7 of the Best Private Student Loans

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

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)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.43%+	2.14%+
Fixed APR: 3.43%+ Variable APR: 2.14%+ Min. credit score: 600 Loan amount: $1,000 to $200,000 Loan terms (years): 5, 7, 10, 12, 15, 20 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% to 2.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident and have a minimum 2.9 GPA. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: University Account Service (UAS)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.24%+1	1.68%+1
Fixed APR: 4.24%+1 Variable APR: 1.68%+1 Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan 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 Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.34%+2,3	1.04%+2,3
Fixed APR: 3.34%+2,3 Variable APR: 1.04%+2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15 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 Cosigner release: After 24 months Loan servicer: College Ave Servicing LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.07%+7	1.99%+7
Fixed APR: 4.07%+7 Variable APR: 1.99%+7 Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 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 Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.83%+8	1.61%+8
Fixed APR: 3.83%+8 Variable APR: 1.61%+8 Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 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 Cosigner release: After 48 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.75%+	N/A
Fixed APR: 3.75%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 or $2,000 up to total amount Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance 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 Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.25% - 12.59%9	1.13% - 11.23%9
Fixed APR: 4.25% - 12.59%9 Variable APR: 1.13% - 11.23%9 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5 to 15 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, chat Soft credit check: Yes Cosigner release: After 12 consecutive on-time payments Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Credible’s private student loan partners

No two student loan lenders are exactly the same. Each offers unique interest 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:

• Ascent
• Citizens Bank
• College Ave
• EDvestinU
• INvestEd
• MEFA
• Sallie Mae

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

Pros

• 1% cash back graduation reward, and 0.25% to 2.00% autopay discount
• Borrow up to school’s cost of attendance ($200,000 cap)
• No application, origination, or disbursement fees
• Cosigner release available after 24 consecutive on-time payments

Cons

• Limited selection of repayment terms
• Ascent Independent loan available only to juniors, seniors, and grad students
• Deferred repayment is the only repayment option for Ascent Independent Loan

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.

Pros

• 0.25% automatic payment discount and 0.25% loyalty discount
• No application, origination, or disbursement fees
• Borrow up to school’s cost of attendance with $150,000 cap for undergraduate and graduate degrees; $225,000 for MBA and law degrees; $350,000 medical school and parent loans
• Student and parent loans available

Cons

• Only offers 12 months of forbearance

¹Citizens Bank Disclosures

3. College Ave

College Ave is an online lender with a simplified online application and approval process.

Pros

• 0.25% autopay discount
• Borrow up to 100% of the school-certified cost of attendance
• Wide selection of repayment terms
• No application, origination, or disbursement fees

Cons

• Cosigner release not available until at least half of the scheduled repayment term has been completed

^2,3College Ave Disclosures

4. EDvestinU

EDvestinU offers private student loans to undergraduate and graduate students with no fees and a wide selection of repayment terms.

Pros

• 0.50% autopay discount
• Borrow up to 100% of school-certified cost of attendance with $200,000 cap
• No application, origination, or disbursement fees
• Wide selection of repayment terms
• Cosigner release available after 24 months of on-time payments

Cons

• Borrower or cosigner must have a minimum income of $30,000

⁷EDvestinU Disclosures

5. INvestEd

INvestEd offers private student loans with no fees and a graduation bonus to Indiana residents or students attending an Indiana school.

Pros

• 0.25% autopay discount
• 2% principal reduction upon graduation
• No application, origination, or disbursement fees
• Borrow up to 100% of school certified cost of attendance ($200,000 cap)

Cons

• Only available to Indiana residents or students attending an Indiana school
• Cosigner release available only after 48 consecutive monthly principal and interest payments

⁸INvestEd Disclosures

6. MEFA (Massachusetts Educational Financing Authority)

MEFA offers fixed-rate private student loans to both undergraduates and graduate students across the United States.

