Graduate Student Loan

Your graduate student loan search, simplified

Understand the true cost of your graduate loan before you borrow, in as little as three minutes.

No credit score impact
No income required
100% free
No cosigner required
Pre-qualified rate from 8B Finance
Pre-qualified rate from 8B Finance

Graduate loan

Total cost
$70,327$18,413
APR
4.71%4.22%
Term
10 years10 years
Monthly payment
$586/mo$153/mo
Apply
Pre-qualified rate from ASLA
Pre-qualified rate from ASLA

Graduate loan

Total cost
$78,198$20,271
APR
4.71%4.22%
Term
15 years15 years
Monthly payment
$434/mo$113/mo
Apply
Pre-qualified rate from Ascent
Pre-qualified rate from Ascent

Graduate loan

Total cost
$86,559$22,235
APR
4.71%4.22%
Term
20 years20 years
Monthly payment
$361/mo$93/mo
Apply
Pre-qualified rate from College Ave
Pre-qualified rate from College Ave

Graduate loan

Total cost
$70,327$18,413
APR
4.71%4.22%
Term
10 years10 years
Monthly payment
$586/mo$153/mo
Apply
Pre-qualified rate from Custom Choice
Pre-qualified rate from Custom Choice

Graduate loan

Total cost
$78,198$20,271
APR
4.71%4.22%
Term
15 years15 years
Monthly payment
$434/mo$113/mo
Apply
Pre-qualified rate from Earnest
Pre-qualified rate from Earnest

Graduate loan

Total cost
$86,559$22,235
APR
4.71%4.22%
Term
20 years20 years
Monthly payment
$361/mo$93/mo
Apply
Pre-qualified rate from Edly
Pre-qualified rate from Edly

Graduate loan

Total cost
$62,962$16,664
APR
4.71%4.22%
Term
5 years5 years
Monthly payment
$1,049/mo$278/mo
Apply
Pre-qualified rate from EdvestinU
Pre-qualified rate from EdvestinU

Graduate loan

Total cost
$70,327$18,413
APR
4.71%4.22%
Term
10 years10 years
Monthly payment
$586/mo$153/mo
Apply
Pre-qualified rate from INvestED
Pre-qualified rate from INvestED

Graduate loan

Total cost
$86,559$22,235
APR
4.71%4.22%
Term
20 years20 years
Monthly payment
$361/mo$93/mo
Apply
Pre-qualified rate from LendKey
Pre-qualified rate from LendKey

Graduate loan

Total cost
$62,962$16,664
APR
4.71%4.22%
Term
5 years5 years
Monthly payment
$1,049/mo$278/mo
Apply
Pre-qualified rate from MPOWER
Pre-qualified rate from MPOWER

Graduate loan

Total cost
$70,327$18,413
APR
4.71%4.22%
Term
10 years10 years
Monthly payment
$586/mo$153/mo
Apply
Pre-qualified rate from Prodigy Finance
Pre-qualified rate from Prodigy Finance

Graduate loan

Total cost
$78,198$20,271
APR
4.71%4.22%
Term
15 years15 years
Monthly payment
$434/mo$113/mo
Apply

Choose a custom loan amount

$1,000

$1,000$500,000

Illustrative purposes, actual results may vary.

Pre-qualified rates are not a firm offer of credit.description

How It Works

Pre-qualify with 17+ graduate student lenders through one form

01
Submit a simple form

Answer a few quick questions. We’ll crunch the numbers to get you personalized rates from 17+ different graduate student lenders.

how it works imagehow it works image
how it works imagehow it works image
02
Select the repayment plan that works best for you

We’ll help you pick the repayment plan that fits your needs. Choose from multiple interest rates and terms. Start paying during school, or wait until you graduate.

