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Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

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Compare Best Private Student Loans for December 2023

Updated on December 1, 2023

Edvisors recommends exhausting federal student loans. grants, and scholarships before applying for private student loans. However, private student loans are available to help fill any funding gaps you may have, and could be best for those looking for competitive interest rates on student loans and a variety of repayment terms.

Once you've exhausted your federal aid options, compare offers from multiple lenders to find the best rates and terms, and borrow only what you need.

Lender

College Ave Student Loans

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Benefits
  • Competitive fixed and variable APRs starting at 4.49%1
  • Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
  • Flexible payment terms ranging from 5, 8, 10, and 15 years2
  • Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
  • No origination, application and processing fees, no fees for early repayment
  • Apply online in 3 minutes and get an instant credit decision
  • Applying with a cosigner can increase your chances of getting approved and could result in a lower interest rate
Learn More Disclosure
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  • Low rates, free to apply, and no disbursement fees
  • 0.25% interest rate reduction when you make payments by automatic debit1
  • Borrow up to 100% of the school-certified cost of attendance (minimum $1,000)3
  • The most repayment choices - and help making sense of them
  • No penalty for early repayment
Student Benefits
  • Low rates, free to apply, and no disbursement fees
  • 0.25% interest rate reduction when you make payments by automatic debit1
  • Borrow up to 100% of the school-certified cost of attendance (minimum $1,000)3
  • The most repayment choices - and help making sense of them
  • No penalty for early repayment
Eligibility
  • You (and your cosigner, if applicable) must be a U.S. Citizen or permanent resident
  • You must be enrolled at least half-time as a student at an eligible degree-granting school
  • Students must meet the minimum age of majority for their state of residence if applying alone

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 12/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

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Cosigner Recommended
Lender

Sallie Mae Student Loans

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Benefits
  • Variable Rates: 6.37% APR - 16.70% APR. Fixed Rates: 4.50% APR - 15.49% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
  • Apply online in minutes and receive an instant credit result2
  • Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
  • Last year, students were 3x more likely to be approved with a cosigner4 and it may help you get a better rate.
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus5
Learn More Disclosure
Apply Now

When grants, scholarships, and federal aid are not enough, choose the Smart Option Student Loan® for Undergraduate Students. You can apply for the money you need for college, and the flexibility you want.

Student Benefits
  • Variable Rates: 6.37% APR - 16.70% APR. Fixed Rates: 4.50% APR - 15.49% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
  • Apply online in minutes and receive an instant credit result2
  • Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
  • Last year, students were 3x more likely to be approved with a cosigner4 and it may help you get a better rate.
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus5

Borrow Responsibly

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

2In 2022, instant credit decisions were provided to 97.8% of applicants.  Other applications typically received credit decisions in 3 to 5 business days.

3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4Based on the percentage of borrowers who were approved for an undergraduate loan with a cosigner compared to the percentage of borrowers who were approved for an undergraduate loan without a cosigner from October 1, 2021 through September 30, 2022. 

5 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school.  Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount.  Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 

6 Examples of typical costs for a $10,000 Smart Option Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44.  For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment may receive a loan term that is less than 10 years. 

Information advertised valid as of 08/25/2023.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.

Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

© 2023 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.

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Discover Student Loans Logo

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Benefits
  • Fixed rates: 5.24% APR - 15.99% APR*; variable rates: 6.62% APR - 17.49% APR*    
  • Borrow up to 100% of school-certified costs, including tuition, housing, books and more. Aggregate loan limits apply.
  • Choice of fixed or variable interest rate.
  • No. Fees. Period.
  • Apply in minutes.
  • Hard work pays off. Literally. You can qualify for a one-time cash reward on each new Discover student loan if you get at least a 3.0 GPA (or equivalent) in college or graduate school.**
  • 0.25% interest rate reduction while enrolled in automatic payments.***
Learn More Disclosure
Apply Now

 

Student Benefits
  • Fixed rates: 5.24% APR - 15.99% APR*; variable rates: 6.62% APR - 17.49% APR*    
  • Borrow up to 100% of school-certified costs, including tuition, housing, books and more. Aggregate loan limits apply.
  • Choice of fixed or variable interest rate.
  • No. Fees. Period.
  • Apply in minutes.
  • Hard work pays off. Literally. You can qualify for a one-time cash reward on each new Discover student loan if you get at least a 3.0 GPA (or equivalent) in college or graduate school.**
  • 0.25% interest rate reduction while enrolled in automatic payments.***

Discover® Disclaimers

 

*APR ranges vary by loan type and the lowest available APR may be higher than what is shown here. Lowest APRs are available to the most creditworthy applicants, and include an interest-only repayment discount and Auto Debit Reward. Applying with a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower interest rate.

