The Complete Guide to Financial Aid for Grad School

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Loans for graduate and professional degrees make up about 40 percent of all student loan debt in America, even though undergrads outnumber graduate students by more than 5 to 1. There are a lot of opportunities out there to fund a graduate school education — and not just with loans.

The question is, how to get enough financial aid for grad school? Read on to learn about all the options available to you.

9 paths to getting financial aid for grad school

When evaluating your options for getting financial aid for grad school, there is an order of importance. This list will go from least expensive to most expensive so you can see how to optimize your chance at free or inexpensive money for school before trying other possibilities.

Apply for a fellowship

If you’re looking to enter a specific field, a fellowship can be an excellent way to secure free funds for your education. Fellowships are merit-based grants that can not only cover your tuition, but also pay your room, board, and other living expenses.

Fellowships can come from a variety of places. You can apply for them through your school in what’s called an institutional fellowship, through federal funding, and from outside organizations.

Not only can fellowships help keep your educational costs low, but they can also help you hone your skills in the field and build your resume. For example, the work you do in your fellowship might tie directly into the work you hope to earn a living for someday, such as teaching or research in a particular area. These are as much an educational opportunity as a financial one, so be sure to do your research on fellowships that you could be eligible for.

You can do this easily by signing up for sites such as ProFellow, which has a searchable database of fellowships. ProFellow also has application tips to help, and you can do another search for fellowships with the help of a database maintained by Cornell University.

Search for scholarships

Another way to get free money for graduate school is through scholarships. It’s a great option since you don’t have to repay the funds, and there are a wide variety of ways you can earn a scholarship.

For example, you might find scholarships based on merit, field of study, location, and even your heritage. Don’t leave any stone unturned in your search for scholarships you might be eligible for.

Below are a few tools to help you find scholarships specifically for graduate students:

And here are just a few more scholarship search tools to aid in your hunt.

Seek out state aid

After you’ve scouted out your fellowship, work-study, and assistantship options, the next thing to look for is free aid. A good place to start is to look for aid from your state.

Find out if your state offers financial aid for grad students by contacting your state grant agency. The Department of Education has a map to help.

If the school you’re considering is out of state, look up that state as well. They might have a grant available to students committing to studying and then working in their state.

See if your school’s program offers aid

Besides state aid, your school might offer financial aid. According to Federal Student Aid, this is not uncommon.

“Statistics show that schools may provide nearly as much student aid as the federal government does. To find out what your school offers, contact the financial aid office, as well as a faculty member in your area of study.”

And if you find aid that could apply to you, be mindful of turning your application in on time. Not doing so could cost you free money for your schooling.

Research nonprofits for help

Some prospective students are surprised to learn that they can look for financial aid from nonprofits. What you want here is a nonprofit that helps fund education for people like you — whether that’s about how much income you have, where you come from, or even the field of study you’re interested in.

This could take a little more digging than the previous steps, but you can get started by looking at sources like Questbridge, which helps low-income students gain access to education.

Find work-study opportunities

Another way to find financial aid for grad school is to look for work-study opportunities. Federal work-study programs are awarded based on need and are for both graduate and undergraduate programs.

These programs vary by school and are on a first-come, first-served basis. If interested, then hurry up and fill out your Free Application for Federal Student Aid (FAFSA), which you can do for the next school year as early as fall of the previous year.

According to the Office of Federal Student Aid, you are awarded a certain amount based on your level of need, your school’s funding, and when you apply. Graduate and professional students can be paid by the hour or on salary, and that pay would go directly to you. However, if you prefer direct deposit or to have your pay go to your tuition and other educational costs, you can request that.

As for what kind of work you can do with a work-study, that’ll depend on the program you’re in. There might even be cases when you work off-campus if your school has a partnership with a private company in an industry relevant to your degree.

Get hired in an assistantship role

Many grad students turn to assistantships to help fund their education and life while in school. However, these roles, which are positions as either a teaching assistant or research assistant, are a lot of work.

The average assistantship position requires 20 hours of work per week of teaching undergraduates, conducting lab work for your professor, or similar tasks. And that time commitment can add up fast when paired with a challenging course load.

Although common, every school won’t have an assistantship open for every grad student. Reach out to your school as soon as possible to see what’s available and apply to make sure you don’t come up empty-handed.

A clinical social worker turned full-time blogger and entrepreneur, Andrea Imafidon, used a role as a graduate assistant to gain a higher degree without incurring too much debt.