rate
how it works image
Earnest
APR 4.22% ∙ 20 years
rate
how it works image
Edly
APR 4.22% ∙ 5 years
rate
how it works image
EDvestinU
APR 4.22% ∙ 10 years
$153/mo
Monthly payment
$3,413
Total interest
$18,413
Total loan cost
Apply
rate
how it works image
8B Finance
APR 4.22% ∙ 10 years
$153/mo
Monthly payment
$3,413
Total interest
$18,413
Total loan cost
Apply
rate
how it works image
ASLA
APR 4.71% ∙ 5 years
rate
how it works image
Ascent
APR 4.22% ∙ 20 years
rate
how it works image
8B Finance
APR 4.22% ∙ 10 years
rate
how it works image
ASLA
APR 4.71% ∙ 5 years
$113/mo
Monthly payment
$5,271
Total interest
$20,271
Total loan cost
Apply
rate
how it works image
Ascent
APR 4.22% ∙ 20 years
rate
how it works image
8B Finance
APR 4.22% ∙ 10 years
rate
how it works image
ASLA
APR 4.71% ∙ 5 years
rate
how it works image
Ascent
APR 4.22% ∙ 20 years
$93/mo
Monthly payment
$7,235
Total interest
Apply
rate
how it works image
Earnest
APR 4.22% ∙ 20 years
$93/mo
Monthly payment
$7,235
Total interest
$22,235
Total loan cost
Apply
rate
how it works image
Edly
APR 4.22% ∙ 5 years
rate
how it works image
EDvestinU
APR 4.22% ∙ 10 years
rate
how it works image
Earnest
APR 4.22% ∙ 20 years
rate
how it works image
Edly
APR 4.22% ∙ 5 years
$278/mo
Monthly payment
$1,664
Total interest
$16,664
Total loan cost
Apply
rate
how it works image
EDvestinU
APR 4.22% ∙ 10 years
rate
how it works image
Earnest
APR 4.22% ∙ 20 years
rate
how it works image
Edly
APR 4.22% ∙ 5 years
rate
how it works image
EDvestinU
APR 4.22% ∙ 10 years
$153/mo
Monthly payment
$3,413
Total interest
$18,413
Total loan cost
Apply
rate
how it works image
8B Finance
APR 4.22% ∙ 10 years
$153/mo
Monthly payment
$3,413
Total interest
$18,413
Total loan cost
Apply
rate
how it works image
ASLA
APR 4.71% ∙ 5 years
rate
how it works image
Ascent
APR 4.22% ∙ 20 years

Illustrative purposes, actual results may vary.

Pre-qualified rates are not a firm offer of credit.description

03
Finalize your loan

Finish with your chosen lender. Upload documents, sign a loan agreement, and receive your loan funds through your school.

how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works imagehow it works image
how it works imagehow it works image
rate
how it works image
8B Finance
APR 4.22% ∙ 10 years
$153/mo
Monthly payment
$3,413
Total interest
$18,413
Total loan cost
Apply
rate
how it works image
ASLA
APR 4.71% ∙ 5 years
rate
how it works image
Ascent
APR 4.22% ∙ 20 years
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works imagehow it works image
how it works imagehow it works image
rate
how it works image
8B Finance
APR 4.22% ∙ 10 years
rate
how it works image
ASLA
APR 4.71% ∙ 5 years
$113/mo
Monthly payment
$5,271
Total interest
$20,271
Total loan cost
Apply
rate
how it works image
Ascent
APR 4.22% ∙ 20 years
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works imagehow it works image
how it works imagehow it works image
rate
how it works image
8B Finance
APR 4.22% ∙ 10 years
rate
how it works image
ASLA
APR 4.71% ∙ 5 years
rate
how it works image
Ascent
APR 4.22% ∙ 20 years
$93/mo
Monthly payment
$7,235
Total interest
Apply
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works imagehow it works image
how it works imagehow it works image
rate
how it works image
Earnest
APR 4.22% ∙ 20 years
$93/mo
Monthly payment
$7,235
Total interest
$22,235
Total loan cost
Apply
rate
how it works image
Edly
APR 4.22% ∙ 5 years
rate
how it works image
EDvestinU
APR 4.22% ∙ 10 years
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works imagehow it works image
how it works imagehow it works image
rate
how it works image
Earnest
APR 4.22% ∙ 20 years
rate
how it works image
Edly
APR 4.22% ∙ 5 years
$278/mo
Monthly payment
$1,664
Total interest
$16,664
Total loan cost
Apply
rate
how it works image
EDvestinU
APR 4.22% ∙ 10 years
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works imagehow it works image
how it works imagehow it works image
rate
how it works image
Earnest
APR 4.22% ∙ 20 years
rate
how it works image
Edly
APR 4.22% ∙ 5 years
rate
how it works image
EDvestinU
APR 4.22% ∙ 10 years
$153/mo
Monthly payment
$3,413
Total interest
$18,413
Total loan cost
Apply
how it works image
how it works image
Official Loan Offer
Leave you signature here
ID
how it works imagehow it works image
how it works imagehow it works image

Illustrative purposes, actual results may vary.

Pre-qualified rates are not a firm offer of credit.description

Compare Real Rates

A student loan search engine that works as hard as you do

Find the best loan from the nation’s largest network of graduate student lenders in as little as three minutes.

Find my graduate student loan

Illustrative purposes, actual results may vary.

