Best of
Best Private Student Loans of September 2025
Last updated on August 19, 2025
Written by
Lead WriterEdited by
Managing EditorFact Checked
Fact Checked
Written by
Lead WriterEdited by
Managing EditorFact Checked
Fact Checked
The best private student loans offer competitive interest and annual percentage rates, have low origination, disbursement or prepayment fees (or none at all) and are offered by credible lenders.
Private student loans, which are offered by lenders instead of the government, can be a good option if federal loans, grants and other aid options don’t cover all of your education costs. However, unlike federal loans that have terms and conditions determined by the federal government, private student loans can have variable or fixed interest rates that depend on your credit score. They also lack the benefits of federal loans, such as valuable borrower protections, affordable income-driven repayment plans and forgiveness programs.
Before you apply for a private student loan, exhaust all federal student loans and other financial aid you can get. (Start by filling out the Free Application for Federal Student Aid, or FAFSA, to qualify for federal college loans and need-based grants and scholarships.)
If you still have remaining education costs, look for a private student loan. Compare your options below, where NerdWallet's editorial team show each private loan’s rating, interest rates and minimum credit score needed.
Why trust NerdWallet
Why trust NerdWallet
- 19 student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and consumer lending.
- Objective, comprehensive star-rating system assessing 40 categories and more than 50 data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
Why trust NerdWallet
- 19 student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and consumer lending.
- Objective, comprehensive star-rating system assessing 40 categories and more than 50 data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Top Private Student Loan Lenders
College Ave Private Student Loan
Sallie Mae Undergraduate Student Loan
Ad
Best for payment flexibility
5.0/5
Fixed APR
2.89-17.99%
Variable APR
4.24-17.99%
Min. credit score
Mid-600s
4.5/5
Fixed APR
2.89-17.49%
Variable APR
4.37-16.99%
Min. credit score
Mid-600's
Best Private Student Loans
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
Best for payment flexibility 5.0 /5 | Mid-600s | 2.89-17.99% | 4.24-17.99% | Check Rate on College Ave's website | |
4.5 /5 | Mid-600's | 2.89-17.49% | 4.37-16.99% | Check Rate on Sallie Mae's website | |
5.0 /5 | Mid-600s | 3.18-15.99% | 4.39-15.99% | Check Rate on SoFi®'s website | |
4.0 /5 | Does not disclose | 3.24-15.49% | 4.99-15.51% | Check Rate on Citizens' website | |
4.5 /5 | 650 | 4.45-14.90% | 4.99-15.30% | Check Rate on Earnest's website |
Our pick for
Private student loan
Best for payment flexibility
Min. credit score
Mid-600s
Fixed APR
2.89-17.99%
Variable APR
4.24-17.99%
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 lengths5, 8, 10 or 15 years
Disclaimer
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.
Min. credit score
Mid-600's
Fixed APR
2.89-17.49%
Variable APR
4.37-16.99%
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 lengths10 to 15 years
Disclaimer
Pros
- One of the few lenders to provide loans to part-time students.
- Non-U.S. citizens, including DACA students, who live in the U.S. and attend school in the U.S. can apply with a qualified co-signer who is a U.S. citizen or permanent resident.
Cons
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Min. credit score
Mid-600s
Fixed APR
3.18-15.99%
Variable APR
4.39-15.99%
Qualifications
- Typical credit score of approved borrowers or co-signers: 700+.
- Minimum income: No minimum.
- Loan amounts: $1,000 minimum.
Available term lengths5, 7, 10 or 15 years
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.
Cons
- Does not offer bi-weekly payments via autopay.
Min. credit score
Does not disclose
Fixed APR
3.24-15.49%
Variable APR
4.99-15.51%
Qualifications
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 to $100,000.
Available term lengths5, 10 or 15 years
Disclaimer
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.
Best for customer support and wide availability
Min. credit score
Low-Mid 600s
Fixed APR
2.89-14.41%
Variable APR
4.34-14.75%
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: $2,001 to $200,000 per year with an aggregate loan limit of $200,000.
Available term lengths5, 7, 10, 12 or 15 years
Disclaimer
Pros
- Among the best for payment flexibility.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Stands out for features that enable faster loan repayment.
