Private student loans can be a valuable tool when it comes to paying for college. They typically offer low interest rates for qualified borrowers, have flexible repayment terms, and some even offer extra features like career coaching and more. But it can be hard to find the best private loans, and should you even take them out?
We’ve compared 10 nationwide private student loan lenders to help you find the best option based on your credit, income, and goals. Beyond the rate, we also compared the fees, repayment terms, application process, income requirements, cosigner requirements, and borrower perks like discounts.
Promo: If you want to get a quote at a top lender right now, check out College Ave. They typically have some of the lowest student loan rates available. You can get a quote in minutes. Check out College Ave here >>
Private student loans are the last choice when it comes to paying for college. Before you take out private loans, you should make sure you exhaust all other financial aid options, including federal loans.
Before you sign on the dotted line, make sure you understand what you’re getting into. Student loans are a collateral on your future earnings, and you need to ensure you have a positive ROI (return on investment) of your education.
Why Should You Trust Us?
We have been writing and reviewing student loan lenders and companies for over 12 years. Our editor-in-chief Robert Farrington is America’s Student Loan Debt Expert™ and is one of the most knowledgeable experts about students loans in the United States.
When we look at student loan lenders, we look at the various loan types they offer, how competitive their rates are in the marketplace, and what types of repayment plans they offer. You can see we’ve reviewed substantially all of the lenders in the student loan marketplace here.
Furthermore, our compliance team audits the posted rates every weekday to ensure that our rates accurately reflect the best available information.
Check out our list of the best private student loan lenders below:
Best Private Student Loans Of 2025
Student Loan Rates: The student loan rates below are updated daily Monday through Friday. The lowest rates are usually for shorter loan-terms, variable rates, those with high credit scores, and low debt-to-income ratios.
|
Lender Name |
APR |
Get Started |
|---|---|---|
 |
Variable Rate 4.31% – 14.81% Fixed Rate 3.09% – 14.93% |
No Cosigner Required! |
 |
Variable Rate 4.95% – 15.43% Fixed Rate 3.24% – 14.99% |
|
 |
Variable Rate 4.24% – 17.99% Fixed Rate 3.19% – 17.99% |
|
 |
Variable Rate 3.78%+ Fixed Rate 4.78%+ |
|
 |
Variable Rate 4.99% – 16.85% Fixed Rate 3.19% – 16.49% |
|
 |
Variable Rate 5.00% – 13.97% Fixed Rate 3.69% – 14.22% |
|
 |
Fixed Rate 7.99% – 13.49% |
No Cosigner Required! |
 |
Variable Rate 4.34% – 13.51% Fixed Rate 3.38% -12.69% |
|
 |
Variable Rate 4.37% – 16.49% Fixed Rate 3.19% – 16.99% |
|
 |
Variable Rate 4.39% – 15.99% Fixed Rate 3.23% – 15.99% |
|
Lender Name |
APR |
|---|---|
|
No Cosigner Required! |
Variable Rate 4.31% – 14.81% Fixed Rate 3.09% – 14.93% |
|
|
Variable Rate 4.95% – 15.43% Fixed Rate 3.24% – 14.99% |
|
|
Variable Rate 4.24% – 17.99% Fixed Rate 3.19% – 17.99% |
|
|
Variable Rate 3.78%+ Fixed Rate 4.78%+ |
|
|
Variable Rate 4.99% – 16.85% Fixed Rate 3.19% – 16.49% |
|
|
Variable Rate 5.00% – 13.97% Fixed Rate 3.69% – 14.22% |
|
No Cosigner Required! |
Fixed Rate 7.99% – 13.49% |
|
|
Variable Rate 4.34% – 13.51% Fixed Rate 3.38% -12.69% |
|
|
Variable Rate 4.37% – 16.49% Fixed Rate 3.19% – 16.99% |
|
|
Variable Rate 4.39% – 15.99% Fixed Rate 3.23% – 15.99% |
Full Breakdown: Best Student Loan Lenders
Here are all the details you need to know about the best student loan lenders.
Ascent
Ascent Student Loans is a solid choice as a private lender – as they offer both cosigner and non-cosigner loans for undergraduate and graduate students. They also offer a solid loan amount range from $2,001 – $400,000*, competitive rates, and easy repayment terms.
What we love about Ascent is how clear they make their requirements to get the non-cosigned loan for juniors and seniors that considers more than just a credit score, which is rare in the private student loan industry. The qualify, students must:
- Be a college junior or senior enrolled full-time (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.
