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Home Advice On Planning for College Paying for College How to Pay for College
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How to Pay for College

Photo of Mollie Allen
By Mollie Allen
Updated on June 1, 2022
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There are many avenues you can take to pay for college. Most students use a combination of grants, scholarships, savings, and student loans to make their educational dreams a reality. In this article, we’ll assess a variety of options available to help pay for college so you can make an educated decision for your future.

How to Pay for College Without Loans

Paying for college is no easy feat. Savings, scholarships, and grants are some of the tools you can use to prevent the need for student loans. Let’s take a look at ways to pay for college that don’t include borrowing money.

Find Scholarships

Take the time to locate and apply to scholarships you qualify for. Scholarships are a form of gift aid, which means it is money that does not need to be repaid. Each year more than $7 billion dollars is awarded in scholarship funds, but you can’t get a scholarship if you don’t apply. We recommend using a scholarship search site like our site StudentScholarshipSearch.com to locate gift-aid opportunities you qualify for. 

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It’s not uncommon for scholarship applications to require an essay. Keep track of the scholarships you are applying for and their due dates to ensure you don’t miss out on your opportunity to apply. Also, keep your scholarship essays handy. You may be able to reuse some portions for other scholarship applications.

>>>More: How to Write and Proofread Scholarship Essays

While some scholarships you locate may require an essay there are also no-essay scholarships available, such as the scholarships offered on our site ScholarshipPoints.com. We give away four $10,000 no-essay scholarships every year and three $1,000 scholarships every month.

Explore Grants

Grants are another form of gift-aid students may receive to help pay for college. The most common grant is the Pell grant, awarded by the U.S. Government. You must file the FAFSA® to be considered for a Pell grant. Many grants are need-based awards, and the Pell grant is no exception. The amount of Pell grant you qualify for will be determined by factors such as your family’s income. The current maximum for a Pell grant is $6,895 .

>>>More: Federal Grants

Pell grants aren’t the only type of grants available to students. Ask your financial aid office about institutional grants or other grants you may qualify for. And don’t forget to check out your state grant options! While many state grants only require the FAFSA, some grants may require an additional application.

>>>More: Find State Grants

Tuition Payment Plans

Tuition payment plans are a great way to avoid taking out student loans. With a tuition payment plan you make a number of payments at different intervals as set by the college. This allows you to save and pay as you go. Talk to your financial aid office to see if a tuition payment plan is an option for you.

>>>More: About Tuition Payment Plans

Work-Study

A federal work-study job provides part-time jobs to undergraduate and graduate students with demonstrated financial need. To qualify for a work-study position, you must first file the FAFSA.

Work-study positions afford students in need a means of earning money to help pay for their education expenses. The jobs may be on or off campus. If you work on-campus, you will likely be working for the school. Off-campus positions are typically with a non-profit or public agency and must provide work performed in the public interest. One benefit of a Federal Work-Study job, money you earn working your Federal Work-Study job is excluded on your FAFSA. Other types of employment may be counted as earned income on your FAFSA which may have an impact on your expected family contribution. Contact your school’s financial aid office to find out if they participate in the Federal Work-Study program.

>>>More: About Federal Work Study

Tap Into Savings

Now is the time to assess your savings account to find out what you can afford to spend on your education. We recommend using savings before borrowing federal or private student loans. This is because student loans require you to pay interest, costing you more in the long run than paying for your school up front.

Taking savings to the next level, you may want to go beyond evaluating your current savings account balance. It’s recommended that you continue to save! If you are still working before your classes start or plan to work while you’re in college, set some savings goals. If your employer gives you an option to direct deposit your paycheck to more than one account, have a certain amount placed in your savings account—making this automatic makes it easier! If that’s not an option, it may be best to have your paycheck deposited to your savings account first and then transfer* your spending money to your checking account.

*Remember to read the terms and conditions of your bank account, you may be limited on the amount of time you can transfer money each month.

Attend an Affordable College

This is one option that some students don’t like to hear, but it’s important to assess whether or not you are planning to attend a school that is beyond your means. If you find yourself in a position where you will need to borrow tens of thousands of dollars per year, this college is likely beyond your means. Look to community colleges and state run schools in your home state for more affordable options.

>>>More: How to Choose a College: Making a College List and Comparing Schools

Attend College Part Time

Attending college part-time increases the amount of time it takes you to earn your degree, but is also easier to cash-flow, meaning pay as you go. Not only does attending college part-time make college more affordable, but it will also free up your calendar to work and save more for your education, helping to prevent graduating college with debt.

Seek Tuition Reimbursement

If you are working while attending school, find out if your employer offers tuition reimbursement. Tuition reimbursement plans vary by employer but typically will cover up to a set dollar amount per year and may have requirements such as one year of employment, or receiving a certain minimum grade in order to qualify.

