You can apply only once and get the money you need for the entire school year. Funds will be sent for each term as requested by your school. Learn about how much to borrow
Sallie Mae® Graduate School Loan
coverage
of all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop.2 No max for all years of graduate school.
approval rate
for graduate students who return for their next loan with a cosigner3 through our Multi-Year Advantage.
months of deferment
during your internship or fellowship.4
years to repay
your Graduate School Loan5 with no prepayment penalty.6
month grace period
to support you during the start of your career.1
Tip for borrowers
Choose the loan option that works for you
Variable rate: 4.50% - 14.10% APR1
Your interest rate can rise or fall as the market index changes, so your Graduate School Loan payments may vary over time. Get a rate that may be less than a fixed interest rate, which could result in a lower total loan cost.
Fixed rate: 4.25% - 12.92% APR1
Get predictable monthly payments with a rate that doesn't change over time. You may pay more for your total loan cost because a fixed interest rate is usually higher than a starting variable interest rate.
Pay later
Deferred repayment option: Make no payments while you're in school and in grace (six months after leaving school).1 With this Graduate School Loan repayment option, you'll likely pay more for your total student loan cost, since the interest rate may be higher and unpaid interest will be added to your principal amount at the end of your grace period.
Pay a little and save
Fixed repayment option: Pay $25 every month5 you're in school and in grace, and you can save on your total loan cost when compared to our deferred repayment option.1 Unpaid interest will be added to your principal amount at the end of your grace period.
Pay interest and save even more
Interest repayment option: Pay your Graduate School Loan interest every month you're in school and in grace. Your interest rate will be 0.50 percentage points lower than with the deferred repayment option and 0.25 percentage points lower than with the fixed repayment option.1 Your total loan cost will likely be lower than with the other repayment options, but your Graduate School Loan payments will likely be larger while you're in school and in grace.
Benefit from these features
- Save time with a streamlined application and get the money you need year after year with our Multi-Year Advantage.3
- Lower your total loan cost—get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.7
- Pay no origination fee or penalty for paying off your Graduate School Loan before its due date.6
- Get the shortest cosigner release qualification period in the industry. You can apply to release your cosigner after you graduate, make 12 on-time, principal and interest payments and meet certain credit requirements.8
- Pay for all your school-certified Graduate school costs with a single, established lender.2
The Graduate School Loan vs the Federal Direct Grad PLUS Loan
The Sallie Mae Graduate School Loan can be a good alternative to the Federal Direct Grad PLUS Loan, and if you're highly qualified, you may receive a lower interest rate.9
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Sallie Mae Graduate School Loan
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Direct Grad PLUS Loan10 |
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No origination fee |
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Available for less than half-time enrollment |
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Offers variable interest rates |
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Offers fixed interest rates |
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6-month grace period |
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Deferred repayment option |
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Interest and fixed repayment options |
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Rate reduction for auto debit enrollment |
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Find flexibility with an internship or fellowship deferment
A deferment may help you postpone or reduce your Graduate School Loan payments during your internship or fellowship. It's available in increments of 12 months, up to a total of 48 months.4
Find out about an internship or fellowship deferment
Applying is easy
Provide some basic info
Give some details about yourself and your school.
Choose your options
After you're approved, pick the repayment option and interest rate type that will suit your budget and timeframe.
Accept your loan
Review, sign and accept your loan documentation. We'll take care of the rest with your school.
Questions? Need help applying?