5 Student Loans With Fastest Co-Signer Release

Key facts

Pros

• One of the few lenders to provide loans to part-time students.

• Borrowers can access online tutoring and free credit score tracking.

• Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer.

Cons

• You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers or co-signers: Does not disclose.

• Minimum income: Did not disclose.

• Loan amounts: $1,000 up to 100% of the school-certified expenses.

Available Term Lengths

10 to 15 years

Disclaimer

Lowest rates shown include the auto debit. Additional information regarding the auto debit discount: The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRS assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. Advertised APRs are valid as of 07/25/2022. Loan amounts: Loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 9.63% fixed APR, 51 payments of $25.00, 119 payments of $172.95 and one payment of $121.42, for a Total Loan Cost of $21,977.47. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.07% fixed APR, 27 payments of $25.00, 179 payments of $125.36 and one payment of $49.52 for a total loan cost of $23,163.96. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.

• Additional perks like career planning, job search assistance and entrepreneurship support available.

Cons

• Does not offer bi-weekly payments via autopay.

Qualifications

• Typical credit score of approved borrowers or co-signers: 700+.

• Minimum income: No minimum.

• Loan amounts: $5,000 minimum.

Available Term Lengths

5, 7, 10 or 15 years

Disclaimer

UNDERGRADUATE LOANS: Fixed rates from 3.50% to 13.35% annual percentage rate ("APR") (with autopay), variable rates from 2.59% to 12.13% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.50% to 13.35% APR (with autopay), variable rates from 2.99% to 12.13% APR (with autopay). PARENT LOANS: Fixed rates from 4.23% to 13.60% APR (with autopay), variable rates from 2.39% to 12.13% APR (with autopay). For theSoFivariable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. TheSoFi0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 08/01/2022.

Key facts

Pros

• Forbearance of 18 months is longer than many lenders offer.

Cons

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

• Payment required while in school and during the grace period.

Qualifications

• Typical credit score of approved borrowers: 748.

• Minimum income: $24,000 per year.

• Loan amounts: $1,000 up to cost of attendance, minus other aid received.

Available Term Lengths

5, 10 or 15 years.

Key facts

Pros

• Forbearance of 18 months is longer than many lenders offer.

Cons

• Available only to existing Navy Federal Credit Union customers.

• Only one repayment term: 10 years.

• Payment required while in school and during the grace period.

Qualifications

• Typical credit score of approved borrowers: Did not disclose.

• Minimum income: A co-signer must earn $15,000 or more.

• Loan amounts: $2,000 minimum to $120,000 for undergraduates, or $160,000 for graduate students.

Available Term Lengths

10 years

Key facts

Pros

• Income-based repayment plan available, with forgiveness after 25 years.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.

Cons

• Fewer repayment terms available than other lenders.

Qualifications

• Typical credit score of approved borrowers: 768.

• Minimum income: $40,000.

• Loan amounts: $1,500 to $45,000.

Available Term Lengths

10 or 15 years