uk phd student loan

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• Education and learning
• Student finance

Doctoral Loan

A Postgraduate Doctoral Loan can help with course fees and living costs while you study a postgraduate doctoral course, such as a PhD.

There’s different funding if you normally live in Wales . Moving somewhere to study does not count as normally living there.

You can also get extra support if you have a disability .

You will not be eligible for an Adult Dependants’ Grant, a Childcare Grant or Parents’ Learning Allowance from Student Finance if you’re studying a doctoral course.

When you can apply

You can now apply for funding for the 2023 to 2024 academic year.

When you repay your loan

You’ll have to start repaying your loan when your income is over a certain amount (the ‘threshold’ amount).

You’ll be charged interest from the day you get the first payment.

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• PhD Loans – 2023 Guide for Doctoral Students
• Funding a PhD
• A PhD Loan can fund a PhD in any field lasting between three to eight years .
• You can borrow up to £28,673 for courses that started on or after 1st August 2023.
• There are several eligibility restrictions, including that you must be a UK national resident and not receiving other funding (e.g. from Research Council or NHS).
• The repayments will be 6% of your annual income above  £21,000 .

What Is a PhD Loan?

A PhD loan is a form of UK Government loan made available to doctoral students residing in England or Wales. It is designed to help students fund their doctoral programme or equivalent degree, covering basic costs such as the tuition course fees and living costs.

The most common degrees they cover are:

• PhD – Doctor of Philosophy
• EngD – Doctor of Engineering
• EdD – Doctor of Education

Note: PhD Loans are formally known as Postgraduate Doctoral Loans, however, many postgraduate students commonly refer to Doctoral Loans as PhD Loans due to their primary use to fund PhDs.

Am I Eligible for a PhD Loan?

There are several requirements you must meet to be an eligible student for a PhD loan, such as your residency status. The eligibility criteria are summarised below into two categories – those that make you eligible and those that make you ineligible for a PhD loan.

Requirements That Make You Eligible:

• Be a UK or Irish citizen or have settled or pre-settled status under the EU Settlement Scheme , and ordinarily a resident of England or Wales.
• Be under the age of 60.
• Undertake a PhD (or another doctoral degree) that is three to eight years long and provided by a university in the UK.

Note: A common misunderstanding amongst university students is that a Doctoral Loan can fund an MPhil degree. As an MPhil is a Master’s degree, it does not meet the ‘Doctoral or equivalent’ requirement for being eligible for a Doctoral Loan. Therefore, if you are considering undertaking an MPhil, you should instead be applying for a Postgraduate Master’s Loan. If more appropriate for your situation, you can find out more information about Postgraduate Loans here .

Requirements That Make You Ineligible:

You must not:

• Already hold a PhD or equivalent doctoral degree.
• Already be receiving funding. This includes grants from the Research Council (studentships, stipends & scholarships etc.), a social work bursary or NHS bursary (note that being eligible for an NHS Bursary even if you’re not receiving one will make you ineligible for a PhD loan).
• Already have had a Doctoral Loan before, unless you left your course due to illness, bereavement or another serious personal reason. You are still eligible if you have received an undergraduate loan in previous study.
• Obtain your PhD through publication (as this won’t have a period of study associated with it)

Aspects That Don’t Affect Your Eligibility:

There are several aspects of your PhD course that do not affect your eligibility to receiving Doctoral Loans. These are:

• Your doctoral course – your PhD can be in any subject or field. The underlying requirement is that it is provided by a university in the UK; i.e. a university in either England, Wales, Scotland or Northern Ireland.
• Full-time or part-time course – you need not pursue your PhD full-time to be eligible. The underlying requirement is that your PhD can be completed within eight years regardless of how you allocate your time.
• Taught, research-based or a combination of both – as long as your PhD has an aspect of studying associated with it, the method of obtainment of your PhD will not affect your eligibility.

How Much Funding Can I Get?

The amount of funding you can obtain isn’t means-tested. This means that it isn’t related to your financial background or household income and therefore you can qualify for the full amount regardless of your situation.

The maximum loan amount you can borrow falls into one of three categories:

• Up to £28,673 if your course starts on or after 1st August 2023 ,
• Up to £27,892 if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £27,265 if your course started between 1st August 2021 and 31 July 2022 .

You may apply for a Postgraduate Doctoral Loan in any year of study, however you may not receive the maximum amount if you apply after the first year of your PhD. For annual costs, you may receive:

• Up to £12,167 per year  if your course starts on or after 1st August 2023 ,
• Up to £11,836 per year  if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £11,570 per year  if your course started between 1st August 2021 and 31 July 2022 .

When Will I Get Paid?

Your loan payments will be spread out across all academic years of your course.

Example: If you undertake a full-time PhD over 5 years and apply for a loan amount of £25,000, you will receive £5,000 in each academic year.

Further to this, the allocation for each academic year will be paid in three even instalments, with each instalment paid at the start of a new term.

Example: Continuing with the above example, the £5,000 per each academic year would be paid in three instalments of £1,667.

Your first instalment will typically be paid immediately after your course start date. This is because your university will first need to confirm to Student Finance England (SFE) or Student Finance Wales that you’ve officially enrolled with them before the student loan can be released to you.

How and When Do I Repay?

Repayment terms – You will need to start repaying your loan once you have completed your PhD and started earning an annual income over £21,000 .

Once both these conditions are met, you will start making your repayments at 6% of your income above £21,000 . This means that for the first £21,000 you earn, you won’t need to make any contributions towards your loan repayment, however, anything above £21,000 will be subject to a 6% deduction for repayment towards your student loan.

It’s worth noting that if you work for an employer after your PhD, your repayments will be automatically deducted from your salary and there isn’t anything you will directly need to do. However, if you decide to work for yourself as opposed for an employer, you will need to make the repayments yourself.

Like undergraduate loans taken for undergraduate degrees, a postgraduate Doctoral Loan is subject to interest, which will need to be paid on top of your original student loan value. The interest rate is the retail price index (RPI) plus 3%.

Example: The average UK RPI for 2019 was approximately 2.4%. This means that besides the mandatory 3% that is owed, the average interest rate on a Doctoral Loan in 2019 would have been 5.4%.

It’s worth noting that if you aren’t able to completely repay your postgraduate loan within 30 years from the date of your first payment, the remaining loan debt will be voided.

How Do I Apply?

You can apply in one of two ways – either online , by setting up an account on Student Finance England’s website, or by post , by filling in a printable form on GOV.UK ‘s website. Click the respective below to be taken directly to their websites where you can find out more. Note that you will only have to apply once for Postgraduate Doctoral Loans; Student Finance England will contact you every year to confirm the amount you will receive.

Online Application – Student Finance England

Postal Application – GOV.UK

Note: While English residents and EU students who will study in England need to apply to Student Finance England, Welsh residents and EU students who will study in Wales will need to apply to Student Finance Wales .

The application deadline is based on when your doctoral programme is due to start; you should apply within 9 months of this start date.

Finding a PhD has never been this easy – search for a PhD by keyword, location or academic area of interest.

Other PhD Funding Options

A PhD Loan is only one of several sources of funding to support your PhD studies and living expenses. The other postgraduate funding options available to you are:

• Research Council funding and studentships
• Scholarships and bursaries
• Employer sponsorship
• Charities and Trusts

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PhD loans are available in 2023/24 to help Doctoral students living in England or Wales pay for their course fees and living expenses

PhD loans at a glance

• Worth up to £28,673 for 2023/24.
• For UK nationals resident in England or Wales.
• Study at any UK university that awards PhDs.
• Repayments combined with Masters loans .

How much can I borrow?

With these government-backed postgraduate Doctoral loans, you can borrow any amount up to £27,892 if your course started between 1 August 2022 and 31 July 2023, or £28,673 if it starts on or after 1 August 2023.

PhD loans are not means-tested, so you can apply for the full amount regardless of your financial background. Also, the loan can be used however you like - to cover fees, other study-related costs or to help with your living expenses.