- Be a U.S. citizen or have a U.S. permanent resident or Deferred Action for Childhood Arrival (DACA) status.
- Have satisfactory academic performance of 2.9 GPA or greater.
They offer loans starting at just $2,001* minimum, and they offer loan deferment while in school up to 9 months after graduation.
Read our full Ascent Student Loans review here.
|
Ascent Student Loans Details |
|
|---|---|
|
Product Name |
Ascent Student Loan |
|
Min Loan Amount |
$2,001* |
|
Max Loan Amount |
$400,000 |
|
Variable APR |
4.31% – 15.22% APR |
|
Fixed APR |
3.09% – 15.61% APR |
|
Loan Terms |
5, 7, 10, 12 15, or 20 years |
|
Cosigner Required |
No |
Citizens Bank
Citizens Bank offers one of the most robust private student loan programs on this list. They let you borrow as little a $1,000, and all the way up to $350,000 depending on your degree. I personally love that they base the amount you can borrow on your degree program because it does help you focus on your ROI (return on investment).
Citizens Bank offers both student and parent student loans, which can be a potential alternative to Parent PLUS Loans. Given that we recommend most borrowers refinance Parent PLUS Loans, you can potentially take advantage of lower interest rates and fees up front.
You may qualify for multi-year approval when you apply with Citizens Bank. And you’ll also have the option to defer payments until after you graduate or make interest-only payments while you’re in school. Parent borrowers must make at least interest-only payments while the student is in school.
Finally, Citizens Bank also doesn’t charge any origination fees, application fees, and has no prepayment penalties.
Check out our full Citizens Bank review here.
|
Citizens Student Loans Details |
|
|---|---|
|
Product Name |
Citizens Student Loan |
|
Min Loan Amount |
$1,000 |
|
Max Loan Amount |
$350,000 (depending on degree) |
|
Variable APR |
4.95% – 15.43% APR |
|
Fixed APR |
3.24% – 14.99% APR |
|
Loan Terms |
5, 10, or 15 years |
|
Cosigner Required |
Yes |
College Ave
College Ave offers some of the lowest rates on student loans on the market today. They are one of the largest private student loan lenders, and have highly competitive rates on their loans.
College Ave offers a variety of repayment terms, which are more flexible than other private student loan lenders. You can get loans for 5, 10, 15, or 20 years. You must borrow at least $1,000, but you can borrow up to the cost of attendance.
College Ave also offers the ability for student to defer payments until after graduation or make interest-only payments while you’re in school.
Read our full College Ave review here.
|
College Ave Student Loans Details |
|
|---|---|
|
Product Name |
College Ave Undergraduate Student Loan |
|
Min Loan Amount |
$1,000 |
|
Max Loan Amount |
Cost of Attendance |
|
Variable APR |
4.24% – 17.99% APR |
|
Fixed APR |
3.19% – 17.99% APR |
|
Loan Terms |
5, 8, 10, or 15 years |
|
Cosigner Required |
Yes |
CU Select Student Loans
CU Select Student Loans is a service that works with a huge network of credit unions nationwide to match you with low cost student loans offered by credit unions. These credit unions can typically offer great rates since many are small and independent, and are simply looking for a few student loans each year. But as a network, the scale can serve everyone!
Since we’ve been following CU Select, they consistently offer some of the lowest rates in the country.
Since the loan is offered by each credit union independently, the minimum and maximum loan rates will vary, along with the loan terms. You’ll see what you match and qualify for when you get your offer.
Read our full CU Select Student Loans review here.
|
CU Select Student Loans Details |
|
|---|---|
|
Product Name |
CU Select Student Loans |
|
Min Loan Amount |
Varies by Lender |
|
Max Loan Amount |
Varies by Lender |
|
Variable APR |
Starting at 3.78%+ APR |
|
Fixed APR |
Starting at 4.78%+ APR |
|
Loan Terms |
Up to 25 Years |
|
Cosigner Required |
Optional |
Earnest
Earnest has traditionally been known for student loan refinancing, but they now offer fairly flexible private student loans as well.
They offer top notch rates and terms, and one of the most generous grace periods after graduation – at 9 months. They also don’t charge fees for origination, disbursement, prepayment, or late payment.
The flexible terms continue with the option to skip a payment once every 12 months. And you can even put your loans in forbearance during an unpaid parental leave.
