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Best Private Student Loans of 2023
Cover your college expenses
Comparing different student loans can help you get the lowest rates. Check
our top choices of top-ranked lenders to find the best student loan for you.
Best Private Student Loans
of 2023
Comparing different student loans can help you get the
lowest rates. Check our top choices of top-ranked
lenders to find the best student loan for you.
Best Private Student
Loans
June 2023
Take a step toward your future with
a private student loan.
Last Updated June 2023
1
Our Most Popular
Flexible Payments
  • 5.09% - 15.32% Variable APR1
  • 4.44% - 15.32% Fixed APR1
  • Customizable loan terms between 5, 8, 10, or 15 year repayment options 2
  • No application or origination fees + get a 0.25% rate discount with auto-pay enrollment
  • Quick and easy 3-minute online application with instant credit decision for a hassle-free loan process for your full tuition
2
Low rates
  • 5.49% - 15.83% Variable APR1
  • 4.50% - 14.83% Fixed APR1
  • Lowest rates shown include a 0.25% intrest rate discount when you enroll with the auto-debit payments
  • Use your loan flexibility to cover both online and on-campus learning
3
Prequalified Rates
  • 4.74% - 15.95% Variable APR (with Autopay)*
  • 3.65% - 16.18% Fixed APR (with Autopay)*
  • Compare personalized loan offers from up to 8 lenders at once in just minutes to save time and effort
  • Check prequalified rates from multiple lenders for free to make your decision process simpler
4
No extra fees
  • 4.99% -13.13% Variable APR*
  • 4.49%-13.98% Fixed APR*
  • Get a 0.25% discount on your rate when you set up autopay to help manage your loans throughout your studies
  • No origination fees, late fees,and no insufficitent fund fees, allowing for a stress-free borrowing process
5
Flexible Payments
  • 4.89% - 6.99% Fixed APR
  • No hidden fees, origination fees or prepayment penalites from the beginning of the loan process
  • Multiple repayment options available ranging from 7, 10 or 15 years focusing on loan flexibility
  • Get a student loan to cover up to 100% of cost of attendance with an instant application decision
6
No extra fees
  • 5.32% - 16.2% Variable APR1
  • 4.45% - 14.90% Fixed APR1
  • Customizable repayment plan with flexible loan terms and in-school payment options
  • Get a 9-month grace period on your loan and skip one payment every 12 months once you have made on-time payments
7
Flexible Payments
  • 5.98% -15.88% Variable APR
  • 4.48%-15.52% Fixed APR
  • New 7 and 12-year repayment terms in addition to 5, 10, or 15 year terms to best fit your loan needs
  • Get a 1% Cash Back Graduation Reward upon your graduation day when you meet certain criteria*
Our Top Choice
1
Our Most Popular
Flexible Payments
  • 5.09% - 15.32% Variable APR1
  • 4.44% - 15.32% Fixed APR1
  • Customizable loan terms between 5, 8, 10, or 15 year repayment options 2
  • No application or origination fees + get a 0.25% rate discount with auto-pay enrollment
  • Quick and easy 3-minute online application with instant credit decision for a hassle-free loan process for your full tuition

Private Student Loans vs. Federal Student Loans

When it comes to borrowing money for college, grad school, or career training, there are two options: private student loans or federal student loans.

Federal student loans are loans funded by the federal government. These are typically the student loans with the lowest interest rates. They also offer assistance and grace periods if you have trouble paying your student loans. However, federal college loans for students have high origination fees, strict eligibility requirements and usually only cover part of the cost of admission.

Comparing the Best Student Loans

Comparing private student loans is a bit like comparing colleges in that there are so many different options out there. Obviously, finding the best student loans rates should be a priority. However, it can sometimes be worth paying a higher rate in exchange for other benefits. Here’s the full breakdown of things to look for before applying for student loans.

Loan type. Some student loan companies only offer undergraduate loans, while others offer the full range of loans. Possible loan options include: undergrad student loans, graduate student loans (e.g. law school, medical school, MBA), parent loans, career training loans, and K-12 loans.

APR. Most private student lenders offer a choice between fixed student loan interest rates and variable student loans rates. Based on our study of the best student loans for college, variable student loan interest rates range from 1.04% to 12.40% and fixed student loan interest rates run from 3.49% - 12.99%. The average interest rate for a student loan is around 5-6% for undergraduate loans, 6-7% for graduate student loans, and 7-8% for parent loans. The lower loan interest rates are reserved for the borrowers with the best credit scores.