If you have a disability, you may be entitled to additional support in the form of Disabled Students' Allowances .

Am I eligible for a PhD loan?

• be a UK or Irish national or have settled/pre-settled status under the EU Settlement Scheme 
• be ordinarily resident in England
• have lived in the UK, Channel Islands or the Isle of Man for three years before starting the course
• be under the age of 60 on the first day of the first academic year of your course
• not already hold a PhD or equivalent qualification
• not be receiving a Research Council studentship (including fees-only), NHS funding or other government finance towards your PhD.

You can't get the loan if you began your PhD before the 2021/22 academic year.

To discover whether you qualify for PhD funding, see GOV.UK - Doctoral loan eligibility .

Is my Doctorate eligible?

Most full and part-time PhD programmes, Professional Doctorates and PhDs 'upgraded' from Master of Philosophy (MPhil) are eligible, provided they are hosted by a UK university.

Your programme must last for at least three years and no longer than eight years. There are no restrictions on what subject you can study and your PhD proposal will not be assessed as part of your loan application.

PhDs by publication are not eligible because they do not involve an active period of studying. You also can't get a PhD loan for a research Masters degree such as an MRes or a standalone MPhil - for these you should apply for a postgraduate loan instead.

If you're studying for a PhD within a Doctoral Training Partnership (DTP), Doctoral Training Centre (DTC) or Centre for Doctoral Training (CDT), your eligibility depends on whether your research is funded by a Research Council studentship. If it is, you won't be able to get a loan.

How do I apply?

Visit  GOV.UK - Apply for a Doctoral loan for full details of how to apply for PhD funding via Student Finance England.

The deadline for Doctoral loan applications is nine months after the first day of the final academic year of your PhD - meaning you can still apply after you have started studying.

How will I receive my PhD loan?

Your loan will be paid in three instalments (33%, 33% and 34%) per academic year directly into your bank account by the Student Loans Company (SLC). It will be spread evenly across your studies.

You'll stop receiving your loan if you withdraw from your PhD or transfer to an ineligible programme, but you'll still be liable to repay what you have borrowed.

When do I start repaying my loan?

Repayments will start once you have completed your PhD and you're earning at least £21,000 per year (£1,750 per month before tax and other deductions). You'll pay at a rate of 6% of your income over this threshold.

If you're employed, your repayments will be taken out of your salary automatically on a monthly basis. If you're self-employed, HM Revenue and Customs (HMRC) will calculate how much you must repay on completion of your annual self-assessment tax return.

You'll be charged interest on your loan from the date you receive the first instalment from the SLC. This is calculated at the retail price index (RPI) +3%, meaning that that the interest accrued will typically be the annually reviewed RPI percentage, plus an additional 3%. The interest rate currently stands at 7.5%.

Any outstanding balance will be written off 30 years after your loan first becomes due for repayment.

Be aware that if you have previously taken out a postgraduate loan to fund Masters-level study, this will be combined with your PhD loan. You'll therefore repay a single debt at a rate of 6% of your income over £21,000.

However, debt from your undergraduate student loan is paid concurrently rather than combined. This means you may find yourself repaying up to 15% of your income - 9% for your undergraduate loan and 6% for your postgraduate/PhD loan.

What other PhD funding is available?

• PhD studentships
• Research Council funding
• Scholarships and bursaries
• Employer sponsorship
• Crowdfunding

Remember that PhD loans cannot be combined with other public funding such as Research Council studentships or NHS funding.

PhD loans in Wales

In 2023/24, the Welsh government has confirmed that eligible students ordinarily resident in Wales are able to borrow up to £28,395 to study for a full or part-time PhD. As with the postgraduate Doctoral loan scheme for residents in England, it isn't means-tested.

If your course started in 2022/23, you can apply for a loan of up to £27,880.

Explore how and when to apply by visiting  Student Finance Wales .

Doctoral funding in Scotland and Northern Ireland 

PhD loans are not currently available in Scotland and Northern Ireland, but there are other options you can pursue in order to fund your education.

For instance, organisations such as The Carnegie Trust for the Universities of Scotland and the Department for the Economy (DfE) offer a number of PhD scholarships to residents of Scotland and Northern Ireland respectively.

Find out more

• Search for PhDs in the UK .
• Learn about PhD study .

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Studentships and doctoral training

Get a studentship to fund your doctorate.

UKRI studentships offer funding for doctoral research. They also offer you access to training, networking and development opportunities to help you build a research and innovation career.

Our expectations for research organisations, supervisors and students are set out in the statement of expectations for doctoral training .

You could get:

• a minimum stipend of £19,237 per year for your living costs, which is paid to you in regular instalments
• support for your tuition fees (minimum £4,786 per year)

The stipend is usually non-taxable and does not need to be paid back. Some research organisations may offer more if you study in London, or they or one of their collaborators might decide to top up the payment. This will be outlined in the studentship advert from the research organisation.

We normally pay the support for tuition fees directly to your research organisation.

The levels given here are for the academic year 2024 to 2025. UKRI’s approach to doctoral stipend and fee levels will be reviewed through the  new deal for postgraduate research .

Additional support for your doctoral studies

As a UKRI-funded doctoral student, you may be able to access additional funding to cover the cost of other related training and development opportunities.

This could include:

• conference attendance
• language training
• overseas research visits
• internships or placements with a non-academic partner

The availability of support will depend on the research organisation and the training grants they have on offer. You should contact the research organisation you are interested in applying to, to find out what you could get.

Extra support if you have a disability

If you have a disability, you may be entitled to a Disabled Students’ Allowance (DSA) on top of your studentship.

You should speak to your research organisation’s disability advisor to assess your needs. They can help put the right support in place, including a DSA application if necessary. You cannot claim DSA directly from UKRI.

DSA helps to cover the cost of any additional support that a person studying for a doctorate might need as a result of a disability, mental health problem or specific learning difficulty.

The allowance covers:

• non-medical personal assistance
• specialist equipment
• extra travel costs
• general expenses

Find out more about DSA in our framework .

If you are a research organisation you can download claim forms and guidance for DSA .

Who can apply

Any prospective doctoral student wishing to study at a UK research organisation, including prospective international students, can apply for a UKRI studentship.

All UKRI-funded doctoral students will be eligible for the full award, both the stipend to support living costs, and home-level fees at the UK research organisation rate.

How to find opportunities

Many UK research organisations offer some form of studentship funding from UKRI. These opportunities will depend on the subject you want to study and will normally be advertised by the research organisations.

Research organisations may have additional opportunities that do not involve UKRI. UKRI supports around 20% of all UK-based postgraduate researchers. You should speak to the research organisation you are interested in to find out what studentships are available.

You could also consider using a specialist website like   FindaPhD  to look for opportunities.

When to apply

Research organisations set their own deadlines for applications.

Many open for applications early in the academic year and close in January or February. This is not a hard and fast rule. It is important that you check the deadlines for the research organisation where you want to study.

How to apply

You cannot apply to UKRI for a studentship. You must contact the research organisation you are interested in studying with and use their application process.

For doctoral students who are already studying with a studentship, there are opportunities to get additional funding to support placements that are separate from your doctorate.  Find training and development opportunities .

Last updated: 14 February 2024

This is the website for UKRI: our seven research councils, Research England and Innovate UK. Let us know if you have feedback or would like to help improve our online products and services .

Doctoral loans for 2024-entry

• Eligibility

How to apply

The English and Welsh governments introduced a loan scheme for doctoral courses from 2018/19 entry. If you are a new entrant for 2024/25, find out if you are eligible and how you can take out a loan through the information on this page.

Please note that details for students starting in 2024 have not yet been released in full by the UK government. All figures and eligibility criteria on these pages refer to those who started in 2023, unless stated otherwise, and will be updated when further information is available.

How much is the loan?

You can apply for a loan of up to £29,390 (or £28,655 for students from Wales) towards your course and living costs. These figures have been confirmed for students starting in 2024/25.