Not only can you earn money toward paying for your education, but you may be able to get some or all of your investment back in the form of tuition reimbursement if you qualify.

>>>More: Some Employer Benefits Help You Pay for College

How to Pay for College with Loans

Many students require loans in order to pay for school. In fact, according to Investopedia, 54% of college students take on debt. When paying for college with loans it’s important to remember to borrow only what you need. This will help to prevent excessive student loan debt.

There are two types of student loans available to students. Federal student loans and private student loans. We recommend always exhausting federal student loan options before taking out private student loans.

In order to apply for federal student loans, you must first file the FAFSA.

File the FAFSA

The first step in paying for college with loans is to file the FAFSA. Filing the FAFSA is the only way to receive federal student loans (and grants). You may file the FAFSA each year on or after Oct 1 for the upcoming academic year. We recommend filing the FAFSA as early as possible to qualify for the maximum amount of aid.

To learn more about the FAFSA, we have a FAFSA Guide to help you through the most important financial aid application.

>>>More: What is Financial Aid?

Paying for College with Federal Student Loans

There are three types of federal student loans you are likely to encounter: Direct Stafford Subsidized, Direct Stafford Unsubsidized, and Direct PLUS Loans. Federal student loans come with generous periods of deferment and forbearance, as well as potential eligibility for income-driven repayment plans and Public Service Loan Forgiveness. Private student loans do not offer the same benefits. That is why we recommend at least reviewing your federal student loan options before considering private student loans.

>>>More: Student Loans for College

Paying for College with Private Student Loans

Private student loans exist to fill in the gap when other financial aid comes up short. They may also be a good alternative to PLUS Loans for borrowers with excellent credit. That is because the lowest available rates on private student loans, are lower than the fixed rate on PLUS Loans, and most private student loans do not charge an origination fee.

student loan interest rates for 2021

Private student loans come with competitive interest rates based on market trends. The interest rate you qualify for will depend on the creditworthiness of the borrower and their cosigner if applicable. Students applying for a private student loan will likely need a creditworthy cosigner to qualify. Those applying (and their cosigner, if applicable) will need a FICO® score of at least 680 in most instances, and at least two years of stable employment in order to qualify without a cosigner.

Instantly Compare Lenders

A private student loan may come with a fixed or variable rate. A fixed rate will remain unchanged over the life of the loan. A variable rate may change over the life of the loan, meaning your payments may go up or down as interest rates fluctuate.

>>>More: Best Private Student Loans for College

Private Student Loan vs PLUS Loan

Private student loans may be a good alternative to PLUS Loans for borrowers with excellent credit history and stable employment. This is because private student loans offer competitive interest rates based on market trends and the creditworthiness of the borrower. That means you may qualify for a lower interest rate on a private student loan than a PLUS loan. Most private student loans also come with no origination fees, and no prepayment penalties for paying the loan back early.

PLUS loans have a fixed interest rate for all qualified borrowers regardless of credit. There is a credit check required to borrow PLUS loans, but this credit check is not as stringent as that of a private lender. If you do not qualify on your own for a PLUS loan, you can apply with an endorser. PLUS Loan have no prepayment penalty, and come with an origination fee of 4.228 (for loans first disbursed on Oct. 1, 2021 through Sept. 30, 2022).

>>>More: Compare Private vs PLUS Loans

Student Loan Cosigners

A student loan cosigner is a co-borrower who agrees to be equally responsible for your student loan should you fail to pay. A good cosigner will have excellent credit, stable employment, and no recent bankruptcies. It’s not uncommon for student borrowers to need a cosigner on a private student loan. Cosigners are often a parent, spouse, other family member, or trusted friend.

When comparing private student loan lenders , you may want to look for a lender that offers cosigner release. This allows you to release the cosigner from responsibility for the loan after a series of on-time, consecutive payments, typically 12 to 48 months.

Best Private Parent Loans for College

College Ave Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 1.29% APR1

Fixed rates as low as: 3.22% APR1

Repayment Terms

5, 8, 10 or 15 years2

Apply Now More Info
College Ave Student Loans
  • Competitive fixed and variable APRs starting at 1.29%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

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. 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 8/11/2022. 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.

Cosigner Recommended

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable Rates: 2.62% APR - 12.97% APR1

Fixed Rates: 3.75% APR - 13.72% APR1

Repayment Terms

N/A

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: 2.62% APR - 12.97% APR. Fixed Rates: 3.75% APR - 13.72% 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
  • You may be 4X more like to be approved with a cosigner4 and it may help you get a better rate.
  • Only undergraduate student loan that offers 4 months of free Chegg® study help5
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus6

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.