The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is 5.50% as of October 1, 2023. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin - applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates.

**Students who get at least a 3.0 GPA (or equivalent) may qualify for a one-time cash reward of 1% of the loan amount on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Visit DiscoverStudentLoans.com/Reward for reward and redemption terms and conditions.

***Visit DiscoverStudentLoans.com/AutoDebitReward for terms and conditions.

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Lender

Ascent offers loans that power bright futures

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Benefits
  • AFFORDABLE variable rates starting at 6.16% APR with Automatic Debit Discount*
  • 1% CASH BACK Graduation Reward*
  • NON-COSIGNED option may be available for undergraduate juniors and seniors.
  • PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
  • FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
  • COVER UP TO 100% of your tuition and eligible living expenses.
Learn More Disclosure
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Student loans should expand your possibilities, not limit them. Ascent’s private student loan gives students more opportunities to qualify for a loan! Ascent offers benefits that put students first, like 1% Cash Back at graduation and more…

Student Benefits
  • AFFORDABLE variable rates starting at 6.16% APR with Automatic Debit Discount*
  • 1% CASH BACK Graduation Reward*
  • NON-COSIGNED option may be available for eligible undergraduate juniors and seniors.
  • PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
  • FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
  • COVER UP TO 100% of your tuition and eligible living expenses.
Eligibility
  • Ascent considers several factors which may include: creditworthiness, school, program, graduation date, major, cost of attendance and other factors.
  • Ascent loans are for college students (both undergraduate and graduate) that are at least half-time enrolled in a degree program at an eligible institution.
  • U.S. citizens or U.S. permanent residents and DACA students may apply without a cosigner. Students who are not a U.S. citizen, U.S. permanent resident or DACA student may apply with a creditworthy cosigner who is a U.S. citizen or U.S. permanent resident.
  • The Ascent Non-Cosigned Outcomes-Based Loan option is for undergraduate juniors and seniors that are full-time enrolled (or with an expected graduation date within 9-months of the date the loan application is submitted) in a degree program at an eligible institution.
    • MUST be a U.S. citizen, U.S. permanent resident or DACA student.
    • MUST have satisfactory academic performance of 2.9+ GPA or greater.

* Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs

Rates are effective as of 12/01/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates

1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner.  Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.  

The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.

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Lender

Earnest Private Student Loan

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Benefits
  • Check your eligibility in just 2 minutes
  • Flexible repayment options you can choose from
  • No fees for origination, disbursement, prepayment, or late payment3
  • Skip a payment once per year (once repayment period restarted)4
  • Will cover up to 100% of the school's certified cost of attendance
  • 9-month grace period (3 months more than most lenders)2
  • Apply over the phone with the Client Happiness Team
    • Call 866-492-1222, Monday through Friday, 5 A.M. - 5 P.M. PST
    • Mention us when you call in to start your application
Learn More Disclosure
Apply Now

Earnest private student loans are designed for today’s students and families, with a simple application process, intuitive design, and friendly customer support.

Student Benefits
  • Check your eligibility in just 2 minutes
  • Flexible repayment options you can choose from
  • No fees for origination, disbursement, prepayment, or late payment3
  • Skip a payment once per year (once repayment period restarted)4
  • Will cover up to 100% of the school's certified cost of attendance
  • 9-month grace period (3 months more than most lenders)2
  • Apply over the phone with the Client Happiness Team
    • Call 866-492-1222, Monday through Friday, 5 A.M. - 5 P.M. PST
    • Mention us when you call in to start your application
Eligibility

To cover your college costs with our private student loan, eligible students must be:

  • Attending, or enrolled to attend, full-time at an eligible 4-year Title IV institution
  • You live in the District of Columbia or a state that we lend in (all but NV)
  • The age of majority in their state of residence
  • A U.S. Citizen or Permanent Resident or have a cosigner who is a U.S. Citizen or Permanent Resident

View full eligibility details on our Eligibility page.

