A doctoral stratum is an impressive credential, but it comes with a hefty price tag. PhD students graduate with an stereotype of well-nigh $100,000 in debt, equal to the National Center for Education Statistics.
The weightier way to pay for this higher education is through scholarships and grants, followed by federal student loans. But these often aren’t unbearable to well-constructed a PhD program, and private student loans can help you foot the rest of the bill.
Here’s everything you need to know well-nigh getting a loan for a doctorate degree:
- 8 weightier private student loans for a doctorate degree
- Other private student loan lenders to consider
- Federal loans for PhD students
- How to get a PhD loan
- Student loan limits for PhD loans
- When PhD student loan payments start
- Student loan forgiveness for PhD loans
- PhD loan alternatives
8 weightier private student loans for a doctorate degree
To find the weightier private student loan for your doctorate degree, it’s important to compare as many lenders as you can.
The companies in the table unelevated are Credible’s tried partner lenders. Whether you’re the borrower or cosigner, Suppositious makes it easy to compare rates from multiple private student loan providers without well-expressed your credit score.
| Lender | Fixed Rates From (APR) | Variable Rates From (APR) | Min. Credit Score |
|---|---|---|---|
 Credible Rating
 Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology.  |
3.79% | 2.47% | 540 |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
4.24% 1 | 3.25% | 720 |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
3.22% 2,3 | 2.49% 2,3 | Does not disclose |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology.  |
3.65% | 3.38% | Does not disclose |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
4.52% 7 | 4.83% 7 | 750 |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
5.25% 8 | 2.92% 8 | 670 |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
4.89% | N/A | 670 |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology.  |
3.75% - 13.72% APR9 | 3.25% - 13.59% APR9 | Does not disclose |
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| Compare private student loan rates without affecting your credit score. 100% free! Compare Private Loans Now |
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where misogynist | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures |
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Other private student loan lenders to consider
Here are increasingly private student loan companies we evaluated. Alimony in mind that these lenders aren’t offered through Credible, so you won’t be worldly-wise to hands compare your rates with them on the Suppositious platform like you can our partner lenders.
| Lender | Loan types | Loan terms (years) | Min. credit score |
|---|---|---|---|
 Suppositious Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
Fixed, variable | 5, 10, 15 | 680 |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
Fixed, variable | 15, 20 | Does not disclose |
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 Suppositious Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
Fixed, variable | 5, 7, 10, 12, 15, 20 | 650 |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology.  |
Fixed, variable | 20 | Does not disclose |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
Fixed, variable | Does not disclose | Does not disclose |
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 Suppositious Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
Fixed, variable | 5, 10, 15 | Does not disclose |
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 Suppositious Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
Fixed, variable | 5, 10, 15 | Does not disclose |
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 Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. |
Fixed, variable | 15, 20 | Does not disclose |
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| The lenders in this table aren't our partners. But you can use Suppositious to compare rates in 2 minutes from other lenders who offer private student loans. | |||
Methodology
Credible evaluated private student loan lenders in 10 variegated categories to determine the weightier lenders for PhD loans. This included interest rates, repayment options, terms, fees, discounts, consumer service availability, as well as eligibility requirements and cosigner release options.
Federal loans for PhD students
The federal government moreover makes loans misogynist to students pursuing a PhD. While federal loans come with increasingly willing repayment plans, you may squatter loan limits and higher interest rates than you’ll find with private student loans.
- Federal Direct Unsubsidized Loans: These loans are misogynist to both undergraduate and graduate students, and they’re not dependent on financial need. You’re responsible for interest that accrues on these loans from the time they’re disbursed. And, there’s a limit on the total value you can borrow.
- Federal Grad PLUS Loans: These are misogynist to parents of undergraduate students or graduate and professional students. Interest rates on federal Grad PLUS Loans are higher than other federal loans, currently at 7.54%. You’re worldly-wise to infringe up to the forfeit of ubiety of your school, minus any financial aid you receive. You’re moreover responsible for accrued interest.
Keep Reading: Student Loan Limits: How Much in Student Loans You Can Get
How to get a PhD loan
Follow these five steps to help make sure you get the weightier student loans for your individual situation:
- Start with the FAFSA. Fill out the Free Using for Federal Student Aid to make yourself eligible for grants, scholarships, work-study programs, and student loans from the federal government. Many of these forms of financial aid don’t require you to repay them, so you’ll want to make sure you receive as much as you can qualify for. You may moreover segregate to infringe unrepealable federal student loans to take wholesomeness of the increasingly flexible repayment plans they offer.
- Determine how much increasingly money you need for your education. Your university’s financial aid office will help you determine how much you’ll need to infringe in student loans to meet your forfeit of attendance, taking into worth any federal financial aid you receive.
