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Compare Best Private Student Loans for November 2024

Updated on November 1, 2024

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.

Fixed APR 3.49% - 15.49%¹

Variable APR 5.04% - 15.21%¹

Cosigner Recommended

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Featured Lender

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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

Choose the #1 Private Student Loan Lender in the Nation. Sallie Mae is trusted by more families than any other private student loan lender.
Variable Rates: 5.04% APR - 15.21% APR. Fixed Rates: 3.49% APR - 15.49% APR. Lowest rates shown include 0.25 percentage point interest rate discount with auto debit payments.¹
Applying online is easy - you could receive a credit result in about 10 minutes.²
Multiple repayment options from in-school payments to deferred.¹ No origination fee or prepayment penalty²
Last year, students were 4x more likely to be approved with a cosigner³ and it may help you get a better rate.
Borrow up to 100% of school-certified expenses, whether you're online or on campus⁴

Eligibility

Student is attending full-time, half-time, or less than half-time, including summer term or winter term.
Student is enrolled in certificate programs, professional training, or online courses.
Student is a U.S. citizens or U.S. permanent resident.
Non-U.S. citizen students residing in and attending school in the U.S., including DACA students, applying with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and an unexpired government-issued photo ID to verify identity.

Borrow Responsibly

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. 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.

²Although 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.

³Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2022 to September 30, 2023.

⁴For 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 will be subject 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.

Information advertised valid as of 10/25/2024.

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.

Sallie Mae 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.

Fixed APR 3.59% - 17.99%¹

Variable APR 5.34% - 17.99%¹

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Featured Lender

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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)²
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.

¹All rates include the auto-pay 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.

²As certified by your school and less any other financial aid you might receive. Minimum $1,000.

³This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 11/01/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.

Fixed APR 3.69% - 15.04%*

Variable APR 5.66% - 15.16%*

Cosigner Recommended

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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 fixed rates starting at 3.69% 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 late fees and 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, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Rates displayed above are effective as of 11/1/2024 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.

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.

Fixed APR 3.69% - 16.49%¹

Variable APR 5.62% - 16.85%¹

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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 3.94% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 17.10% 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 09/10/2024. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107

Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

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

Fixed APR 3.69% - 9.36%¹

Variable APR 6.22% - 10.32%¹

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Featured Lender

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Start your educational journey on the right path and find help paying for your education with a private student loan.

Student Benefits

Simple application process
See your rate in minutes without affecting your credit score²
Auto debit savings³
Flexible repayment plans and multiple loan terms available
No application fees and no origination fees
Easy cosigning options

Eligibility

You or your cosigner must be a U.S. citizen or have permanent residency status with a valid U.S. Social Security number.
You must be enrolled at least half-time at a Nelnet Bank-eligible school for the loan period you are applying for.
A mid to high 600 FICO score is required for you or your cosigner.
You must be of the age to enter a binding contract in your state of residence or territory.

Nelnet Bank (Member FDIC)

Lowest rates shown already include an auto debit discount.

¹ Fixed interest rates range from 3.69% APR (with auto debit discount) to 9.36% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan. Variable interest rates range from 6.22% APR (with auto debit discount) to 10.32% 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 using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and 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 5.25% as of October 1, 2024. 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.

² Credit Score: Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

³ Auto Debit: Interest 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), interest only and fixed pay 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 canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Student Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. All applicants must be the legal age to enter into binding contracts in their state of residence or territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at least half-time at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Amounts*:

Minimum loan amount: $1,000
Maximum loan amount: $125,000

Graduate Loan Amounts*:

Minimum loan amount: $1,000
Maximum Loan amount:

Graduate or doctorate degree: $175,000
MBA or graduate law degree: $175,000
Graduate health professions degree: $500,000

*Maximum loan amounts are subject to limits on total student loan debt

This referral partner is not the creditor of Nelnet Bank loans and may receive compensation from Nelnet Bank for the referral of Nelnet Bank loan customers.

Before taking out a private student loan, make sure to take advantage of any federal student loans, grants, or scholarships you have access to. Federal student loans often include benefits and lower interest rates, so be sure to consider all of your options before applying for a private student loan.

Fixed APR 3.69% - 14.22%*

Variable APR 5.00% - 14.22%*

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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 3.69% APR on fixed rate products and 5.00% 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 3.69% to 14.22% and variable rates from 5.00% - 14.22%*
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

*ELFI 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 10-01-2024. 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.

