secured place at a university, but funds will not be released until you have a PhD position. The PhD loan applications are done online, but there is provision for those who need assistance with online applications and must be completed within nine months of the first day of your course.

The debt can be cancelled 30 years after the first repayment is made or if the student becomes too ill or disabled to work.

Government PhD Loans in Scotland & Northern Ireland

The Scottish and Northern Irish Governments do not offer any loans to PhD students in any form. This includes those masters level students who are studying a masters that is an integrated into a PhD, however these students may well be eligible to apply for a UK Government masters loan .

UK Government PhD Loans… in a nutshell

So, in summary, what PhD loans are avaialble from the UK Governments?

Apply for one of our x5 bursaries worth £2,000

We've launched our new Postgrad Solutions Study Bursaries for 2024. Full-time, part-time, online and blended-learning students eligible. 2024 & 2025 January start dates students welcome. Study postgraduate courses in any subject taught anywhere worldwide.

Other PhD loan options in Scotland & Northern Ireland

Students in Scotland and Northern Ireland will have to find alternative funding methods, such as the UK Research Councils and other funding bodies or private loans. In Scotland and Northern Ireland, PhD students often receive public funds in the form of grants and bursaries from the Research Councils based in Scotland and Northern Ireland. The governments in these home nations fund areas they wish to see more research through these different research councils and organisations. Check with the university you are applying to for your PhD, as they will have a significant understanding of the financing options for your particular research area. As part of your application for a research PhD, you will find that funding your studies will be a large part of your investigations.

Are any private loans available for PhD students in the UK?

There are a few private lenders who work with some universities in the UK to offer specialised loans to PhD students. Lendwise is one good private loan option, this private loan company offers loans of between £5,000 and £100,000 and has the advantage of student-friendly considerations such as fee-free early repayment. This type of lenders will contact your university to ensure that you are studying there, but don't usually require a co-signer for the loan. The amount they will lend to you and the conditions are based on your credit rating in the UK and the subject that you are researching. However, in comparison to UK Government loans, you can receive other funding sources and this does not impact on how much you can borrow.

PhD bank loans

PhD students are able to get bank loans if they meet the eligibility requirements. If you are studying your PhD part time and working at the same time, then your income should allow you to borrow money from traditional banks. For full-time students, borrowing money like this will be less likely as the bank will want to know how you will pay back the money. Also, the repayments will start immediately and you are unlikely to be offered a discounted rate like private or publicly funded student loans. If you have a limited credit rating, then you may find that you cannot have a loan without a guarantor or co-signatory.

PhD loan repayments

Whatever type of PhD loan you opt for, it is crucial that you are fully aware of the repayment terms. So let’s take a look at what these could be.

Here we have compiled answers to frequently asked questions about UK PhD loans. If you still have any unanswered questions about PhD loans please email us and we will do our best to help.

What courses qualify for a UK Government PhD loan?

The PhD loan is only available for students in England and Wales. The PhDs eligible for a PhD loan are those studied on a structured basis either part-time or full-time. PhDs by publication and top-up PhDs are not eligible for Government PhD loans in England. If you are studying an integrated masters and PhD program, then you can apply for PhD funding but not masters funding.

Can I apply for a UK Government PhD loan in Scotland or Northern Ireland?

No – UK Government PhD-funding is only available for PhD students in England and Wales. Other private and commercial PhD funding options are available in Scotland and Northern Ireland.

Are UK Government PhD loans means-tested?

No – all that matters is that you and your PhD are eligible for the loan, your income and savings do not affect your eligibility.

Can I apply for a UK Government PhD loan if I’ve lived outside the UK in the last three years?   

No – to apply for a loan as a UK student you must have lived in the UK for three years prior to your PhD. You can have travelled from the UK for holidays or periods of temporary absence during these three years, but you shouldn’t have become ordinarily resident in another country.

Will my credit history be checked?  

Your personal credit rating and existing debts won’t matter for UK Government PhD loans unless you are in arrears with the Student Loans Company. Your credit history will usually be checked with private funding companies.

Can I get a PhD loan whilst working?

