Best Private Student Loans
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Compare NerdWallet's top-ranked private student loan providers for students, parents, independent students, international students, part-time students and graduate school. Learn how private student loans work and how they differ from federal student loans.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Private Student Loans
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
---|---|---|---|---|---|
Sallie Mae Undergraduate Student Loan GO TO LENDER SITE on Sallie Mae's website COMPARE RATES on Credible’s website | 4.5 /5 | Mid-600's | 3.49-15.49% | 5.04-15.21% | GO TO LENDER SITE on Sallie Mae's website COMPARE RATES on Credible’s website |
College Ave Private Student Loan GO TO LENDER SITE on College Ave's website COMPARE RATES on Credible’s website | 2024 Best Private Student Loan Overall 5.0 /5 | Mid-600s | 3.59-17.99% | 5.34-17.99% | GO TO LENDER SITE on College Ave's website COMPARE RATES on Credible’s website |
5.0 /5 | Low-Mid 600s | 3.69-14.56% | 5.66-14.72% | COMPARE RATES on Credible’s website | |
College Ave Graduate Student Loan GO TO LENDER SITE on College Ave's website COMPARE RATES on Credible’s website | 5.0 /5 | Mid-600s | 3.59-14.49% | 5.34-14.49% | GO TO LENDER SITE on College Ave's website COMPARE RATES on Credible’s website |
4.0 /5 | 680 | 3.69-14.22% | 5.00-14.22% | COMPARE RATES on Credible’s website |
Our pick for
Private student loan
Mid-600's
3.49-15.49%
5.04-15.21%
- 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.
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
- 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.
Mid-600s
3.59-17.99%
5.34-17.99%
College Ave Student Loans is an online lender that offers student loans for undergraduates, graduate students and parents, plus student loan refinancing.
- 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.
- You must be at least halfway through your repayment term before you can request a co-signer release.
- Typical credit score of approved borrowers: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to cost of attendance.
Low-Mid 600s
3.69-14.56%
5.66-14.72%
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.
- 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.
- Students enrolled less than half-time are not eligible.
- Co-signer release not available to international students.
- 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.
680
3.69-14.22%
5.00-14.22%
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- You are assigned a student loan advisor.
- No co-signer release available.
- Typical credit score of approved borrowers or co-signers: Not available.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
650
3.69-16.49%
5.62-16.85%
- Option to skip one payment every 12 months.
- No late fees.
- Nine-month grace period is longer than most lenders offer.
- Loans aren't available in Nevada.
- Typical credit score of approved borrowers: 758.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
Mid-600s
3.79-14.83%
5.79-15.86%
- 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.
- Does not offer bi-weekly payments via autopay.
- Typical credit score of approved borrowers or co-signers: 700+.
- Minimum income: No minimum.
- Loan amounts: $1,000 minimum.
680
3.99-12.61%
5.98-13.74%
- Forbearance of 18 months is longer than many lenders offer.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
- Payment required while in school.
- 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.
600
4.24-14.02%
4.97-14.52%
- 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.
- Doesn't apply extra payments to the principal balance by default.
- Co-signer release of 36 months is longer than what many lenders offer.
- 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.
None
7.95-12.49%
N/A
- 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.
- Loans aren't available in 12 states.
- Payment required while in school.
- 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.
Our pick for
Graduate school
Mid-600s
3.59-14.49%
5.34-14.49%
- 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.
- You must be at least halfway through your repayment term before you can request a co-signer release.
- 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.
Our pick for
Parent loan
660
3.95-8.01%
6.54-11.08%
- Forbearance of 24 months is longer than many lenders offer.
- No late fees.
- Only offers 2 loan terms.
- Typical credit score of approved borrowers or co-signers: 670.
- Minimum income: No minimum income.
- Loan amounts: $1,001 or $2,001, based on residency and school location, up to cost of attendance minus other aid received.
