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Who Are Private Student Loan Lenders

Private student loan lenders are lenders (banks, credit unions, online lenders) offering loans to students looking to pay for college that are outside of the federal student loan program. Private lenders can set their own interest rates and define their own loan terms based on current market and industry trends.  Private loans, because they are not associated with the federal student loan program, do not offer the same lender benefits as federal loans. Federal loans are known to offer many borrower benefits like, income-drive repayment plans, postponement options, as well as loan forgiveness programs.

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Sallie Mae Private Student Loans
Recommendation
Best for Private Loans
Interest Rates

Variable: 1.30% APR – 11.52% APR1

Fixed: 3.20% APR – 11.99% APR1

Repayment Terms

5 , 7 , 10 and 15 years

Cosigner Recommended
Ascent offers loans that power bright futures
Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 1.78% APR1

Fixed rates as low as: 5.17% APR1

Repayment Terms

5, 7, 10, 12 and 15 years