15 Best Private Student Loans of October 2020

Key facts

Pros

• Forbearance of 24 months is longer than many lenders.

• You can make biweekly payments via autopay.

• For co-signed option, multiple in-school repayment options are available, including interest-only, flat-fee and deferred.

• For non-co-signed future-income based option, no co-signer or credit history is required.

Cons

• Non-co-signed future income-based option is available only to college juniors and seniors.

Qualifications

• Typical credit score of approved borrowers or co-signers: Did not disclose for co-signed option. For non-co-signed future income-based option, Ascent emphasizes future earnings over income or credit score.

• Minimum income: $24,000 for the co-signed and non-co-signed credit-based option. Income is not considered for the non-co-signed future income-based option.

• Loan amounts: For co-signed option, $1,000 minimum to $200,000 over the lifetime of a borrower. The amount for each loan period cannot exceed the total cost of attendance. For non-co-signed option, $1,000 to $20,000.

• Non-co-signed future income-based borrowers must also meet satisfactory academic performance requirements with a 2.9 GPA or higher.

Available Term Lengths

Disclaimer

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.

• Information not available on minimum qualifying credit scores or income.

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

Disclaimer

Key facts

Pros

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

• More flexible repayment options than other lenders.

• Six-month grace period extension is available.

Cons

• You must be at least halfway through your repayment term before you can request a co-signer release.

Qualifications

• Typical credit score of approved borrowers: Mid-700s.

• Minimum income: $35,000 per year.

• Loan amounts: $1,000 up to cost of attendance.

Available Term Lengths

Disclaimer

Key facts

Pros

• Option to skip one payment every 12 months.

• No late fees.

• Nine-month grace period is longer than most lenders offer.

Cons

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

• Loans aren't available in Nevada or New Mexico.

Qualifications

• Typical credit score of approved borrowers: 758.

• Minimum income: $35,000.

• Loan amounts: $1,000 up to your total cost of attendance.

Available Term Lengths

Disclaimer

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

• Must be a U.S. citizen.

Qualifications

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

• Minimum income: No minimum.

• Loan amounts: $5,000 minimum.

Available Term Lengths

Disclaimer

Key facts

Pros

• More flexible repayment options for struggling borrowers than other lenders.

• No late fees.

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: 750+.

• Minimum income: Did not disclose.

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

Available Term Lengths

Disclaimer

Key facts

Pros

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

• No late fees.

• Principal reduction of 2% if you graduate.

Cons

• Loans aren't available in Arizona, Iowa or Wisconsin.

• Loans not available to borrowers with student visas.

Qualifications

• Typical credit score of approved borrowers: 747.

• Minimum income: No minimum, but borrowers must demonstrate positive income.

• Loan amounts: $1,000 up to $99,999.

Available Term Lengths

Disclaimer

Key facts

Pros

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

• You are assigned a dedicated Money Mentor.

Cons

• Loans aren't available in Nevada and Mississippi.

• Co-signer required.

Qualifications

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

• Minimum income: No set minimum.

• Loan amounts: $2,000 to the total cost of attendance. Maximum $500,000.

Available Term Lengths

Disclaimer

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.

• No in-school deferment.

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

Disclaimer

Key facts

Pros

• Six-month grace period extension is available.

• Loyalty discount for existing Citizens Bank customers.

• Multiyear loan approval is available.

Cons

• You must be pursuing a bachelor’s degree or higher.

• 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: Does not disclose.

• Minimum income: Did not disclose.

• Loan amounts: $1,000 to $100,000.

Available Term Lengths

Disclaimer

Key facts

Pros

• Forbearance of 24 months is longer than many lenders.

• You can make biweekly payments via autopay.

• For co-signed option, multiple in-school repayment options are available, including interest-only, flat-fee and deferred.

• For non-co-signed future-income based option, no co-signer or credit history is required.

Cons

• Non-co-signed future income-based option is available only to college juniors and seniors.

Qualifications

• Typical credit score of approved borrowers or co-signers: Did not disclose for co-signed option. For non-co-signed future income-based option, Ascent emphasizes future earnings over income or credit score.

