Funding a Ph.D. program can cost tens of thousands of dollars, but student loans are rarely the first funding option doctoral students should consider. Many Ph.D. programs offer stipends, fellowships, or tuition waivers, but when those options aren’t enough, federal Direct Unsubsidized Loans and Grad PLUS loans can help fill the gap.
If federal aid isn’t sufficient, private lenders also offer graduate student loans that can cover tuition and living expenses. Below are the best Ph.D. student loans for doctoral programs and how to decide which option makes the most sense.
Table of Contents
How most Ph.D. students pay for their programs
Many Ph.D. students don’t rely heavily on loans. Doctoral programs often provide funding through stipends, teaching assistantships, or research fellowships.
| Loan type | Max borrowing | Credit check |
|---|---|---|
| Direct Unsubsidized Loans | $20,500 per year | No |
| Grad PLUS Loans | Cost of attendance | Yes |
| Private student loans | Cost of attendance | Yes |
Common ways to pay for a PhD include:
Fully funded Ph.D. programs
Some universities cover tuition and provide a stipend for living expenses. These arrangements are common in fields such as science, engineering, and economics.
Teaching or research assistantships
Graduate students may work as teaching assistants (TAs) or research assistants (RAs) in exchange for tuition support and a stipend.
Federal student loans
If program funding isn’t enough, federal loans are often the first borrowing option to consider. Direct Unsubsidized Loans offer up to $20,500 per year, while Grad PLUS Loans can cover the rest of your school-certified cost of attendance.
Private student loans
Many private lenders offer loans for PhD students through their graduate student loan programs. These loans can help cover tuition, fees, housing, and other education-related costs when federal aid and program funding fall short.
Many Ph.D. students graduate with less debt than other graduate students because doctoral programs often include funding. Still, students in fields such as psychology, education, or business may need loans to cover living expenses or funding gaps.
Federal student loans for Ph.D. programs
Direct Unsubsidized Loans for doctoral students
The first federal loan option to consider is the Direct Unsubsidized Loan. These loans don’t require students to demonstrate financial need and allow for up to $20,500 in annual federal funding toward your Ph.D. program, depending on your actual educational expenses.
One benefit is that you don’t need a cosigner or a credit check when you apply. File the FAFSA to apply.
Grad PLUS loans for Ph.D. students
The Department of Education offers Direct PLUS Loans to graduate students to cover the costs of advanced education. If you’re eligible, you could borrow up to the school-certified cost of attendance minus any grants or scholarships.
Unlike some federal loans, Grad PLUS Loans aren’t available to you if you have an adverse credit history, and you’ll undergo a credit check to prove you don’t.
Best private Ph.D. student loans
If you need funds to pay for your doctoral degree, private Ph.D. student loans might make sense in addition to or instead of federal loans.
Private student loans can be harder to qualify for and may have less flexible repayment plans. Our team spent hours evaluating the options to choose the best Ph.D. student loans. Among other factors, we considered their options for deferment, repayment plans, cosigner policies, and grace periods.
College Ave
Why it’s one of the best
College Ave is a great option for Ph.D. students who want flexible repayment options while completing long programs. Doctoral programs can take five to seven years to complete, and College Ave allows you to choose between deferred payments, interest-only payments, or small fixed monthly payments during school.
It stands out for its 36-month grace period. Repayment terms can reach 15 years, shorter than other lenders that let you spread payments out over 20 years. However, you can borrow anywhere from $1,000 up to the total cost of attendance each year.
- Choose between 20 different repayment schedules
- 36-month grace period
- Deferment during postdoctoral research or internships
Loan details
| Rates (APR) | 4.22% – 14.49% |
| Loan amounts | $1,000 – cost of attendance |
| Repayment terms | 5, 8, 10, or 15 years |
| Eligibility requirements | Be a U.S. citizen, permanent resident, or international student with a U.S. Social Security number and qualified cosigner. Be enrolled in an eligible school Meet credit and income requirements |
Sallie Mae
Why it’s one of the best
Sallie Mae is the largest private student loan lender in the country. It offers loans for graduate students seeking various degrees and certifications, covering up to 100% of your educational costs. Sallie Mae doesn’t have a Ph.D.-specific student loan product, but it offers graduate loans for students in master’s and doctorate programs.
Sallie Mae provides loans for up to 100% of your certified educational expenses, with no maximum loan limit. Repayment terms are up to 15 years, and cosigners can be released after 12 months of on-time payments. Student borrowers may still be eligible for loan payment deferment in 12-month increments.
