Our goal here at Credible is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.
The best student loan companies provide competitive interest rates, a wide selection of loan terms, and inclusive eligibility requirements for undergraduates, graduate students, and parents.
Through Credible, you can compare rates from all of the lenders below without affecting your credit score.
| Lender | Fixed Rates From (APR) | Variable Rates From (APR) | Get Rates Through Credible |
|---|---|---|---|
 | 5.88%+ | 5.20%+ | Get Rates Ascent review |
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 | 4.40%+1 | 1.95%+1 | Get Rates Citizens Bank review |
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 | 4.31%+2,3 | 2.69%+2,3 | Get Rates College Ave review |
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 | 4.52%+8 | 3.01%+8 | Get Rates EDvestinU review |
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 | 4.09%+ | 2.77%+ | Get Rates INvested review |
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 | 3.95%+ | N/A | Get Rates INvested review |
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 | 4.74% - 11.85%9 | 2.00% - 10.01%9 | Get Rates Sallie Mae review |
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your credit score. 100% free! |
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 6Discover Disclosures | 8EDvestinU Disclosures | 9Sallie Mae Disclosures |
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Citizens Bank Student Loan Rate Disclosure Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 1, 2020, the one-month LIBOR rate is 0.92%. Variable interest rates range from 1.95%-10.28% (1.95%-10.13% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.40%-12.19% (4.40% - 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co- signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan. |
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Credible’s private student loan partners
No two student loan lenders are exactly the same. Each offers unique rates, terms, limits, and more. Below, we’ve rounded up some of the most important details about the loans offered by Credible’s top student loan lenders, including special interest rate discounts, policies regarding cosigner release, and loan servicer.
Credible’s top student loan lenders:
1. Ascent
Ascent offers two private student loans worth considering:
- Ascent Tuition Loan: Offers competitive rates to borrowers who have a cosigner
- Ascent Independent Loan: Offers more flexible eligibility for borrowers who don’t have a cosigner
- Fixed rates from (APR): 5.88%+
- Variable rates from (APR): 5.20%+
- Loan terms (years): 5, 10, 15 (depending on loan type)
- Loan amount: $1,000 - $200,000
- Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees: None
- Discounts: 0.25% automatic payment discount, 1% cash back graduation reward
- Eligibility: Must be a U.S. citizen or permanent resident and have a minimum 2.5 GPA.
- Customer service: Email, phone
- Soft credit check: Yes
- Min. credit score: 660
- Cosigner release: After 24 months
- Loan servicer: University Account Service (UAS)
Pros
Cons
Learn More: Ascent Education Loan review
2. Citizens Bank
Citizens Bank offers student loans not only to undergraduate and graduate students, but parents taking out loans for their child’s education. Citizens also offers loans tailored for students in certain fields, such as law, business, and healthcare.
- Fixed rates from (APR): 4.40%+1
- Variable rates from (APR): 1.95%+1
- Loan terms (years): 5, 10, 15
- Loan amount: $1,000 - $350,000 (depending on degree)
- Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees: Late fee
- Discounts: Autopay, loyalty
- Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Min. credit score: Does not disclose
- Cosigner release: After 36 months
- Loan servicer: Firstmark Services
Pros
Cons
Learn More: Citizens Bank review
Citizens Bank Student Loan Rate Disclosure
Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 1, 2020, the one-month LIBOR rate is 0.92%. Variable interest rates range from 1.95%-10.28% (1.95%-10.13% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.40%-12.19% (4.40% – 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co- signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.
3. College Ave
College Ave is an online lender with a simplified online application and approval process.
- Fixed rates from (APR): 4.31%+2,3
- Variable rates from (APR): 2.69%+2,3
- Loan terms (years): 5, 8, 10, 15
- Loan amount: $1,000 up to 100% of the school-certified cost of attendance
- Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
- Fees: Late fee
- Discounts: Autopay
- Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.
- Customer service: Email, phone
- Soft credit check: Yes
- Min. credit score: Does not disclose
- Cosigner release: After 24 months
- Loan servicer: University Accounting Service LLC
Pros
Cons
Learn More: College Ave review
4. Discover Student Loans
Discover Student Loans are offered by Discover Bank, and are available with fixed or variable interest rates to undergraduate and graduate students.
