16 Best Private Student Loans of April 2021

on College Ave's website

College Ave Private Student Loan

4.5

Fixed APR

3.34 - 12.99%

Variable APR

1.04 - 11.98%

Min. Credit Score

Mid-600s

on College Ave's website

Variable APR

1.04 - 11.98%

Key facts

College Ave Student Loans is an online lender that offers student loans for undergraduates, graduate students and parents, plus student loan refinancing.

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

5, 8, 10 or 15 years

Disclaimer

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 3/25/2021. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.

on Ascent's website

Co-signed Student Loan

5.0

Fixed APR

3.43 - 14.00%

Variable APR

2.14 - 12.37%

Min. Credit Score

540

on Ascent's website

Variable APR

2.14 - 12.37%

Key facts

Online lender Ascent offers two private student loan products, one for borrowers who have a co-signer and one for independent students who don't have a co-signer or established credit.

Pros

International students are eligible with a co-signer.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

Students enrolled less than half-time are not eligible.
Co-signer release not available to international students.

Qualifications

Typical credit score of approved borrowers: Did not disclose.
Minimum income: $0 for primary borrower. $24,000 for current and previous year for co-signer.
Loan amounts: $1,000 to $200,000 per year with an aggregate loan limit of $200,000.

Available Term Lengths

5, 7, 10, 12 or 15 years

Disclaimer

Ascent Student Loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 04/01/2021 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 2.00% (for undergraduate future income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan student borrowers must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your cosigner.

on Sallie Mae's website

Sallie Mae Private Student Loan

4.0

Fixed APR

4.25 - 12.59%

Variable APR

1.13 - 11.23%

Min. Credit Score

Does not disclose

on Sallie Mae's website

Variable APR

1.13 - 11.23%

Key facts

Best for part-time students and those who want flexibility with repayment.

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

5 to 15 years

Disclaimer

Lowest rates shown include the auto debit discount: Fixed 4.25% - 12.59% APR and Variable 1.13% - 11.23% APR. Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You're charged interest starting at disbursement, while in school, during your separation/grace period, and until the loan is paid in full. The repayment option that is selected will apply during the in-school and separation/grace periods. When you enter principal and interest repayment, Unpaid Interest will be added to your loan's Current Principal. 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 APRs are valid as of 2/25/2021. and assume a $10,000 loan to a freshman with no other Sallie Mae loans. Additional information regarding the auto debit discount: 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 and may be suspended during periods of forbearance or deferment, if available for the loan. Loan amounts: $1000 up to 100% of the school certified expenses: 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. Repayment term of 5 to 15 years: This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 6.88% variable APR. It works out to 51 payments of $25.00, 119 payments of $136.17 and one payment of $112.58, for a Total Loan Cost of $17,591.81. Variable rates may increase over the life of the loan.

on Discover's website

Discover Private Student Loan

4.5

Fixed APR

4.84 - 12.99%

Variable APR

1.84 - 11.99%

Min. Credit Score

Does not disclose

on Discover's website

Variable APR

1.84 - 11.99%

Key facts

Best for students who may need wiggle room on payments.

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

15 years undergraduate, 20 years graduate

Disclaimer

Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans. The interest rate ranges represent the lowest and highest interest rates offered on the Discover Undergraduate Loan. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of April 1, 2021. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Your APR will be determined after you apply. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates.

on SoFi's website

SoFi Private Student Loan

4.5

Fixed APR

4.23 - 11.26%

Variable APR

1.84 - 11.66%

Min. Credit Score

Does not disclose

on SoFi's website

Variable APR

1.84 - 11.66%

Key facts

Best for flexible repayment options and no fees.

