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15 Best Student Loans For Masters degree In 2023 | Apply Now

When considering your master’s funding, do you consider taking a student loan just to ease the stress on your savings? Student loans aren’t as bad as we think they are. We have compiled a list of the best 15 students loan for your master’s degree program.

Some students do not even know the student loan to go for. That is why we are here. Having examined the types of loans, we advise you to exhaust all your federal loan options before going for private loans.

Stay with us and you will find out the reason we made such a comment. At the end of this discussion, you will know the best loans you can apply for. Albeit, here are the topics we will discuss.

What Loan Options Are Available to me as a Masters Student?

Student loans for the master’s degree and graduate studies, in general, are the private loan and federal loan options.

Private student loans have no limit to the amount you can get. They bridge the gap between what you need for school and what any federal student aid will give you, including grants, and loans.

With private loans, the interest rates vary and are not standardized. Your credit and that of your co-signer will determine the interest rate you will receive.

Since it is for a master’s degree, the loan has a very high maximum amount. Some lenders even have special loan programs for business, law, or medical school.

The repayment period varies from five to 20 years.

What are the Federal student loans for master’s degree?

The federal student loan is a loan with a standardized interest rate. It is advised you take a federal loan over a private loan because they are much easier to repay because of lower interest rates.

In addition, federal loans do not require a co-signer who will take over the loan in case of any default in repayment.

Also, federal loans for graduate studies are of two types: federal direct unsubsidized loans and federal graduate PLUS loans.

It is very important to read also: How to qualify for student loans: 10 Key Steps

How much will I get in federal student loans for a master’s degree?

As we have already established, the amount you can get for a federal loan can be limited.

Both for the federal subsidized and unsubsidized loans, you get a limit amount of $20,500 annually and $138,500 overall, including undergraduate loans.

Then, for a Federal Grad PLUS Loan, the total amount you will get for the loan is your total cost of attendance minus any other financial aid you are receiving.

Use grad PLUS loans if you’ve maxed out your federal direct unsubsidized loans and still want to use federal loans to pay for graduate school.

As we can see, the fund is not so much.

How do I get student loans for master’s degree?

You can get a student loan for a master’s degree either from a federal loan or a private loan.

Federal loans are funded by the federal government, and you apply for Federal Direct Loans and Direct Graduate PLUS Loans by filling out a FAFSA.

Private student loans are offered by banks and credit unions, and you apply directly from the lender. Just click the apply button on the other sites, answer a few questions and you are good to go if they find you creditworthy.

Student loans for masters degree Canada

There are two types of students loan for masters in Canada. They are;  the Canadian government’s national Canada Student Loans scheme and alternative schemes offered by local provincial or territorial student finance bodies. These are for Canadian citizens.

Amongst the two types listed above, the loan you apply for will depend on the Canadian province or territory in which you are normally resident (not that in which you are applying to study).

Then, a student loan for international students is as follows;

These are independent private loans, follow this link, the process is quite simple.

  • Answer a few questions and click on Find My Student Loan
  • Review your list of student loan lenders and compare the terms
  • Select the student loan that meets your needs and start the online application

How much student loans can I get for a master’s degree?

Different loans grant different amounts for a master’s degree. So, we cannot categorically give an amount. But, you will get a loan to cover all your costs of attendance.

In actual sum, a minimum of $20,500 annually and a maximum of any amount you wish. Just be ready to repay any amount you borrow.

Best student loans for masters degree

To pay for your master’s education, here are 15 students loan schemes you can apply for;

Federal Subsidized/Unsubsidized Loan

This is the best borrowing option for all borrowers.

It does not require credit or income to apply for it.

Interest rate ranges from 4.53 – 6.08%.

They are offered by the federal government.

It has a few advantages of more flexible repayment options if you are a struggling borrower, they do not collect interest while you are in school or during repayment deferment. In addition to a lower interest rate when compared to other lenders.

The disadvantage is an origination fee you have to pay.


Federal Grad PLUS Loan

This student loan option allows masters students to fill tuition gaps not covered by other types of financial aid.

The fixed interest rate is 7.08%.

It also has a flexible repayment option for struggling borrowers compared with private lenders. In addition, all borrowers who attend a school authorized to receive federal aid qualify.

The disadvantages are; May have higher interest rates, you get to pay an origination fee, and finally, you can’t qualify without a hard credit check.


