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What are my private student loan options?

Compare Private Student Loan Lenders

 

Current federal and private student loan interest rates 2020

Sallie Mae Undergraduate Loan

  • Variable Rates: 1.25% APR - 11.10% APR. Fixed Rates: 4.25% APR - 12.35% APR. Lowest rates shown include the auto debit discount.1
  • Choose from multiple repayment options, including no payments while in school1
  • No origination fee or prepayment penalty2
  • The only undergraduate student loan that offers 4 months of Chegg® study help --a $100 value6

The undergraduate student loan that puts you in control

Make payments while in school to lower total loan costs, or defer until after graduation.1

  • Competitive variable rate starting from 1.25% APR to 11.10% APR and fixed rate starting from 4.25% APR to 12.35% APR. Lowest rates shown include the auto debit discount.1
  • No origination fee or prepayment penalty2
  • Easy online application accessible on all devices
  • Get a 0.25 percentage point interest rate reduction while enrolled in and making monthly payments by automatic debit3
  • You can apply for the funds you need to cover all your school-certified expenses for the entire school year including tuition, fees, books, supplies, housing, meals, travel, and even a laptop whether you're studying online or on campus4
  • You may apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments and meet certain credit requirements5

Sallie Mae Private Student Loan Full Terms and Information

College Ave Student Loans

  • Competitive fixed and variable APRs starting at 1.24%1
  • Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
  • Flexible payment terms ranging from 5, 8, 10, and 15 years2
  • Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
  • No origination, application and processing fees, no fees for early repayment
  • Apply online in 3 minutes and get an instant credit decision

Get the money you need for school quickly and at a great price.

  • 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)3
  • The most repayment choices - and help making sense of them
  • No penalty for early repayment

We get it. You want to pay as little interest as possible and have monthly payments you can afford. That's why the College Ave Student Loan Product has low rates and multiple repayment options to help you manage the total cost of the loan.

College Ave Student Loan Full Terms and Information

Discover® Student Loans

  • Cover up to 100% of your school-certified college costs including tuition, housing, books and more.1
  • Get a one-time cash reward for good grades.2
  • Variable rates: 1.12% - 12.37% APR3 (lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments)
  • Choose from in-school or deferred repayment options, and there is never a penalty for prepayment.
  • $0 fees for the life of your loan including no application, origination or late fees.
  • Apply now in 15 minutes or less.

Discover® Student Loans

  • Discover Student Loans provides options for Associate or Bachelor's degree programs at eligible colleges and for Masters and Doctoral degree candidates at eligible graduate schools.
  • You can borrow up to 100% of your school-certified costs (including tuition, housing, books and more). Aggregate loan limits apply.
  • Apply today! Choice of great fixed or variable interest rates.
  • Count on $0 fees, including application, origination or late fees.
  • You have the option to make either interest-only or $25 fixed, monthly payments while in school and during the grace period to lower the overall loan cost. However, you can also choose to defer payments, meaning that monthly payments are not required until after the grace period or enrollment drops below half-time.
  • Get a one-time cash reward for each new Discover undergraduate and graduate student loan when you get at least a 3.0 GPA (or equivalent). Reward redemption period is limited.2
  • 6-month grace period for undergraduate loans and 9-month grace period for graduate loans.
  • By adding a cosigner, you may improve your likelihood for loan approval and may lower your interest rate.
  • Applying online is quick and easy and our knowledgeable, US-based Student Loan Specialists are ready to help you anytime 24/7. Tools and information at DiscoverStudentLoans.com can help students and parents through each step of the process — from exploring financial aid to repaying student loans.

Discover® Student Loans Full Terms and Information

Ascent Student Loans

  • Affordable rates starting at 2.69% with Automatic Debit Discount*
  • 1% Cash Back Graduation Reward*
  • NON-COSIGNED option may be available for 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 prepayment penalty if you choose to pay your loan off early.
  • COVER UP TO 100% of your tuition and eligible living expenses.

Ascent Cosigned & Non-Cosigned Student Loans

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…

Finally, a loan designed with you in mind.

  • Affordable rates starting at 2.69% 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 prepayment penalty if you choose to pay your loan off early.
  • COVER UP TO 100% of your tuition and eligible living expenses.

Ascent Cosigned and Non-Cosigned Student Loan Full Terms and Information

Earnest Private Student Loans

  • Variable rates starting at 1.24% APR (including 0.25% Auto Pay discount)1
  • 9 month grace period (3 months more than most lenders)2
  • No fees for origination, disbursement, prepayment or late payment
  • Skip a payment once per year (once repayment period restarted)3

New-fashioned loans for the next generation

Earnest is a technology company using cutting-edge data science, smarter design, and software automation to rebuild financial services. With a mission to empower people with the financial capital they need to live better lives, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company uses data and technology to understand every applicant's unique financial story and offer the lowest possible rates.