The loan will be divided equally across each year of your course in line with the number of years course fees are payable .

The loan is paid into your bank account in three instalments during the academic year.

More information

You can find full details about eligibility, application and repayment in the sections listed across the top of this page. An overview of doctoral loans and details of how to apply is available from your regional funding agency's website:

• Student Finance England
• Student Finance Wales

For courses starting on or after 1 August 2021, the UK government has confirmed that EU, other EEA, and Swiss Nationals will be eligible for student finance from the UK government if they have UK citizens’ rights (i.e. if they have pre-settled or settled status, or if they are an Irish citizen covered by the Common Travel Area arrangement). The support you can access from the government will depend on your residency status. Further details on eligibility can be found on the UK government website .

Who can take out the loan?

The information in this section is presented as a guide only. You should refer to the UK government website for further details.

To take out the doctoral loan, you must be:

• Aged under 60 on the first day of the first academic year of your course (on 1 September 2024 for courses starting in October 2024).
• Starting an eligible doctoral course in the 2018/19 academic year or later (on or after 1 August 2018).
• A UK or Irish national, or have settled or pre-settled status under the EU Settlement Scheme or indefinite leave to remain so there are no restrictions on how long you can stay.
• Normally live in England or Wales.
• Have been ordinarily resident in the UK, Channel Islands, Isle of Man or Ireland for three continuous years before the first day of your course.

You will not be eligible for the doctoral loan if:

• You already have a doctorate or higher level qualification.
• You have received or will receive Research Council funding.
• You are eligible to apply for the NHS bursary.
• You are already receiving funding from Student Finance for the same academic year.
• You have outstanding student loan arrears or have previously been found to be ‘unfit’ for student support (e.g. because of attempted fraud).
• You have received a Postgraduate Doctoral Loan before - unless you left your course due to illness, bereavement or another serious personal reason.
• You have transferred from a Masters to a Doctoral course.

Which courses are covered?

Taught and research standalone doctoral courses in any subject are covered by the loan. Courses must start on or after 1 August 2018, and be 3 to 8 years in duration. Courses can be studied on a full-time or part-time basis.

Doctoral courses that include an integrated master’s degree are eligible for the Postgraduate Doctoral Loan, but you must be admitted to and enrol on the doctoral course. You would not be able to make a separate application for Postgraduate Master’s Finance.

If your DPhil course commences in Hilary or Trinity Term please contact the Student Fees and Funding team and we can arrange for a Hilary or Trinity Term start version of your course to be set up within the Student Finance application portal if it has not been added previously.

Applications for students starting in 2024/25 are expected to open in May 2024. You are encouraged to apply as early as possible via your regional funding agency's website to ensure that funding is in place for the start of your course.

The information below is the University's best understanding of the current position. Any changes the government make to repayment arrangements are outside the control of the University.

Will I be charged interest on my loan?

Interest is charged at the Retail Price Index (RPI) plus 3% from the day your first payment is made until your loan is repaid in full.

How do I repay my loan?

You have to repay any loan you borrow, but not until your income is over £21,000 a year. Repayments will be based on your income, not what you borrow.

You will start making repayments the April after you finish or leave your course, or the April four years after the start of your course.

You will only start making repayments once your income is over the current threshold of £403 a week, £1,750 a month or £21,000 a year. You will repay 6% of what you earn over the threshold. So if you are paid monthly and earn £2,500 before tax you’ll repay 6% of the difference between what you earn and the threshold (£1,750):

£2,500 - £1,750 = £750

6% of £750 = £45

So your Postgraduate Loan repayment would be £45 that month.

What if I already have a student loan?

If you already have a Postgraduate Master’s Loan then you’ll make a combined repayment of 6% over the income threshold of £21,000 covering both postgraduate loans.

If you have had any other loan from the Student Loans Company then you will continue to make separate repayments alongside those for your postgraduate loan.

You can find further information on repayments at the  GOV.UK Repayments website .

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UK government doctoral loans

If you're starting a research degree from August 2023, you may be entitled to a government-backed loan.

A postgraduate doctoral loan can help with your course fees and living costs.

Apply now (gov.uk)

UK government loan

You could be eligible for a loan from Student Finance England if:

• You're a UK national or Irish citizen or have settled status under the EU Settlement Scheme or indefinite leave to remain so there are no restrictions on how long you can stay
• You normally live in England
• You've been living in the UK, the Channel Islands or the Isle of Man for 3 years in a row before the first day of the first academic year of your course (excepting temporary absences such as holidays)

  See full eligibility guidance (gov.uk)

• You could receive up to £28,673 over the duration of the course
• How much you get does not depend on your household income
• The loan is paid directly to you in three instalments each academic year
• Available in all subject areas for PhD-level qualifications lasting between three and eight years
• At least 50 per cent of study over the whole course must be undertaken in the UK
• Available to students aged under 60 on the first day of their course without Research Council studentships (including fees only awards) or NHS Bursaries including Social Work bursaries
• You'll have to start repaying your loan when your income is over a certain threshold amount. Please visit the Government's information on repaying your student loans (gov.uk) for the most up-to-date information.
• You'll be charged interest from the day you get the first payment.

You can also get extra support (gov.uk) if you have a disability.

If you apply after your first year

If you apply after your first year, you might not get the maximum amount. You can apply for a doctoral loan during any year of your course.

Devolved nations loans

• If you live in Wales (studentfinancewales.co.uk)
• If you live in Scotland, you will not be eligible for a loan from the Student Awards Agency Scotland. You could try applying for support from a Research Council instead.
• If you live in Northern Ireland, you will not be eligible for a loan from Student Finance Northern Ireland. You could try applying for support from a Research Council instead.
• Complete our self-referral form

Related links

• PhD loans guide  (findaphd.com)
• UK government Masters loan scheme

In addition to the residency requirements outlined above, you may also be eligible if you're a non-EU national and are:

• the child of a Turkish worker
• a refugee or the relative of someone who is
• under humanitarian protection or the relative of someone who is
• staying in the UK as stateless or the relative of someone who is
• aged 18 or over and have lived in the UK for at least 20 years or at least half your life
• aged under 18 and have lived in the UK for at least seven years
• granted indefinite leave to remain following the Calais camp clearance in 2016 (known as ‘Calais leave’) or the child of someone with Calais leave. You must also have lived in the UK for at least three years before the first day of the first academic year.

You will not normally be eligible if:

• you're a UK national or have settled or pre-settled status in the UK, but live in Scotland, Wales or Northern Ireland.

UKCISA provides information on funding and loans for postgraduate students that live in Scotland, Wales or Northern Ireland. Find out if you are eligible .

Other eligibility factors

You will not be eligible if:

• you already hold:
• a doctoral qualification
• an equivalent qualification
• a higher qualification
• you're receiving a doctorate by publication
• you're aged 60 or above on the first day of the academic year in which your course begins
• you've received or will receive Research Council funding (for example, studentships, stipends, scholarships and tuition fee support)
• you're already getting payments from Student Finance England for another course that you’re studying
• you're already getting a social work bursary
• you're already getting an Educational Psychology bursary
• you're eligible to apply for an NHS bursary (even if you’re not receiving it)
• you've received a Doctoral loan before - unless you left your course for a serious personal reason like illness or bereavement
• you're behind in repayments for any previous loans from the Student Loans Company.

How to apply

Applications for 2023/24 are now open.

For more information, or if you have any questions, please complete our self-referral form .

You can receive a loan to study a full, stand-alone postgraduate programme that awards a Doctoral qualification. Eligible courses include:

• PhD / DPhil

Course length and mode

Your course can be:

• full-time or part-time, lasting between three and eight years
• taught, research-based, or a combination of both
• taught by more than one university where one is overseas, so long as:
• the UK university is the lead institution
• you spend at least 50 per cent of your study time over the whole course in the UK
• distance learning, so long as:
• you live in the UK for the whole of your course if you’re not an EU national
• you live in England for the whole of your course if you’re an EU national.

