9 Best Student Loans for Community College of January 2020

If you need help paying for community college, apply for free financial aid first, then use federal student loans before turning to private lenders.

Summary of Best Student Loans for Community College of January 2020

Lender	Fixed APR	Variable APR	Min. Credit Score	Learn More
Federal Subsidized/Unsubsidized Loan NerdWallet rating Check Rate on Department of Education's website	4.53 - 6.08%	N/A	None	Check Rate on Department of Education's website
MPOWER Private Student Loan NerdWallet rating Check Rate on MPOWER's website	7.52 - 13.63%	N/A	N/A	Check Rate on MPOWER's website
RISLA Private Student Loan NerdWallet rating Check Rate on RISLA's website	3.64 - 5.59%	N/A	680	Check Rate on RISLA's website
Sallie Mae Private Student Loan NerdWallet rating Check Rate on Sallie Mae's website	4.74 - 11.35%	2.75 - 10.22%	Does not disclose	Check Rate on Sallie Mae's website
Wells Fargo Private Student Loan NerdWallet rating Check Rate on Wells Fargo's website	5.94 - 11.96%	5.04 - 10.93%	Does not disclose	Check Rate on Wells Fargo's website
LendKey Private Student Loan NerdWallet rating Check Rate on LendKey's website	4.86 - 11.24%	3.79 - 10.61%	660	Check Rate on LendKey's website
Navy Federal Private Student Loan NerdWallet rating Check Rate on Navy Federal's website	6.49 - 12.84%	5.32 - 11.72%	Does not disclose	Check Rate on Navy Federal's website
PNC Private Student Loan NerdWallet rating Check Rate on PNC's website	5.61 - 11.79%	5.15 - 11.30%	670	Check Rate on PNC's website
Earnest Private Student Loan NerdWallet rating Check Rate on Earnest's website	4.49 - 12.78%	2.79 - 11.44%	650	Check Rate on Earnest's website

Lender	Fixed APR	Variable APR	Min. Credit Score	Learn More
Federal Subsidized/Unsubsidized Loan NerdWallet rating Check Rate on Department of Education's website	4.53 - 6.08%	N/A	None	Check Rate on Department of Education's website
MPOWER Private Student Loan NerdWallet rating Check Rate on MPOWER's website	7.52 - 13.63%	N/A	N/A	Check Rate on MPOWER's website
RISLA Private Student Loan NerdWallet rating Check Rate on RISLA's website	3.64 - 5.59%	N/A	680	Check Rate on RISLA's website
Sallie Mae Private Student Loan NerdWallet rating Check Rate on Sallie Mae's website	4.74 - 11.35%	2.75 - 10.22%	Does not disclose	Check Rate on Sallie Mae's website
Wells Fargo Private Student Loan NerdWallet rating Check Rate on Wells Fargo's website	5.94 - 11.96%	5.04 - 10.93%	Does not disclose	Check Rate on Wells Fargo's website
LendKey Private Student Loan NerdWallet rating Check Rate on LendKey's website	4.86 - 11.24%	3.79 - 10.61%	660	Check Rate on LendKey's website
Navy Federal Private Student Loan NerdWallet rating Check Rate on Navy Federal's website	6.49 - 12.84%	5.32 - 11.72%	Does not disclose	Check Rate on Navy Federal's website
PNC Private Student Loan NerdWallet rating Check Rate on PNC's website	5.61 - 11.79%	5.15 - 11.30%	670	Check Rate on PNC's website
Earnest Private Student Loan NerdWallet rating Check Rate on Earnest's website	4.49 - 12.78%	2.79 - 11.44%	650	Check Rate on Earnest's website

Check Rate

on Department of Education's website

Federal Subsidized/Unsubsidized Loan

5.0

NerdWallet rating

Fixed APR

4.53 - 6.08%

Variable APR

N/A

Min. Credit Score

None

Check Rate

on Department of Education's website

Variable APR

N/A

Key facts

Best first option for all student loan borrowers.

Pros

More flexible repayment options for struggling borrowers than other lenders.
Subsidized loans do not collect interest while in school or during deferment.
Lower interest rates compared with private lenders.

Cons

You pay an origination fee.

Qualifications

No credit check or minimum income is needed to borrow.
Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
Independent students and graduate students have higher loan limits.

Available Term Lengths

10 to 25 years once repayment begins, depending on the repayment plan.