Fees. One of the main advantages of private student loans is that there are usually no additional fees to worry about. That means no origination fees, no application fees, and no prepayment fees. If a lender boasts of low interest loans for students, always double check to make sure there aren’t any additional fees.

Discounts. Most private student loan interest rates come with a 0.25% rate discount for using autopay. Other potential offers from private student loans organizations include cash-back upon graduation, refer-a-friend bonuses, and free learning tools from third-party partners.

Loan amount. The best college loans for students cover the full cost of admission. This includes tuition, room and board, fees, books and supplies, transportation, and a computer for school.

Repayment terms. Depending which lender you choose, you may be given up to 15-20 years to finish paying your student loans. Many private lenders require student loan payments while you are still in school, but some allow you to begin paying your student loans after graduation.

Grace and deferment periods. With some private student loan services, you may have the option of taking a grade period of 6-12 months after graduation before starting to pay off your student loans. Some student loan companies also offer deferment options for borrowers who find themselves struggling to make student loan payments.

Minimum credit score. Qualifying requirements for personal student loans are highly variable. Most private lenders require a credit score of at least 680, although some have been known to accept borrowers with scores as low as 600. As mentioned already, the best interest on student loans is reserved for borrowers with strong credit.

Co-signer option. Many students don’t have the credit score required to qualify for a private student loan on their own. With this in mind, many student loan companies allow for a co-signer (such as a parent, relative or someone else you trust) to be added to student loan applications. Having a co-signer with excellent credit is key to getting the lowest student loan rates.

Our Top 3 Student Loans Services

#1
Quick & Easy Application Process
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  • Low variable rates
  • Flexible repayment options
  • Takes only 3 minutes to apply
College Ave is a standout performer on all the most important aspects of student loans, namely: low interest rates, flexible repayment options, and co-signer option. The absence of a transparent minimum credit score and the difficulty of getting a co-signer release add a bit of risk. However, if you or your co-signer are in a strong position in terms of credit score, then College Ave is one of the best student loan options out there.
#2
Smart Option Student Loan®
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  • Flexible eligibility requirements
  • 95% approval rate with co-signer
  • 4 months of free Chegg study support
Sallie Mae is one of the oldest and most-respected private student loans companies in America. It offers competitive interest rates, flexible repayment options, and loans to suit all types of degrees and courses. Its flexible eligibility requirements make it a great choice for borrowers not covered by other private student loan providers, such as people studying less than half-time or studying abroad.
#3
Compare up to 8 Lenders at Once
GET MY RATE
  • Personalized pre-qualified rates
  • No filling out duplicate forms
  • 3-way phone support connecting you to lenders
With so many student loan providers out there, it’s hard to know where to begin. Credible takes advantage of this situation, encouraging its top lending partners to compete to offer you their best rates. The result: Credible can help you obtain great offers from some of America’s best lenders, in minutes, without any impact to your credit score.

Guide to Student Loan Applications

All the top lenders maintain student loans websites where you can begin your application. Useful tip: Only apply to a handful of lenders with the best student loans rates in order to save yourself the trouble of uploading dozens of student loan applications.

It typically takes around 15 minutes to apply for a student loan. Here’s what you and your co-signer will need to provide:

  • Your addresses
  • Your social security numbers (so the lender can run a credit check)
  • Your employment information
  • Your financial information, including your bank account and mortgage/rent payments
  • Requested loan amount
  • Information about the school of attendance, including: degree, enrollment study, and academic period you need to finance
  • Information about any financial aid, scholarships, or federal loans you expect to receive

After submitting your application, you’ll have a chance to review the interest rate and repayment term options. Then you and your co-signer will have the opportunity to review and e-sign the agreement. Finally, your lender will verify your academic enrollment and loan eligibility with your school. Assuming everything goes smoothly, you’ll be funded for school.

Finding Your Student Loan

As long as you or your co-signer have decent credit, getting student loans isn’t all that difficult. After all, there are literally dozens of companies offering student loans in the USA. However, unless you want to try your luck applying for student loans from literally every lender, then it pays to do a bit of research first. On this website, you’ll find lender reviews and information to help you find student loans with low interest rates and favorable terms. Compare the student loans organizations on key factors like APR, loan type, and repayment term to find which makes most sense for you.

Make sure you exhaust your options of federal student loans before you turn to private loans. Once you chose private loans, compare offers from multiple lenders to find the lowest interest rate.

467,872
people have compared student loans with
Editorial Reviews
College Ave
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Sallie Mae
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Credible
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