- Fixed rates from (APR): 5.09% - 12.49%6
- Variable rates from (APR): 2.15% - 10.37%6
- Loan terms (years): 15, 20 (depending on degree type)
- Loan amount: Up to 100% of the school-certified cost of attendance
- Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees: None
- Discounts: Autopay, good grade discount, cash reward for on-time graduation
- Eligibility: Must be a U.S. citizen, permanent resident, or international student with a qualifying cosigner, as well as be making satisfactory academic progress.
- Customer service: Email, phone
- Soft credit check: Yes
- Min. credit score: Does not disclose
- Cosigner release: No
- Loan servicer: Discover Bank
Pros
Cons
Learn More: Discover review
5. EDvestinU
EDvestinU offers private student loans to undergraduate and graduate students with no fees and a wide selection of repayment terms.
- Fixed rates from (APR): 4.52%+8
- Variable rates from (APR): 3.01%+8
- Loan terms (years): 5, 10, 15
- Loan amount: $1,000 - $200,000
- Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability
- Fees: Late fee
- Discounts: Autopay
- Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000.
- Customer service: Email, phone
- Soft credit check: Yes
- Min. credit score: 750
- Cosigner release: After 24 months
- Loan servicer: Granite State Management & Resources (GSM&R)
Pros
Cons
Learn More: EDvestinU review
6. INvestEd
INvestED offers private student loans with no fees and a graduation bonus to Indiana residents or students attending an Indiana school.
- Fixed rates from (APR): 4.09%+
- Variable rates from (APR): 2.77%+
- Loan terms (years): 5, 10, 15
- Loan amount: $1,001 up to 100% of school certified cost of attendance
- Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance
- Fees: Late fee
- Discounts: Autopay, reward for on-time graduation
- Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school.
- Customer service: Email, phone, chat
- Soft credit check: Yes
- Min. credit score: 670
- Cosigner release: After 48 months
- Loan servicer: American Education Services
Pros
Cons
Learn More: INvestEd review
7. MEFA (Massachusetts Educational Financing Authority)
MEFA offers fixed-rate private student loans to both undergraduates and graduate students across the United States.
- Fixed rates from (APR): 3.95%+
- Variable rates from (APR): N/A
- Loan terms (years): 10, 15
- Loan amount: $1,500 or $2,000 up to school’s certified cost of attendance (depending on school type and minus other aid received)
- Repayment options: Full deferral, interest only, immediate repayment
- Fees: None
- Discounts: None
- Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.
- Customer service: Email, phone
- Soft credit check: Yes
- Min. credit score: 670
- Cosigner release: After 48 months
- Loan servicer: American Education Services (AES)
Pros
Cons
Learn More: MEFA review
8. Sallie Mae
Sallie Mae offers a range of private student loans with no fees to students and parents, plus medical and dental residency loans and bar study loans.
- Fixed rates from (APR): 4.74% - 11.85%9
- Variable rates from (APR): 2.00% - 10.01%9
- Loan terms (years): 5, 15
- Loan amount: Up to 100% of the school-certified cost of attendance
- Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability
- Fees: Late fee
- Discounts: Autopay
- Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner.
- Customer service: Phone
- Soft credit check: Yes
- Min. credit score: Does not disclose
- Cosigner release: After 12 months
- Loan servicer: Sallie Mae
Pros
Cons
Learn More: Sallie Mae review
Other private student loan lenders to consider
Here are more private student loan companies we evaluated. Keep in mind that these lenders are not offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.
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Frequently asked questions
- How do private student loans differ from federal student loans?
- How do I choose the best private student loan?
- Will I need a cosigner?
- How can I qualify for a private student loan?
- How do I apply for a private student loan?
- Can I qualify even if I have bad credit?
How do private student loans differ from federal student loans?
The major difference between private student loans and federal student loans is that federal loans are provided by the government, while private loans are provided by financial institutions like banks, credit unions, online lenders, and state student loan authorities.