Your loan will be paid to you in three instalments over the academic year, subject to confirmation of attendance by the University. After your application has been approved, you’ll be sent a letter with your payment dates, or you can check them in your online account. These will be evenly spaced across your course.

The loan will be paid directly to you. You will be responsible for using the money to contribute towards tuition fees and other expenses as you see fit.

You will begin repaying your loan once your earnings are over a certain threshold. Please check the latest government information for guidance.

Repaying your student loan (gov.uk)

If you're an eligible EU national who joined the University in the 2019/20 or 2020/21 academic years, you'll have access to student loans for the duration of your course.

• For further details, see EU Nationals and Student Finance in England (gov.uk).

If you're unsure of whether you're eligible, or if you have further visa or immigration advice, please complete the International Student Support self-referral form .

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• Fees and funding
• Postgraduate doctoral

Postgraduate Doctoral Loan

Loan amount

How to apply, check if you're eligible, eu, other eea and swiss nationals, how the loan is paid, repaying your loan.

If you are a Home student, you can apply for Postgraduate Doctoral Loan from the UK government to help with course fees and living costs while you study a postgraduate doctoral course, such as a PhD.

See an estimate of costs for living in London as an Imperial student.

There’s different  funding if you normally live in Wales .

The loan will not be available if:

• you have or will receive Research Council funding which includes stipends and or tuition fee support
• you are receiving a  social work bursary
• you are eligible to apply for an  NHS Bursary
• you are still studying another course and are in receipt of payments from Student Finance
• you already have a doctoral degree or equivalent/higher qualification
• you are receiving a doctorate by publication
• you are behind in repayments for any previous loans from Student Loans Company

Students studying doctoral courses starting on or after 1 August 2024 can get up to £29,390.

The loan is not means-tested, so it doesn't matter what your household income is.

Back to top of page

Students who normally live in England should apply via Student Finance England.

If you’ve taken out a loan with Student Finance England before,  use your account to apply . If you do not already have one,  set up an account .

If you're a Home student living elsewhere, you should apply to your regional funding body.

Explore information about  eligibility for this loan on Gov.uk.

EU, other EEA and Swiss nationals starting courses on or after 1 August 2021 must have settled or pre-settled status in the UK under the EU Settlement Scheme to be able to apply for this type of financial support.

Visit the  EU Settlement Scheme information guide  for more information.

This does not apply to students who are Irish citizens living in the UK or Ireland, who are automatically treated as settled in the UK and do not need to apply to the EU Settlement Scheme to benefit from the right to UK student finance. 

For full information on the nationality or residency status requirement for this type of financial support, please see the Gov.uk website .

The loan is paid directly to you.

It will be divided equally across each year of your course.

You have to repay your loan, but only once you:

• have left university
• are in employment
• are earning over a certain amount

Find out more about repaying your loans .

Alternatively, use our A–Z index

Postgraduate loans for doctoral students

If you’re coming to Manchester this year to begin or continue postgraduate doctoral research, you could qualify for a loan from the UK government.

The maximum loan available for those starting a programme on or after 1 August 2022 is £27,892. Applications are open now.

This postgraduate student loan is paid directly to you and is non-means tested. The loan is a contribution towards the cost of study and is unlikely to fund the full cost of your doctoral studies. You will need to research how to fund any shortfall.

The information on this page is about the loan available to English students studying in the UK. There are similar funding arrangements for UK students resident in Wales; apply online at Student Finance Wales . Students ordinarily resident in Jersey , Guernsey and the Isle of Man may also be eligible for support.

Eligibility

To apply for a postgraduate doctoral loan, you must:

• be a UK or Irish national or have settled or pre-settled status under the EU Settlement Scheme  or indefinite leave to remain so there are no restrictions on how long you can stay;
• normally live in England;
• have been living in the UK, the Channel Islands, the Isle of Man or Ireland for three continuous years before the first day of your course, apart from temporary absences such as going on holiday; 
• UK applicants from Northern Ireland, Wales, Scotland, Channel Islands or the Isle of Man who move to England solely for the purpose of attending the course will not be eligible.

If you’re an EU national or a family member of an EU national

You may be eligible if you’re an EU national or a family member of an EU national, and all the following apply:

• you have settled status under the EU Settlement Scheme;
• you’ve normally lived in the UK, Gibraltar, EU, Switzerland, Norway, Iceland or Liechtenstein for the past three years (this is also known as being ‘ordinarily resident’);
• you’ll be studying at a university or college in England.

You could also be eligible if you’re:

• the child of a Swiss national and you and your parent have settled or pre-settled status under the EU Settlement Scheme;
• a migrant worker from the EU, Switzerland, Norway, Iceland or Liechtenstein with pre-settled status, or a family member of a migrant worker where both have pre-settled status;
• a resident of Gibraltar who is a UK or EU national, or their family member.

You may also be eligible with another residency status. See the gov.uk website for full details.

You must be under 60 on the first day of the first academic year of your course to get a postgraduate doctoral loan.

Previous study

If you have a loan from a previous undergraduate course or postgraduate master’s course, it won’t affect your eligibility for a postgraduate doctoral loan.

You can only get a postgraduate doctoral loan if you don’t already have an equivalent doctoral qualification or a higher-level qualification such as a PhD.

If you borrow a postgraduate doctoral loan for a course but don’t complete it, you won’t be able to get a second postgraduate doctoral loan. However, if you have to withdraw from your course for compelling personal reasons, such as illness, you may still be able to apply for another postgraduate doctoral loan.

Other eligibility

You won’t be able to get a postgraduate doctoral loan if you are getting any Research Council funding.

Course eligibility

The course you’re studying must be a full postgraduate doctoral course leading to a qualification such as:

• subject specialist doctorates: a formal programme of study such as a PhD;
• integrated subject specialist doctorates: a supervised research project undertaken alongside a more structured taught course, or may depend on successful completion of taught elements and be undertaken in later years. Integrated doctorates normally offer exit awards at master's level based on successful completion of taught course units (students must register for the doctoral degree at the outset to be eligible for a postgraduate doctoral loan);
• professional and practice-based doctorates: post-experience qualifications aimed at mid-career professionals, for example, an Engineering Doctorate (EngD).

A postgraduate doctoral loan isn't available to students wanting to ‘top up’ a lower-level qualification to a doctoral degree. Your course must be a full standalone doctoral course. The loan is available whether you are studying your course in person or by distance learning, and your course can be:

• a full-time course lasting at least three years;
• a part-time course lasting up to eight years.

How to apply

You only need to apply once for the postgraduate doctoral loan, as the application and funding are for the duration of your course. If you’re studying over three or more academic years, you’ll get a letter each year confirming your payments for the upcoming academic year.

The quickest way to apply for a postgraduate doctoral loan is online .

If you can’t apply online, you should download a paper application form .  

When to apply

You should apply as soon as possible so that the Student Loans Company can contact you if they need any further information or evidence. You must apply no more than nine months after the first day of the last academic year of your course.

Please note if you apply after your first year, you might not get the maximum loan amount. 

When you’re paid

You get the first payment after your course start date, once your university or college confirms that you’ve registered.

The loan will be paid in three instalments of 33%, 33% and 34% each year. After your application has been approved you’ll be sent a letter with your payment dates or you can check them in your online account.

Interest will be charged from the day the first payment is made to you and will be charged at the Retail Price Index (RPI) plus 3%.

You’ll be due to start making repayments the April after you finish or leave your course, or the April four years after the beginning of your course, whichever is sooner. You’ll only start repaying when your income is over £21,000 per year, £1,750 a month, or £404 a week.

You will repay 6% of what you earn over the threshold. So if you’re paid monthly and earn £2,500 per month before tax, you’ll repay 6% of the difference between what you earn and the threshold.

For example:

• £2,500 - £1,750 = £750
• 6% of £750 = £45

The following table shows how much you’ll repay towards your loan: 

Previous loans

If you have had a previous loan from the Student Loans Company, you’ll continue to repay these loans at the same time. How much you’ll repay depends on when you started your undergraduate course. 

