Compare the Best Private
Student Loans

Here are our top private student loan picks for 2019

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Consider Private Student Loans If:

  • You have exhausted your  federal student aid
  • If the rates offered by private lenders are better than federal aid
  • You have a good plan and career path to pay back the loans
  • You have a cosigner ready and willing to help you

Avoid Private Student Loans If:

  • You qualify for any federal loan forgiveness programs
  • Your federal aid offers more competitive rates than private student loans
  • Your credit score is not good, and you do not have a cosigner
  • You aren’t certain about your career path and ability to pay back the loan

Compare Your Top Private
Student Loan Options

Private Loan Options

Best Student Loan
Refinancing Companies

Below are some of the best companies for student loan refinancing.

Fixed APR

4.09% - 12.94%

Variable APR

3.52% - 12.81%

Loan Terms

5 - 15

Private Student Loans With or Without a Co-Signer

  • Type of lender: Online only
  • Deferment or forbearance available: Yes
  • Co-signer release available: Yes

Fixed APR

5.36% - 10.49%

Variable APR

4.05% - 10.49%

Loan Terms

5 - 15

Marketplace That Matches You With a Community Bank or Credit Union

  • Type of lender: Online platform connecting you to many community banks & credit unions
  • Deferment or forbearance available: Yes
  • Co-signer release available: Yes

Fixed APR

5.45% - 9.74%

Variable APR

3.52% - 9.50%

Loan Terms

5 - 15

Simple & Smart Student Loans For Undergraduate & Graduate Students

  • Type of lender: Online marketplace lender
  • Deferment or forbearance available: Yes, up to 12 months
  • Co-signer release available: Yes, after 24 months

Fixed APR

4.72% - 12.94%

Variable APR

3.70% - 11.98%

Loan Terms

5 - 15

Simple, Clear and Personal Solutions for Students & Parents

  • Type of lender: Online only
  • Deferment or forbearance available: No
  • Co-signer release available: Only for in-school students, not on a refinance.

Fixed APR

4.69% - 13.03%

Variable APR

3.35% - 11.69%

Loan Terms

0 - 20

Rate and Loan Term is Based on Your Monthly Budget

  • Type of lender: Online only
  • Deferment or forbearance available: Yes
  • Co-signer release available: No

Frequently Asked Questions

What credit score do you need to get a private student loan?

If you’re hoping to qualify as a solo borrower, you need a credit score in at least the mid-600s. Of course, each loan company institutes their own minimum credit score requirements, so you’ll need to check with a specific lender to see what credit scores they look for. Remember, the higher your credit score, the more likely it is that you’ll qualify for the lowest interest rates.

How much private student loans can I get?

Your private student loan cannot exceed your total cost of attendance minus any accepted financial aid. Individual private lenders may also institute yearly or overall loan limits at their own discretion.

Will I qualify for a private student loan?

Whether or not you’ll qualify all depends on the lender’s specific criteria. In general, loan applicants need to meet the minimum credit score and income requirements. If you do not meet those requirements, most lenders allow students to add a cosigner to their student loan application.

What are the best private student loans?

The best private student loans offer a low interest rate, flexible repayment options, death and disability discharge, at least a six-month grace period, a 0.25% autopay interest rate deduction, and forbearance for economic hardship.

Do private loans affect your credit?

Yes, taking out a private student loan affects your credit in a few ways:

1. A hard credit inquiry conducted as part of the loan application can negatively impact your credit score

2. Making payments on time will positively influence 35% of your credit score

3. Falling behind on payments will negatively influence 35% of your credit score

4. Defaulting on student loans has a significantly damaging effect on your score

5. Opening a new type of credit line can positively influence 10% of your score

6. A long loan-term helps you build a longer credit history, which accounts for 15% of your credit score

Can I get a private student loan with no cosigner?

Getting a private student loan without a cosigner is hard, but it is possible. You’ll just need to be intentional about raising your credit score. You should also prioritize companies like Ascent that have a dedicated no-cosigner option for upperclassman and graduate students.

Read the article, Where to Get Private Student Loans Without a Cosigner, to learn more about your options.

How do you get a private student loan?

First, you need to find a lender and apply for preapproval. If you do not qualify on your own, you’ll need to find a new lender or add a cosigner. Next, you need to supply the lender with additional information and sign a promissory notice. The lender will then pay your college directly.

See Your Top Private Student
Loan Options

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