Please keep in mind our eligibility criteria for student loan cosigners:

  • A U.S. Citizen or Permanent Resident
  • 3+ years of good credit history
  • A minimum credit score of 650
  • No history of bankruptcy
  • Minimum yearly income of $35,000 (in USD)
  • Both primary and cosigner must live in the District of Columbia or a state that we lend in (all but NV), but they do not need to both live in the same state.

This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.67% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 16.35% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

 

1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.

4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

The information provided on this page is updated as of 10/30/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

 

 

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Refinance student loans with SoFi

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Benefits
  • Variable Rates: Starting variable rates range from 5.99% APR to 14.83% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
  • Fixed Rates: Fixed rates range from 4.44% APR to 14.83% APR (with autopay)*
  • Easy online application!
  • No origination fees, late fees, and no insufficient fund fees. Period
  • Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
  • 0.25% discount when you set up autopay*
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Get competitive-rate in-school loans that work for you. SoFi makes the process simple—so paying for school is stress-free.

Student Benefits
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.
  • Additional perks like career planning, job search assistance and entrepreneurship support available.
  • Get a 0.25% discount when you set up autopay.*
  • No fees means no fees. That means no origination fees, no late fees, and no insufficient fund fees.
  • Cover up to 100% of your cost of attendance

*UNDERGRADUATE LOANS: Fixed rates from 4.44% to 13.80% annual percentage rate ("APR") (with autopay), variable rates from 5.99% to 14.30% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.99% to 13.60% APR (with autopay), variable rates from 5.99% to 14.10% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 14.83% APR (with autopay), variable rates from 6.32% to 14.83% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 11/15/2023.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Refinance student loans with SoFi
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Income Based Repayment
Lender

Edly

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Benefits
  • MUST BE a US citizen or permanent resident
  • MUST attend an Edly-supported school
  • Cosigner and Non-Cosigner student loan products available
  • Income-based repayment with built-in protections, like hardship forbearance if you lose your job
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Student Benefits
  • MUST BE a US citizen or permanent resident
  • MUST BE a college Sophomore, Junior, Senior or Graduate student in an Edly-approved school for the IBR Cosigner product.
  • MUST BE a junior, college senior, or grad student for the IBR No Cosigner Student Loan product
  • Income-based repayment with built-in protections, like hardship forbearance if you lose your job
  • No in-school payments with the IBR No Cosigner Student Loan. Modest in-school payments with IBR Cosigned Student Loan.
  • You’ll never pay more than the maximum repayment amount
Eligibility
  • MUST BE a US citizen or permanent resident
  • MUST BE a college Sophomore, Junior, Senior or Graduate student in an Edly-approved school for the IBR Cosigner product.
  • MUST BE a junior, college senior, or grad student for the IBR No Cosigner Student Loan product
  • Income-based repayment with built-in protections, like hardship forbearance if you lose your job
  • No in-school payments with the IBR No Cosigner Student Loan. Modest in-school payments with IBR Cosigned Student Loan.
  • You’ll never pay more than the maximum repayment amount

Edly IBR Student Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered bank, Member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.

Loans from $5,000 - $15,000 per academic year, with a $25,000 aggregate maximum with repayment terms of 84 months.

1. Loan Example (IBR No Cosigner Student Loan):

$10,000 Loan with Salary of $65,000. Loan is funded in September, borrower graduates in May.

  • Loan Amount: $10,000
  • Gross income payment percentage: 7%
  • Number of Payments at an Initial APR: 12
  • Initial Payment Amount: $200
  • Number of Payments at gross income payment percentage: 53
  • IBR Payment Amount: $379.17
  • Final Payment to reach Payment Cap: $3.99
  • Total Number of Payments: 66
  • Total Payment Amount: $22,500
  • Effective APR: 22.5%

2. Additional Loan Example (IBR No Cosigner Student Loan):

$10,000 Loan with Salary at Minimum Income Threshold, $30,000. Loan is funded in September, graduates in May.