MPOWER Private Student Loan

This is a private student loan for international students and Deferred Action for Childhood Arrivals, or DACA, status.

It is for students international students without a co-signer or U.S. credit history.

Borrowers from this private loan are given a dedicated student loan advisor and a repayment Forbearance of 24 months.

The repayment term is 10 years. And has a fixed rate of 7.52 – 13.63%.

Ascent Private Student Loan

Ascent offers two student loan options: co-signed and non-co-signed credit-based option and a non-co-signed future income-based option.

Its co-signed loan is best for students who want to use a co-signer and pay off loans fast. The non-co-signed credit-based option is best for borrowers with at least two years of credit history who can meet income requirements.

Then, the non-co-signed future-income option is best for upperclassmen and graduate students with no credit, income, or co-signer.

The interest rate ranges from 4.13 – 15.00%. And a minimum credit score of 540.


Prodigy Private Student Loan

It offers student loans for master’s degrees for international students in the U.S. and doesn’t require a co-signer.

No fees for late repayment. The interest rate is determined when the individual’s ability to pay is assessed, including his income.


College Ave Private Student Loan

This is a very flexible student loan plan with multiple repayment options. Its repayment plan is between five to 20 years.

Its interest rates are between 4.39 – 11.98% but your qualification determines the rate you will get.

International students without a co-signer can qualify.


CommonBond Private Student Loan

Best for postgraduate students and value a flexible repayment plan.. It has a 24-month forbearance period.

However, the loan is not available for Mississippi and Nevada customers.

The interest is 3.22 – 6.45%.


RISLA Private Student Loan

One of the advantages of this student loan is that you repay it when you are getting an income. In addition, it has forgiveness after 25 years.

 The Rhode Island Student Loan Authority has a fixed interest of 3.49 – 8.14%.


Sallie Mae Private Student Loan

This is one of the lenders serving part-time students. They offer flexible repayment options.

Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer. In addition, borrowers can access online tutoring and free credit score tracking.

This is one of my favorites although their interest is given when you apply.

Borrowers have the option of making interest-only payments for 12 months after finishing school.


Wells Fargo Private Student Loan

This option is best for customers who want to take advantage of payment reduction options.

You will also be assigned a student loan advisor.

Also, it helps replace one or more student loans with a single lower-rate loan.


SoFi Student Loan Refinance

SoFi is a leading student loan refinance lender.

They also offer free career coaching.

There are no specific income requirements and accepts borrowers whose highest education level is an associate degree.


Citizens Bank

Citizens Bank has been around for a long time and it offers competitive rates, and low fees, it is available in 5-10 year-terms to students

Its fixed interest rates range from 4.72 to 12.04%, in addition, you can get a 0.50% point rate discount with automatic payments.

Citizens charge no origination or pre-payment fees of any kind.


Discover Student Loan

Discover has fixed rates from 4.74 to 12.74% APR (includes a 0.25-percentage-point autopay discount). The loans come with 15-year or 20-year terms with no flexibility.

There are no application, origination, or late fees. In addition, Discover offers a 1.0% cash reward on each new student loan for borrowers with a 3.0 or better GPA. That’s a great good grade discount and another unique feature that makes it a good option for student loans.



LendKey funds loans through partnerships with community credit unions and banks, but all loans remain serviced by LendKey so the bank or credit union behind the scenes is invisible to borrowers.

It also offers less flexibility for repayment while in school. But, there are no prepayment fees, and interest rates are quite competitive.

Fixed rates currently run from 4.86% to 11.24%. The rates include a 0.25-percentage-point autopay discount.


You really need to see this: How to qualify for student loans in 2023: 10 Key Steps 

Education Loan Finance

Education Loan Finance offers student loan refinancing, as a division of SouthEast Bank, the management team has more than 30 years of experience in student loans.

Her loan terms are from five to 20 years. You can borrow up to $10,000 or higher at no application fee.

In addition,  an auto-pay discount is given at the approved interest rate, as all borrowers are required to make electronic or digital transfer payments.



A Master’s degree can be very frustrating if you do not have the required funds. Not to worry, here are the best student loans for your master made easy.

Read them carefully and apply to the one that suits your individual and academic needs. Remember you have to repay, so, spend it wisely.

Best of luck!



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