With the help of the financial aid office at her school, Imafidon found a 20-hour-per-week post as a graduate assistant, which helped her avoid additional debt and earn a decent living as a student:

“I made more than enough money to live on, travel, and save money with. My graduate assistantship was one of the highest paying gigs on campus …  [and] covered my tuition, out of state fees, books, and housing.”

Fill the gap with federal loans

If you’ve exhausted all other options, look to federal loans to fill the gap in your financial aid for grad school. Remember to complete your FAFSA early so you can have access to the most funds possible.

The FAFSA can unlock access to more than just loans (since it can also lead you to work study opportunities and free aid such as grants), but it’s also the only way to obtain federal student loans. This is important to know because these loans come with more repayment flexibility, offering advantages like access to income-driven repayment plans.

Federal Student Aid lists the options available to you as a graduate student, for which you’ll apply when you submit your FAFSA:

Knowing your options is always helpful, but it’s not dire in this scenario. That’s because submitting just one FAFSA each year enables you to see all of the above programs that you can qualify for.

And, if you’re offered more than one, be sure to take any grants (free money) before you take on loans. At the very least, you might be able to lower the cost of the debt you have to take out.

If you don’t feel like you received enough federal funding, you can ask for more financial aid in an appeal.

Last resort: private student loans

And if you’re completely out of all other options for financial aid for grad school, you can close the gap with private student loans.

MyCorporation CEO Deborah Sweeney took out private and federal loans to supplement a scholarship she had that didn’t pay for all of her grad school. For her, it was worth the investment:

“It has been a lifelong philosophy to not be afraid of taking loans for calculated reasons — to advance my education, to purchase a home, and to invest in my business. In turn, I work hard and spend carefully to pay off the loans as quickly as possible.”

It’s this balanced viewpoint which has helped Sweeney stay above water on her student loan debt while also working on her other goals:

“I believe in investing in yourself when needed and then working hard to make the most of that investment and ultimately to pay off debt as quickly as possible. So far, it has worked quite well for me.”

Private student loans are a great tool for those in need of that extra bit of funding not covered by other means, but they’re still a serious financial product. Private loans don’t offer some of the choices that government loans do, such as income-driven repayment plans or federal loan forgiveness.

What’s more, their interest rates can end up being higher, which can cost you more money overall and keep you in debt for a longer period. A listing of private student loan lenders by FinAid shows rates from just above 2% all the way up to 12% and higher.

If you’re thinking of using private student loans to supplement financial aid for grad school, weigh the costs and risks carefully before you proceed.

Take a beat before you take a leap

Grad school is the dream of many who wish for career advancement, a career change, or a love of learning. But it’s not a dream that comes free, even when the tuition is covered through grants and other means.

Unless you go to school part-time, the time you spend in grad school is time you won’t be working. That means losing out on your salary as well as the increases you’d have in your pay for each year of experience you gain.

That said, it can also lead to a boost in your pay depending on the degree you get — and it might even open doors to careers you wouldn’t have had access to otherwise. Like all investments, there’s a list of pros and cons to evaluate. Make your pro/con list before you make up your mind.

And if you need a little help making this decision, here’s a handy guide to help you decide if grad school is worth it.

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LenderVariable APREligibility 
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

(2)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 7/1/2019. Variable interest rates may increase after consummation.


2 Important Disclosures for Earnest.

Earnest Disclosures

  1. Rates include 0.25% Auto Pay Discount
     
  2. Explanation of Rates “With Autopay” (APD)
    Rates shown include 0.25% APR discount when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

    Available Terms
    For Cosigned loans – 5, 7, 10, 12, 15 years. 
    Primary Only – 10, 12, 15 years

    In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA).


3 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

4 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restrictions. Loans are offered through CommonBond Lending, LLC (NMLS #1175900).

  1.  Rates are as of July 1, 2019 and include auto-pay discount. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment. Variable rates may increase after consummation.

5 Important Disclosures for Citizens.

Citizens Disclosures

  1. Undergraduate Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2019, the one-month LIBOR rate is 2.26%. Variable interest rates range from 3.36% – 11.62% (3.36% – 11.47% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.72% – 12.19% (4.72% – 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.
  2. Citizens Bank Student Loan Eligibility: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower/eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank- participating school. 

    Please Note: International Students are not eligible for the multi-year approval feature.

  3. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.

6 Important Disclosures for Suntrust.

Suntrust Disclosures

Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private

Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.

©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.