Courses that started after 1 September 2012

If you borrowed a loan for an undergraduate course that started after 1 September 2012, you’ll repay 9% of your income above £27,295 a year towards that loan and 6% of your income above £21,000 a year towards your postgraduate loan. If you borrowed a postgraduate loan for a master’s course as well as a doctoral programme, the repayment amount due will remain at 6%, combining both postgraduate loans.

The table below shows how much you’ll repay towards your loans. 

Find out more

Find out more about the Doctoral Loan on the UK government website.

Go to gov.uk

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Postgraduate Loan for PhD Students (1)

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Funding applications for the UK Government PhD loans in England and Wales have been available since 2019. Students have the opportunity to borrow up to £25,700 to help cover costs of course fees and living expenses while studying a UK PhD.

What is the Postgraduate Doctoral Loan?

• A loan worth up to £25,700.
• To help support the cost of living and course fees while studying a PhD at a UK university.
• Available to UK nationals and European Union nationals resident in England.
• Must be under 60 years old to be eligible and must not be receiving Research Council Funding.

How much will I be able to borrow? You will be able to borrow up to £25,700. The amount you receive is not based on your family’s income and can be used to cover your cost of living and pay your course fees.

Am I eligible for a loan?

Your eligibility depends on:

• Your course
• Your nationality or residency status

In order to qualify for a PhD loan, you must:

• Be a UK citizen, European Union (EU) national, or have ‘settled status’ and are residing in England
• Have been residing in the UK for the past three years
• Be under 60 on the first day of the first academic year of your course
• Not already have received a doctoral degree or equivalent qualification prior to applying
• Not be receiving government finance or scholarships towards your PhD, including Research Council funding or other government funding
• Not have begun your PhD before 2018/19

Is my doctorate eligible?

PhD loans are available for most types of doctoral degrees, in any subject, as long as your course is in the UK. This includes both academic and professional doctorates. The course must be a full, standalone doctoral course, not a top-up.

Your course must begin on or after 1 August 2018 and must last at least 3 years but must not exceed 8 years. You will be able to study full or part time, and the degree can be taught, research-based, or a combination of both.

How do I apply?

You can now apply for courses which start on or after 1 August 2019.

You can apply for a PhD loan online by  logging into  your Student Finance England account if you’ve taken out a loan before, or  click here  to set up a new account. Creating an account will take approximately 10 minutes and you will need your National Insurance number.

You can also  download a PDF application form  to apply by post. The address is located on the form.

When do I apply?

The deadline for applying is flexible and depends on when your course begins. You’ll need to apply within nine months of the first day of the final academic year of the course.

Below is an outline of the academic year. The first day of your course will depend on the point in the year when you begin studying.

How do repayments work?

You won’t have to start repaying your PhD loan until you begin earning over £21,000 a year. You’ll only pay back 6% of what you earn over the repayment threshold.

If you are employed and earning over £21,000 a year, then you will start repaying your PhD loan from either the first April after you leave your course, or the April four years after the course begins, whichever comes first.

It’s important to take into consideration that you will be expected to repay any outstanding undergraduate student loans at the same time.

Interest is charged from the day you receive the first payment until you repay the loan in full or it’s canceled. The current interest rate is set at 6.1% and may rise based on the RPI (Retail Price Index) +3% from March of that year.

Any remaining loan balance will be cancelled after 30 years from the point you first begin paying it back.

If you end up having to leave your course early or your circumstances change, you’ll have to pay back any overpayment regardless of whether your income is less than the repayment threshold. Get in contact with  Student Finance England for further information.

Postgraduate Doctoral Loan in Wales

Applications are now  open  for Welsh doctoral loans. Students who are resident in Wales will also be eligible for a PhD loan worth up to £25,700.

Applications can be made online or by post and should be sent to Student Finance Wales.

Find out more

Further eligibility requirements can be found  here  on the GOV.UK website.

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UK student loans: how to apply – and other options to consider

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I f you are heading off to university next month and have not sorted out your student loans, you need to get a move on. It’s not too late to apply, but those who do so now probably won’t get all of their money in time for the start of their course.

Here, we look at what students and parents need to think about.

Student finance is the official government funding you apply for to pay for university tuition fees and help with living costs while studying.

There are two types of loan available: the tuition fee loan, which covers the course fees, with the money paid directly to the university or college, and the maintenance loan, which is designed to help with costs such as accommodation, food and books.

Tuition fees are charged by universities and colleges to cover key elements of your course and academic life (lectures, seminars and tutorials, course admin costs, access to course-related facilities and so on) as well as core services related to students’ wellbeing, Ucas says. However, they do not usually cover things such as printing or photocopying at libraries, non-compulsory field trips, textbooks and other course materials, and membership of clubs and societies.

The maintenance loan is partly means-tested – how much a student gets depends on their household income (for most students, that’s how much their parents earn), where they are living and where they will be studying.

Student finance must be paid back once the recipient graduates and is earning above a minimum salary.

You must apply to the student finance body in the country you live in before you start university. You can do it online via gov.uk/apply-for-student-finance . This will take you to the links for the relevant bodies in England, Wales, Scotland and Northern Ireland.

It’s not too late but …

Technically you can still apply for funding up to nine months after the first day of the academic year for your course.

However, the Student Loans Company says student finance applications can take six to eight weeks to process, and has indicated that students who apply now probably won’t receive their full maintenance loan entitlement when the term starts. “We will try to get some money to them and top it up later,” a spokesman says. Typically it will award the minimum maintenance loan amount first, so the student has some money at the start of their course, followed by a top-up payment if they are eligible for more funding.

In terms of the tuition fees, that can usually be sorted out very quickly. With most universities the tuition fees are not normally charged right away anyway – the first payment date is often some time in October or November.

How much maintenance loan do I get?

Each country within the UK has its own rules, so it partly depends on where you usually live. Household income and whether you will live at home or away are other major factors.

In England for 2021-22 the maximum loan for a student living at home is £7,987 and the minimum is £3,516. If you will be living away from home, outside London, the maximum and minimum are £9,488 and £4,422. If you will be living away from home in London, they are £12,382 and £6,166 respectively. Generally, you will get the maximum maintenance loan if your annual household income is below £25,000, while the minimums kick in above thresholds ranging from £58,000 to £70,000.

“Unlike the fees loan, it’s paid directly to your student bank account once a term (monthly in Scotland), and you can spend it on anything you like – which is why you need to be clever about it,” says the website Save the Student.

If your family has suffered financially because of the coronavirus pandemic, you may be eligible for a higher level of funding.

For example, in England you can apply for a “ current year income assessment ” if you think your household income this tax year (2021-22) will be at least 15% lower than the year you have been asked to give details about (for those heading off in the coming weeks that’s 2019-20). You will qualify for an assessment if your expected household income after the 15% decrease is between £25,000 and £58,220 a year.

It is a similar system in Wales . In Scotland, if your household income figure has dropped into a lower bracket , Student Awards Agency Scotland can look at your funding again based on the current estimate. In Northern Ireland, your total household income must have fallen by 5% or more to be reassessed.

What other help is there?

Check with your university as there may be bursaries, grants and scholarships you can apply for. Each university or college will have its own rules about who qualifies and how much you can receive.

Bursaries are like grants and do not have to be paid back. “Bursaries typically go to students whose household income is below £25,000 a year, though some universities cut off at around £40,000 a year,” Save the Student says.

Universities and colleges typically also have hardship funds that mean you could receive extra money if you are experiencing financial difficulty.

Meanwhile, some charities, councils and businesses offer funds.

The Scholarship Hub lets people search and apply for UK scholarships, grants or bursaries for university.

Turn2us – a charity providing help to those struggling financially – runs a site that allows people to search for charitable grants.

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Who’s eligible for debt relief under the new plan?