Yes – you can have a job during your PhD studies and still access UK Government PhD student finance. You will also be able to apply for a private loan from companies like Lendwise if studying your PhD whilst working.

When will I have to start making my PhD loan repayments?

Your loan repayments will depend on what home nation or private company you got your loan from. It is important to check the repayment terms before you commit to taking out the loan

Disclaimer:  Prodigy Finance and Lendwise are two of many potential funding options for postgraduate students. Other student funding options are available; research all your options thoroughly before making a commitment. Please be aware that Postgrad Solutions Ltd receives a commission from both parties for any successful loan applications taken out by Postgrad.com and LLMstudy.com users. Postgrad Solutions accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance or Lendwise. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713. Lendwise Ltd is authorised and regulated by the Financial Conduct Authority under firm registration number 782496.

Related articles

Great Postgraduate Loans

Masters Loans

Postgrad Solutions Study Bursaries

Exclusive bursaries Open day alerts Funding advice Application tips Latest PG news

Sign up now!

Take 2 minutes to sign up to PGS student services and reap the benefits…

• The chance to apply for one of our 5 PGS Bursaries worth £2,000 each
• Fantastic scholarship updates
• Latest PG news sent directly to you.

Best graduate school loan rates in April 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 April 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.

• Credit cards
• View all credit cards
• Banking guide
• Loans guide
• Insurance guide
• Personal finance
• View all personal finance
• Small business
• Small business guide
• View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

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

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

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

Student loans from our partners

on Sallie Mae

4.5% - 15.49%

Mid-600's

on College Ave

College Ave

4.07% - 15.48%

4.09% - 15.66%

Low-Mid 600s

12.9% - 14.89%

13.74% - 15.01%

5.24% - 9.99%

5.49% - 12.18%

on Splash Financial

Splash Financial

6.64% - 8.95%

4.07% - 14.49%

5.09% - 14.76%

4.11% - 14.3%

6.5% - 14.83%

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...

• Search Search Please fill out this field.

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more .

• 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.

Compare Personal Loan Rates with Our Partners at Fiona.com

• 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%
• 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%–15.66%, Variable 4.98%-16.70%
• 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 5.09%–14.76%, Variable 7.22%-15.18%
• 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 5.19%–10.24%, Variable 5.99%-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 3.99% 

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 6.97%-14.18%
• 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.

ParthShah / Getty Images

Earnest. " Student Loan Rate Disclosures ."

Earnest. " What Are the Minimum and Maximum Loan Amount I Can Take? "

Earnest. " See Your Monthly Student Loan Payments ."

Earnest. " What Payment Options Are Available to Me? "

Earnest. " Graduate Private Student Loans ," Click "Do I Need a Cosigner for Private Graduate School Loans?"

Credible. " Graduate Student Loans ."

Credible. " Credit Score Needed for Federal & Private Student Loans ."

SoFi. " Private Student Loan Graduate and Health Professions Rates & Terms ."

SoFi. " Graduate Student Loans for Your Next Step ."

SoFi. " Graduate Student Loans ."

SoFi. " Graduate Student Loans ," Click "What Is a Cosigner Release?"

SoFi. " Eligibility Criteria ."

Ascent. " Ascent Services Terms of Use ."

Ascent. " Graduate Student Loans for the Next Generation of Leaders ."

Ascent. " Ascent’s Discounts & Cash Rewards ."

Ascent. " Frequently Asked Questions ," Click "What Are My Ascent College Loan Repayment Options and Terms?"

Ascent. " Everything You Should Know About Cosigning a Student Loan ."

MPOWER. " Funds to Achieve Your Study Abroad Dreams ."

MPOWER. " Funds to Achieve Your Study Abroad Dreams ."

MPOWER. " What Is the Repayment Term? "

Splash. " Put Us to Work on Those Student Loans ."

Splash. " Frequently Asked Questions ," Click "How Much Can I Borrow for Student Loan Refinance?"

Splash. " Med School Was Stressful. Refinancing Shouldn’t Be ."

Citizens. " Graduate Student Loans ."