Pre-qualified rates are not a firm offer of credit.description

Borrow with confidence
Make sure you get the best deal by using Sparrow to exhaustively search the market of graduate student lenders.
Compare with federal loans
Sparrow allows you to seamlessly compare the cost of private student loans against federal options, like Grad or Parent PLUS.
Know the cost before you borrow
Use Sparrow’s loan amortization graphing and loan cost calculators to understand exactly how much any loan will cost you.
Shop rates without the risk
Using Sparrow’s graduate student loan search engine is 100% free and has no impact on your credit score.
Save Time And Money

You deserve simplicity, choice, & transparency

Student loan comparison, beautifully reimagined so you can focus on what matters most: your education. Say goodbye to spreadsheets and automate your student loan search in record time.

Find my rate

Illustrative purposes, actual results may vary.

Pre-qualified rates are not a firm offer of credit.description

  • Dashboard
  • FAQ
Pre-qualify
Compare and select
Apply with a lender
Finalize your loan
Receive your funds
JS
Jack S.
Customer support
Jack, you pre-qualified for 22 rates!

Once you have found the best pre-qualified rate for you, click Apply and we’ll take you to the right place.

Loan size
$20,000
Annual income
$50,000
Education
Stanford University
Cosigner
Add cosigner
Bookmarked
Loan type
Rate type
Repayment plan
Lender
Term
Satisfactory academic progress
Past due balance
Your payments over time
$30,00025,000$20,000$10,000$0
‘23‘24‘25‘26‘27‘28‘29‘30‘31‘32‘33‘34‘35‘36‘37‘38
Estimated cost
Total costPayment after school
$30,00025,000$20,000$10,000$0
6.88%, 5 years
Lender 1
6.24% 10 years
Lender 2
6.47%, 10 years
Lender 3
6.82%, 10 years
Lender 4
4.98%, 15 years
Lender 5
Best pre-qualified rates for you

Get out of debt ASAP (pre-qualified rates with the shortest terms) Change my preferences

Sort by: Lowest total cost
Lender 1
Shortest term
APR
6.88%
Term
5 years
Total cost
$23,693.56
Apply
Lender 2
Lowest APR
APR
6.24%
Term
10 years
Total cost
$26,935.09
Apply
Lender 3
APR
6.47%
Term
10 years
Total cost
$27,214.89
Apply
Lender 4
APR
6.82%
Term
10 years
Total cost
$27,643.90
Apply
Lender 5
APR
6.90%
Term
10 years
Total cost
$27,742.50
Apply

Illustrative purposes, actual results may vary.

Pre-qualified rates are not a firm offer of credit.description

The Backbone For Student Lending

The world’s most powerful student financing platform

There’s a reason Sparrow’s the fastest growing student financing platform for graduates, see for yourself.

Find my rate
$220M+

Last year, Sparrow facilitated the search of over $220 million in student loan volume.

1M+

Every year, Sparrow finds borrowers over 1 million pre-qualified loan offers.

50+

From M.D. to M.B.A, Sparrow accommodates for over 50 unique graduate degrees.

1:1

Contact Support for a free 1:1 session to address your pressing questions.

Complete Platform

Access an award-winning platform for all of your student loan needs

From M.D. to M.B.A. and beyond, Sparrow has coverage for all forms of advanced, graduate degrees.

Illustrative purposes, actual results may vary.

Pre-qualified rates are not a firm offer of credit.description

  • Dashboard
  • FAQ
Pre-qualify
Compare and select
Apply with a lender
Finalize your loan
Receive your funds
JS
Jack S.
Customer support
Jack, you pre-qualified for 22 rates!

Once you have found the best pre-qualified rate for you, click Apply and we’ll take you to the right place.

Loan size
$20,000
Annual income
$50,000
Education
Stanford University
Cosigner
Add cosigner
Bookmarked
Loan type
Rate type
Repayment plan
Lender
Term
Satisfactory academic progress
Past due balance
Your payments over time
$30,00025,000$20,000$10,000$0
‘23‘24‘25‘26‘27‘28‘29‘30‘31‘32‘33‘34‘35‘36‘37‘38
Estimated cost
Total costPayment after school
$30,00025,000$20,000$10,000$0
6.88%, 5 years
Lender 1
6.24% 10 years
Lender 2
6.47%, 10 years
Lender 3
6.82%, 10 years
Lender 4
4.98%, 15 years
Lender 5
Best pre-qualified rates for you

Get out of debt ASAP (pre-qualified rates with the shortest terms) Change my preferences