Disclaimer

Read Full Review

Check Rate

on MPOWER's website

MPOWER Private Student Loan

4.5

NerdWallet rating

Fixed APR

7.52 - 13.63%

Variable APR

N/A

Min. Credit Score

N/A

Check Rate

on MPOWER's website

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

Disclaimer

Read Full Review

Check Rate

on RISLA's website

RISLA Private Student Loan

4.5

NerdWallet rating

Fixed APR

3.64 - 5.59%

Variable APR

N/A

Min. Credit Score

680

Check Rate

on RISLA's website

Variable APR

N/A

Key facts

Best for Rhode Island students who may need wiggle room on payments in the future.

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

Loans available only to Rhode Island residents or those who attend school there.

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

Disclaimer

Read Full Review

Check Rate

on Sallie Mae's website

Sallie Mae Private Student Loan

4.5

NerdWallet rating

Fixed APR

4.74 - 11.35%

Variable APR

2.75 - 10.22%

Min. Credit Score

Does not disclose

Check Rate

on Sallie Mae's website

Variable APR

2.75 - 10.22%

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 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 4.74% - 11.35% APR and Variable 2.75% - 10.22% 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 11/25/2019 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 fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.44% fixed APR. It works out to 51 payments of $25.00, 119 payments of $156.04 and one payment of $118.97, for a Total Loan Cost of $19,962.73.

Read Full Review

Check Rate

on Earnest's website

Earnest Private Student Loan

4.5

NerdWallet rating

Fixed APR

4.49 - 12.78%

Variable APR

2.79 - 11.44%

Min. Credit Score

650

Check Rate

on Earnest's website

Variable APR

2.79 - 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 Alaska, Connecticut, Hawaii, Illinois, Nevada, New Hampshire, Texas and Virginia.

Qualifications

Typical credit score of approved borrowers: Did not disclose.
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

Disclaimer

Read Full Review

Want to compare more options? Here are our other top picks:

Can you go to community college for free?

More and more states have passed laws making community college tuition-free for residents. Several schools and cities also offer programs that make public college more affordable.

Be aware, though, that some programs require you to exhaust federal and state grants first, so you should still fill out the Free Application for Federal Student Aid, or the FAFSA. You may also have to pay for living expenses like rent, food and transportation and school expenses like a computer, books and fees.

» MORE: States that offer residents tuition-free college

How to shop for a community college student loan

Use grants first. Fill out the FAFSA as soon as possible after Oct. 1, when it opens, to get access to financial aid like the Pell Grant. These grants cover much of the cost of community college for students with low incomes and don't need to be repaid. The FAFSA will also give you access to state and school grants.
If you need loans, choose federal loans first. These offer lower interest rates than private loans and come with the option to tie the payments to your income after you leave school. That can help you avoid falling behind on payments. The FAFSA will qualify you for federal loans. Some community colleges do not participate in the federal loan program.
Build good credit, or add a co-signer, when applying for private loans. If you need to make up for a gap in financial aid, private loans are your last stop. Students with good credit, generally a score of 690 or higher, will get the lowest interest rates. Students under age 21 often don’t have the credit history required to get a private loan in their own names. Use a co-signer to qualify or to get a better rate; alternatively, search for private loans you can get without a co-signer.
Make sure your school is eligible. Some lenders will make loans to students pursuing associate degrees at four-year schools only. When exploring your options, make sure your community college is on the private lender’s list of eligible schools.
Compare loan features. When shopping for a private loan, compare offers to get the lowest student loan interest rate you qualify for. Note whether the lender will postpone payments in case you have difficulty affording them — known as forbearance — and for how long. Prioritize lenders that will let you release the co-signer after a period of time so they are not responsible for the debt.
Opt for a fixed interest rate. Fixed interest rates are a safer bet than variable interest rates because they won’t increase over time.
Watch the bottom line. Use a student loan calculator to see how much you’ll owe per month after borrowing for multiple years.

Last updated on October 15, 2019

To recap our selections...

Best of

9 Best Student Loans for Community College of January 2020

Summary of Best Student Loans for Community College of January 2020

Federal Subsidized/Unsubsidized Loan

MPOWER Private Student Loan

RISLA Private Student Loan

Sallie Mae Private Student Loan

Earnest Private Student Loan

Can you go to community college for free?

How to shop for a community college student loan

NerdWallet's Best Student Loans for Community College of January 2020

Further reading.

Why Choose a Community College and How to Enroll

What Is Trade School?

Alternatives To College: What Are My Options?