Check our out full Earnest student loans review here.
|
Earnest Student Loans Details |
|
|---|---|
|
Product Name |
Earnest Student Loan |
|
Min Loan Amount |
$1,000 |
|
Max Loan Amount |
Cost of Attendance |
|
Variable APR |
4.99% – 16.85% APR |
|
Fixed APR |
3.19% – 16.49% APR |
|
Loan Terms |
5, 7, 10, 12 or 15 years |
|
Cosigner Required |
No |
ELFI
ELFI is one of the largest student loan originators, and as a result, they typically offer some of the lowest student loan rates available.
They offer extremely competitive rates, with standard loan terms and conditions. You can borrow from 5 to 15 years, and they can lend across the entire United States, including Puerto Rico.
The only major drawback is you must be enrolled in a bachelor’s degree or more advanced education program.
Check our out full ELFI student loans review here.
|
ELFI Student Loans Details |
|
|---|---|
|
Product Name |
ELFI Student Loan |
|
Min Loan Amount |
$1,000 |
|
Max Loan Amount |
Cost of Attendance |
|
Variable APR |
5.00% – 13.97% APR |
|
Fixed APR |
3.69% – 14.22% APR |
|
Loan Terms |
5, 7, 10, or 15 years |
|
Cosigner Required |
Optional |
Funding U
Funding U is a new lender that makes the list because they focus on offering no cosigner private student loans. This is very rare – and so we wanted to include it.
To make it happen, they use alternative criteria to make loans possible.
However, they also have lower loan amounts and higher interest rates than other lenders. But if you’re really looking for a non-cosigned student loan, this may be a good option.
Check our out full Funding U student loans review here.
|
Funding U Student Loans Details |
|
|---|---|
|
Product Name |
Funding U Student Loan |
|
Min Loan Amount |
$3,001 |
|
Max Loan Amount |
$15,000 Per School Year |
|
Variable APR |
Not Offered |
|
Fixed APR |
7.99% – 13.49% APR |
|
Loan Terms |
10 years |
|
Cosigner Required |
No |
LendKey
LendKey is another great lender that makes this list because they have great rates on their student loans and have a unique business model that allows them to do it. LendKey’s loans are funded by credit unions and community banks – so you’re getting a great loan, but it’s handled by LendKey’s online service. You never even realize that you have a private loan from a small bank.
LendKey doesn’t have quite as much flexibility for borrowers during school. You can make interest-only payments or fixes $25 per month payments while in school (which is still pretty low but not quite as painless as full deferment). LendKey also doesn’t offer loans to parents directly.
LendKey has no origination fees, application fees, and doesn’t charge a prepayment penalty if you pay the loan off early.
Read our full LendKey review here.
|
LendKey Student Loans Details |
|
|---|---|
|
Product Name |
LendKey Student Loan |
|
Min Loan Amount |
$1,000 |
|
Max Loan Amount |
Cost of Attendance |
|
Variable APR |
4.34% – 13.51% APR |
|
Fixed APR |
3.38% -12.69% APR |
|
Loan Terms |
5, 10, or 15 years |
|
Cosigner Required |
Yes |
Sallie Mae
Sallie Mae is probably one of the most well-known lenders on this list. They are the nation’s largest private student loan lender by loan volume. As a result, they also offer some of the most competitive private student loans and parent loans out there.
You can take out Sallie Mae student loans starting at just $1,000 (which is one of the lowest) and can borrow up to the total cost of education². Sallie Mae has over 8 different student loan options to choose from and a variety of repayment plans too.
Read our full Sallie Mae review here.
|
Sallie Mae Student Loans Details |
|
|---|---|
|
Product Name |
Smart Option Student Loan® for undergraduate students |
|
Min Loan Amount |
$1,000 |
|
Max Loan Amount |
up to 100% of the school-certified expenses1 |
|
Variable APR |
4.37% – 16.49% APR2 rates shown include the auto debit discount |
|
Fixed APR |
3.19% – 16.99% APR2 rates shown include the auto debit discount |
|
Loan Terms |
10 to 15 Years¹ |
|
Cosigner Required |
No |
<img class=”tve_image wp-image-22502″ alt=”Sallie Mae Logo” width=”300″ height=”143″ title=”Sallie Mae Logo” data-id=”22502″ src=”https://thecollegeinvestor.com/wp-content/uploads/2018/08/Sallie-Mae-Logo.png” style=”” data-pin-nopin=”true” data-width=”300″ data-height=”143″ data-init-width=”800″ data-init-height=”380″ loading=”lazy”>SoFi
SoFi is not one of our recommended lenders, but we can’t ignore that they have compelling rates and terms. We won’t gatekeep if they are the best choice for your family and situation.