Sallie Mae loans are subject to credit approval, identity verification, signed loan documents, and school certification. This loan is available to students at participating schools and is not intended for students pursuing a graduate degree. 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.

1Interest 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. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit 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.

2From January 1, 2021 to December 31, 2021, instant credit decisions were provided to 98% of applicants. Other applications 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 a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner from May 1, 2020 through April 30, 2021.

5This promotional benefit is provided at no cost to borrowers with undergraduate or graduate loans with a first disbursement between May 1, 2021 and April 30, 2024. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit http://www.chegg.com/legal/smtermsandconditions for complete details. This offer expires one year after issuance.

6Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

Information advertised valid as of 7/25/2022

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.

© 2022 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.

Nelnet Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable: 2.34% APR (with auto debit discount) to 12.02% APR (without auto debit discount)1

 

Fixed: 3.49% APR (with auto debit discount) to 11.68% APR (without auto debit discount)1

 

Lowest rates listed above include an interest rate reduction for eligible applications, enrollment in auto debit, and are available only to the most creditworthy applicants. Advertised variable rates reflect the starting range of rates and may increase over the life of the loan. [See Disclaimer]

Repayment Terms

Multiple Term Options Available

Apply Now More Info
Nelnet Student Loans
  • Variable: 2.34% - 12.02% APR (with auto debit discount) Fixed: 3.49% - 11.68% APR (with auto debit discount)1
  • Multiple Loan Terms
  • Auto Debit Savings2
  • Easy Cosigning and Cosigner Release3
  • Flexible Repayment Options
  • No Origination Fees
  • Member FDIC

Lowest rates listed above include an interest rate reduction for eligible applications, enrollment in auto debit, and are available only to the most creditworthy applicants. Advertised variable rates reflect the starting range of rates and may increase over the life of the loan. [See Disclaimer]

1Fixed interest rates range from 3.49% APR (with auto debit discount) to 11.68% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s)

Variable interest rates range from 2.34% APR (with auto debit discount) to 12.02% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated as the One-Month SOFR plus the applicable Margin percentage. Variable rates will be based on the highest One-Month SOFR as published by the Federal Reserve Bank of New York on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 2.29% as of August 1, 2022.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate., The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

2Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is cancelled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

3A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

  • The account must have been in full principal and interest repayment for at least 24 months.
  • Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.
  • NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.
  • The loan must be current at the time of request.
  • The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
  • The loan must not have been permanently modified from its original terms in the credit agreement.
  • The primary borrower must be a U.S. citizen or have permanent residency in the United States.
  • The primary borrower must meet the age of majority requirement in their permanent state of residency.
  • Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at [email protected] or 800.446.4190.

 

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable: 1.86% APR – 11.52% APR1

Fixed: 3.20% APR – 11.99% APR1

Repayment Terms

5 , 7 , 10 and 15 years

Apply Now More Info
Sallie Mae Private Student Loans
  • 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 3.20% to 11.99% and variable rates from 1.86% - 11.52%
  • Award winning Customer Service: Individually paired Student Loan Advisor to guide you through the application process

*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 07-01-2022. 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.

 

Ascent offers loans that power bright futures

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 1.75% APR1

Fixed rates as low as: 3.22% APR1

Repayment Terms

5, 7, 10, 12 and 15 years

Apply Now More Info
Ascent offers loans that power bright futures
  • AFFORDABLE variable rates starting at 1.75% 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.

* Ascent loans are funded by Bank of Lake Mills, 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 08/01/2022 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. Click here for details. Cosigned Credit-Based Loan student borrowers 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 are available for the most creditworthy applicants and may require a cosigner.

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 2.39% APR (with autopay)*

Fixed rates as low as: 3.50% APR (with autopay)*

Repayment Terms

Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: Starting variable rates range from 2.39% APR - 12.13% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
  • Fixed Rates: Fixed rates range from 3.50% APR to 13.60% 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*

*UNDERGRADUATE LOANS: Fixed rates from 3.50% to 13.35% annual percentage rate ("APR") (with autopay), variable rates from  2.59% to 12.13% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.50% to 13.35% APR (with autopay), variable rates from 2.99% to 12.13% APR (with autopay). PARENT LOANS: Fixed rates from 4.23% to 13.60% APR (with autopay), variable rates from 2.39% to 12.13% 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 08/01/2022.

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)

Earnest Private Student Loan

Recommendation
Best for Private Loans
Interest Rates

Graduate Rates

Fixed:3.22%-10.99% APR1

Variable:1.34%-9.89%APR1 

Undergraduate Rates

Fixed:3.22%-12.,78%APR1

Variable:1.34%-11.44%APR1 

Repayment Terms

5, 7, 10,15 or 20 years

Apply Now More Info
Earnest Private Student Loan
  • 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

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 3.47% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.59% APR to 11.69% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance 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 7/01/2022. 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.