- Cosigner release after 12 months of consecutive on-time payments
- Up to 48 months of deferment during postdoctoral research or internships
- No origination or prepayment penalty
Loan details
| Rates (APR) | 4.15% – 14.97% |
| Loan amounts | $1,000 – cost of attendance |
| Repayment terms | 15 years |
| Eligibility requirements | Be a U.S. citizen, permanent resident, or international student with a qualified cosigner Meet credit approval and identity verification guidelines Be enrolled at a participating degree-granting school |
Earnest
Why it’s one of the best
Earnest is a popular online lender offering private student loans and the ability to refinance student loans. The Earnest Graduate School Loan covers Ph.D. programs in all states except Nevada.
These can help cover between $1,000 and up to 100% of your school-certified educational costs. You can choose from five repayment terms, and Earnest provides a nine-month grace period.
- Cosigner release after 12 months of consecutive on-time payments
- Up to 48 months of deferment during postdoctoral research or internships
- No origination or prepayment penalty
Loan details
| Rates (APR) | 4.17% – 16.85% |
| Loan amounts | $1,000 – cost of attendance |
| Repayment terms | 5, 7, 10, 12, or 15 years |
| Eligibility requirements | Be a U.S. citizen, permanent resident, DACA student, or asylee Live in a participating state or Washington, D.C. Be enrolled at least half-time at a Title IV, not-for-profit institution Have a minimum FICO score of 650 and at least three years of credit history Not have had a bankruptcy in the past or any accounts in collections |
SoFi
Why it’s one of the best
SoFi stands out for its member benefits, which include financial products, financial planning, and other resources to help borrowers succeed. Its no-fee structure, competitive rates, and rate discounts for returning borrowers make SoFi a great choice for those seeking comprehensive support beyond student loans.
- Extensive member benefits
- No origination, application, or prepayment fees
- Option to prequalify without affecting your credit score
- Flexible repayment options for in-school and deferred payments
Loan details
| Rates (APR) | 4.74% – 15.86% |
| Loan amounts | $1,000 – cost of attendance |
| Repayment terms | 5, 7, 10, or 15 years |
| Eligibility requirements | Be a U.S. citizen, permanent resident, or non-permanent resident alien Be enrolled at least half-time in a certificate- or degree-granting program at an eligible school (students in their final semester can be enrolled less than half-time) |
ELFI
Why it’s one of the best
ELFI stands out due to its personalized customer service, offering applicants a dedicated student loan advisor to assist them throughout the application process. This personalized support ensures borrowers understand their loan terms and repayment options, making the process smoother and less stressful. ELFI’s commitment to guiding borrowers from start to finish helps them make informed financial decisions, making ELFI a top choice for those seeking expert advice and support with their student loans.
- Personalized service with a dedicated student loan advisor for each applicant
- Competitive rates with no origination, application, or prepayment fees
- Flexible repayment terms ranging from five to 15 years
- Option to prequalify without affecting your credit score
- Available for undergraduate, graduate, and parent loans
- Offers forbearance for up to 12 months for financial hardship or medical difficulty
Loan details
| Rates (APR) | 4.50% – 14.22% |
| Loan amounts | $1,000 – cost of attendance |
| Repayment terms | 5, 7, 10, or 15 years |
| Eligibility requirements | Be a U.S. citizen or permanent resident alien Reside in a state where ELFI lends Be enrolled at least half-time at an eligible institution Have a credit score of at least 680 (or cosigner with a credit score of at least 680) |
Read More Best Graduate Student Loans
How much does taking out a student loan for a Ph.D. cost?
Most private student loans for Ph.D. programs don’t include an application or origination fee, but you must pay interest charges. Interest starts accruing on your loan balance from the date of disbursement. The higher your rate, the more you’ll pay in interest over time.
Let’s say, for example, you take out a Ph.D. student loan for $50,000 with a 7% interest rate. Over 10 years of repayment, you’d pay $19,665 in total interest charges. If your rate were higher, at 10%, your total interest charges over 10 years would be $29,290.
When taking out a private student loan, your or your cosigner’s credit score has a major impact on the rate you get. Borrowers with the best credit may qualify for a lender’s lowest rates, while those with weaker credit could pay a higher interest rate.
If you can boost your credit score or apply with a creditworthy cosigner, you’ll improve your chances of getting a competitive interest rate on your Ph.D. student loan.
Is a Ph.D. student loan right for you?