Citizens. " Private Student Loans ," Click "How Much Can I Borrow With a Citizens Student Loan?"

Citizens. " Student Loan Repayment Examples ."

Citizens. " Student Lending Disclosures ."

Citizens. " What Is Student Loan Deferment? "

GradSchools.com. " Guidelines for How Much to Borrow for Graduate Student Loans ."

• Terms of Service
• Editorial Policy
• Privacy Policy
• Your Privacy Choices

• Log in
• Site search

PhD loans are available in 2023/24 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 £28,673 for 2023/24.
• 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 £27,892 if your course started between 1 August 2022 and 31 July 2023, or £28,673 if it starts on or after 1 August 2023.

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 2021/22 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 7.5%.

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 2023/24, the Welsh government has confirmed that eligible students ordinarily resident in Wales are able to borrow up to £28,395 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 2022/23, you can apply for a loan of up to £27,880.

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 The Carnegie Trust for the Universities of Scotland and the Department for the Economy (DfE) offer a number of PhD scholarships to residents of Scotland and Northern Ireland respectively.

Find out more

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

How would you rate this page?

On a scale where 1 is dislike and 5 is like

• Dislike 1 unhappy-very
• Like 5 happy-very

Thank you for rating the page

Imperial College London Imperial College London

Latest news.

Taxing unhealthy food helps cut obesity, says global study

Research prizes galore and sex differences in inflammation: News from Imperial

Imperial academic wins €2.4m European funding to improve solar harvesting tech

• Fees and funding
• Postgraduate doctoral

Postgraduate Doctoral Loan

Loan amount

How to apply, check if you're eligible, eu, other eea and swiss nationals, how the loan is paid, repaying your loan.

If you are a Home student, you can apply for Postgraduate Doctoral Loan from the UK government to help with course fees and living costs while you study a postgraduate doctoral course, such as a PhD.

See an estimate of costs for living in London as an Imperial student.

There’s different  funding if you normally live in Wales .

The loan will not be available if:

• you have or will receive Research Council funding which includes stipends and or tuition fee support
• you are receiving a  social work bursary
• you are eligible to apply for an  NHS Bursary
• you are still studying another course and are in receipt of payments from Student Finance
• you already have a doctoral degree or equivalent/higher qualification
• you are receiving a doctorate by publication
• you are behind in repayments for any previous loans from Student Loans Company

Students studying doctoral courses starting on or after 1 August 2024 can get up to £29,390.

The loan is not means-tested, so it doesn't matter what your household income is.

Back to top of page

Students who normally live in England should apply via Student Finance England.

If you’ve taken out a loan with Student Finance England before,  use your account to apply . If you do not already have one,  set up an account .

If you're a Home student living elsewhere, you should apply to your regional funding body.

Explore information about  eligibility for this loan on Gov.uk.

EU, other EEA and Swiss nationals starting courses on or after 1 August 2021 must have settled or pre-settled status in the UK under the EU Settlement Scheme to be able to apply for this type of financial support.

Visit the  EU Settlement Scheme information guide  for more information.

This does not apply to students who are Irish citizens living in the UK or Ireland, who are automatically treated as settled in the UK and do not need to apply to the EU Settlement Scheme to benefit from the right to UK student finance. 

For full information on the nationality or residency status requirement for this type of financial support, please see the Gov.uk website .

The loan is paid directly to you.

It will be divided equally across each year of your course.

You have to repay your loan, but only once you:

• have left university
• are in employment
• are earning over a certain amount

Find out more about repaying your loans .

• 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.

Student Loans

Student loans are commonly used financing options that are available to both residential and part-time online applicants, and require a minimum enrollment of 6 credits per term in a degree-granting program. Please note these pages provide information about both federal and supplemental (private) student loans, credit, and debt counseling. Some links will take you to sites outside of the HGSE Financial Aid Office. The HGSE Financial Aid Office is not responsible for the content of any external sites.

The Harvard Graduate School of Education, like all of Harvard University, participates in the Federal Direct Loan Program offered through the U.S. Department of Education. The only lender we list is Direct Lending, however you are free to research and borrow from any lender.