Sort by: Lowest total cost
Lender 1
Shortest term
APR
6.88%
Term
5 years
Total cost
$23,693.56
Apply
Lender 2
Lowest APR
APR
6.24%
Term
10 years
Total cost
$26,935.09
Apply
Lender 3
APR
6.47%
Term
10 years
Total cost
$27,214.89
Apply
Lender 4
APR
6.82%
Term
10 years
Total cost
$27,643.90
Apply
Lender 5
APR
6.90%
Term
10 years
Total cost
$27,742.50
Apply
Medical student loan
Still in school? No problem. Search through hundreds of private student loans for your medical degree within three minutes.
M.B.A. student loan
Analyze how federal Grad PLUS loans compare with private student loans for your M.B.A. degree.
M.S., M.A., and J.D. student loans
You’re not required to have a cosigner, income, credit history, or credit score to use Sparrow.

Illustrative purposes, actual results may vary.

Pre-qualified rates are not a firm offer of credit.description

Get rates in Three minutes

Ready to get started?

Whether you’re looking for a loan today or planning ahead, Sparrow’s got you covered.

Find my rate

Illustrative purposes, actual results may vary.

Pre-qualified rates are not a firm offer of credit.description

$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$22,378
APR
5.72%
Term
15 years
Monthly payment
$124/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$22,378
APR
5.72%
Term
15 years
Monthly payment
$124/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$22,378
APR
5.72%
Term
15 years
Monthly payment
$124/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$22,378
APR
5.72%
Term
15 years
Monthly payment
$124/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$22,378
APR
5.72%
Term
15 years
Monthly payment
$124/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$17,283
APR
5.72%
Term
5 years
Monthly payment
$288/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$25,213
APR
5.72%
Term
20 years
Monthly payment
$105/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo
$15,000
Total cost
$22,378
APR
5.72%
Term
15 years
Monthly payment
$124/mo
$15,000
Total cost
$19,732
APR
5.72%
Term
10 years
Monthly payment
$164/mo

Illustrative purposes, actual results may vary.

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Graduate Student Loan FAQs

Updated January 1, 2023

Tired of seeing rate ranges and not knowing where you fall in the range?  Sparrow allows you to compare real graduate student loan rates through a single form.  Think of Sparrow as the Expedia of student loans.

With Sparrow, you can compare real repayment plans from multiple lenders side-by-side so you know exactly how each loan stacks up when it comes to APR, monthly repayment, total repayment amount, and repayment options.

You may want to consider a private student loan for your graduate degree after you’ve exhausted all scholarships, grants and work-study. 

Following scholarships, grants and work-study, if there’s still a financial gap, you may consider applying for federal student loans and then private student loans. 

Federal loans have more flexible repayment plans than private student loans. If you (and/or your cosigner) have a strong credit history and high income, you may be able to get a lower interest rate with private loans than with federal loans.

To determine your eligibility, complete our three minute form. If you’re eligible, you’ll instantly receive personalized rates on your Sparrow Dashboard from all the lenders with whom you qualify.

About 80% of Sparrow’s graduate borrowers apply with a cosigner. Cosigners can increase your chances of being approved by lenders. Including a cosigner may also help you receive lower interest rates.

Most lenders look at your credit history and income to determine your eligibility for a student loan. If you don’t have a strong credit history or income, you may want to consider applying with a cosigner to improve your chances of qualifying for loans with better terms and lower interest rates. 

If you don’t have a cosigner, you’re in luck! Sparrow has partnered with several lenders that don’t require a credit check or a cosigner. 

Note: Sparrow is completely free and doesn’t impact your credit score.

After you’ve completed the FAFSA for federal student loans, secured grants, scholarships, and other financial aid, your school’s financial aid office will provide you with a summary. You may find that there’s a gap left in funding your education. Two common options to fill this gap are family savings (if available), or private student loans.

If you decide to go with private student loans, Sparrow is the right place to begin your search. The maximum amount you can borrow from Sparrow’s lending partners is based on your school’s certified costs minus the amount of financial assistance you’ve already received (i.e. federal assistance, scholarships, etc.). We encourage you to reach out to your financial aid office to get more information on your school’s certified costs.

No, you don’t need to complete the FAFSA to use Sparrow.

The main factors to consider when borrowing a private student loan are the: annual percentage rate (APR), principal, loan term, monthly payment, and total cost.

Annual Percentage Rate (APR): APR is the amount you’ll pay to borrow the money, including interest and fees, given as a yearly percentage. The higher the APR, the more you’ll owe in return for the loan. In general, your APR is determined by your creditworthiness. If you or your cosigner have a high credit score, you’re more likely to receive a lower APR. On the other hand, if you or your cosigner have a low credit score, you’re more likely to have a higher APR.