A Ph.D. student loan may make sense if you have a funding gap after using assistantships, fellowships, scholarships, and federal loans.
Before borrowing a private student loan, consider these steps first:
- Use grants, scholarships, and fellowships that don’t need to be repaid
- Max out Direct Unsubsidized Loans before turning to private loans
- Work part-time, if possible, to reduce how much you need to borrow
- Compare Grad PLUS Loans with private student loans to see which offers the better overall value
Federal Grad PLUS Loans offer more repayment protections, while private student loans may offer lower rates for borrowers with strong credit or a qualified cosigner.
How to get a student loan for a PhD program
Federal and private student loans can help cover tuition, fees, housing, and other costs during a doctoral program. Before borrowing, make sure you understand your repayment options and borrow only what you need.
Doctoral students should think beyond approval alone and consider how repayment will fit into their long-term financial goals, especially if their program lasts several years.
Erin Kinkade, CFP®
To gain access to these loans, follow these steps:
Fill out the FAFSA
The Free Application for Federal Student Aid is required to access federal student loans and some school-based aid.
Use federal loans first
Direct Unsubsidized Loans usually make the most sense before Grad PLUS or private loans because they offer more borrower protections.
Compare private lenders
If federal aid doesn’t cover your full cost of attendance, shop around for a private student loan with competitive rates, flexible repayment options, and a grace period that fits your situation. (Check out our list of the best graduate student loans.)
Add a cosigner if needed
A creditworthy cosigner may improve your approval odds and help you qualify for a lower interest rate.
Submit supporting documents
Your lender may request documents such as proof of identity, enrollment, income, or academic progress.
Receive your funds
Once approved, loan funds are sent to your school first. Any remaining amount is then refunded to you for eligible education expenses.
Alternatives to a Ph.D. student loan
If you want to reduce borrowing, consider these alternatives to Ph.D. student loans:
Tuition reimbursement
Some employers help cover graduate school costs in exchange for a work commitment.
Fellowships and program support
Some Ph.D. programs offer fellowships, stipends, or institutional support that can reduce or eliminate your need for loans.
These options won’t work for every student, but they can significantly lower your out-of-pocket cost if available.
FAQ
Can you get student loans for a Ph.D.?
Yes. Ph.D. students can borrow federal Direct Unsubsidized Loans, Grad PLUS loans, or private graduate student loans. Federal loans are usually the first option because they offer flexible repayment plans and borrower protections.
Which Ph.D. student loan is the best?
Federal student loans are often the best place to start your search. Federal loans offer more benefits and protections than private student loans. They may even allow you to have some of your debt forgiven later, particularly if you plan to work in public service.
If you consider private funding, the best Ph.D. student loan for you is the one that offers approval at the lowest interest rate with the best repayment terms for your unique situation. This lender may be different for each student borrower, so it’s wise to shop around first.
Do I need a cosigner for Ph.D. student loans?
Depending on your credit history, credit score, and current income, you might need to add a cosigner to qualify for a private Ph.D. loan. In exchange for adding a creditworthy cosigner, you may be eligible for certain loans, rates, and repayment terms you didn’t qualify for.
Depending on the lender, you could release your cosigner from this obligation after a certain number of on-time payments.
Do Ph.D. student loans cover living expenses?
A Ph.D. loan can help cover your school-certified expenses, which may include housing. It’s important to note that lenders may have annual or aggregate limits. If you take out too much for tuition and fees, you might need to consider adding a private loan to cover your living expenses.
How much can I borrow with Ph.D. student loans?
The amount you can borrow with a Ph.D. student loan depends on the type of loan and even the specific lender. Federal graduate loans limit you to a maximum of $20,500 per year (though certain healthcare fields may qualify for higher limits). With private loans, you might be able to take out up to 100% of your eligible expenses.
When does repayment on Ph.D. student loans start?
Your grace period usually begins once you drop below half-time enrollment or graduate (depending on the lender). This grace period often ranges from six to nine months, during which you don’t need to make any Ph.D. loan payments. After that grace period, repayment will start.
How we chose the best PhD student loans
LendEDU evaluates student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.
These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.
Best student loans for PhD students at a glance
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About our contributors
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Written by Rebecca SafierRebecca Safier is a personal finance writer with years of experience writing about student loans, personal loans, budgeting, and related topics. She is certified as a student loan counselor through the National Association of Certified Credit Counselors.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.
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Reviewed by Erin Kinkade, CFP®Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families.