What are the challenges to implementing this new debt relief plan, which loans are eligible for forgiveness , how will forgiving interest help borrowers, what steps should student loan borrowers take in the meantime, where can i apply for the new forgiveness plan , if i’m not eligible for this plan, what other options do i have, will biden’s new student loan forgiveness plan cancel my debt.

Maybe. The new rules are complicated, so we talked to an expert to answer your top questions.

Dashia Milden

Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.

Courtney Johnston

Senior Editor

Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

Key takeaways:

• On April 16, the Department of Education published a first draft of the White House’s newest student debt relief plan rules.
• The administration’s latest student loan forgiveness plan could wipe out balances for 25 million borrowers.
• If passed, millions could see their debt automatically cancelled as soon as this fall. It’s unclear yet if others will need to apply for the program.

Last week, the White House announced a new student debt relief plan that would clear outstanding balances for 25 million people if enacted. And yesterday, the Department of Education just released the first draft of the proposal rules, offering clarity on who might be eligible for debt cancellation.

The Biden administration has made several attempts to pass broad federal student loan forgiveness proposals over the past few years. And it’s been a challenging road.

After the White House’s first attempt at widespread loan relief was shot down in the Supreme Court last year, the administration implemented a new income-driven repayment plan, Saving on a Valuable Education or SAVE, that offers a chance at loan forgiveness after repaying your loans for 20 to 25 years. This plan has forgiven a total of $153 billion in student debt relief for nearly 4.3 million Americans to date, including another $7.4 billion in student loans canceled in April.

Its latest endeavor to help lower the student debt burden would erase balances for some borrowers and could decrease runaway interest charges for those who don’t qualify for full relief. 

“The new student loan proposals will provide full or partial financial relief to tens of millions of borrowers, especially borrowers who are experiencing financial distress,” said Mark Kantrowitz, a student financial aid expert and member of our CNET Money Expert Review Board . 

As someone still repaying student loans nearly ten years later, I wanted to find out the likelihood of this new plan being passed, who will qualify for forgiveness, and what steps (if any) borrowers should take now. I shared my burning questions with Kantrowitz, and here’s what I learned.

If passed, the administration’s latest debt relief plan could wipe out balances for millions of student loan borrowers. Here’s who it could benefit:

• Borrowers with loan balances that have grown significantly due to interest could see up to $20,000 of their interest balances canceled. Those enrolled in an income-driven repayment plan making below $120,000 a year ($240,000 for those married, filing jointly) could receive automatic forgiveness for the full amount their balance has increased due to interest.
• Borrowers with undergraduate federal student loans who began repaying 20 years ago could have their remaining debt forgiven.
• Borrowers with graduate federal student loans who began repaying 25 years ago could have their remaining debt forgiven.
• Borrowers with federal student loans who are eligible for loan forgiveness under SAVE or other programs like Public Service Loan Forgiveness or Teacher Loan Forgiveness could see their balances canceled, even if they haven’t enrolled in the qualifying programs.
• Borrowers who experienced financial hardship or those who attended a school that lost federal funding might also be able to receive relief. The administration is drafting a rule for borrowers facing financial hardship in the coming months. 

Since the Biden administration’s first attempt at sweeping loan forgiveness was blocked, I know it’s likely that the latest plan will also face resistance.

“The new regulations for targeted forgiveness will become final this summer,” said Kantrowitz. But he expects them to be blocked -- maybe temporarily -- by the courts. 

“The main risk with President Biden’s new proposal is that it is likely to be subject to legal challenges for the same reasons as the original proposal for broad student loan forgiveness,” said Kantrowitz. The administration’s first attempt at widespread student debt relief was not authorized under the Higher Education Relief Opportunities for Students, or the HEROES Act . 

And it could face other obstacles. “It may also be subject to challenges under the Administrative Procedures Act based on claims that it is arbitrary, capricious and vague and an abuse of discretion,” said Kantrowitz. 

Even though some individual proposals have passed legal challenges, combining all of these proposals into a new plan could increase the chances that the courts will all block it, he added.

It’s too soon to tell what will happen, but expect a bumpy ride. The administration released its first draft of the rules today. The Department of Education will open a 30-day comment period tomorrow (April 17) to help finalize rules in time for relief in the fall. If the measure moves forward, the Biden administration expects more loan balances could be forgiven this fall. 

Most federal student loans, including qualifying undergraduate, graduate, student and parent loans, will be eligible for forgiveness under the new plan, said Kantrowitz. 

Some loans don’t qualify, like Federal Family Education Loans or FFEL. If you have one of these loans, you can consolidate them into a Direct loan to qualify for debt relief under an income-driven repayment plan or PSLF. You can do this by visiting Studentaid.gov and completing the steps for consolidation . 

Private student loans from banks and online lenders are not eligible for debt relief.

Many student loan borrowers have larger balances now than when they initially started repayment due to runaway interest. If this is the case for you, the new interest forgiveness plan could reduce your loan balance or eliminate it altogether.

According to the White House fact sheet , the plan could help create more financial stability for working families while addressing the debt that people of color face. 

The plans could eliminate accrued interest for 23 million borrowers and cancel debt for four million. Additionally, over 10 million borrowers will see relief of $5,000 or more. Black and Latino borrowers, who are more likely to see their student loan balances grow due to interest accumulation, will benefit most from the administration’s new propositions. 

Whether this new student loan debt relief plan will be passed is unclear. Until then, Kantrowitz recommends signing up for autopay to ensure you don’t miss any payments. You may also qualify for a 0.25% interest rate reduction when you sign up for autopay.

Claim the student loan interest deduction on your federal income tax return. The deduction excludes up to $2,500 in interest paid on federal and private student loans and saves you money on taxes. 

If you qualify for interest relief under the new plan, Kantrowitz said you can try to increase the amount of interest that will be forgiven by switching to an income-driven repayment plan. If you can’t afford payments, you can consider applying for deferment or forbearance if you meet the requirements.

Just make sure you understand how each of these steps could impact your existing loan balance. If you’re approved to make lower monthly payments or temporarily stop paying, your balance may increase due to interest. If the administration’s new debt relief isn’t successful, that could leave you with more to pay off.

If you can afford your current monthly payments but want to apply for an IDR to lower your payment and increase the interest that could be forgiven, it may make sense to contribute the difference to a high-yield savings account . 

For example, if you pay $350 per month toward your student loans and an IDR lowers your payment to $150, you could contribute the extra $200 to your savings. Then, if the plan is passed, you could be eligible for more interest forgiven. If not, you can move the funds from your savings to your student loan balance. Either way, you’ve also earned interest on your money in the meantime.

There isn’t an application for the Biden administration’s new debt relief program yet. And it’s currently unclear if you’ll need to apply or if adjustments to your loan balances will be automatic.

“The goal of the new regulations is to make forgiveness automatic so that no application is necessary,” said Kantrowitz. “However, some of the proposals do not seem to be amenable to automatic forgiveness and may require an application.” 

If you’re not eligible for full forgiveness or don’t qualify for aid under this latest student loan relief plan, you still have options. “Borrowers who are ineligible may be able to get some financial relief through the SAVE repayment plan, deferments and forbearances,” said Kantrowitz. 

Income-driven repayment plans, like SAVE, can help you lower your monthly student loan payment to a more affordable amount. If you still need to check to see if you’re eligible to save money with the SAVE program, you can explore different IDRs at StudentAid.gov .

If you can’t afford your monthly payment, whether you’re on an IDR or not, you can talk to your servicer about deferring your student loans. If you’re experiencing financial hardship, enrolling in school or enlisting in the military, deferring your loans allows you to stop paying your student loans. During deferment, interest will not continue accruing on qualifying loans like subsidized and Perkins loans. 

If you don’t qualify for deferment, you may qualify for forbearance, which allows you to stop making payments temporarily. However, interest will accrue while you’re not making payments, so your loan balance will grow. When your forbearance ends, you’ll resume making payments.