* Offer valid for new Custom Choice Loans for which applications are submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on August 31, 2019. A 0.50% interest rate reduction will be included in the loan options presented to an applicant during the online application process, upon passing the initial credit review. The interest rate reduction will be applied as of the first disbursement date and will be effective for the life of the loan.

  1. Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective for applications received after on or after 08/01/2019. The variable interest rate for each calendar month is calculated by adding the current index (One-month LIBOR index) to your margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the “Money Rates” section of the Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One-month LIBOR index is 2.375% on 08/01/2019. The variable interest rate will increase or decrease if the One-month LIBOR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount.
  2.  APRs assume a $10,000 loan with two-disbursements and the summer savings rate discount of 0.50% (applicable to applications submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on August 31, 2019). The high APRs assume a 15-year term with deferred principal payments. The low APRs assume a 7-year term, no deferment and payments beginning 30-60 days after the last disbursement via auto pay from a SunTrust Bank account. See footnote 6 for details about auto pay.
  3. Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school. With the Full Deferment option, payments may be deferred while the student is enrolled at least half-time at an approved school and during the six month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. The Partial Interest Repayment option (paying $25 per month during in-school deferment) is only available on loans of $5,000 or more. For payment examples, see footnote 4. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment will be $50.00. There are no prepayment penalties.
  4. The 15-year term and Partial Interest Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. Making interest only or partial interest payments during in-school deferment (including the grace period) will not reduce the principal balance of the loan. Payment examples within this footnote assume a 45-month deferment period, a six-month grace period before entering repayment, the summer savings rate discount of 0.50% applicable to applications submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on August 31, 2019, no rate reduction for auto pay, and the Partial Interest Repayment option. 7-year term: $10,000 loan disbursed over two transactions with a 7-year repayment term (84 months) and 7.553% APR would result in a monthly principal and interest payment of $186.60. 10-year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and an 8.014% APR would result in a monthly principal and interest payment of $150.41. 15-year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and a 8.488% APR would result in a monthly principal and interest payment of $124.45.
  5. The 2% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation (e.g. copy of diploma, final transcript or letter on school letterhead) must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
  6. Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings, or money market account. The auto pay discount will be applied after the Servicer validates your bank account information and will continue until (1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated) or (2) automatic deduction of payments is stopped (including during any deferment or forbearance, even if payments are made). In addition, the extra 0.25% interest rate reduction for auto pay from a SunTrust Bank checking, savings or money market account will be discontinued if automatic payments are no longer made from one of the aforementioned SunTrust Bank accounts. In the event the auto pay discount is discontinued, the loan will accrue interest at the rate stated in your Credit Agreement. 
  7. A cosigner may be released from the loan upon request to the servicer, provided that the student borrower is a U.S. citizen or permanent resident alien, has met credit criteria, and met either one of the following payment conditions: (a) the first 36 consecutive monthly principal and interest payments have been made on-time (received by the servicer within 10 calendar days after their due date) or (b) the loan has not had any late payments and has been prepaid prior to the end of the first 36 months of scheduled principal and interest payments in an amount equal to the first 36 months of scheduled principal and interest payments (based on the monthly payment amount in effect when you make the most recent payment). As an example, if you have made 30 months of consecutive on-time payments, and then, based on the monthly payment amount in effect on the due date of your 31st consecutive monthly payment, you pay a lump sum equal to 6 months of payments, you will have satisfied the payment condition. Cosigner release may not be available if a loan is in forbearance.

7 Important Disclosures for PNC.

PNC Disclosures

  1. Annual Percentage Rates (APRs): APRs from 4.52% to 11.11% are for the fully deferred repayment option, include the 0.50% interest rate discount for automatic payment and encompass the full range of APRs for the three repayment term options (5, 10 and 15 year). APRs within this range may vary based on the repayment term chosen. See break down of APR ranges by repayment terms below.
  2. Fixed Annual Percentage Rates (APRs): APRs range from 4.52% to 9.58% for a 5-year term. APRs range from 5.05% to 10.26% for a 10-year term. APRs range from 5.55% to 10.84% for a 15-year term. Fixed rates are based on the creditworthiness of the borrower and co-signer, if any. Loan Payment Example: The monthly payment per $10,000 borrowed at a fixed rate range of 5.05% APR to 10.26% APR for 10 years means you would make 120 payments which may range from $131.94 to $207.24. For the fixed rate loan, the monthly payment will remain fixed for the term of the loan. Payments may vary for other repayment term options.