Federal student loans:
- Fixed interest rates
- Don’t require a credit check (except PLUS loans)
- You may qualify for income-driven repayment and loan forgiveness
- You won’t need a cosigner for most federal loans
Private student loans:
- Typically a choice of fixed or variable rates
- Require a credit check
- Lenders may grant loan deferment or forbearance to struggling borrowers
- You typically need a cosigner due to limited credit history or income while in school
While rates on federal student loans offered to undergraduates are comparatively low, graduate students and parents can expect to pay more. Rates on private loans can be competitive, particularly after factoring in the upfront fees on federal student loans. Credible’s partner lenders charge no application, origination, or disbursement fees. Typically, it’s recommended to exhaust all your federal loan options before pursuing private student loans.
| Loan type | Fixed interest rate | Upfront fee |
| Direct loans to undergraduate (subsidized and unsubsidized) | 4.53% | 1.062% |
| Direct unsubsidized loans to graduate and professional students | 6.08% | 1.062% |
| PLUS loans to graduate students and parents of undergraduates | 7.08% | 4.248% |
Learn More: Federal Student Loans vs. Private Student Loans
[ Jump back to FAQ ]How do I choose the best private student loan?
The best private student loan for your particular needs can depend not only on the interest rate, but the loan terms, repayment plans, and borrower benefits available from different lenders.
It’s a good idea to compare annual percentage rates (APRs) from multiple lenders, which take into account any fees. Shorter loan terms will usually provide lower interest rates, but higher monthly payments. Longer loan terms typically come with lower monthly payments, but you pay more in interest over the lie of the loan.
Find Out: How to Choose Between a Fixed- or Variable-Rate Student Loan
[ Jump back to FAQ ]Will I need a cosigner?
You’ll often need a cosigner to qualify for private student loans. This is because you won’t be able to take out a loan on your own if you have little or no credit history. Having a parent, relative, or friend sign on as a cosigner can help you get a better rate.
Many lenders will allow you to apply to have your cosigner released after you’ve established a track record of repaying your loan. Depending on the lender, you might be able to apply for cosigner release after 12 to 48 consecutive (and on-time) monthly payments. But the request will only be approved if the borrower is able to meet the lender’s income and credit standards.
Credible allows you to add and compare cosigners to see which would offer you the best rates, all without affecting your credit score.
See: The Right Cosigner Can Save Students Thousands on Student Loans
[ Jump back to FAQ ]How can I qualify for a private student loan?
To qualify for a private student loan, you’ll need to meet a lender’s eligibility requirements or apply with a creditworthy cosigner.
Every lender will have its own requirements for borrowers and cosigners, which may include minimum income and credit score. Some lenders will require that you be a U.S. citizen or permanent resident and the college you’re attending must be on the lender’s list of approved schools.
Read More: How to Get a Student Loan Without a Cosigner
[ Jump back to FAQ ]How do I apply for a private student loan?
Before shopping for a private student loan, make sure you’ve filled out the Free Application for Federal Student Aid (FAFSA) and taken advantage of all the scholarships and federal, state, and institution-based grants and aid that you qualify for.
If you still need money for college, Credible makes it easy to quickly compare interest rates across top lenders for free — without affecting your credit score. Comparing lenders is a great way to ensure you find the best rates you qualify for.
Read More: How to Apply for a Student Loan
[ Jump back to FAQ ]Can I qualify even if I have bad credit?
If you have bad credit, you may need to apply with a cosigner to be approved for a private student loan. Private lenders typically have minimum credit score requirements and blemishes in your credit like unpaid bills, bankruptcy or foreclosure can also disqualify you.
Even if you’re approved for a student loan with bad credit, it’s likely you’ll be offered a higher interest rate than if you had good credit or applied with a cosigner. Credible allows you to compare cosigners to see which would help you get the best rates.
If you can’t find a creditworthy cosigner, there are a number of steps you can take to improve your credit, which may help you qualify on your own and get a better rate.
Check Out: How to Build Credit Fast
[ Jump back to FAQ ]Your Private Student Loan Search Ends Here
Methodology: Credible evaluated loan and lender data points in 10 categories to identify the “best companies” for private student loans. We looked at interest rates, repayment terms, repayment options, fees, discounts, and eligibility. We also considered each company’s level of customer service provided, cosigner release options, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check. Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender.
