Best Private Student Loans
Filter to see top private student loans by undergraduate, graduate and parent loan categories.
The best private student loans offer competitive interest and annual percentage rates, have no or low fees 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 rates, terms and conditions determined by the federal government, the rates and features of private student loans vary from lender to lender. They also lack the benefits of federal loans, such as income-driven repayment and possible loan forgiveness.
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 shows ratings for private student loans. You can filter to see only undergraduate, graduate or parent loans.
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
- 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.
Best Private Student Loans
Lender | NerdWallet editorial rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.5 /5 | Mid-600s | 2.49-17.49% | 3.75-16.95% | Check Rate on Sallie Mae's website | |
5.0 /5 | Mid-600s | 2.49-17.99% | 3.89-17.99% | Check Rate on College Ave's website | |
5.0 /5 | Mid-600s | 2.98-15.99% | 4.39-15.99% | Check Rate on SoFi®'s website | |
5.0 /5 | Mid-600s | 2.69-16.86% | 3.65-16.06% | Check Rate on Ascent's website | |
5.0 /5 | 650 | 2.29-16.24% | 4.74-16.60% | Check Rate on Earnest's website | |
4.0 /5 | None | 7.99-13.49% | N/A | Check Rate on Funding U's website | |
4.0 /5 | 680 | 2.99-12.85% | 6.75-13.05% | Check Rate on ELFI's website | |
5.0 /5 | Mid-600 | 2.50-16.58% | 3.38-16.38% | Check Rate on Abe's website |
Our pick for
Private undergraduate loans
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: $1,000 up to 100% of school-certified costs with no aggregate loan limit.
- Has loans for educational needs that aren’t always covered by other lenders.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Provides immediate loan decisions in most cases.
- Offers pre-qualification with a soft credit check.
- No application, origination or prepayment fees.
- Does not offer bi-weekly payments via autopay.
- Immediate principal and interest payment while in school isn’t an option.
- A six-month grace period for undergraduate loans is shorter than some other lenders.
- Typical credit score of approved borrowers: Upper 700s.
- Minimum income: $35,000 for a borrower with no co-signer. No minimum for a borrower with a co-signer. No minimum for co-signers.
- Loan amounts: $1,000 up to the cost of attendance.
- Has more repayment options than many other lenders.
- Offers automatic bi-weekly and greater-than-minimum payments.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Charges a late payment fee, whereas some competitors do not.
- Doesn’t allow co-signer release until a borrower is at least halfway through their repayment term.
- Typical credit score of approved borrowers or co-signers: 700+.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 minimum.
- 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: 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.
- 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.
- Non-co-signed future income-based option is available only to college juniors and seniors.
- Typical credit score of approved borrowers or co-signers: The median credit score for approved borrowers was 750 in 2025.
- Minimum income: No minimum income required.
- Loan amounts: $1,000 to $400,000.
- Borrowers who return to Earnest for a new private student loan can be eligible for a 0.25% rate reduction.
- 0.25% rate reduction for borrowers who sign up for automatic payments.
- No late fees.
- Option to skip one payment every 12 months for eligible borrowers.
- Every borrower gets a 9 month grace period.
- Does not offer renewable or multi-year approval options.
- Must be enrolled half-time or more.
- Typical credit score of approved borrowers or co-signers: Credit scores are not used in underwriting.
- Minimum income: Not applicable.
- Loan amounts: $3,001 - $20,000.
- No fees.
- Extra payments are applied to the principal unless the borrower states otherwise.
- Offers up to 24 consecutive months of hardship forbearance.
- Academic progress is considered rather than credit score or income.
- Does not offer renewable or multi-year approval options.
- Borrowers are not assigned a dedicated advisor or banker when they have a Funding U loan.
- In cases of borrower disability, loan discharge is determined on a case-by-case basis. In some cases, disability discharge will be temporary.
- Compared to competitors, the loan amounts are smaller and the loan terms offered are shorter.