  • Loan Amount: $10,000
  • Gross income payment percentage: 7%
  • Number of Payments at an Initial APR: 12
  • Initial Payment Amount: $200
  • Number of Payments at gross income payment percentage: 72
  • IBR Payment Amount: $175
  • Total Number of Payments: 84
  • Total Payment Amount: $15,000
  • Effective APR: 9.7%

3. Additional Loan Example (IBR Cosigner Student Loan): $10,000 Loan with early payoff. Loan is funded in September, graduates in May.

  • Loan Amount: $10,000
  • Gross income payment percentage: 7%
  • Number of Initial Payments: 9
  • Initial Payment Amount: $50
  • Number of Payments at gross income payment percentage: N/A
  • IBR Payment Amount: N/A
  • Total Number of Payments: Early Payoff
  • Total Payment Amount: $12,516
  • Effective APR: 23%

4. Additional Loan Example (IBR Cosigner Student Loan): $10,000 Loan with Salary of $65,000. Loan is funded in September, graduates in May.

  • Loan Amount: $10,000
  • Gross income payment percentage: 7%
  • Number of Initial Payments: 9
  • Initial Payment Amount: $50
  • Number of Payments at gross income payment percentage: 47
  • IBR Payment Amount: $379.17
  • Final Payment Amount: $375.73
  • Total Number of Payments: 57
  • Total Payment Amount: $18,647
  • Effective APR: 23.0%

About these examples:

These are examples. Your specific terms will be provided if you are approved. In examples 1 and 2, a student defers while in school and post-graduation grace period for 11 months and then makes the minimum payment for 12 months followed by the income based payments beginning 24 months after taking the loan. In example 3, a student or co-signer defers for two months, then makes the minimum monthly payment for 9 months while the student is in school and then pays off the loan in month 12. In example 4, a student or co-signer defers for two months and then makes the minimum monthly payments for 9 months while in school followed by income based payments beginning 12 months after taking the loan. For co-sign loans, the student or co-signer must make small payments while the student is in school. The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. Please refer to your loan agreement or call us for your payoff amount. In examples 1 and 2, the maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). In examples 3 and 4, the maximum amount you will pay is $25,000 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 84. You will not pay more than 23% APR. No payment is required if the student’s gross earned income is below $30,000 annually or if the student loses his or her job and cannot find employment. This does not apply for co-sign loans. Interest will accrue at the Growth Rate of 22.75% on the unpaid loan balance during the life of the loan including during any deferral periods. The Growth Rate is an annualized interest rate which uses daily compounding and assumes actual number of days in each month and the actual number of days in each year (“Growth Rate”). The effective APR differs from the Growth Rate and considers fees and reflects the cost of your loan as a yearly rate. For more information about the effective APR, see reference notes. See your loan agreement for additional information regarding your prepayment options, including how to prepay at the Pre-Payment Cap.

Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah state-chartered bank, Member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.

State Specific Restrictions:

Not available in Iowa, Colorado, Maine, Vermont, West Virginia

Product disclosure: Loan Application and Solicitation Disclosure

Edly
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Lender

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Benefits
  • Up to $15,000 per academic year with no cosigner required
  • Fixed Rates (APR) from 7.99% to 12.49% (plus an additional 0.5% discount for ACH auto-payments)*
  • No origination fee. No late payment fees. No prepayment penalties.
  • Quick prequalification and rate check that won’t impact your credit
  • Multiple repayment options
  • Dedicated loan officer for every borrower
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Funding U offers a merit-based, no-cosigner student loan for high-achieving undergraduate students.

Student Benefits
  • No-cosigner student loans based on merit - not your FICO score
  • Quick prequalification and rate check that won’t impact your credit
  • Up to $15,000 per academic year to help cover the cost of college
  • Rates (APR) from 7.99% to 12.49% (not including 0.5% discount for ACH auto-payments)*
Eligibility
  • Students must be bachelor’s degree candidates who are US citizens, permanent residents, or DACA recipients
  • Students must be enrolled in a 4-year, degree-granting, not-for-profit institution in the US
  • Students must be 18-years-old or the Age of Majority in the state which they reside
  • Students must meet minimum GPA and graduation rate thresholds

New student loans of $3,001 up to $15,000 per school year will be granted to residents of eligible states enrolled as undergraduates in bachelor’s degree or equivalent- granting programs at eligible schools.