When considering a supplemental loan, we remind students there are many options in addition to those listed in these materials. We encourage students to consider all of their borrowing options to ensure the best possible choice for their individual needs. Remember, only Federal Direct Unsubsidized and Graduate PLUS Loans are administered by the HGSE Financial Aid Office; supplemental loans are available from numerous lenders and you are welcome to explore those that interest you.  Both Federal and supplemental loans are split and disbursed evenly across semesters for full-year students.   Harvard University and the Harvard Graduate School of Education have no financial interest in which supplemental loan you choose to borrow.

Federal Direct Loans

• Federal Direct Loan Program and Related Information
• Federal Student Aid (FSA) Loan Repayment Simulator  - learn about your repayment options using this FSA resource.
• Federal Student Aid Loan Information

Federal Direct Graduate PLUS & Supplemental Loans

Supplemental loans, like the Direct Graduate PLUS Loan, can be borrowed in addition to your Federal Loans to help meet the cost of education. Please note: students pursuing a supplemental loan should apply for the amount they wish to borrow for the entire academic year, and all supplemental loans are split and disbursed evenly across semesters for full-year students.

• Supplemental Education Loan Programs

Loan and Financial Management Information

• Federal Student Aid  - You can find information on all Federal Aid programs and loan repayment resources here.
• MyMoney.gov  - The U.S. Government's site dedicated to teaching financial literacy
• Consumer Financial Protection Bureau  - This site presents information and assistance on a range of consumer financial products, including student loans.
• Student Loan Borrower Assistance  - This is a comprehensive and very useful website that covers almost all the basics regarding past, present, or future student loans of all varieties.

Understanding Your Credit

Applicants must demonstrate credit worthiness in order to be eligible for supplemental education loans such as the Federal Direct Grad PLUS Loan or loans from private lenders.  Supplemental education loan lenders carefully review an applicant's credit history to determine their eligibility for a loan.

Individuals establish a credit history in many ways, like borrowing money or charging retail purchases. Financial institutions and major retail stores report their customer's credit information to national credit bureaus, which, in turn, compile the information in the form of a credit report. A credit report is a record of every credit card, retail account, student and personal loan, and other credit accounts made or established in your name.

In reviewing your credit report, the lender is trying to determine your ability and willingness to pay based on your payment history. A good credit record indicates that you are likely to repay the loan for which you are applying. If you are unsure about the status of your credit, you should request a copy of your credit report from a credit bureau. You may contact a local credit bureau in your area or one of the three national credit bureaus listed below:

Equifax : 800-685-1111

Experian : 800-682-7654

TransUnion : 877-322-8228

You may also receive a free copy of your credit report from all 3 major credit bureaus listed above by visiting www.annualcreditreport.com , and we recommend reviewing your credit reports on an annual basis.

Once you have received your credit report check it for accuracy. If the information on your report is incorrect, you should contact the credit agency and request that the information be investigated. It is also advisable to contact the company that has reported you to that credit agency. If the information on your report is correct and you do have credit problems, it is imperative that you try to resolve these as soon as possible. Contact the company that has reported you to the credit agency and discuss the steps necessary to clear up your credit problem. If you do succeed in clearing up your credit, you should request this in writing from the reporting company and subsequently submit this information to the credit agency.

It may take several weeks to receive a credit report and several months to correct a credit problem, thus please plan accordingly. In the event that you may need to borrow through one of the alternative education loan programs, we encourage you to remedy any credit issues prior to coming to campus. Any questions or concerns that you may have regarding your credit worthiness should be addressed directly with the appropriate private education loan agency. Unfortunately, the HGSE Financial Aid Office is unable to assist you with personal credit problems or offer advice on the credit review process.

Debt Management Tools

Debt management is an important consideration when attending any college or university. You must properly prepare yourself financially in the near and long term. It is crucial that students have an understanding of the costs of education as well as how to plan and budget accordingly. We encourage students to begin this process as far in advance as possible when considering continuing their education to ensure the highest possible return on their academic investments.