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, 10 or 15 years

Disclaimer

UNDERGRADUATE LOANS: Fixed rates from 4.23% to 11.26% annual percentage rate ("APR") (with autopay), variable rates from 1.84% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.37% APR (with autopay), variable rates from 1.78% to 11.73% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.30% to 11.52% APR (with autopay), variable rates from 1.95% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 10.76% APR (with autopay), variable rates from 1.88% to 11.16% APR (with autopay). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin and your APR may increase after origination if the LIBOR increases. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. 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. The SoFi 0.25% 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 11/04/2020. Enrolling in autopay is not required to receive a loan from SoFi. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).

on Earnest's website

Earnest Private Student Loan

4.5

Fixed APR

3.49 - 12.78%

Variable APR

1.05 - 11.44%

Min. Credit Score

650

on Earnest's website

Variable APR

1.05 - 11.44%

Key facts

An option for borrowers who want flexible repayment.

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.

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

5, 7, 10, 12 or 15 years

Custom Choice Loan, Powered by Cognition

on Cognition's website

Custom Choice Loan, Powered by Cognition

4.5

Fixed APR

4.64 - 11.15%

Variable APR

1.67 - 10.12%

Min. Credit Score

625

on Cognition's website

Variable APR

1.67 - 10.12%

Key facts

Best for upperclassmen who are confident they can take advantage of the 2% Grad Reward.

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

7, 10 or 15 years

Disclaimer

Before applying for a private student loan, Citizens and Cognition Financial recommend comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. The Custom Choice Loan® is made by Citizens (“Lender”). All loans are subject to individual approval and adherence to Lender’s underwriting guidelines. Program restrictions and other terms and conditions apply. LENDER AND COGNITION FINANCIAL CORPORATION EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE. Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the expected number of years in deferment, (4) the requested loan amount and (5) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective for applications received on or after 4/12/2021. The variable interest rate for each calendar month is calculated by adding the One-month London Interbank Offered Rate (“LIBOR”), or a replacement index if the Lender, in their sole discretion, deems LIBOR to be substantially altered or if LIBOR is no longer based on newly reported rates from its reporting banks, plus a fixed margin assigned to each loan. The LIBOR is published in the "Money Rates" section of The Wall Street Journal (Eastern Edition). The LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day. The current LIBOR index is 0.11% on 4/01/2021. The variable interest rate will increase or decrease if the LIBOR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount. APRs assume a $10,000 loan with one disbursement. The high variable rate APR assumes a 7-year term with the Full Deferment option, a 19 month deferment period, and a six-month grace period before entering repayment. The high fixed rate APR assumes a 15-year term with the Full Deferment option, a 31 month deferment period, and a six-month grace period before entering repayment. The low APRs assume a 7-year term, and the Immediate Repayment option with payments beginning 30-60 days after the disbursement via auto pay. Auto pay yields a 0.25% interest rate reduction which is applied after the Servicer validates your bank account information and will continue until (1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated) or (2) automatic deduction of payments is canceled. The auto pay discount is not available when reduced payments are being made or when the loan is in a deferment or forbearance, even if payments are being made.

on CommonBond's website

CommonBond Private Student Loan

4.5

Fixed APR

3.99 - 10.99%

Variable APR

4.13 - 9.64%

Min. Credit Score

660

on CommonBond's website

Variable APR

4.13 - 9.64%

Key facts

Best for students who are already planning to use a co-signer and value customer support.

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

5, 10 or 15 years

Disclaimer

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of0.14% effective Dec 1, 2020 and may increase after consummation.

on Funding U's website

Funding U Private Student Loan

5.0

Fixed APR

7.99 - 14.99%

Variable APR

N/A

Min. Credit Score

None

on Funding U's website

Variable APR

N/A

Key facts

Best for high-achieving independent students enrolled in four-year programs who have small funding gaps.

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

10 years

on LendKey's website

LendKey Private Student Loan

4.5

Fixed APR

4.25 - 12.59%

Variable APR

1.13 - 11.23%

Min. Credit Score

660

on LendKey's website

Variable APR

1.13 - 11.23%

Key facts

Best for students who value working with a community bank or credit union.

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

5, 10 or 15 years.

on Citizens Bank's website

Citizens One Private Student Loan

4.0

Fixed APR

4.24 - 11.61%

Variable APR

1.68 - 11.33%

Min. Credit Score

Does not disclose

on Citizens Bank's website

Variable APR

1.68 - 11.33%

Key facts

Citizens One is the student loan arm of well-established Citizens Bank. It offers undergraduate and graduate student loans, plus refinancing of existing student loans.