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to the cost of attendance.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Assigns a dedicated student loan advisor.
- Charges a late-payment fee, whereas some competitors do not.
- Does not offer bi-weekly payments via autopay.
- A six-month grace period for undergraduate loans is shorter than some other lenders.
- Typical credit score of approved borrowers or co-signers: Not disclosed.
- Minimum income: No minimum, but borrowers must demonstrate a positive income.
- Loan amounts: $1,000 minimum up to the school’s total certified cost of attendance (minus other aid) with a limit of $300,000 for undergraduate programs, $350,000 for most graduate programs and $500,000 for specialty programs such as medical and dental.
- A 2% reduction on your principal balance when you provide proof of graduation (up to the borrower to request this).
- No fees — including late fees, application fees, debit card payment fees or forbearance fees.
- Grace periods of up to 12 months.
- Four repayment options.
- Loans available for graduate programs and graduate certificate programs.
- For every six months of on-time payments, the borrower’s rate can go down by 0.05% — for a total of up to 0.25%.
- Extra payments are not applied to the principal first.
- Typical credit score of approved borrowers or co-signers: Not disclosed.
- Minimum income: No minimum income, but borrowers must show at least $1 in income.
- Loan amounts: $1,000 to $300,000 for undergraduate or $350,000 for graduate loans.
- No late fees.
- Prospective borrowers can see what interest rate they can get without a hard credit check.
- A 2% reduction in principal once students graduate (upon borrower request).
- A .05% rate reduction for every six months of consecutive on-time principal and interest payments (up to 0.25%).
- Wide variety of loan repayment options, allowing flexibility for borrowers.
- A rate discount of 0.25% when borrowers pay via monthly electronic payments.
- Extra payments are not automatically applied to the principal.
- No dedicated advisor or banker for borrowers.
- Does not offer rehabilitation programs for defaulted borrowers.
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: From $1,000 to the cost of attendance minus other financial aid the borrower receives.
- Offers academic deferment for borrowers who return to school.
- Borrowers do not have to have a certain GPA to qualify for a loan.
- Offers undergraduate, graduate and parent loans.
- Loans discharged if the borrower dies or becomes permanently disabled.
- Does not offer flexible or nontraditional credit requirements such as on-time rent payments.
- Charges a late fee of 5% of the payment amount for payments not made within 15 days of the due date.
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: $24,000 annually.
- Loan amounts: $1,000 up to the cost of attendance.
- Enables borrowers to shop multiple lenders with one application.
- Retains servicing and support for the duration of the loan.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Following the grace period, borrowers can request two years of interest-only payments.
- Doesn’t allow borrowers to pre-qualify with a soft credit check.
- Fully deferred payments are not an option.
- Has fewer loan terms than many other lenders.
Our pick for
Private graduate loans
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: $1,000 up to 100% of school-certified costs with no aggregate loan limit.
- Exceptions are the Bar Study Loan with a $15,000 maximum and a Residency and Relocation Loan with a $30,000 maximum.
- Has an extended term and grace period for certain fields, such as medical.
- Provides a dedicated customer support team for graduate and professional students.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Provides immediate loan decisions in most cases.
- Offers pre-qualification with a soft credit check.
- Does not offer bi-weekly payments via autopay.
- Immediate principal and interest payment while in school isn’t an option.
- Typical credit score of approved borrowers: Upper 700s.
- Minimum income: $35,000 for a borrower with no co-signer. No minimum for a borrower with a co-signer. No minimum for co-signers.
- Loan amounts: $1,000 up to cost of attendance.
- Has longer terms and grace periods to fit the needs of graduate school borrowers.
- Provides flexible repayment options, including automatic bi-weekly and greater-than-minimum payments.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Charges a late payment fee, whereas some competitors do not.
- Doesn’t allow co-signer release until a borrower is at least halfway through their repayment term.
- 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: Does not disclose.