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Another 277,000 borrowers received student loan forgiveness last week. here’s how you can, too, 25 million americans could have student loan debt wiped out under biden’s latest plan, fafsa rollout delayed, leaving students in limbo. what to know about this year’s financial aid deadlines.

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Best Graduate Student Loans of March 2024

Federal student loans are a great option for grad students because of the benefits they provide, but they aren't the only choice to consider.

Christy Bieber

Christy Bieber has been working full-time as a freelance writer since 2008. She has written blogs, news articles, textbooks, and online courses on the topics of law, finance, and history. She lives with her husband, two children, and beagle.

Renee Fleck

Renee Fleck is a student loans editor with over five years of experience in digital content editing. Her work has been featured in Fast Company, Morning Brew, and Sidebar.io, among other online publications. She is fluent in Spanish and French and enjoys traveling to new places.

Updated April 18, 2024, 6:29 PM EDT

Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. (Credible), which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.

Earning a graduate or professional degree can open up new career opportunities, but it can also come at a big cost. In the 2023-24 school year, master’s students at private colleges faced an average tuition and fees of $30,970, while doctoral students paid around $49,660 according to the  College Board . 

If you’ve already exhausted all grant and scholarship options, a graduate student loan can help you cover any remaining costs. 

Federal unsubsidized loans and graduate PLUS loans are often the best starting point because of their low interest rates and flexible repayment terms. But depending on your financial qualifications, you may be able to secure a more favorable interest rate through a private graduate school loan. 

Compare graduate student loan rates

Fox Money rating

Fixed (APR)

4.07% - 15.48%

Loan Amounts

$1,000 up to 100% of the school-certified cost of attendance

Min. Credit Score

Does not disclose

on Credible’s website

View Details

College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.

You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.

Interest rates

Fixed or variable

Minimum credit score

Minimum income

5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)

Loan amounts

$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile

Cosigner release

After half of the scheduled repayment period has elapsed

Eligibility

Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.

4.09% - 15.66%

$2,001* to $400,000

Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.  

Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option. 

5, 7, 10, 12, 15, or 20 years

 $2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates

Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.

4.43% - 14.04%

$1,000 to $99,999 annually ($180,000 aggregate limit)

Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.

If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.

Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs. 

7, 10, or 15 years

$1,000 to $99,999 per year (lifetime limit of $180,000)

Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.  

4.50% - 15.49%

$1,000 up to 100% of school-certified cost of attendance

Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.

Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan. 

10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans

$1,000 up to school-certified cost of attendance

Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.

4.56% - 8.34%

$1,001 up to 100% of school certified cost of attendance

INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can  borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.

INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders. 

5, 10, or 15 years

$1,001 minimum, up to the school certified cost of attendance

Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.

5.35% - 7.95%

$1,500 up to school’s certified cost of attendance less aid

Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.

While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.

10 or 15 years

$1,500 minimum up to school-certified cost of attendance

Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.

5.99% - 14.00%

$1,000 to $350,000 (depending on degree)

Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.

Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.

5, 10, or 15 years for student loans; 5 or 10 years for parent loans

$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type

Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.

8.42% - 13.01%

$1,000 up to cost of attendance

Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank owned by Education Loan Finance, Inc., a non-profit whose mandate is to provide access to higher education. ELFI launched in 2015 and offers undergraduate, graduate, and parent private student loans as well as student loan refinancing.

ELFI student loans and refinance loans are available to residents in all U.S. states including Puerto Rico. Borrowers can benefit from no application, origination, or prepayment fees. ELFI also offers flexible repayment terms and competitive rates, however there’s no cosigner release option and the lender doesn’t offer any discounts.

5, 7, 10, or 15 years

$1,000 - Cost of attendance

A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.

All 50 states as well as Washington DC and Puerto Rico.

Fox Business does not make or arrange loans.

8 best private graduate school loans

No-Cosigner Loans

4.09 - 15.66%

Variable APR

6.22 - 16.08%

Loan Amount

5, 7, 10, 12, 15, 20

Pros and cons

No application or origination fees

Autopay discounts of 0.25 to 1.00 percentage points

1% cash back reward at graduation

Extended grace periods of 9 to 36 months

Doesn’t offer parent loans or refinance loans

Higher interest rates than some competitors

International students can’t release their cosigner

More details

Multi-Year Approval

5.99 - 14.00%

6.97 - 15.03%

Multiyear approval for qualifying applicants

Lends to international students with an eligible cosigner

Customized loans for various programs and parents

Autopay and loyalty discounts

Parent loans don’t have deferred payment option

Limited loan terms to choose from

Relatively long cosigner release requirement

No option to prequalify with a soft credit check

Extended Grace Periods

College Ave

4.07 - 15.48%

5.59 - 16.69%

5, 8, 10, 15, 20

Autopay discount of 0.25 percentage points

Multiyear approval available

Graduate, MBA, law, dental, and medical school loans have grace periods between 9 and 36 months

Parent borrowers must make at least interest-only payments while student is in school

Must complete half your repayment term before you’re eligible for cosigner release

Discounts and Rewards

Custom Choice

4.43 - 14.04%

5.38 - 15.56%

2% reduction of your principal balance upon graduation

0.25 percentage point discount on interest rate for autopay

No fees — not even late fees

Option to check your rates through online prequalification

No loan options for parents or international students

Only three loan term options of 7, 10, or 15 years

Minimum income and credit score requirements not disclosed

Flexible repayment options

8.42 - 13.01%

4.98 - 12.79%

5, 7, 10, 15

Accepts applicants with credit scores under 700

Flexible student loan repayment terms

Can borrow up to school-certified cost of attendance

Access to a dedicated Student Loan Advisor to assist with the application process

No discounts available

No cosigner release option

Associate degree students and holders are not eligible for loans or refinancing

Indiana Students

4.56 - 8.34%

7.75 - 11.79%

Low minimum borrowing limits

Short cosigner release requirements

Transparent qualification requirements

Loans are available only to Indiana residents

No prequalification option to view your rates

No loan options for international students

Borrowers with Good Credit

5.35 - 7.95%

No fees whatsoever

Competitive interest rates

Can borrow up to the cost of attendance

No rate discounts available

No variable interest rates

Only two repayment terms

Strict cosigner release requirements

Can’t prequalify with a soft credit check

specialized Loans

4.50 - 15.49%

6.37 - 16.70%

No prepayment or origination fees

Loans available to noncitizens with an eligible cosigner

Cosigner release after 12 on-time payments

No parent loan options

No option to check your rates through prequalification

Loan terms not disclosed until after you apply

Other graduate loans to consider

Federal loans for graduates .

Federal student loans offer graduate students flexible repayment options and potentially lower interest rates compared to private loans. Direct Unsubsidized Loans are available to all graduate and undergraduate students, and come with benefits like deferment options and income-driven repayment plans. These loans do have annual and aggregate borrowing limits, though. 

Grad PLUS loans are specifically for graduate and professional students. These loans can cover the full cost of attendance of your school, minus any other financial aid you receive (including tuition, fees, living expenses, and other educational expenses). Just keep in mind that interest rates on grad PLUS loans are higher than unsubsidized federal loans. 

SoFi graduate loans 

SoFi is a private lender offering graduate student loans with competitive rates and flexible repayment terms of five, seven, 10, or 15 years. SoFi is popular for its generous member benefits, such as access to financial advisers, networking opportunities, discounts, and rewards to help pay down your loan. Plus, grad school students are able to use a recent job offer letter as proof of income when applying for a loan. SoFi graduate loans cover your school’s certified cost of attendance, minus other financial aid you receive. 

Methodology

We evaluated these student loan lenders based on interest rates and origination fees, loan amounts, loan terms, discounts, whether cosigners are accepted, and more. Our team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date. Read our full  methodology for more details.