  • Variable rates starting at 1.24% APR (including 0.25% Auto Pay discount)1
  • Check your eligibility in just 2 minutes
  • 9 month grace period (3 months more than most lenders)2
  • Fast application and decision-making process
  • Flexible repayment options
  • No fees for origination, disbursement, prepayment or late payment
  • Skip a payment once per year (once repayment period restarted)3
  • Covers up to 100% of the school's certified cost of attendance

Earnest Private Student Loans Full Terms and Information

Stride Funding Income Share Agreements

  • No interest payments!1
  • Payments based on a fixed percentage of future income.
  • Never pay more than you can afford.

Stride Funding Income Share Agreements

Stride Funding offers students flexible ways to pay for their education with Income Share Agreements (ISAs).

  • No interest payments!1
  • Payments based on a fixed percentage of future income.
  • Never pay more than you can afford.
  • Innovative alternative to traditional student loans.
  • Grace period after graduation before payments begin.
  • Pause payments for certain life events.
  • Graduate students or second Bachelor's only (Must have Bachelor's degree).

Stride Funding Income Share Agreement Full Terms and Information

PrivateStudentLoans.com always recommends that students explore all of their financial aid options, from scholarships and grants to federal student loans, in addition to learning more about private student loans.

Edvisors cannot guarantee financial aid and loan eligibility for site users. Please check with your school or your lender directly for information related to your personal eligibility. Lenders that participate may not offer products to every school.

Edvisors Network receives compensation from the lenders on this site for referrals and the compensation may impact how and where the lender products appear on the site.

Illinois residents, please click on this link.

How to Get a Student Loan

To get a student loan, you should start by completing the FAFSA (Free Application for Federal Student Aid). Then, you’ll need to review the award letter from your school’s Financial Aid Office. This will help you determine how much loan money you may need. For the most part, you should exhaust federal student loans before borrowing private loans. To apply for a student loan, you’ll need to sign and submit a promissory note. (For private student loans, you will also need to submit a loan application and be credit approved.) Keep in mind that your school will be required to certify your eligibility for the loan and confirm the dollar amount you should receive. And loan funds will be sent to your college or university. If you’re looking for private student loans, you can compare lenders above.

How Do Student Loans Work?

Student loans work in the following way. Students or parents can borrow loans to help cover the costs of college by first completing the Free Application for Student Aid (FAFSA). To be eligible for federal student loans in the Direct Loan Program, the data from the FAFSA is used to calculate the family’s expected family contribution (EFC). Schools will use the EFC to determine the student’s financial aid offer. Once grants, scholarships, and other need-based aid is determined, the school will indicate how much individuals may need to borrow. Student loans are available through the government or through a private lender.

The conventional wisdom is that you should borrow federal loans first because of the number of borrower benefits and protections built into the program. However, parents and graduate students may want to compare private loans against federal unsubsidized loans, such as PLUS Loans, to see if a less expensive option is available through a private lender. In many cases, the interest rate may be lower, and lenders may offer compelling borrower benefits.

How to Apply for Student Loans?

To apply for a student loan, follow these simple steps:

  • Submit the FAFSA (Free Application for Student Aid) to qualify for federal loans. You are also encouraged to complete the FAFSA before borrowing private loans so that you first exhaust other forms of federal and state aid you may be eligible for.
  • Determine how much you need to borrow. Be on the lookout for the financial aid award offer from your college or university. This will help you determine how much you will need to borrow.
  • Submit your loan application (if you are applying for a private student loan) and your promissory note (required for both federal and private student loans).
  • Wait for the school to certify your loan and for notification that your loan funds have been sent to the school.
  • Your college or university will usually disburse loan funds at the start of each academic term. Monies are credited to the student’s account and any remaining funds will be refunded to the student based on your school’s policies. This is often referred to as a refund or e-refund.

What is a Student Loan?

A student loan is borrowed money that is used for education related expenses, such as tuition, fees, books and living expenses. Basically, it is a loan designed to help pay for college. Student loans are unique because they offer terms which can help accommodate the needs of a student borrower. For example, federal and private student loans may include a grace period following graduation, assuming the loan is in the student’s name. This gives students time to complete school and begin generating a regular income without the stress of immediate loan repayment. Parent loans, on the other hand, typically enter repayment right away, but may offer options to defer payments. Student loans can be issued through the federal government (as in the Direct Loan Program) or through a traditional bank or fintech company (as in private student loans).

What are my private student loan options?