• Federal Student Aid Loan Repayment Calculator
• Your Federal Student Loans: Learn the Basics and Manage Your Debt
• MyMoney.gov - the U.S. Government's site dedicated to teaching financial literacy
• Consumer Financial Protection Bureau
• Bankrate.com - interest rates for a variety of financial products and payment calculators
• Annual Credit Report - receive your free annual credit report from the 3 major credit bureaus
• IRS Tax Benefits for Education - find out what rules may benefit you when filing your U.S. taxes
• Student Loan Borrower Assistance - a comprehensive and very useful website that covers almost all the basics regarding past, present or future student loans of all varieties

GOV.WALES uses cookies which are essential for the site to work. Non-essential cookies are also used to tailor and improve services. By continuing to use this site, you agree to our use of cookies.

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.

Share this page

• Share this page via Twitter
• Share this page via Facebook
• Share this page via Email

Cookies on GOV.UK

We use some essential cookies to make this website work.

We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services.

We also use cookies set by other sites to help us deliver content from their services.

You have accepted additional cookies. You can change your cookie settings at any time.

You have rejected additional cookies. You can change your cookie settings at any time.

• Education and learning
• Student finance

Doctoral Loan

Eligibility.

Whether you qualify depends on:

• your course
• your nationality or residency status

You will not be able to get a Postgraduate Doctoral Loan if:

• you’ve received or will receive Research Council funding (for example, studentships, stipends, scholarships and tuition fee support)
• you’re already getting a social work bursary
• you’re already getting an Educational Psychology bursary and your course starts on or after 1 August 2020
• you’re eligible to apply for an NHS bursary (even if you’re not receiving it)
• you’re already getting payments from Student Finance England for another course that you’re studying
• you’ve received a Postgraduate Doctoral Loan before - unless you left your course due to illness, bereavement or another serious personal reason
• you already have a doctoral degree, or a qualification that’s equivalent or higher
• you’re receiving a doctorate by publication
• you’re behind in repayments for any previous loans from the Student Loans Company

Your course

• be a full, standalone doctoral course (not a top-up course)
• have started on or after 1 August 2018
• last between 3 to 8 academic years
• be provided by a university in the UK with research degree awarding powers

If more than one university delivers your course and one is overseas, you’ll still be eligible for the Postgraduate Doctoral Loan so long as:

• the UK university is the lead institution
• you spend at least 50% of your study time over the whole course in the UK
• full-time or part-time
• taught or research-based, or a combination of both

Examples of postgraduate doctoral qualifications include:

• PhD / DPhil (Doctor of Philosophy)
• EdD (Doctor of Education)
• EngD (Doctor of Engineering)

Integrated doctorals

You can apply for a loan if your doctoral programme includes an integrated master’s degree (even if you already have a master’s degree).

You must register for a full doctoral degree.

You will not be able to apply for a separate Postgraduate Master’s Loan.

Distance learning

To qualify for a Postgraduate Doctoral Loan for distance learning, you’ll need to be living in England on the first day of the first academic year of your course.

You’ll also need to live in:

• England for the whole of your course, if you’re an EU national
• the UK for the whole of your course, if you’re not an EU national

This usually does not apply if you’re:

• serving in the armed forces
• a spouse or civil partner of a serving member of the armed forces
• a dependent parent living with a serving member of the armed forces

You must be under 60 on the first day of the first academic year of your course.

The academic year is a period of 12 months starting on:

• 1 September, if your course starts between 1 August and 31 December
• 1 January, if your course starts between 1 January and 31 March
• 1 April, if your course starts between 1 April and 30 June
• 1 July, if your course starts between 1 July and 31 July

Your nationality or residency status

You can apply for the Postgraduate Doctoral Loan if all of the following are true:

• you’re a UK national or Irish citizen or have settled status under the EU Settlement Scheme or indefinite leave to remain so there are no restrictions on how long you can stay
• you normally live in England
• you’ve been living in the UK, the Channel Islands or the Isle of Man for 3 years in a row before the first day of the first academic year of your course (apart from temporary absences such as holidays)

If you’ve been living in Ireland or a British overseas territory, you do not need to normally live in England. You can apply for the loan if you attend your course in England or do distance learning in England.