Funding U offers fixed interest rate loans, without a cosigner, to students who are serious about their academic success and post-grad career. Eligibility is determined by several factors, including: school graduation rate, class hours completed, estimated graduation date, academic record, major; employment or internship experience; and, other academic and non-academic activities that demonstrate the borrower is working hard towards academic and professional goals and is on track to be able to repay debt accrued.

Eligibility is also limited by state of permanent residence. Terms and conditions vary by state. Not all loans are available in all states. Loan amounts available may vary by state.

DISBURSEMENT All Loan proceeds will be sent to the student borrower’s school around the time classes begin, on the date your school prefers. Funding U will require documentation to verify your registration and certify your loan need prior to disbursement. Your school must also certify your loan need. Your loan may be adjusted based upon the amount of need certified by your school.

REPAYMENT TERMS New Undergraduate loans for the 2021-2022 school year will have an Annual Percentage Rate (APR) of 7.49% to 12.99%. All loans have a fixed interest rate range of 7.49%* to 12.99% (before consideration of ACH discount). There is no origination fee. Interest accrues while students are in school.

In-school partial payments: Students may choose either $20 monthly as a “Fixed Payment” while enrolled in school or “Interest Only” payments. These payments will be reported to credit agencies like other student loans. All loans have a 10-year repayment term (paid monthly over 120 months starting 6 months after graduation). Both In-School payment options may not be available in all states. Student’s electing to make Interest-Only payments will receive a 0.5% interest rate discount.

PREPAYMENT PENALTIES There is no prepayment penalty on your loan.

Additional details, terms & conditions will be included in each loan offer.

*The lowest rate shown is available only to juniors & seniors with outstanding academic performance and is not typical of the rates offered to most borrowers. Your actual rate will depend on creditworthiness and other factors, such as your school year and GPA.

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Stride

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Benefits
  • No cosigner required.
  • Income based repayment, once you're graduated and employed.
  • No payments when you're unemployed or earning below $30,000/year.
  • Shorter repayment. Only 5 years of payments.*
  • Get a quote in less than a minute. Quick and easy application process. Transparent calculator and comparison tool.
  • Must be BA, MA, or PhD student WITHIN 2 YEARS OF GRADUATION, enrolled in a program that meets our outcome-driven eligibility criteria.

* Your Maximum Payment Period is inclusive of any months where Monthly Payments are made as well as any months that are Deferred Months; this will only be extended if you receive Forbearance, which will extend your Maximum Payment Period on a one-for-one basis.

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Stride was built for students, by students, and our mission is simple: to help learners of all backgrounds fund their education. Our outcomes-driven financing options never require a co-signer or a minimum credit score and are structured on flexible, income-based repayment. Because we’re focused on where you’re going, not where you came from.

When we invest in a student, we invest in their success—which means we’ll be there every step of the way from affordable funding to student and graduate career support and financial education. We work directly with students to provide outcomes-driven alternatives to traditional private installment loans, as well as with universities and bootcamps to design custom financing programs that open doors.

Learn More at stridefunding.com

Student Benefits
  • No cosigner required.
  • Income based repayment, once you're graduated and employed.
  • No payments when you're unemployed or earning below $30,000/year.
  • Shorter repayment. Only 5 years of payments.*
  • Get a quote in less than a minute. Quick and easy application process. Transparent calculator and comparison tool.
  • Must be BA, MA, or PhD student WITHIN 2 YEARS OF GRADUATION, enrolled in a program that meets our outcome-driven eligibility criteria.

* Your Maximum Payment Period is inclusive of any months where Monthly Payments are made as well as any months that are Deferred Months; this will only be extended if you receive Forbearance, which will extend your Maximum Payment Period on a one-for-one basis.

