Best Private Student Loans – Pursuing a good education usually comes with huge financial responsibilities, especially if you are not on a scholarship or do not have federal aid. This is where private student loans bridge the gap and provide additional funds and flexibility for living expenses, tuition, and other associated educational needs.
However, with the abundant available options, finding the best private student loans can be quite complicated for many students. Luckily for you, in this blog post, we will be exploring the top and best picks when it comes to offering private student loans. Without further ado, let us begin.
Best Private Student Loans
Here are our top picks of the best private student loans to apply for or consider if you need financial aid:
- Chicago Student Loans.
- Ascent.
- Citizens Bank.
- Funding U.
- Rhode Island Student Loan Authority.
- PNC Bank.
- SoFi.
- College Ave.
- Sallie Mae.
- Earnest.
Chicago Student Loans
Chicago Student Loans is not only one of the best private student loan lenders but also the best when it comes to offering loans without a co-signer. What’s more, the Chicago Student Loans is handled by the Illinois Student Assistance Commission (ISAC).
In other words, you need to be an Illinois resident attending an eligible school to qualify for this loan type. Apart from this, they also offer borrower-friendly repayment options and competitive interest rates to assist students meet their financial needs.
Ascent
When it comes to offering flexible repayment terms, Ascent is number one on the list. Although they have a maximum APR of above 10%, both independent and co-signed loans are available for students.
So, if you are an international student, you are eligible to apply with a co-signer who has permanent residency or U.S. citizenship. Ascent also offers flexible repayment plans like forbearance and deferment options.
Citizens Bank
This is the best student loan for existing customer perks. They have no origination fee and loan modification options. However, students who are not residing in the United States are not eligible to apply and there is no rate estimate without a soft credit check.Nevertheless, you can enjoy competitive interest rates and a wide range of repayment options customized to meet the financial needs of students.
Funding U
If you are a student with a high GPA and would like to secure a private student loan, Funding U is the platform for you. Moreover, this lender specializes in offering private loan services to students without the need for a cosigner. In addition, they provide flexible repayment terms and competitive interest rates.
Rhode Island Student Loan Authority
Rhode Island Student Loan Authority is among the best private student loans. They are also suitable for those who are interested in getting a low maximum APR. What’s more, if you are a Rhode Island Authority private student loan and enjoy borrower benefits and competitive rates.
PNC Bank
Autopay discounts are enjoyed by students who use Autopay to pay back a PNC bank private student loan. In other words, if you use automatic payments, you can qualify for discounts. Apart from this, you can get variable or fixed interest rates based on your financial preferences and goals. Flexible repayment terms and competitive rates are some of the benefits offered by PNC Bank to students.
SoFi
SoFi is a popular loan lending platform that also provides financial aid to students through private loans. What’s more, they are best for extra member benefits. This loan lending company provides student loan services with competitive rates and refinancing services for graduates with financial wellness resources and career coaching. In addition to this, they provide unemployment protection, rate discounts, and no fees on their loans.
College Ave
This is the best loan for multi-year loans. Even though College Ave has a relatively high APR, their loan services are accessible by international students with a cosigner with a permanent residency or U.S. citizenship. College Ave also has a long-time period which is usually 210 days before unpaid loans with be considered as default.
Sallie Mae
Sallie Mae is another popular student loan lender with a loan term of 10 to 15 years. Moreover, it is a good option for part-time students as well. In addition to this, Sallie Mae has a loan deferment period of up to 48 months, an interest rate discount, and career training program loans.
Earnest
As a student who considering taking out a student loan but does not have a cosigner, Earnest is another choice to consider. However, they have high income and credit score requirements and their services are not accessible to residents in Nevada and Kentucky. Meanwhile, Earnest has a 9-month grace period and autopay discount of 0.25%.
How To Compare
When choosing a private student loan lender, there are some factors that you need to consider to make sure that you are making the right choice for your financial goals and needs:
- Repayment options.
- Interest rates.
- Customer support and service.
- Fees.
- Loan terms.
- Credit requirements.
- Cosigner requirements.
- Flexibility.
- Loan limits.
- Benefits.
- Loan repayment terms.
- Loan costs.
When you carefully review and assess these factors and compare these with different lenders, choosing the suitable best private student loan to meet your education goals, long-term financial well-being, and situation.
Frequently Asked Questions
Can I get a student loan without a co-signer?
Yes, as a student, you can take out a student loan without the need of a cosigner. However, this process can be hard depending on your current situation. Not all federal student loans need cosigners. You can qualify if you have a credit score. Unlike private student loans which you need a cosigner because you can qualify on your own.
How do I know if my student loan is federal or private?
If you are unsure of the type of student loan you have, you can find out by reaching out to the Federal Student Aid Information Center. Log in or create an account. Secondly, you can check the dashboard of your Federal Student Aid account or check your credit report.