You might also be eligible if you’re a UK national (or family member of a UK national) and you’ve been living in the UK, the EU, Gibraltar, Switzerland, Norway, Iceland or Liechtenstein for the past 3 years. To be eligible, you must have either:

• returned to the UK on or after 1 January 2018 and by 31 December 2020 after living in the EU, Switzerland, Norway, Iceland or Liechtenstein
• been living in the EU, Switzerland, Norway, Iceland or Liechtenstein on 31 December 2020

If you’re an EU national or a family member of an EU national

You may be eligible if you’re an EU national , or a family member of an EU national, and all the following apply:

• you have settled or pre-settled status under the EU Settlement Scheme (no restrictions on how long you can stay)
• you’ve normally lived in the UK, the EU, Norway, Iceland, Liechtenstein, Switzerland or overseas territories for the past 3 years (this is also known as being ‘ordinarily resident’)
• you’ll be studying at a university in England

You could also be eligible if you’re:

• the child of a Swiss national and you and your parent have settled or pre-settled status under the EU Settlement Scheme
• a migrant worker from the EU, Switzerland, Norway, Iceland or Liechtenstein with pre-settled status, or a family member of a migrant worker where both have settled or pre-settled status
• a resident of Gibraltar who is a UK or EU national, or their family member
• an EU national and have pre-settled status under the EU Settlement Scheme and lived in the UK, the Channel Islands or the Isle of Man for the past 3 years

Student finance for EU, Swiss, Norwegian, Icelandic or Liechtenstein nationals from August 2021

If you started a course on or after 1 August 2021, you usually need to have settled or pre-settled status under the EU Settlement Scheme to get student finance.

You need to have started living in the UK by 31 December 2020 to apply to the EU Settlement Scheme. The deadline to apply was 30 June 2021. If you’re joining family members in the UK who have settled status, you can apply for student finance before you have been granted pre-settled status.

Irish citizens do not need to apply for a visa or to the EU Settlement Scheme. They can apply to the EU Settlement Scheme if they wish to - for example, to apply on behalf of a child.

If you have a different residency status

You may also be eligible if your residency status is one of the following:

• refugee (including family members)
• humanitarian protection (including family members)
• child of a Turkish worker who has permission to stay in the UK - you and your Turkish worker parent must have been living in the UK by 31 December 2020
• a stateless person (including family members)
• an unaccompanied child granted ‘Section 67 leave’ under the Dubs Amendment
• a child who is under the protection of someone granted ‘Section 67 leave’, who is also allowed to stay in the UK for the same period of time as the person responsible for them (known as ‘leave in line’)
• granted ‘Calais leave’ to remain
• a child of someone granted ‘Calais leave’ to remain, who is also allowed to stay in the UK for the same period of time as their parent (known as ‘leave in line’)
• you’ve been given settled status but not under the EU Settlement Scheme
• you’ve been given indefinite leave to remain because you’ve been the victim of domestic violence
• you’ve been granted indefinite leave to remain as a bereaved partner
• you or your family member have been granted leave under the Afghan Relocations and Assistance Policy (ARAP) or the Afghan Citizen’s Resettlement Scheme (ACRS)
• you or your family member have been granted leave to enter or remain in the UK under the Ukraine Family Scheme, the Homes for Ukraine Sponsorship Scheme or the Ukraine Extension Scheme

If you’re a non-UK national and have lived in the UK for a certain number of years

You could also be eligible if you’re not a UK national and are either:

• under 18 and have lived in the UK for at least 7 years
• 18 or over and have lived in the UK for at least 20 years (or at least half of your life)

You must have been living in the UK, the Channel Islands or the Isle of Man for 3 years in a row before the first day of the first academic year of your course.

Related content

Is this page useful.

• Yes this page is useful
• No this page is not useful

Help us improve GOV.UK

Don’t include personal or financial information like your National Insurance number or credit card details.

To help us improve GOV.UK, we’d like to know more about your visit today. We’ll send you a link to a feedback form. It will take only 2 minutes to fill in. Don’t worry we won’t send you spam or share your email address with anyone.