Eligibility

To be eligible for a Stride Income Share Agreement, students must fall into the following criteria:

  • Attending a four-year Title IV college or university.
  • Within two years of graduation.
  • Enrolled in a Bachelor's, Master's, or Doctorate program.
  • Enrolled in an academic program that meets our outcome-driven eligibility criteria. 
  • Reside or attend school in a state we serve:  Currently, we provide Income Share Agreements for all states in the U.S., except Alabama, Colorado, Iowa, South Carolina, and Washington. 
  • U.S. Citizen or permanent resident attending school in the U.S.
  • Current G.P.A. is greater than 2.9.

If you have any questions please feel free to contact us at [email protected] or call (214)775-9960.

To be eligible for a Stride Income Share Agreement, students must fall into the following criteria:

  • Attending a four-year Title IV college or university.
  • Within two years of graduation.
  • Enrolled in a Bachelor's, Master's, or Doctorate program.
  • Enrolled in an academic program that meets our outcome-driven eligibility criteria. 
  • Reside or attend school in a state we serve:  Currently, we provide Income Share Agreements for all states in the U.S., except Alabama, Colorado, Iowa, South Carolina, and Washington. 
  • U.S. Citizen or permanent resident attending school in the U.S.
  • Current G.P.A. is greater than 2.9.

If you have any questions please feel free to contact us at [email protected] or call (214)775-9960.

Stride

1To be eligible for a Stride Income Share Agreement, students must meet specific criteria.

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Lender

Elfi

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Benefits
  • Prequalification: Prequalify to estimate your rate without affecting your credit score
  • Online Application Process: Submit online application in minutes
  • Flexible Repayment Options: ELFI offers immediate, interest only, partial payment, and fully deferred repayment options
  • No Fees: No application fees, origination fees, or prepayment penalties
  • Low Rates: Fixed rates from 4.48% to 12.29% and variable rates from 4.98% - 12.79% 
  • Award winning Customer Service: Individually paired Student Loan Advisor to guide you through the application process
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Education Loan Finance (also known as ELFI) is a division of Tennessee-based SouthEast Bank which launched in 2015 and is designed to assist borrowers with student loan refinancing as well as with undergraduate, graduate and parent private student loans.

  • During prequalification, ELFI performs a “soft credit inquiry” that will not impact your credit score
  • Flexible repayment options available: Choose from immediate, interest only, partial payment and fully deferred repayment options
  • No application fees, origination fees, or prepayment penalties
  • ELFI offers competitively low rates started from 4.48% APR on fixed rate products and 4.98% on variable rate products
  • Each applicant is individually paired with a student loan advisor to guide you through the application process
Student Benefits
  • Prequalification: Prequalify to estimate your rate without affecting your credit score
  • Online Application Process: Submit online application in minutes
  • Flexible Repayment Options: ELFI offers immediate, interest only, partial payment, and fully deferred repayment options
  • No Fees: No application fees, origination fees, or prepayment penalties
  • Low Rates: Fixed rates from 4.48% to 12.29% and variable rates from 4.98% - 12.79%
  • Award winning Customer Service: Individually paired Student Loan Advisor to guide you through the application process
Eligibility
  • Loan Minimum: $1,000 Minimum
  • Credit Score: 680
  • Minimum Income: $35,000
  • Enrollment: Must be enrolled at least half time or more in a bachelor’s degree program
  • Citizenship: Must be a U.S. citizen or permanent resident

*Education Loan Finance is a nationwide student loan provider offered by Tennessee based SouthEast Bank. ELFI is designed to assist students financially with receiving their education. Subject to credit approval. See Terms & Conditions. Interest rates current as of 04-01-2023. Variable interest rates may increase after closing but will never exceed 18.00%. Interest rates may also differ from the rates shown above. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.

 

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Benefits
  • Meratas is not a lender: Our only favorite is you. We're on a mission to help students find their best loan offer.
  • Competitive fixed APRs: Starting at just 4.42%.
  • Made for students: Find the best private student and personal loan rates.
  • Flexible options: Wide range of loan terms to fit your needs.
  • No hidden costs: Always free to use.
  • Risk-free: Pre-qualification won't affect your credit score.
  • One-stop convenience: Search for both student loans and personal loans with just one universal application.
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Meratas is an educational focused private loan marketplace. Compare instant, prequalified rates for private student and personal loans from competing national lenders with just one application.