    Variable Annual Percentage Rates (APRs): APRs range from 4.90% to 9.92% for a 5-year term. APRs range from 5.38% to 10.57% for a 10-year term. APRs range from 5.85% to 11.11% for a 15-year term. Variable rates are based on the London Interbank Offered Rate (LIBOR) index plus a margin depending on the creditworthiness of the borrower and co-signer, if any. The LIBOR index, adjusted quarterly, is equal to the average of the one-month LIBOR rates as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly adjustment date. The LIBOR index is currently 2.47%. If the index increases or decreases, your rate will increase or decrease accordingly. Loan Payment Example: The monthly payment per $10,000 borrowed at a variable rate range of 5.38% APR to 10.57% APR for 10 years means you would make 120 payments which may range from $135.93 to $212.65. For the variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases. Payments may vary for other repayment term options.

    APRs and loan payment examples are for the fully deferred repayment option for the Undergraduate & Graduate loan programs and include the 0.50% interest rate discount for automatic payments. The lowest APR is available to well qualified applicants. Your actual APR will be based on your credit qualifications, selection of fixed or variable rate option, loan program, repayment term, repayment option and whether you elect the automatic payment feature. Loan payment examples assume 30 days to first payment after the deferment period (45 months in school and 6 month grace period). Payments vary for other rates, repayment terms and repayment options.

    In addition to Undergraduate and Graduate loans, PNC offers loans for Health & Medical Professions, Health Professions Residency and Bar Study. Rates may vary by loan program and are subject to change at any time. Visit pnconcampus.com for current rates, additional loan payment examples and more details about the Solution loan products.

  3. Automatic Payment Discount: During repayment, an interest rate discount of 0.50% is available for automatic payments. Borrower must be making scheduled payments that include both principal and interest. Interest only payments do not qualify for the 0.50% interest rate discount. Automatic payment can be established through the loan servicer American Education Services (AES). Advertised rates include the 0.50% automatic payment interest rate discount. The rate discount will be applied at the time automatic payment is established. If automatic payment is not established, the available rates will be 0.50% higher than the advertised rates. If automatic payment is established and discontinued at any time during repayment, the borrower will no longer receive an automatic payment discount and the rate will increase by 0.50%. Discount may also be suspended during periods of forbearance or deferment. Payments may be made from a checking or savings account. A federal regulation limits the number of transfers that may be made from a savings or money market account. Please contact your financial institution for more information on transfer limitations on savings accounts.
  4. Repayment Options: Immediate, interest only payments while in school and full deferment of principal and interest options available. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment.
  5. Co-Signer Release: A request to release a co-signer requires that, as of the date of the request, you have made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of forbearance or deferment within the forty-eight (48) month timeframe. “Timely payment” means each payment is made no later than the 15th day after the scheduled due date of the payment. “Consecutive payment” means the minimum monthly payment must be made for the most recent forty-eight (48) months straight without any interruption. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.
  6. Tax Deductibility: Interest may be tax deductible. Consult a tax advisor.

Please note: PNC reserves the right to modify or discontinue the terms of these program at any time without notice. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan. Private loans are subject to credit approval.

PNC is a registered service mark of The PNC Financial Services Group, Inc.
© 2019 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association.


7 Important Disclosures for Discover.

Discover Disclosures

  1. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Auto Reward Debit Reward Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.
  3. Aggregate loan limits apply.
  4. Lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest interest rate offered on the Discover Undergraduate Loan and highest interest rates offered on Discover student loans, including Undergraduate, Graduate, Health Professions, Law and MBA Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.50% as of July 1, 2019. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit discover.com/student-loans/interest-rates for more information about interest rates.
Discover's lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
3.96%
11.98%
1
Undergraduate, Graduate, and Parents

Visit College Ave

3.37% – 10.75%*,3Undergraduate and Graduate

Visit SallieMae

3.35% – 11.44%2Undergraduate and Graduate

Visit Earnest

3.66% – 9.64%4Undergraduate and Graduate

Visit CommonBond

3.36% – 11.62%5Undergraduate and Graduate

VISIT CITIZENS

3.14% – 10.68%6Undergraduate and Graduate

Visit SunTrust

4.90% – 11.11%6Undergraduate and Graduate

Visit PNC

3.37%
11.87%
7
Undergraduate and Graduate

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

You're on your way...

We'll take you to Lendingtree.com where you'll be able to fill out one form to get multiple personal loan offers, based on your creditworthiness.