Cons
- Students enrolled less than half-time are not eligible.
- Co-signer release not available to international students.
Best for faster repayment options
Min. credit score
600
Fixed APR
3.24-15.71%
Variable APR
4.19-16.39%
Qualifications
- Typical credit score of approved borrowers: 700 for a non-cosigned loan and 733 for co-signed loans.
- Minimum income: No minimum, but borrowers must demonstrate positive income.
- Loan amounts: $1,000 up to $99,999.
Available term lengths7, 10 or 15 years
Disclaimer
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.
- Stands out for features that enable faster loan repayment.
Cons
- Doesn't apply extra payments to the principal balance by default.
- Co-signer release of 36 months is longer than what many lenders offer.
Min. credit score
None
Fixed APR
7.95-12.49%
Variable APR
N/A
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 lengths10 years
Pros
- You don't need a co-signer or credit to get a loan.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- Loans aren't available in 12 states.
- Payment required while in school.
Our pick for
Parent loan
Min. credit score
650
Fixed APR
4.45-14.90%
Variable APR
4.99-15.30%
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 lengths5, 7, 10, 12 or 15 years
Disclaimer
Pros
- Option to skip one payment every 12 months.
- No late fees.
- Nine-month grace period is longer than most lenders offer.
Cons
- Loans aren't available in Nevada.
Best for customer support
Min. credit score
660
Fixed APR
5.10-15.61%
Variable APR
5.54-15.25%
Qualifications
Available term lengths
Disclaimer
Pros
- Offers loans to parents with students who are enrolled less than half-time.
- Allows bi-weekly payments via autopay.
Cons
- No co-signer option.
- The parent or borrower’s estate still has to cover loan payments if the parent borrower dies.
Our pick for
Graduate school
Min. credit score
Mid-600s
Fixed APR
2.89-14.49%
Variable APR
4.24-14.49%
Qualifications
- Typical credit score of approved borrowers: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to the total cost of attendance.
Available term lengths5, 8, 10 or 15 years
Disclaimer
Pros
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- International students can qualify with a co-signer.
- Nine-month grace period is longer than other lenders offer.
Cons
- You must be at least halfway through your repayment term before you can request a co-signer release.
Best for customer support and wide availability
Ascent Graduate and Health Professions Student Loan
on Credible’s website
Compare Rates
on Credible’s website
Min. credit score
Low-Mid 600s
Fixed APR
3.69-14.41%
Variable APR
5.04-14.75%
Qualifications
- Typical credit score of approved borrowers or co-signers: Not available.
- Minimum income: Not available.
- Loan amounts: up to $400,000.
Available term lengths7, 10, 12 or 15 years
Disclaimer
Pros
- Forbearance of 24 months is longer than many lenders offer.
- Grace period of 9 months is longer than many lenders offer.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- You must be enrolled at least half-time to qualify.
Our pick for
State-based student loan
Min. credit score
Does not disclose
Fixed APR
5.29-8.04%
Variable APR
N/A
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 lengths10 years
Pros
- Forbearance of 24 months is twice as long as most lenders.
- Loans are available if you’re enrolled less than half time.
Cons
- Fewer repayment terms than other lenders offer.
- Borrowers are not able to defer loans if they return to school after their grace period ends.
Min. credit score
680
Fixed APR
2.99-8.74%
Variable APR
N/A
Qualifications
- Typical credit score of approved borrowers: 768.
- Minimum income: $40,000.
- Loan amounts: $1,500 to $45,000.
Available term lengths10 or 15 years
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.
Our pick for
No co-signer
Best for customer support and wide availability
Min. credit score
Low-Mid 600s
Fixed APR
12.98-14.93%
Variable APR
12.89-14.84%
Qualifications
- Typical credit score of approved borrowers: Did not disclose.
- Minimum income: $30,000 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 lengths5, 7, 10, 12 or 15 years
Disclaimer
Pros
- Among the best for payment flexibility.
- 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 the Outcomes-based loan.
Our pick for
International students
Min. credit score
None
Fixed APR
12.99-15.99%
Variable APR
N/A
Qualifications
- MPOWER considers future income potential but does not factor in credit scores.
- Loan amounts: Minimum $2,001. Maximum loan is $100,000, limited to $50,000 per academic period.
