Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Student Loans Best Ph.D. Student Loans Updated Oct 10, 2024 14-min read Expert Approved Expert Approved This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Rebecca Safier Written by Rebecca Safier Expertise: Student loans, personal loans, home equity, credit, budgeting Rebecca Safier is a personal finance writer with nearly a decade 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. Learn more about Rebecca Safier Reviewed by Erin Kinkade, CFP® Reviewed by Erin Kinkade, CFP® Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance 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. Learn more about Erin Kinkade, CFP® Ph.D. student loans offer a pathway to finance the extensive costs of higher education, covering tuition and living expenses. We’ve identified the best Ph.D. student loans from the Department of Education and private lenders. LenderBest forLendEDU ratingDept. of EducationFederal student loansNot ratedCollege AvePrivate student loans5/5Sallie MaeBest for cosigners4.8/5EarnestBest for large loans4.7/5SoFiBest for member benefits4.7/5ELFIBest for student advisors4.5/5 Consider federal Ph.D. student loans first If you must borrow Ph.D. student loans, consider Direct Unsubsidized Loans as your first funding source. Federal student loans from the U.S. Department of Education offer fixed interest rates, provide more repayment flexibility, and may come with the potential for loan forgiveness. The other type of federal loan available to Ph.D. students, Grad PLUS loans, charge higher rates and a more substantial origination fee, so we recommend balancing these factors with the likelihood you’ll take advantage of federal borrower benefits once you’ve maxed out your Direct Unsubsidized Loans. Private student loans might make more sense than Grad PLUS loans for certain borrowers. UnsubsidizedGrad PLUSRates8.08%9.08%Origination fee1.057%4.228%Credit check required?NoYesLoan amountsUp to $20,500 per yearUp to 100% of certified costs Federal Direct Unsubsidized loans 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. Federal Grad PLUS loans The Department of Education offers Direct PLUS Loans to graduate students to cover 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 Best overall 5.0 /5 LendEDU Rating View Rates Why it’s one of the best College Ave is an online lender offering new student loans and refinancing. The company covers a variety of doctorate programs, including those for Ph.D.s. 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%1Loan amounts$1,000 – cost of attendance Repayment terms5, 8, 10, or 15 years Eligibility requirementsBe 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 Best for cosigners 4.8 /5 LendEDU Rating View Rates 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 terms15 years Eligibility requirementsBe 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 Best for large loans 4.7 /5 LendEDU Rating View Rates 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 terms5, 7, 10, 12, or 15 yearsEligibility requirementsBe a U.S. citizen, permanent resident, DACA student, or asyleeLive in a participating state or Washington, D.C. Be enrolled at least half-time at a Title IV, not-for-profit institutionHave a minimum FICO score of 650 and at least three years of credit history Not have a bankruptcy in the past or any accounts in collections SoFi Best for member benefits 4.7 /5 LendEDU Rating View Rates Why it’s one of the best SoFi stands out for its extensive 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 return borrowers make SoFi a terrific 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 terms5, 7, 10, or 15 yearsEligibility requirementsBe 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 Best for student loan advisors 4.5 /5 LendEDU Rating View Rates 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 terms5, 7, 10, or 15 yearsEligibility requirementsBe a U.S. citizen or permanent resident alienReside in a state where ELFI lends Be enrolled at least half-time at an eligible institutionHave a credit score of at least 680 (or cosigner with a credit score of at least 680) Read More Best Graduate Student Loans How are Ph.D. student loans different from graduate student loans? Ph.D. student loans tend to be the same as other graduate student loans. When determining which loan to borrow, look for one with a competitive interest rate, flexible repayment terms, and low or no fees. Review your options for when repayment starts. Can you make immediate, interest-only, or deferred payments while in school and for several months after you graduate or start a postdoctoral research or internship program? 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 be right for you if you need funding for school. Before borrowing a private student loan, it’s smart to consider the following: Pursue gift aid you don’t need to pay back, such as grants and scholarships Max out your eligibility for federal Direct Unsubsidized Loans, which come with benefits including income-driven repayment and potential eligibility for loan forgiveness Work part-time to minimize the amount you must borrow in loans If you still have a gap in funding, consider a federal Grad PLUS loan or a private Ph.D. student loan. Federal PLUS loans offer more repayment options and protections, but private loans may give creditworthy borrowers better rates and lower costs. In July 2024, Grad PLUS loans have a fixed rate of 9.08% and loan fees of 4.228%, for example, whereas some private lenders offer rates starting around 4% and don’t charge origination fees. Compare both options to see which loan type would have a lower cost of borrowing for you. How to get a student loan for a Ph.D. program A graduate loan can be crucial in paying for your Ph.D. program. Whether you’re looking to cover tuition and fees, housing, or miscellaneous expenses, federal and private student loans can help. Our expert’s take on loans for Ph.D. students Erin Kinkade CFP® The student loans needed for a Ph.D. program will likely be more than a bachelor’s or master’s degree. But along with that, the earning potential could be greater and facilitate an easier repayment. It’s important to understand the repayment terms; try to make extra payments while pursuing the Ph.D., and don’t wait until you graduate or get a job, if possible. Of course, make room in your budget for this payment, and when job searching, ask whether the employer offers any benefits for paying back student loans, such as 401(K) employer plan matching. This will assist with “lost” retirement savings and help you gain traction to meet your retirement goals. To gain access to these loans, you must do the following. Fill out the FAFSA. The Free Application for Federal Student Aid is a form you must fill out months before the deadline for each year you want financial aid. It helps determine your financial need and is required if you hope to take out federal loans for any part of your educational expenses. Consider federal loans. Federal student loans have protections and features private loans don’t offer. While you may be limited in how much you can borrow based on financial need and annual limits, consider borrowing as much as you can with Direct Unsubsidized Loans before turning to Grad PLUS or private loans. Shop around for a private loan. Shopping around is a wise step when looking for the right private student loan, and it can help you find the right loan with the right terms and rates. Add a cosigner. If your credit history is limited, you have a low score, or you don’t meet the income requirements for a particular lender, consider adding a creditworthy cosigner to your private loans. This cosigner is equally responsible for your loans until you refinance or release them, but adding them when you apply can often unlock lower rates and higher loan limits. Provide documentation. Before disbursing your loan, your new lender may want to see documentation. This could include proof of employment, academic progress, or identity. Get your loan. Once approved, your loan funds are sent to your school and applied to any outstanding balance. Your school should refund the difference to you after the start of the semester. Alternatives to a Ph.D. student loan If you’re looking for alternatives to Ph.D. student loans, consider these funding options that could help lower the cost of attendance. Tuition reimbursement Look into tuition reimbursement programs with your employer—where your employer will repay a portion of your tuition costs in exchange for an employment contract. Program support Some Ph.D. programs offer financial support, which can be structured in several ways. The first is a fully funded Ph.D. program, which covers tuition, fees, and a stipend for living expenses. You can also search for Ph.D. fellowship programs. These programs offer financial help during your studies based on merit, and a service requirement may be attached to the funding. FAQ 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 Ph.D. 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. Recap of the best Ph.D. student loans LenderBest forLendEDU ratingDept. of EducationFederal student loansNot ratedCollege AvePrivate student loans5/5Sallie MaeBest for cosigners4.8/5EarnestBest for large loans4.7/5SoFiBest for member benefits4.7/5ELFIBest for student advisors4.5/5