Fixed APR 3.79% - 14.83%*

Variable APR 5.79% - 15.86%*

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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

All online, all easy.
SoFi covers 100% of school-certified costs.
No fees. Period.
Repay your way with flexible repayment options (find the monthly student loan payment and rate that fits your budget).
Applying with a cosigner may increase your chances of approval and getting a better rate.
Over 1 million students have chosen SoFi.

Interest Rates: Eligibility and Important Details. Fixed rates range from 3.79% APR to 14.83% APR with 0.25% autopay discount. Variable rates range from 5.79% APR to 15.86% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 10/25/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. 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. 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 8/5/24 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org)

Fixed APR 7.37% - 10.68%¹

Variable APR 6.87% - 10.68%¹

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Stress less about paying for college!

Student Benefits

Variable Rates: 6.87% APR – 10.68% APR; Fixed Rates: 7.37% APR – 10.68% APR (with auto debit discount)¹.
Multiple repayment options available including deferred, interest-only, and immediate.
Repayment terms of 5, 10, or 15 years available.
Absolutely no fees – no origination fee, no late fee, and no prepayment penalty.
0.25% discount when you make payments via auto debit.
Ability to borrow for prior loan periods (restrictions apply).

Eligibility

Must be a member or eligible for membership with Y-12 Federal Credit Union.
Student must be enrolled at least half-time at an eligible school.
Borrower and Cosigner must be a United States Citizen or permanent resident.
Borrower and Cosigner must be at least the age of majority at the time of the application based on his/her state of residence.

¹The lowest Annual Percentage Rate (APR) is available to the most creditworthy applicants. Your actual APR will be based on your credit qualifications, loan program, interest rate option, repayment term, repayment option and whether you elect the auto debit feature.

Fixed APR 7.37% - 10.68%¹

Variable APR 6.87% - 10.68%¹

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Less stress. More YES!

Student Benefits

Variable Rates: 6.87% APR – 10.68% APR; Fixed Rates: 7.37% APR – 10.68% APR (with auto debit discount).¹
Multiple repayment options available including deferred, interest-only, and immediate.
Repayment terms of 5, 10, or 15 years available.
Absolutely no fees – no origination fee, no late fee, and no prepayment penalty.
0.25% discount when you make payments via auto debit.
Ability to borrow for prior loan periods (restrictions apply).

Eligibility

Must be a member or eligible for membership with InFirst Federal Credit Union.
Student must be enrolled at least half-time at an eligible school.
Borrower and Cosigner must be a United States Citizen or permanent resident.
Borrower and Cosigner must be at least the age of majority at the time of the application based on his/her state of residence.

Fixed APR 7.37% - 10.68%¹

Variable APR 6.87% - 10.68%¹

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Featured Lender

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As a not-for-profit credit union, we can provide lower rates and fees on private student lending. Focus on what is really important and let us handle the rest!

Student Benefits

Variable Rates: 6.87% APR – 10.68% APR; Fixed Rates: 7.37% APR – 10.68% APR (with auto debit discount)¹.
Multiple repayment options available including deferred, interest-only, and immediate.
Repayment terms of 5, 10, or 15 years available.
Absolutely no fees – no origination fee, no late fee, and no prepayment penalty.
0.25% discount when you make payments via auto debit.
Ability to borrow for prior loan periods (restrictions apply).

Eligibility

Must be a member or eligible for membership with America's Christian Credit Union.
Student must be enrolled at least half-time at an eligible school.
Borrower and Cosigner must be a United States Citizen or permanent resident.
Borrower and Cosigner must be at least the age of majority at the time of the application based on his/her state of residence.

Fixed APR 2.71% - 7.38%¹

Variable APR 5.33% - 9.10%¹

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Brazos Higher Education is a trusted Texas non-profit organization dedicated to helping students finance their college education and save money once they graduate.

Student Benefits

Cover up to 100% of School certiﬁed expenses
Apply online in minutes
0.25% interest rate reduction for automatic payment.¹
Co-signer release after twenty-four (24) on-time payments and the borrower meeting the credit requirements.
Applicants may apply as early as 210 days before the academic period start date.

Eligibility

Applicants must:

Be a U.S. Citizen or National, permanent resident or DACA recipient; or if applying with an eligible cosigner, a non-citizen with a valid work or student visa;
Meet the credit eligibility criteria, including a no adverse history requirement; and
Student must be enrolled at least half-time at an accredited, Title IV eligible, Public or Private nonproﬁt, 4-year degree-granting institution

¹Rates as of 04/01/2024. Brazos Student Loan interest rate ranges are based upon the repayment term and options selected and the creditworthiness of the borrower or co-signer, and include the 0.25% Auto-Pay Discount. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower that selects the Immediate Repayment option and begins making payments after the loan is fully disbursed, with a 60 month repayment term. The highest APR calculation assumes the lowest creditworthy borrower that selects the Deferred Repayment option and makes no payment while in school for a period of 45 months (plus a 6 month grace period), with a 240 month repayment term.

Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 5.34% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.

AutoPay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or cosigner authorizes automated (ACH) payments from any bank account. The Auto-Pay Discount only applies when full principal and interest payments are automatically drafted from a bank account and does not apply during periods of approved forbearance or deferment. Certain other terms and conditions apply.

Fixed APR As low as 4.42%*

Variable APR N/A

No Cosigner Required

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Featured Lender

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Say Hello to Hassle-Free Financing.

Using a common loan app, Meratas instantly prequalifies you for student and personal loan rates from our national lender network.
Always free to use, and Prequalifying won’t impact your credit.

Student Benefits

Marketplace Advantage: A single application to instantly prequalify across our extensive lender network.
One and Done: Forget the hassle of multiple applications. Our common loan application delivers you up to 5 prequalified rates from national lenders.
Affordability Meets Choice: Enjoy competitive fixed APRs starting as low as 4.42%*.
Students First: Always free to use, and no hidden fees.
Risk-free Exploration: No Hard Credit Pulls! Prequalify without impacting your credit score.

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.

Private Student Loan Lender Reviews

College Ave Student Loan Review

By Edvisors Network

Updated on 11/09/2023

Learn more about College Ave and their undergraduate, graduate, and parent student loan options.

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Sallie Mae Student Loan Review

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Updated on 11/09/2023

Sallie Mae is the leading bank in education finance. Learn more about their wide variety of student loan offerings and how to apply online in just minutes.

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Earnest Student Loan Review

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Updated on 11/09/2023

Earnest provides a wide variety of loans including undergraduate, graduate, medical and law school. Learn more about Earnest, their products, and their flexible repayment terms.

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Ascent Student Loan Review

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Updated on 11/09/2023

Learn more about private student loan lender, Ascent, including their product offerings and how they give back to the community.

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Citizens Bank Student Loan Review

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Updated on 11/09/2023

Citizens Bank offers in school private student loans as well as student loan refinancing. Learn more about their products and benefits.

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SoFi Student Loan Review

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Updated on 11/09/2023

SoFi offers a variety of student loan products with an all online application and no fees. Find out more about SoFi student loans and how SoFi gives back.

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Most Popular Private Student Loan Topics

How do Private Student Loans Work

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Updated on 08/06/2024

With private student loans, you must carefully consider your options to select a loan with terms that fit your needs.

Pros and Cons of Private Student Loans

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Learn the pros and cons of Private student loans, including borrowing up to your school’s certified cost of attendance, and potentially lower interest rates than federal student loans.

Federal vs Private Student Loans: A Comparison

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Compare your student loan options easily with our comparison tables. Understand the benefits of Direct subsidized and unsubsidized loans, PLUS loans, and private student loans.

Emergency Student Loans

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Colleges and lenders have programs in place to help you make ends meet when you need it most. Learn more about emergency help, including federal, state, institutional and private student loan options.

Student Loans for Graduate School

By Elaine Rubin

Updated on 08/08/2024

Graduate students can borrow federal and private student loans. Federal student loans include Direct Unsubsidized Loans and Grad PLUS Loans. Private student loans are also available and may offer more competitive rates.

Private Parent Student Loans

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Updated on 08/07/2024

Several lenders offer private loans specifically for the parents of college students. Learn more about the costs and benefits of Private Parent Loans.

How to Find a Creditworthy Cosigner

By Penny Redlin

Updated on 08/06/2024

The rising costs of college have made it more difficult to cover all the costs without having to borrow money in many cases. Private student loan lenders generally want student borrowers, (who for the most part lack a credit history), to have a cosigner to ensure the loan has a higher probability of being repaid on-time and in full.

How Does Interest on Student Loans Work?

By Elaine Rubin

Updated on 08/07/2024

Interest on a student loan is the cost you pay for borrowing money. Federal and private student loans have different interest rates and formulas for calculating interest.

Private Student Loan Interest Rates

By Edvisors Network

Updated on 08/07/2024

Find current private student loan interest rates and compare to federal student loan interest rates to find the loan that is right for you.

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:

Difference	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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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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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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