Available term lengths10 years
Disclaimer
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.
- Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
Cons
- Payment required while in school.
- Offers only one repayment term: 10 years.
Our pick for
Part-time students
Best for payment flexibility
Min. credit score
Mid-600s
Fixed APR
2.89-17.99%
Variable APR
4.24-17.99%
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 lengths5, 8, 10 or 15 years
Disclaimer
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.
Best for faster repayment options
Min. credit score
600
Fixed APR
2.85-15.61%
Variable APR
4.13-16.54%
Available term lengths5, 7, 10, 15 or 20 years.
Disclaimer
Pros
- Best for borrowers looking for a loan with flexible repayment plans and a long grace period.
- Students enrolled less than half-time are eligible, a feature not offered by many other lenders.
- Offers a .05% rate reduction for every six months of consecutive payments, up to 0.25%.
- Provides In-School Default Protection for borrowers making interest or partial interest payments while enrolled.
Cons
- Not available in WV.
Want to compare more options? Here are our other top picks:
What is a private student loan?
Private student loans are offered by banks, credit unions and online lenders, and they can be used to pay for college. These lenders offer options for undergraduate student loans, graduate student loans, bad or no credit student loans, part-time student loans, international student loans and more.
» LEARN: Federal vs. private student loans
How do I choose a private student loan?
1. Compare loan offers. Use NerdWallet's editorial team's ratings above to see which lenders we recommend. Be sure to check multiple lenders to find the lowest interest rate that you may qualify for.
2. Decide on fixed or variable rate. Depending on the lender, you may be able to choose a fixed or a variable interest rate. A fixed rate stays the same throughout the life of a loan; a variable rate may start out lower than a fixed rate, but could increase or decrease over time depending on economic conditions.
3. Choose a loan term. You may also have the option to choose your loan term. A short term gives you higher monthly payments, but also faster repayment and less total interest costs. A longer term allows you to pay less each month, but you'll pay more interest over a longer period of time.
4. Consider borrower protections. All federal student loans offer deferment and forbearance. Some private student lenders may also offer similar protections or another temporary repayment adjustment if you can’t afford your payments.
How do I apply for a private student loan?
Once you've chosen a lender that seems like a strong fit, follow these steps to apply for a private student loan.
1. Gather your documents. Be prepared to show proof of identity, citizenship and income. Also gather information about your college, including the cost of attendance or the financial aid award letter.
2. Understand the requirements. You or your co-signer will need to have credit scores in the high 600s or higher, as well as cash flow to make student loan payments. Lenders will also look at your or your co-signer’s debt-to-income ratio to make sure you have the funds to pay a college loan bill in addition to any other bills in your name.
3. Submit your application. Apply directly through the lender’s website or through one of the green buttons in our list above. Carefully review the loan terms again — including fees and repayment options — before signing.
» MORE: How to get a student loan
Frequently asked questions
How do private student loans and federal student loans differ?
Federal student loans are issued by the government and have fixed interest rates and origination fees. These loans offer protections like income-driven repayment plans and forgiveness programs.
Private student loans come from banks, credit unions or online lenders. They may have fixed or variable interest rates, depending on your credit. Most don’t charge origination fees and lack the borrower protections that come with federal loans.
Some students may need to borrow both student loan types to cover their full college expenses.
When should I consider a private student loan?
Private student loans can be a good option if you still have education costs after taking federal grants and other aid, and you’ve already borrowed the maximum in both subsidized and unsubsidized federal student loans.
How do I qualify for a private student loan?
To qualify, you or a co-signer will likely need a good credit score and steady income, and higher numbers tend to get better rates and loan amounts. Since undergrads often lack credit or income, lenders usually require a co-signer.
Some may instead consider academic performance and income potential. Most lenders also require enrollment at a Title IV school, and availability can vary by state.
Can I get a private student loan with bad credit?
You’ll have a harder time finding a private student loan if you have bad credit. Federal student loans don’t require borrowers to demonstrate creditworthiness, so they’ll be your best option if you have bad credit.
If you’ve already hit your limit on federal loans, you may be able to get a private student loan if you apply with a co-signer who has solid credit — typically scores in the high 600s or better. (See the best student loans for bad credit or no credit.)