Discover your best options, tailored just for students.

Student Benefits
  • Meratas is not a lender: Our only favorite is you. We're on a mission to help students find their best loan offer.
  • Competitive fixed APRs: Starting at just 4.42%.
  • Made for students: Find the best private student and personal loan rates.
  • Flexible options: Wide range of loan terms to fit your needs.
  • No hidden costs: Always free to use.
  • Risk-free: Pre-qualification won't affect your credit score.
  • One-stop convenience: Search for both student loans and personal loans with just one universal application.
Eligibility
  • Available to U.S. citizens, visa holders, DACA recipients, and international citizens.
  • Open to students pursuing Graduate Degree, Undergraduate Degree, and Non-Degree (i.e. Bootcamps & Certificate) Programs.
  • Must be at least 18 years old.

Meratas does not provide financing and is not a lending institution. Meratas acts as a marketplace where competing national lenders will provide pre-qualified loan rates through our universal application. All loans are arranged through third party providers. Meratas does make any decisions regarding loan qualifications. Not available in all states. Prequalified rates are not an offer of credit.

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Private Student Loan FAQs

A private student loan is a credit-based loan for college that can cover the gap between financial aid received and the full cost of attendance. Private student loans are issued by private lending institutions, such as banks and credit unions. Lenders will require you to submit an application. Upon receipt of your application, they will confirm you meet their credit approval criteria, and ask you complete any other requirements (such as verification of school registration).

Private student loans should not be confused with student loans offered by the U.S. Department of Education, which does offer federal student loans through the federal student aid program. To learn more, please see an Introduction to Federal Student Loans.

Lenders accept and process private student loan applications throughout the year. You may apply at any time.

There are the obvious expenses, such as school tuition and fees. However, you can use your student loans to help you cover other education-related costs. Some of those items include:

  • Books and supplies
  • Housing – on- or off-campus
  • Food
  • Transportation to and from school
  • Childcare
  • Study abroad

In general, you are able to use your money to help you cover the cost of college and living expenses while you’re attending college.

HOWEVER, it’s inappropriate to use your student loans to pay for vacations (like spring break), buying clothes, or to invest that money to try to get a profit. If you are using student loan money inappropriately, there could be consequences (like an immediate demand of repayment). If you don’t get caught using your student loan money to live luxuriously, you could be paying that money back for years after graduation. /p>

Here are some of the key differences:

  Private Student Loan Federal Student Loan
Lender Bank, credit union, financial institution, state agency, or college/university U.S. Department of Education
FAFSA Required? No Yes
Interest Rate Type Fixed and variable options available Fixed
Rates Based on Credit Criteria? Yes No
Cosigner Required? Yes, unless borrower has strong credit history No*
Repayment Plans Varies by lender. Some lenders may offer multiple options. Multiple plans (including income-driven) available
Forbearance Options Varies by lender. Typically one year. Three years

*Direct PLUS Loans offered to parents of students attending college, or graduate students, require a credit check. If the borrower is found to have adverse credit, a cosigner may be required.

Private student loan lenders, generally, will not let you borrow money in excess of your cost of attendance. Your school will let you know the maximum amount you can borrow in a private student loan, which will be determined by subtracting all the aid you have been awarded/accepted from your total cost of attendance.

90% of undergraduate students and 75% of graduate students need a cosigner to get approved for a private student loan. Some students may have the credit qualifications to get approved without a cosigner. It all depends on your credit rating and history.

Different lenders have different qualifying criteria. To determine eligibility, it’s best to contact a potential lender directly.

The exact amount of time will vary by lender, school, and time of year. Generally, the process can take as little as two weeks and as long as two months. Since the loan funds will be sent directly to your school, any money left over after the school applies your loan to your account will be refunded to you.

Private student loan terms and conditions vary by lender. However, there are some terms and conditions that tend to be pretty similar from lender to lender.

  • The interest rate on a private student loan is determined by the credit of the borrower and cosigner (if needed), among other factors.
  • The loan funds are sent directly to the school.
  • Repayment typically begins six months after leaving school, but interest may begin to accrue immediately after the loan is disbursed.
  • The amount borrowed usually determines the time period for repaying the loan.