SoFi allows you to borrow up to the full cost of attendance, with just a $1,000 minimum. They offer four different repayment plans, including deferred, partial, interest-only, and immediate repayment. They are even offering a bonus for good grades!
Read our full SoFi review here.
|
SoFi Student Loans Details |
|
|---|---|
|
Product Name |
SoFi Undergraduate Loans |
|
Min Loan Amount |
$1,000 |
|
Max Loan Amount |
Up to 100% of the school-certified costs |
|
Variable APR |
4.39% – 15.99% APR rates shown include the auto debit discount |
|
Fixed APR |
3.23% – 15.99% APR rates shown include the auto debit discount |
|
Loan Terms |
5 to 15 Years |
|
Cosigner Required |
No |
<img class=”tve_image wp-image-22502″ alt=”Sallie Mae Logo” width=”300″ height=”143″ title=”Sallie Mae Logo” data-id=”22502″ src=”https://thecollegeinvestor.com/wp-content/uploads/2018/08/Sallie-Mae-Logo.png” style=”” data-pin-nopin=”true” data-width=”300″ data-height=”143″ data-init-width=”800″ data-init-height=”380″ loading=”lazy”>How To Compare The Best Private Student Loans
It can be hard to know when it makes sense to borrow a private student loan, and what features you should look for. All of the lenders on the list above are great, but each person has a different financial need, so it can be hard to know which is right.
When it comes to comparing private student loans, we recommend borrowers look at the following:
- Interest Rate: Getting the lowest interest rate possible is the key to paying the least amount of interest on your loan. Remember, the higher the rate, the more you pay over the life of the loan.
- Term: This is how long you’ll repay the loan for. Always keep the shortest term possible. The longer the term, the more interest you’ll pay.
- Origination Fees: Look for loans that have low or no origination fees. However, if you can get a lower interest rate by paying a small origination fee, you should consider it. The origination fee is one-time, but the interest rate is ongoing.
- Application Fees: You should look for private loans with no application fees.
- Prepayment Penalties: You should look for loans that don’t make you pay a penalty for paying the loan off early.
- Cosigner Release: 90% of private student loans require a cosigner. You should find a student loan that allows you to release the cosigner in the least amount of time possible. The best we usually see is 24 months of on-time payments.
- Flexible Repayment Terms: You should look for lenders that allow you flexible repayment options – such as deferment during school, and variable lengths after graduation. This will help you should you need it after graduation.
Fixed Rate vs. Variable Rate
There are two main types of interest rates on student loans – fixed rates and variable rates. Variable rates are usually “sexy” in that they are lower than fixed rates…today. However, variable rates can rise in the future if interest rates go up (they can also go down, but that’s very rare). Fixed rate loans charge the same interest rate over the life of the loan.
So, should you get a fixed rate or variable rate student loan? For most private loans, you should go for a fixed rate loan. The reason is, we are in a rising interest rate environment. Rates will only rise in the future since we’re at historic lows today. You can see the best student loan rates here.
Given that you’re still in school, you’ll have several years before you make payments – during which time your rates could rise with a variable rate loan. So, while variable rates are attractive today, you might be regretting that decision in the future.
Now, if you’re refinancing an existing student loan and know the timeline of your debt repayment, getting a variable rate loan is less risky. You can see the best places to refinance a student loan here.
Understanding Cosigner Release
It is near impossible to get a private student loan without a cosigner. In fact, 90% of all private student loans have a cosigner.
The reason? Because private student loans act much more like car loans or mortgages – you need to have income, a high credit score, and more to qualify.
For most college students, they simply don’t have credit (yet), a high income (because they’re students), or an employment history (once again, because they’re students). That’s why most banks require a cosigner.
However, banks and lenders have realized that cosigners don’t like to be cosigners, and they want to get off the loans as soon as possible – that’s where cosigner release comes into play.
Cosigner release is a program offered by lenders where, after a specific number of on-time payments, the cosigner can be removed from the loan. Many banks offer cosigner release after 24-36 on-time payments. This basically proves that the borrower is able to handle the student loan themselves, and they no longer need the protection of having a cosigner.
When getting a private student loan, look for loans that have short cosigner release programs. This will allow your cosigner to be removed faster, which is always an added benefit.
Important Considerations For Borrowers
Given that most private student loans require a cosigner, it’s important that cosigners and borrowers know and understand what they are getting into. If the borrower can’t pay the loan, the cosigner is fully responsible for the debt – and failure to pay could negatively harm both the borrower’s and cosigner’s credit.