Will I need a co-signer for a private student loan?
If you have no income and no credit or bad credit, you’ll need a co-signer to get a private college student loan. Without bills in your name, such as a credit card, car loan or utility, it's hard to demonstrate that you can pay bills on time. Your co-signer will need a steady income and good credit scores. A co-signer is responsible for repaying the loan if you fail to make payments.
Some private lenders will let students apply without a co-signer. Instead of basing your loan offer on your credit, they look at your academic performance and earning potential to determine your ability to pay back the debt. (See how to get a student loan without co-signer.)
How much can I borrow for college?
With private loans, the amount you borrow can’t exceed your school’s total cost of attendance, less other financial aid. (The maximum in federal student loans you can borrow depends on your year in school, whether you’re a dependent or independent student and the type of loan.)A 2025 high school graduate who will depend on student loans to pay for college can expect to borrow about $40,000 for their bachelor’s degree, according to a recent NerdWallet analysis. Applying for federal student loans may help reduce your private student debt.
How do I pick the best private student loan?
Choosing the best private student loan means finding one with the lowest interest rate you'll qualify for and repayment terms you're comfortable with paying after you graduation. While student loan refinancing is an option, it's better to pick the loan you're comfortable with now instead of hoping you'll qualify for refinancing later.
Last updated on August 19, 2025
How we chose the best student loans
Our team of student loan experts follows an objective and robust methodology to rate lenders and pick the best.
19
Lenders reviewed
19
Lenders reviewed
We reviewed 19 banks, credit unions, and online lenders — including the top 10 by market share and search volume — plus lenders serving niche and nontraditional borrowers.
40
Features assessed
40
Features assessed
Each lender is evaluated across five weighted categories, covering dozens of features related to affordability, eligibility, consumer experience, flexibility, and application process.
50+
Data points analyzed
50+
Data points analyzed
Our team tracks and reassesses more than 50 data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
5.0
Overall score
NerdWallet reviewed 19 banks, credit unions and online lenders offering student loans and student loan refinancing. We included the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets. Some lenders are NerdWallet partners, but this did not influence our selection of the winner.
We consider 40 features and more than 50 data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to a wide range of borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.Read more about our ratings methodologies for student loans and our editorial guidelines.
NerdWallet's Best Private Student Loans of September 2025
- College Ave Private Student Loan: Best for Private student loan + Part-time students, Fixed APR: 2.89-17.99%
- Sallie Mae Undergraduate Student Loan: Best for Private student loan, Fixed APR: 2.89-17.49%
- SoFi Undergraduate Student Loan: Best for Private student loan, Fixed APR: 3.18-15.99%
- Citizens Private Student Loan: Best for Private student loan, Fixed APR: 3.24-15.49%
- Earnest Parent Loan: Best for Parent loan, Fixed APR: 4.45-14.90%
- Ascent Credit-based Student Loan: Best for Private student loan, Fixed APR: 2.89-14.41%
- Earnest Undergraduate Loan: Best for Private student loan, Fixed APR: 2.89-16.49%
- ELFI Private Student Loan: Best for Private student loan, Fixed APR: 2.99-14.22%
- LendKey Private Student Loan: Best for Private student loan, Fixed APR: 3.99-12.61%
- Custom Choice Loan: Best for Private student loan, Fixed APR: 3.24-15.71%
- Funding U Private Student Loan: Best for Private student loan + No co-signer, Fixed APR: 7.95-12.49%
- College Ave Graduate Student Loan: Best for Graduate school, Fixed APR: 2.89-14.49%
- Advantage Education Private Student Loan: Best for State-based student loan, Fixed APR: 5.29-8.04%
- RISLA Private Student Loan: Best for State-based student loan, Fixed APR: 2.99-8.74%
- Ascent Non-Cosigned Student Loan: Best for No co-signer, Fixed APR: 12.98-14.93%
- MPOWER Private Student Loan: Best for International students, Fixed APR: 12.99-15.99%
- Abe: Best for Part-time students, Fixed APR: 2.85-15.61%
- Ascent Parent Loan: Best for Parent loan, Fixed APR: 5.10-15.61%
- Ascent Graduate and Health Professions Student Loan: Best for Graduate school, Fixed APR: 3.69-14.41%