Failure to meet the terms and conditions of the loan you chose may damage the credit of both the borrower and cosigner.

It depends. If you make all of your payments on time, your credit may improve over time. Late and missed payments may damage your credit.

If you need to obtain a loan later (additional private student loan, car loan, or mortgage), your debt-to-income ratio will likely be considered. It is always recommended to borrow only what you need.

Yes, some private student loan lenders offer options for students who are seeking professional training and trade certificate programs. 

Many students enrolled in non-degree programs don’t know where to turn when they need help paying their tuition and fees. And like them, you may be considering other types of funding, like using a credit card or obtaining a personal loan. You would want to weigh your options carefully, credit cards may come with high interest rates, and personal loans may not offer flexible options for student borrowers. 

Compare private student loan lenders that work with your school today. 

 

Borrower benefits, like forgiveness, vary by lender. Before you obtain a private student loan, it is recommended you review the terms and conditions for each loan you are considering.

Technically, yes. But private student loans, like federal student loans, are very difficult to have discharged through bankruptcy proceedings. You will need to demonstrate that the repayment of the loan would “impose an undue hardship on the debtor and the debtor’s dependents.” (U.S. Bankruptcy Code). For more information it is best you discuss your options with your legal adviser.

The average student loan debt for a bachelors degree is $36,510 and the average student loan debt for a masters degree is $71,318
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Some lenders offer cosigner release as an option on their private refinance loans. Typically, these require 12, 24, 36, or 48 months of consecutive on-time payments by the primary borrower.
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Good credit is preferred by all private student loan lenders. In general, private student loan lenders are looking for borrowers to have FICO® a credit score of at least 680, a decent debt-to-income ratio, and at least two years of work history.
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One way to find a private lender that works with your school is to contact your school’s financial aid office, you can also enter your school on the home page of Edvisors.com to see a list of lenders that work with your school.
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Student loan payments are calculated based upon the terms of your loan. This will include your interest rate, the repayment term of your loan (i.e. the number of years you agreed to pay the loan back within) and the current outstanding balance on your loan.
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Most college students will have to borrow one or more student loans before they graduate, because there aren’t enough government grants to cover all college costs. There are more than $100 billion in new student loans made each year and more than $1 trillion in student loan debt outstanding.
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If you decide to cosign a student refinance loan, you are equally responsible for that debt. The debt will show on your credit report, and lenders may consider the cosigned loan(s) while approving you for other types of credit.
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Students can apply for a federal student loan and parents for a Federal Parent PLUS loan up until the last day of classes or June 30 of the academic year, whichever comes first. However, the student must have already filed the Free Application for Federal Student Aid (FAFSA) and the college financial aid office must have received a valid output document, such as a Student Aid Report (SAR) or Institutional Student Information Record (ISIR).

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The exact amount of time it takes to get a private student loan will vary by lender, school, and time of year. Generally, the process can take as little as two weeks and as long as two months.
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A private student loan refinance repayment terms vary by lender, and can be anywhere from 5 to 20 years. The Standard Direct Consolidation Loan repayment period is determined by your total education debt, which considers both federal and private student loan debt. In your application you can report the amount of your private student loans, even though you can't include the actual loans in your consolidation.
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Private student loan lenders, generally, will not let you borrow money in excess of your cost of attendance. Your school will let you know the maximum amount you can borrow in a private student loan, which will be determined by subtracting all the aid you have been awarded/accepted from your total cost of attendance.
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If you were denied student loans because you have maxed out both your federal and private student loans, these are the options available to you.

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Unless you have a strong credit rating and history, you will probably need to apply for a private student loan with a credit-worthy cosigner.
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There are the obvious expenses you can use your student loans for such as school tuition and fees. However, you can use your student loans to help you cover other education-related costs. Some of those items include:
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FICO® FICO is a particular type of credit score.  While there are other brands of credit score, most lenders use the FICO score.   A number typically between 300-850 that represents the data present on your credit report.  
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A private student loan is a credit-based loan for college that can cover the gap between financial aid received and the full cost of attendance. Private student loans are issued by private lending institutions, such as banks and credit unions.
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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.
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Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

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