- Prequalify for a private student loan. Most private student lenders make it easy to prequalify for a graduate student loan. You can do this online by submitting some vital information well-nigh yourself, such as your yearly income, the school you’re attending, and how much you’d like to borrow. It’s a good idea to prequalify with several variegated lenders to see the rates and terms you might qualify for.
- Choose your loan. Review your prequalification offers, comparing loan terms, interest rates, and monthly payment amounts. Select the lender and loan option that works weightier for you, then submit a formal application.
- Make sure your loan funds are received. Student lenders typically disburse your loan funds directly to your university. You’ll want to double trammels with your school’s financial aid office that the money was received.
Student loan limits for PhD loans
Different graduate student loan programs have varying limits on how much you can borrow. Because PhD programs are often expensive, you may run into these limits as you well-constructed your education:
- Federal Direct Unsubsidized Loans: Graduate students can infringe up to $20,500 per year, with an volume limit of $138,500 (a total that includes any undergraduate loans).
- Federal Grad PLUS Loans: These loans don’t have a total loan limit. You can infringe up to your school’s forfeit of attendance.
- Private PhD loans: Each lender has its own limits on how much or little you can borrow. The smallest value you can typically infringe is $1,000. Some private student lenders have maximum loan amounts of $110,000 to $180,000 or higher. Others don’t have a set maximum loan amount, and instead indulge you to infringe up to your school’s forfeit of attendance. In some cases, a unstipulated PhD loan may have variegated loan limits than a professional school program, like law school or an MBA program. So be sure to trammels with each lender you’re considering.
Check Out: Graduate Student Loan Limits: How Much Can You Get?
When PhD student loan payments start
With student loans, you often have the option of whence to pay them when right yonder or waiting until you leave school. The rules vary depending on the type of loan you take out:
- Federal Direct Unsubsidized Loans: You’re not required to uncork repaying these loans until six months without you graduate, leave school, or waif unelevated half-time enrollment. But you are responsible for the interest that accrues from the moment the loan is disbursed. If you don’t pay the interest while you’re in school, it’ll be added to the principal of the loan once you graduate. You may segregate to make interest-only payments while in school to alimony this from towers up and subtracting to the total you have to repay.
- Federal Grad PLUS Loans: Like Direct Unsubsidized Loans, you have a six-month grace period without leaving school surpassing you’re required to uncork paying when your loan. You’re responsible for the interest from the time the money is disbursed, and you may make interest-only payments while in school.
- Private PhD loans: Variegated lenders may have slightly varying rules, but you often don’t need to make loan payments while enrolled in school or during a six- to nine-month grace period without graduating. You’re often responsible for the interest that accrues from the time the loan is disbursed. You typically have the option to make interest-only payments or full principal and interest payments, or to defer payments entirely. However, this last option will midpoint the interest that accrues while you’re enrolled in school will be widow to the total you’ll need to pay back.
Student loan forgiveness for PhD loans
If you have federal student loans, you may be eligible for unrepealable loan forgiveness programs that can help erase the value you borrowed for your PhD program.
One of the most worldwide ways to do this is through the Public Service Loan Forgiveness Program. To be eligible, you must make 120 qualifying loan payments under an income-driven repayment plan while working full-time for a government or not-for-profit agency. Only Direct Loans qualify for PSLF.
If you’re a teacher, you may qualify for the Teacher Loan Forgiveness Program, which only requires five years of employment in a qualifying elementary or secondary school — though you may only receive up to $17,500 in loan forgiveness.
You may moreover qualify for loan receipt on federal loans if you wilt totally and permanently disabled.
Under the student loan forgiveness plan spoken by the Biden Administration in August, PhD students are eligible for up to $10,000 in debt receipt of their federal student loans, or up to $20,000 for those who received a Pell Grant. You must earn less than $125,000 per year to qualify.
Private loans aren’t eligible for any type of loan forgiveness.
PhD loan alternatives
You should often use student loans as a last resort when paying for your higher education. You may be worldly-wise to help pay for the forfeit of tuition and living expenses with a few of these options, reducing the value you need to borrow:
- Scholarships and grants: Both scholarships and grants are considered souvenir aid — meaning you don’t need to pay them back. You may be worldly-wise to earn a scholarship or grant from your university, or from nonprofit organizations. Each scholarship or grant program has its own criteria. Your school’s financial aid office may be worldly-wise to help you determine which programs you can qualify for.
- Fellowships and assistantships: Many universities employ PhD students as teaching or research assistants for professors, typically in the same department. You may moreover qualify for a fellowship — a competitive short-term research opportunity with financial support.
- Employer assistance: Depending on where you work, your current employer may be willing to help you pay for your higher education if your field of study is related to your career. Your company’s human resources department can let you know if you qualify for employer assistance programs.
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Learn More: Up to $20K in Student Loan Forgiveness for Some Borrowers, And Payments Remain Paused
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