Private vs. federal loans for graduates

Graduate students are eligible for both private and federal student loans. Federal loans for graduates include Direct Unsubsidized Loans and grad PLUS loans. These loans are often the best for graduate students because of the many benefits they offer, including:

• Affordable fixed interest rates based on the time period you borrow, not based on your credit score or income 
• Flexible repayment plans ranging from 10 to 25 years, with the option to switch plans as needed
• The ability to choose an income-driven repayment plan so payments are set at a percentage of discretionary income (and could be as low as $0)
• Loan forgiveness programs, including forgiveness through the Public Service Loan Forgiveness ( PSLF ) program and through income-driven plans 

Direct Unsubsidized Loans also come with low origination fees and low interest rates, but there are limits on how much you can borrow. 

With grad PLUS loans, you can borrow up to the total cost of attendance of your school, but the origination fee and interest rate are a little higher compared to Direct Unsubsidized Loans. That’s why it’s usually a good idea to max out unsubsidized loans first before taking out a PLUS loan. 

After taking out all federal loans you’re eligible for, private student loans can help fill the gaps and cover additional expenses. Just be sure to understand the key differences between federal vs. private student loans to decide how much private debt you’re willing to take on. 

What to consider when choosing a graduate loan

Whether you’re considering private or federal graduate student loans, it's important to know the loan terms for the debt you’re taking on. Here are some key things to pay attention to when deciding which loan is right for you:

• Interest rates: Federal student loan rates are set based on the time when you borrow. For Direct Unsubsidized Loans disbursed on or after July 1, 2023, and before July 1, 2024, the rate is 7.05%, and for grad PLUS loans disbursed during the same time period, the rate is 8.05%. Private student loan rates vary by lender. 
• Origination fee: Both Direct Unsubsidized Loans and Direct PLUS Loans have an origination fee — 1.057% and 4.228%, respectively — for loans disbursed on or after Oct. 1, 2020 and before Oct. 1, 2024. Many private loan lenders do not charge origination fees. 
• Repayment terms: Federal loans have a standard 10-year repayment period, but there are options to repay over 25 years. Repayment term options vary with private lenders, and you'll need to choose your payoff timeline up front. 
• Loan limits: Direct Unsubsidized Loans have annual and lifetime borrowing limits. Both PLUS loans and private loans allow you to borrow up to the cost of attendance minus other financial aid. 
• Eligibility criteria: Private student loan lenders typically check your credit and income to determine if you’re eligible, and they may require a cosigner if you don't have solid financial credentials. Direct Unsubsidized and Direct PLUS Loans are available regardless of income. Direct Unsubsidized Loans are also available regardless of credit, while PLUS loans do restrict eligibility and won't let you borrow if you have adverse credit. However, there are some exceptions . 

Be sure to look at all these terms and consider the unique benefits of private student loans before deciding what the best graduate student loans are for your situation. 

How to apply for a graduate loan

To apply for federal student loans, you’ll need to sign up for a Federal Student Aid (FSA) ID. You'll then complete the Free Application for Federal Student Aid ( FAFSA ) and provide basic information about your financial credentials.

If you’re applying for a graduate PLUS loan, you’ll also need to complete the Direct PLUS Loan application . This can be done online, and you’ll need to provide your FSA ID, your school name, your personal and employment information, and the amount you wish to borrow. 

Private student loan lenders each have their own application process. It's helpful to get multiple online quotes from different lenders to compare pricing and then move forward with completing an application with the most affordable loan provider.

With a private lender, you can expect to be asked for proof of income as well as your Social Security number for a credit check. Your cosigner will also need to provide financial information if you’re unable to qualify to borrow on your own. 

Tip: If you have a cosigner, you can always choose to refinance student loans later once you can qualify on your own so your cosigner won't always have to be responsible for the debt. Some lenders also offer cosigner release after a certain number of on-time payments.

Alternatives to pay for graduate school

Graduate student loans are not the only option to pay for an advanced degree. Other potential sources of funds include:

• Scholarships: Scholarships are great because you don’t have to pay back the money. You can check with your school's financial aid office, use resources such as BigFuture's scholarship search , or check with local and professional organizations and groups about available scholarships. 
• Grants: Grants are also free sources of funds you don't have to pay back. They’re often based on financial need and may be offered by the government, nonprofits, or private organizations. Check with your school's financial aid office or your state's Department of Education to find grant options. 
• Savings: If you have money saved, you can use it to pay for school and avoid borrowing. This will allow you to save on interest charges over the life of your loan. 
• Employer education benefits: Some companies, including Deloitte, Best Buy, and KFC, provide tuition assistance programs for graduate students. 

Frequently asked questions

What type of loan is best for graduate school.

Most graduate students will find that Direct Unsubsidized Loans are their best borrowing option. These federal loans come with low origination fees and interest rates, are available regardless of your credit history, and come with federal borrower benefits, including access to loan forgiveness and income-driven repayment plans. Grad PLUS loans also offer federal benefits and are a good borrowing option, although interest rates are higher than Direct Unsubsidized Loans. Private student loans can help fill the gap and cover what federal loans don't. 

What is a good interest rate for grad school loans?

Direct Unsubsidized Loans for graduate students offer a competitive interest rate of 7.05% if disbursed on or after July 1, 2023, and before July 1, 2024. Many students will find Direct Unsubsidized Loans usually have the lowest interest rate, below what other federal or private loans charge. However, it can be a good idea to research multiple private loan options to find out if you may qualify for a lower rate.

What is the average student loan debt for a graduate degree?

The average grad school loan debt varies by type of degree and program. For example, in the 2019-20 academic year, 37% of masters degree recipients and 25% of doctoral degree recipients graduated with a cumulative debt of $50,000 or more, according to recent College Board data . 

How much does FAFSA give for grad school?

The Free Application for Federal Student Aid (FAFSA) allows graduate students to become eligible for Direct Unsubsidized Loans. These loans have an annual limit of $20,500 for graduate or professional students. Your school will determine how much you can borrow.

Current Student Loan Interest Rates in April 2024

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Student loans can help bridge the gap between the total cost of going to college and the amount of financial aid your school offers. There are two main types of student loans: federal loans with benefits and fixed rates that apply to all borrowers, and private ones with rates and terms that vary.

You're almost always better off going with federal student loans because you're likely to get a lower interest rate, and they come with special benefits and protections. However, you can only refinance student loans through private lenders.

Student Loan Refinance Rates

While rates have held in a relatively tight range in recent weeks, the cost of refinancing student loans has been rising over the past year as Federal Reserve policy makers increased the federal funds rate to try to slow inflation. Although not directly linked to student loans, higher Fed rates ultimately influence borrowing costs for everything from college to real estate, credit cards, and automobiles.

Undergraduate Loans

Here's the current average rate for new undergraduate variable student loans:

Graduate Loans

Here's the current average rate for new graduate variable student loans:

Private Student Loan Rates vs. Federal Student Loan Rates

Be sure to exhaust all of your federal student loan options before turning to a private lender. Federal student loans almost always have lower interest rates than private loans. Private loans require a credit check, and many students either have no credit history or a low credit score . That means they're likely to be offered a higher interest rate than they'd pay for a federal student loan.

Congress sets the interest rates for federal student loans, which are the same for all borrowers. There is no credit check required, and you don't have to show proof of income or have a co-signer. Federal student loans also have some benefits such as the ability to sign up for an income-driven repayment plan, deferment, forbearance, or forgiveness, none of which are typically available with private loans.

Federal student loan rates have also been rising. The cost of borrowing across all Department of Education loans is going up again for the 2023-2024 school year after some rates saw the biggest increases in decades during the prior period. While the rates private lenders charge aren't tied to federal loan rates, they're likely to also rise when federal loan rates do because they don't have to stay as low to remain competitive.

Federal Student Loan Rates For 2023-2024 School Year

Source: US Department of Education

Student Loan Refinance Frequently Asked Questions

Should i refinance my student loan.

Whether or not you should refinance your student loan depends on your specific financial situation. You may want to consider alternatives such as a less expensive school, scholarships, or a side job to earn more money. Whatever your decision is, make sure you understand the terms of your new loan before making a choice.

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