 

How to Pay for College Without Parents

Not all students have parents who are willing to help pay for college. This may make getting a private student loan difficult, but federal student loans may still be an option.

Federal Student Loans

Unlike private student loans, federal student loans do not require a cosigner. This means, students can get federal student loans without the assistance of their parents. In order to receive federal student loans, you must first file the FAFSA. If you are considered a dependent student, your parent’s information will be required to complete the FAFSA.

If your parent refuse to assist you with completing the FAFSA, you may request a dependency override or a professional judgement from your school’s financial aid office. The decision to grant a dependency override or a professional judgement is up to the discretion of your school.

Income Share Agreements

An income share agreement is an alternative to a student loan that does not require a cosigner. This is basically a contract you sign to receive the money you need to pay for school in exchange for a percentage of your future salary for a set period of time. You will not be charged interest, however your payments will be a fixed percentage of your income. That means as you income increases, your payments will increase regardless of how much you originally borrowed until your repayment term is over.

Apply for a Stride Funding ISA

Income Share Agreement

Stride

Recommendation
Best for Private Funding
Interest Rates

Payments based on a fixed percentage of future income.

 

Lower (or no) payments when you're unemployed or underemployed.

Repayment Terms

Payments based on a fixed percentage of future income for up to 60 months after graduation

Only pay when earning more than the $30,000 minimum income threshold.

Payments stop early if you ever hit the payment cap (2.0x your initial funding amount)

Apply Now More Info
Stride
  • 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.

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.

 

How to Pay for College with Financial Aid

To pay for college with financial aid you will first need to file the FAFSA. Filing the FAFSA is necessary in order to receive federal student aid such as subsidized and unsubsidized loans, PLUS loans, and work-study.

Depending on your college you may also need to file the CSS Profile to determine aid eligibility.

Once your college has determined your financial aid eligibility you will receive an award letter with the types of loans and grants you qualify for. Here are the most common loans and grant you’ll encounter from the federal student aid program.

Direct Subsidized Student Loan

Direct Subsidized Loans are need-based loans from the federal government. With a subsidized loan, the government pays the interest on your loan while in school, during your grace period, and during periods of authorized deferment.

Direct Unsubsidized Student Loan

Direct Unsubsidized Loans are non-need-based loans from the federal government. With an unsubsidized loan, you are responsible for the interest that accrues while in school, during your grace period, and during authorized periods of deferment.

Federal Pell Grant

The Pell Grant is a federal grant awarded to students with financial need. If you qualify for a Pell Grant, the amount you receive will be determined based on need. The current yearly maximum for a federal Pell Grant is $6,895

>>>More: Student Loan Limits

Non-Federal Financial Aid

While federal student aid offers some of the more common types of aid, you may be eligible for financial aid that is considered nonfederal aid. When you complete the FAFSA, the information you provide on that application can also be used to help qualify you for state and institutional aid.

We recommend that you take the time to review your state and institutional aid options to make sure you don’t miss out. Like we said before, some state and institutional aid may only require you to complete the FAFSA, however, some states and schools may ask for additional financial aid applications. By not taking this extra step, you could miss out on valuable financial aid.

A common application asked for by some schools is the CSS Profile™. This application is offered by the College Board, and there could be fees to complete (there could be a waiver option for those with financial need). If your school requires you to submit a CSS Profile, make sure to submit that application by your school’s deadline.

>>>More: State Grants

How to Pay for College Without Financial Aid

Savings

Tapping into savings to pay for college is an investment in your future. While it may or may not be enough to cover your entire tuition, if you are able to contribute some of your savings to help you pay for college you may reduce the amount you need to borrow.

>>>More: 529 Savings Plans

Tuition Payment Plans

Many colleges offer tuition payment plans, allowing students to make a set series of payments on a predetermined schedule. With a tuition payment plan, your entire tuition isn’t due at once, allowing you time to save up for each installment.

Attend Part-Time

One way to pay for college without financial aid, is to pay as you go. It may tack a little time on to obtaining your degree, but you will graduate debt free. If you’re working while in school, don’t forget to ask your employer if they offer tuition assistance or reimbursement (or seek out an employer that offers this benefit).

>>>More: How to Pay for College Without Financial Aid

Learn More About Student Loans for College

Best Private Student Loans for August 2022

Private Parent Student Loans

Introduction to Parent PLUS Loans

Financial Aid for Graduate School

Filing the FAFSA

Subsidized Student Loans

Unsubsidized Student Loans

Student Loans Without a Cosigner

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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!

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