Also, if something were to happen to the borrower (such as death or disability), the cosigner is typically 100% responsible for the loan.
That’s why recommend that borrowers get term life insurance for the duration of the student loan – payable to the cosigner. The value of the policy should be the loan value plus interest. That way, if anything were to happen to the borrower, the cosigner is protected.
Check out Bestow to get a quick quote online in about 5 minutes. You’ll see that life insurance for college students is typically very cheap – and this can be a great way to protect your family should something happen. You don’t want to be responsible for your cosigners loans.
Private Loans vs. Income-Sharing Agreements
Income-sharing agreements are becoming popular alternatives to student loans as a way to pay for college. Income-sharing agreements are tools where you can get money for college in exchange for repaying a portion of your income after graduation.
There are limits to income-sharing – you typically have a minimum salary you need to achieve before you start repayment. Then, you only pay a certain percentage of your income, up to a certain amount. The goal is your repayment is based on how successful you are due to your education. You can find the Best ISAs here.
Learn more about income-sharing agreements here.
Frequently Asked Questions About Student Loans
Here are some common questions people ask when thinking about private student loans:
What’s the difference between private and federal loans?
Private loans are offered by independent banks and lenders, whereas federal loans are offered by the Department of Education. Private loans are subject to traditional credit and income criteria, where federal loans are offered to all students regardless of income or credit.
Do private loans offer better interest rates?
Potentially. Your interest rate is determined by a number of factors, including credit history, income, cosigner, school, loan term, and more.
Do private loans offer loan forgiveness?
No, private loans do not offer loan forgiveness.
Do private loans offer deferment and forbearance?
Some private loans offer deferment and forbearance. It’s important to shop around and compare lenders to see if they offer options such as deferment if you think you’ll need to use it.
What repayment plan options are available for private loans?
Each private loan lender sets its own repayment options. Most only offer fixed repayment plans, but some lenders offer graduated or extended plans.
What can private student loans be used for?
Private student loans can be used for all qualified educational expenses, up to the cost of attendance. This include tuition, fees, room and board, books, supplies, and more.
Who is eligible for a private student loan?
Private student loan eligibility requires a good credit history and debt to income ratio. For undergraduate students, it may also require a cosigner who has a good credit history and meets the minimum credit score requirements.
Will I need a cosigner for a private student loan?
90% of private loans require a cosigner, since private loans rely on credit history. Undergraduate borrowers typically don’t have income and credit to qualify, so a cosigner is needed.
How are private student loan funds disbursed?
Private students loans are disbursed to your school’s financial aid office. It will be used to cover all school costs first. Any amount remaining will be refunded to you so that you can pay for other expenses, such as rent, books, and supplies.
Do private student loans affect financial aid?
No, private student loans do not affect financial aid money, such as scholarships.
Can you use private student loans to help with living expenses?
Yes, private student loan money can be used for any expenses up to the cost of attendance, including living expenses like room and board.
Final Thoughts
Getting a private student loan can be confusing. That’s why we’ve listed the top online lenders to get a private student loan so that you can compare your options quickly and easily.
It can take upwards of a month or more to get the paperwork done and your loan funded. Make sure that you’re giving yourself enough time to apply and get approved so that you don’t miss any deadlines at your school.
Methodology
The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best private student loans. We do this by providing unbiased reviews of the top banks and lenders for our readers, and then we aggregate those choices into this list.
We have picked student loan lenders based on our opinions of how easy they are to use, their interest rates, any bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best private student loan options in the marketplace for consumers.
Ascent Student Loans
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. Annual Percentage Rates (APRs) displayed above are effective as of 7/1/2025 and reflect an Automatic Payment Discount of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. 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. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
*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.
Earnest
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, 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. 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.
Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 3.44% to 16.74% (3.19% – 16.49% with auto pay discount). Variable annual percentage rates (APR) range from 5.24% to 17.10% (4.99% – 16.85% with auto pay discount). Earnest variable interest rate student 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 a month, but there is no limit on the amount that the rate could increase at one time. Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered (5 years), full principal and interest payment while in school, and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
© 2025 Earnest LLC. All rights reserved.
Sallie Mae Student Loans
¹Rates displayed are for undergraduate and career training students:
Lowest rates shown include the auto debit discount: Additional information regarding the auto debit discount: Advertised 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. *These rates will be effective 6/23/2025.
Terms:
Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.
² For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
The post 10 Best Private Student Loan Lenders For College appeared first on The College Investor.