• Minimum income: $24,000 for the co-signed and non-co-signed credit-based option. Income is not considered for the non-co-signed future income-based option.

• Loan amounts: For co-signed option, $1,000 minimum to $200,000 over the lifetime of a borrower. The amount for each loan period cannot exceed the total cost of attendance. For non-co-signed option, $1,000 to $20,000.

• Non-co-signed future income-based borrowers must also meet satisfactory academic performance requirements with a 2.9 GPA or higher.

Available Term Lengths

Disclaimer

Key facts

Pros

• You don't need a co-signer or credit history to get a loan.

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

• DACA students with a work-eligible Social Security number can qualify.

Cons

• Loans aren't available in 22 states.

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

• Maximum funding amount is less than most lenders.

Qualifications

• Typical credit score of approved borrowers: 650.

• Minimum income: No minimum, but borrowers must demonstrate they can pay $20 per month toward their loan.

• Loan amounts: $3,001 up to $10,000.

Available Term Lengths

Disclaimer

Key facts

Pros

• Forbearance of 24 months is longer than many lenders.

• You can make biweekly payments via autopay.

• For co-signed option, multiple in-school repayment options are available, including interest-only, flat-fee and deferred.

• For non-co-signed future-income based option, no co-signer or credit history is required.

Cons

• Non-co-signed future income-based option is available only to college juniors and seniors.

Qualifications

• Typical credit score of approved borrowers or co-signers: Did not disclose for co-signed option. For non-co-signed future income-based option, Ascent emphasizes future earnings over income or credit score.

• Minimum income: $24,000 for the co-signed and non-co-signed credit-based option. Income is not considered for the non-co-signed future income-based option.

• Loan amounts: For co-signed option, $1,000 minimum to $200,000 over the lifetime of a borrower. The amount for each loan period cannot exceed the total cost of attendance. For non-co-signed option, $1,000 to $20,000.

• Non-co-signed future income-based borrowers must also meet satisfactory academic performance requirements with a 2.9 GPA or higher.

Available Term Lengths

Disclaimer

Key facts

Pros

• Offers a hard-to-find option: non-co-signed student loans for international and DACA students.

• Borrowers are assigned a dedicated student loan advisor.

• Forbearance of 24 months is longer than many lenders offer, and borrowers can access national disaster forbearance as well.

Cons

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

• Offers only one repayment term: 10 years.

Qualifications

• MPOWER considers future income potential but does not factor in credit scores.

• Loan amounts: Minimum $2,001. Maximum loan is $50,000, limited to $25,000 per academic period.

Available Term Lengths

Disclaimer

Key facts

Pros

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

• Up to $2,500 can be disbursed to you directly for school-related expenses.

• You can choose your monthly payment while the student is in school, provided it covers at least the interest.

Cons

• No co-signer option.

• Estate is still responsible for the loan if the parent borrower dies.

Qualifications

• Typical credit score of approved borrowers: Mid-700s.

• Minimum income: $70,000 per year.

• Loan amounts: $1,000 up to school-certified cost of attendance.

Available Term Lengths

Disclaimer

Key facts

Pros

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

• Forbearance of 24 months is twice as long as most lenders.

• Loans are available if you’re enrolled less than half time.

Cons

• Loans may not be available depending on where you live or go to school.

• Fewer repayment terms than other lenders offer.

Qualifications

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

• Minimum income: Does not disclose.

• Loan amounts: Minimum $1,000. Maximum depends on creditworthiness and debt-to-income ratio.

Available Term Lengths

Disclaimer

Key facts

Pros

• Payments aren’t due if you’re unemployed.

• Lending decisions are not based on your credit score.

• You receive free career services, including job placement support.

Cons

• There’s no discount for paying off your agreement early like some lenders offer.

• Funding may not be available based on your school or major.

• Not available in South Carolina.

Qualifications

• Eligibility is based on factors like academic program and projected salary, not credit score.

• Loan amounts: $3,000 to $25,000 annually; $50,000 lifetime maximum.

• Payment cap: Two times the amount borrowed.

• Income share percentages: Typically 6% to 9%; lifetime max is 20%.

Available Term Lengths

Disclaimer