Our pick for
No co-signer
Low-Mid 600s
13.05-15.04%
13.21-15.16%
- Among the best for payment flexibility.
- Grace period of 9 months is longer than most lenders.
- International students are not eligible.
- Freshmen, sophomores and those enrolled less than half-time are not eligible for the Outcomes-based loan.
- 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.
Our pick for
International students
Ascent requires a co-signer; MPOWER does not.
None
12.99-15.99%
N/A
- 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.
- Payment required while in school.
- Offers only one repayment term: 10 years.
- 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.
Our pick for
Income-based private loan
Income-based private student loans give you money to finish school in return for part of your pay later.
Varies
N/A
9.40-23.00%
- No credit history required.
- Available to students without a co-signer.
- Borrowers have to repay 2.25X the borrowed amount if they want to pay off the loan early.
- Low income forbearance is not automatic and interest accrues.
- Not available to borrowers in Colorado, Connecticut, Iowa, Maine, Nebraska, Vermont and West Virginia.
Our pick for
Part-time students
Mid-600s
3.59-17.99%
5.34-17.99%
- 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.
- You must be at least halfway through your repayment term before you can request a co-signer release.
- Typical credit score of approved borrowers: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to cost of attendance.
What is a private student loan?
Private student loans originate with a bank, credit union or online lender — unlike federal student loans that are handled by the federal government.
You can use both federal and private loans to pay for school, but federal loans typically have more favorable terms, including lower interest rates, flexible repayment options and loan forgiveness.
Private student loans can be a good option if:
You have already completed the Free Application for Federal Student Aid, or FAFSA, to see if you’re eligible for federal grants and work-study programs.
You have already borrowed the maximum in both subsidized and unsubsidized federal student loans.
You or a co-signer have good credit (a credit score of 690 or above). Many private student loan borrowers apply with a co-signer to improve their chances of qualifying.
You borrow only what you need and expect you can repay.
How do private student loans and federal student loans differ?
Federal student loans:
Are offered by the federal government. Students apply by submitting the FAFSA.
Have fixed interest rates that don't change over the life of the loan.
Charge origination fees.
Come with protections like income-driven repayment and Public Service Loan Forgiveness.
Private student loans:
Are offered by banks, credit unions and online lenders.
Have fixed or variable rates based on borrowers' creditworthiness.
Typically do not charge origination fees.
Do not have the same protections as federal student loans.
How much can I borrow for college?
Only borrow what you need and can expect to pay back. Start with federal loans, and take private loans if you need additional funds to pay for college.
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. With private loans, the amount you borrow can’t exceed your school’s total cost of attendance, less other financial aid.
A 2024 high school graduate who will depend on student loans to pay for college can expect to borrow about $37,000 for their bachelor’s degree, according to a recent NerdWallet analysis.
How do I choose a private student loan online?
Compare loan offers from multiple lenders including banks, credit unions, online companies and state-based lenders to find the lowest interest 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.
Consider any borrower protections your private lender offers, including deferment and forbearance, as well as other repayment options. You may also have the option to choose your loan term, which means you could pay off your loan faster and with less interest by making higher payments or pay lower amounts with more interest over a longer period of time.
» MORE: How to get a student loan
How do I qualify for a private student loan?
Each lender has its own qualification requirements. Credit score and income are key considerations for most student loans. Borrowers with higher credit scores and incomes tend to get the best rates and highest loan amounts.
Since undergraduate borrowers are unlikely to have established credit or income, lenders will usually prompt students to apply with a co-signer. Some lenders who have loans for borrowers without a co-signer will consider academic performance and income potential.
Lenders will often require you to attend a Title IV school, which means your school processes federal student aid. Some lenders don't offer loans in certain states.
» MORE: Student loan calculator
Can I get a private student loan with bad credit?
You’ll have a harder time finding a private student loan from a bank, credit union or online lender 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.
Will I need a co-signer for a private student loan?
If you have no income and no credit or