Pros

• Fixed rates mean stable monthly payment and repayment costs
• Borrow up to 100% of school certified cost of attendance
• No application, origination, or disbursement fees
• Cosigner release available after 48 consecutive on-time payments

Cons

• Variable-rate loans not offered
• 15-year repayment term is the only option for grad students

7. 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.

Pros

• 0.25% autopay discount
• Borrow up to 100% of the school-certified cost of attendance
• No application, origination, or disbursement fees
• Cosigner release available after making 12 on-time principal and interest payments

Cons

• Only offers 12 months of forbearance

⁹Sallie Mae Disclosures

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.

Lender	Loan terms (years)	Cosigner release
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5, 10, 15	After 24 months
Rates: Fixed, variable Min. credit score: Does not disclose Loan terms (years): 5, 10, 15 Cosigner release: Yes Min. GPA: No Repayment options: Full deferral, full months payment, fixed/flat repayment, interest only, academic deferral, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident. Customer service: Email, phone, chat Soft credit check: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	15, 20 (depending on degree type)	No
Fixed APR: 4.84% - 12.39%6 Variable APR: 1.59% - 11.37%6 Min. credit score: Does not disclose Loan amount: Up to cost of attendance Cosigner release: No Loan terms (years): 15, 20 Min. GPA: No 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 Loan servicer: Discover Bank
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5, 7, 10, 12, 15, 20	No
Rates: Fixed, variable Min. credit score: 650 Loan terms (years): 5, 7, 10, 12, 15, 20 Min. GPA: No Cosigner release: No Repayment options: Full deferral, full month payment, fixed/flat repayment, interest only, academic deferral, military deferral, forbearance Fees: None Discounts: Autopay Eligibility: A U.S. Citizen or permanent resident. Not available in KY or NV. Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	20	After 24 months
Min. credit score: Does not disclose Loan amount: $1,000 to $150,000 Loan terms (years): 10, 15, 20 Min GPA: No Cosigner release: Yes Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	Does not disclose	Does not disclose
Min. credit score: Does not disclose Cosigner release: Does not disclose Loan terms (years): 5, 10, 15 Min. GPA: No Repayment options: Fixed/flat repayment, interest only, forbearance Fees: Late fees Discounts: Autopay, on-time graduation Eligibility: Does not disclose Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5, 10, 15	After 48 months
Rates: Fixed, variable Min. credit score: Does not disclose Loan terms: 5, 7, 15 Min. GPA: No Cosigner release: Yes Repayment options: Full deferral, interest only, immediate repayment, academic deferral, military deferral, forbearance Fees: Late Fee Discounts: Autopay Eligibility: Must be a U.S. citizen Customer service: Email, phone Soft credit check: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5, 10, 15	After 24 months
Rates: Fixed, variable Min. credit score: Does not disclose Loan terms (years): 5, 10, 15 Min. GPA: Yes Cosigner release: Yes Repayment options: Full deferral, fixed/flat repayment, interest only, immediate repayment, academic or military deferral, forbearance Fees: None Discounts: Autopay Eligibility: Must be a US Citizen or permanent resident Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	15, 20	After 24 months
Min. credit score: Does not disclose Loan terms (years): 15, 20 Cosigner release: Yes Min. GPA: No Repayment options: Full deferral, full monthly payment, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay, loyalty Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes
The lenders in this table aren't our partners. But you can use Credible to compare rates in 2 minutes from other lenders who offer private student loans. Compare Now

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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%

Rates on federal student loans for undergraduates, graduate students, and PLUS loans for the 2019-2020 academic year. Interest rates on loans disbursed from July 1, 2019 through June 30, 2020. Source: U.S. Department of Education Office of Federal Student Aid.

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.

Find Your Student Loan

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

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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 customer service availability offered by 15 lenders. We also considered each company’s eligibility, 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. Read the full Credible rating lender methodology. Learn about Credible’s mission and promise to our readers.

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