So, you’re eyeballing student loans, huh? The ramen noodle and instant coffee budget just isn’t stretching anymore? Join the club. Half of undergrads are in the same leaky boat. Still, I’m here to help you find the pick of the litter when it comes to private student loans. Oh, and don’t worry, this list is legit. It showcases some of the best deals out there and highlights a few handy partners to boot. Just remember, it’s good to know about federal student loans first. Those puppies offer an easier qualification process and better protection for borrowers.
Ads Courtesy of those Money-making Folks
Just so you know, we get paid if you click on an ad. But we’re playing fair here…
Strutting Their Stuff: Our Partners
College Ave Student Loans
Offering you a golden opportunity to cover up to 100% of your college appropriation. If you feel like checking ‘em out, you’ll find some pretty flexible repayment options and friendly rates, starting at 2.89% APR. Forget about those pesky application, origination, or prepayment fees. But wait, there’s more; checking your rate doesn’t even ding your credit score. Can you believe it?
Sallie Mae Student Loans
Imagine getting approved 4x faster with a cosigner. Yes, you heard it right! Sallie Mae’s got the quickest online applications in the west. Kidding aside though, if you choose Sallie Mae, you can borrow up to 100% of school-certified expenses and there are no origination or prepayment penalties. What a deal, right?
SoFi® Student Loans
SoFi comes at you with guns blazing. With them, you can borrow for the full cost of attendance and there are no fees of any kind. Flat rate, no surprises. Now, doesn’t that sound tempting?
Earnest Student Loans
Earnest boasts their custom-tailored private loan solutions. Also, they’ve got a skip-a-payment option once per year after repayment begins. How considerate of them!
ELFI Student Loans
Last, but certainly not least, we have ELFI. These friendly fellows offer rates as low as 6.75%, no impact on your credit for prequalifying and a plentitude of flexible repayment options. What’s not to love?
So, Should You Consider Private Student Loans?
The thing with private student loans is, they come in handy when federal loans aren’t enough. You’ve wrung Uncle Sam dry and you need a bit more to top it up. They are admittedly harder to qualify for and they do require a credit check, but when you’ve blown through the federal funds, they’ve got your back.
I See. So What’s the Deal with Private Student Loans?
- If federal, state, and institutional aid are just not enough, private loans can help bridge those financial gaps.
- Parents with great credit scores might get better rates with private lenders rather than federal Parent PLUS loans. Who knew?
- Getting approved isn’t a walk in the park – unlike federal loans, private ones are credit-based.
- Did you know? Almost 90% of these loans require a cosigner. Time to butter up grandma…
Okay, How Do We Choose the Best Private Student Loan Lenders?
If you’re thinking, “How on earth do we pick the crème de la crème of private student loan lenders?” Take a deep breath and relax! We’ve done the legwork for you. We’ve looked around, considered total costs, examined loans’ flexibility and distinctive perks before adding them to our list.
Alright! Let’s See the Top Picks
In no particular order, here they are:
- Abe – Ideal for Borrower Protections
- Ascent – Best for Students Without a Cosigner
- College Ave – Best for Parents
- Earnest – Best for Flexible Repayment
- MPOWER Financing – Best for International Students
- Sallie Mae – Best for Non-Degree Programs
- SoFi® – Best for Member Benefits
Getting Into the Nitty-gritty: Best Private Student Loan Lenders Reviews
Everyone loves a good review, right? Here we delve a little deeper into the offerings of these stellar lenders…
Best for Borrower Protections: Abe
Abe offers solid borrower protections, like default protection during school. They’re a newer lender, so customer reviews are a bit limited, but they tick many boxes for students.
Best for Students Without a Cosigner: Ascent
As its name suggests, Ascent aims to uplift students who don’t have a cosigner, with higher-than-average autopay discounts and 1% cash back for graduates.
Best for Parents: College Ave
Moms, dads, rejoice! The folks at College Ave have thought about you and provide highly flexible repayment terms for parent loans, with very competitive rates for well-qualified applicants.
Best for Flexible Repayment: Earnest
With their extended grace period after graduation and a skip-a-payment benefit each year, Earnest is earnestly invested in making repayment as hassle-free as possible.
Best for Non-Degree Programs: Sallie Mae
Look no further, Sallie Mae got you covered if you’re after loans for career training, medical residencies or bar exams. They also boast cosigner release after just 12 on-time payments.
Best for Member Perks: SoFi®
So, if you’re looking for no late or insufficient fund charges, a variety of rate discounts and exclusive member benefits, SoFi® might be your pie.
Best for International Students: MPOWER Financing
MPOWER Financing differentiates themselves by serving international students with no U.S. cosigner or collateral, plus they offer vocational support like visa prep and job search assistance.
The More You Know: Recapping the Basics of Student Loans
Alright, let’s set the story straight. Private and federal student loans help you cover college or grad school expenses. Once approved, the funds are sent directly to your school with the leftovers going to you. Your federal loans won’t begin accruing interest until you enter repayment but with your private loans, the interest begins piling up from the get-go. Now you know!
Federal and Private Student Loans: Compare and Contrast
Still scratching your noodle over which student loan to take? This comparison might fill in a few blanks for you…
Federal student loans score points for being accessible, forgiving, and flexible when it comes to repayment. Private student loans, however, require a credit-check and minimum income but offer flexibility with their rates.
Student Loan Interest Rates
Did someone say ‘interest rates’? Let’s talk numbers, shall we?
Applying for Student Loans: A Step-by-step Guide
Got all the info you need and ready to take that dive? Well, here’s a step-by-step guide on how to apply for a student loan:
- Estimate Your Needs: Add up tuition, fees, housing, books, and living expenses. Use resources like Best Colleges in America for school-specific info.
- Prioritize Federal Loans: Submit the FAFSA each year to access maximum federal funds.
- Shop Private Lenders: Compare loan rates, terms, and benefits across multiple lenders and marketplaces (e.g., Credible, LendKey). Qualification requirements and APRs can vary widely.
- Select the Best Lender: Focus on lender reputation and credentials (check FDIC, FTC, CFPB resources), prequalification processes that don’t impact your credit, flexible repayment choices and no repayment penalties, minimal fees, any available rate discounts or bonus perks (such as autopay or good grade incentives) to pick the winning loan.
Why Did You Choose These Student Loans?
You must be wondering how we settled on these best picks? Well, we thought about user’s needs first. We prioritized factors such as flexible repayment options, competitive interest rates, little or no fees, special perks, niche products for specific borrowers, transparent and robust hardship protections.
Discussing Dec Models: Quick Overview
In this section, we have effectively summarized the best of the best student loans you can pick from this December:
In Conclusion
Looking for the best private student loans? Compare your options and review those eligibility requirements carefully. The only thing worse than a disappointing cup of instant coffee is picking the wrong financing for your education and financial future.
Disclaimer: This content may include sponsored links. Offers and rate details are subject to change. You should always confirm current terms with lenders before applying.