Principal: Principal is the amount that you’re borrowing minus fees, penalties, interest and other costs.

Loan term: Loan term, also called loan duration, is the length of time you’ll have to pay off your loan.

In general, the shorter the loan term, the higher the monthly payments, but the faster the loan will be paid off. The longer the loan term, the lower the monthly payments, but the slower the loan will be paid off, meaning you’ll have to pay more interest over time.

Monthly payment: The monthly payment is the amount you owe each month. It’s made up of principal, interest and other fees.

Total cost: Total cost refers to the total loan amount, or overall principal and interest, you’ll pay over the life of your car loan.

Your private student loan funds are sent directly to your school’s financial aid office. Your school automatically deducts your outstanding balance (if applicable). Following deductions, the remaining amount of your loan funds are sent directly to you, the borrower.

Your school sets the loan disbursement date (when you actually receive the money), which is usually a week or two prior to the beginning of the semester or quarter.

You’ll need the following information to find personalized, graduate rates on Sparrow:

  • First name, last name, date of birth, and citizenship status
  • Physical address
  • Email address
  • Loan size
  • Income and housing expenses
  • Name of school, degree, concentration, and expected graduation date

Yes, Sparrow conducts a soft credit pull when you apply for personalized rates. 

The soft credit pull allows us to instantly show you the rates you qualify for at each of our lenders, and it doesn’t impact your credit score.

Sparrow: You don’t need to upload any documents to find personalized rates through Sparrow.

Lenders: The documents you submit will vary depending on the lender. Most lenders require you to upload a pay stub (W-2’s or 1099’s) to verify your income and an ID (driver’s license or passport) to verify your identity. If your rate is through one of our non credit-based lending partners, you may have to submit a copy of your transcript to verify your GPA.

The information that you provide (including your income and housing expenses) should only pertain to you (the borrower), even if you live with your parents. 

If you include a parent or guardian as a cosigner, they will have an opportunity to include their income and housing expenses separately in their cosigner profile.

You’re not guaranteed to receive personalized rates. Each of our lending partners uses its own criteria to determine whether you’re eligible for a loan. Each lender’s filtering criteria is based on the information you provide and a soft credit inquiry (which doesn’t affect your credit score). You’ll receive pre-qualified rates from lenders if you meet their pre-qualification criteria.

We also have lending partners who don’t provide pre-qualified rates on our platform. You’ll see a link for these other lending partners on your Dashboard.

The likelihood of eligibility, or receiving better rates, might increase if you add a creditworthy cosigner.

We partner with four types of graduate lenders: (i) banks (ii) financial technology companies (iii) credit unions and (iv) state agencies. The broader the network of lenders, the more competitive the rates.

Our lending partners offer private student loans with repayment terms from 5 to 20 years. You can find out more about our lending partners by reading the lender reviews on Sparrow Articles.

For graduate student loans, the funds are disbursed directly to your financial aid office. After deducting any outstanding balance, your school will provide you, the borrower, with access to your loan funds.

Your school sets the disbursement date (when you actually receive the money), which is before the beginning of a new semester. Regardless of when you applied for the loan, your school’s disbursement date will be the same. However, it’s best to apply early so that you can avoid any unexpected confusion or delays.

The most common reasons for delays are as follows:

  • Delays by the borrower or cosigner in responding to the lender’s request for documentation;
  • Incomplete information on borrower or cosigner’s application;
  • Incomplete documentation provided by the borrower or cosigner in response to the lender’s request for documentation; or
  • Delays in the lender receiving the certification from the borrower’s school’s financial aid office, certifying school costs.

When lenders assess your eligibility, two factors they consider are credit score and income. Since most students don’t have lengthy credit history or robust income, it can be helpful to include an eligible cosigner.

Your spouse, relative, guardian, or friend can be a cosigner. Only one person can cosign for a private student loan. For instance, if two parents are willing to be cosigners, only one will be able to do it. Your cosigner is equally responsible for repayment of the full amount of the loan, not just part of it.

Select lenders allow a cosigner to be released from their loan obligation after you, the borrower, have met certain requirements.

You’re not required to have a cosigner to use Sparrow. However, if you’ve a limited or poor credit history and minimal income, adding a creditworthy cosigner can improve your chances of qualifying for a loan.

Just like for borrowers, it takes just three minutes for a cosigner to include themselves on a pre-qualification request.

Many of Sparrow’s lending partners offer the benefit of cosigner release. To confirm whether a specific lender offers cosigner release, we recommend you visit the lender’s website to read their official policy.