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

5, 10 or 15 years

Disclaimer

Student Loan Rate Disclosure: Variable interest rates range from 1.68%-11.98% (1.68%-11.33% APR). Fixed interest rates range from 4.24%-12.40% (4.24% - 11.61% APR).

Our picks for

No co-signer

on Ascent's website

Independent Student Loan

5.0

Fixed APR

7.00 - 14.50%

Variable APR

5.84 - 12.94%

Min. Credit Score

Varies

on Ascent's website

Variable APR

5.84 - 12.94%

Key facts

Best for independent students with strong credit or upperclassmen with good grades.

Pros

Interest rate discount of 2% for auto-pay on future-income based loan is larger than most lenders.
Grace period of 9 months is longer than most lenders.

Cons

International students are not eligible.
Freshmen, sophomores and those enrolled less than half-time are not eligible for future-income based loan.

Qualifications

Typical credit score of approved borrowers: Did not disclose.
Minimum income: $24,000 per year for credit-based loan. No minimum for future-income based loan.
Loan amounts: $2,001 to $200,000 per year with an aggregate loan limit of $200,000 for credit-based loan. $2,001 to $20,000 per year for future-income based loan.

Available Term Lengths

5, 7, 10, 12 or 15 years

Disclaimer

on Funding U's website

Funding U Private Student Loan

5.0

Fixed APR

7.99 - 14.99%

Variable APR

N/A

Min. Credit Score

None

on Funding U's website

Variable APR

N/A

Key facts

Best for high-achieving independent students enrolled in four-year programs who have small funding gaps.

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

10 years

Our picks for

International students

on Ascent's website

Co-signed Student Loan

5.0

Fixed APR

3.43 - 14.00%

Variable APR

2.14 - 12.37%

Min. Credit Score

540

on Ascent's website

Variable APR

2.14 - 12.37%

Key facts

Best for students with a creditworthy co-signer.

Pros

International students are eligible with a co-signer.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

Students enrolled less than half-time are not eligible.
Co-signer release not available to international students.

Qualifications

Typical credit score of approved borrowers: Did not disclose.
Minimum income: $0 for primary borrower. $24,000 for current and previous year for co-signer.
Loan amounts: $1,000 to $200,000 per year with an aggregate loan limit of $200,000.

Available Term Lengths

5, 7, 10, 12 or 15 years

Disclaimer

MPOWER Private Student Loan

4.5

Fixed APR

7.52 - 14.98%

Variable APR

N/A

Min. Credit Score

N/A

Variable APR

N/A

Key facts

Best for international students and students with Deferred Action for Childhood Arrivals, or DACA, status.

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

10 years

Our pick for

Parent loan

A good parent loan offers several options to begin repayment immediately.

on College Ave's website

College Ave Parent Student Loan

4.5

Fixed APR

3.34 - 12.99%

Variable APR

1.04 - 11.98%

Min. Credit Score

Mid-600s

on College Ave's website

Variable APR

1.04 - 11.98%

Key facts

Best for parents who want to control some of their student's spending.

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

Between 5 and 15 years.

Disclaimer

Our pick for

Part-time students

Not all lenders consider students enrolled less than half-time.

Advantage Education Private Student Loan

4.5

Fixed APR

3.75 - 6.99%

Variable APR

N/A

Min. Credit Score

Does not disclose

Variable APR

N/A

Key facts

Best for nontraditional or part-time students.

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

10 years

Our pick for

Income share agreement

Income share agreements give you money to finish school in return for part of your pay later.

on Stride's website

Stride Funding Income Share Agreement

4.5

Fixed APR

N/A

Variable APR

N/A

Min. Credit Score

None

on Stride's website

Variable APR

N/A

Key facts

Best for health care and STEM students who’ll pay less than with a private student loan.

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

5 years, but can extend to up to 10 years.