Graduate students, the banks want you. More specifically, they want you in their debt.
Over the past several months, private student lenders have released a bevy of seemingly attractive benefits specifically targeting adults going into graduate programs. Discover, for example, came out in June with a 1% cash reward for good grades, an 0.25% interest rate deduction for MBA students who have taken the GMAT within the past five years and, most importantly, loans with fixed interest rates starting at 5.99%, substantially cheaper than the governments 7.21% rate for Grad Plus loans. Sallie Mae, for its part, announced in May that fixed rates on its private graduate student loans would start at 5.74%. Meanwhile, Wells Fargo has been offering a 6.12% rate to graduate student loans that originate in 2014.