- Minimum income: No minimum for borrowers with a co-signer. Co-signer minimum is $30,000 annually. Borrowers without a co-signer and at least two years of credit history must earn at least $30,000 and meet debt-to-income (DTI) requirements.
- Loan amounts: $2,001 up to $400,000 aggregate.
- Offers a 0.25-percentage-point rate discount with automatic payments for graduate loans.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination, prepayment or late fees.
- 36-month grace period for medical and veterinary degrees.
- Progressive Repayment plan an option upon exiting grace period.
- Must be enrolled at least half-time.
- Typical credit score of approved borrowers or co-signers: The median credit score for approved borrowers was 750 in 2025.
- Minimum income: No minimum income required.
- Loan amounts: $1,000 to $400,000.
- Borrowers who return to Earnest for a new private student loan can be eligible for a 0.25% rate reduction.
- 0.25% rate reduction for borrowers who sign up for automatic payments.
- No late fees.
- Option to skip one payment every 12 months for eligible borrowers.
- Every borrower gets a 9 month grace period.
- Does not offer renewable or multi-year approval options.
- Must be enrolled half-time or more.
- Typical credit score of approved borrowers or co-signers: Not disclosed.
- Minimum income: No minimum, but borrowers must demonstrate a positive income.
- Loan amounts: $1,000 minimum up to the school’s total certified cost of attendance (minus other aid) with a limit of $300,000 for undergraduate programs, $350,000 for most graduate programs and $500,000 for specialty programs such as medical and dental.
- No application fees, processing fees or late fees. -Available to students enrolled less than half time.
- Applicants can find their rate within minutes and without a hard credit check.
- Students in graduate certificate programs may apply for an Abe student loan
- Extra payments are not applied to the principal first.
- Typical credit score of approved borrowers or co-signers: Not disclosed.
- Minimum income: No minimum income, but borrowers must show at least $1 in income.
- Loan amounts: $350,000 for graduate loans.
- No late fees.
- Prospective borrowers can see what interest rate they can get without a hard credit check.
- A .05% rate reduction for every six months of consecutive on-time principal and interest payments (up to 0.25%).
- Wide variety of loan repayment options, allowing flexibility for borrowers.
- A rate discount of 0.25% when borrowers pay via monthly electronic payments.
- Students in graduate certificate programs may apply for a Custom Choice student loan.
- Extra payments are not automatically applied to the principal.
- No dedicated advisor or banker for borrowers.
- Does not offer rehabilitation programs for defaulted borrowers.
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: From $1,000 to the cost of attendance minus other financial aid the borrower receives.
- Borrowers do not have to have a certain GPA to qualify for a loan.
- -Loans discharged if the borrower dies or becomes permanently disabled.
- Offers in-house customer service representatives and a dedicated advisor or banker for borrowers.
- Does not offer flexible or nontraditional credit requirements such as on-time rent payments.
- Charges a late fee of 5% of the payment amount for payments not made within 15 days of the due date.
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: $35,000. No minimum for medical, dental and podiatry students.
- Loan amounts: $1,000 up to cost of attendance.
- Offers up to 96 months of residency deferment.
- Provides multi-year approval to streamline borrowing for long degree programs.
- Has an automated deferment process for medical, dental and podiatry students.
- Allows borrowers to pre-qualify with a soft credit check.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Is a new product with a limited track record.
- The maximum repayment term is shorter than some competitors’ medical school loans.
- Charges a late payment fee, whereas some competitors do not.
Our pick for
Parent student loans
- Typical credit score of approved borrowers: Upper 700s.
- Minimum income: $70,000.
- Loan amounts: $1,000 up to the cost of attendance.
- Offers customized loan terms of 5 to 15 years, or any year in between.
- Enables parents to transfer the loan to the student’s name through refinancing.
- Has monthly payment options of interest-only, interest plus a fixed amount (in increments of $20) or full principal and interest.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Parents can’t defer payments while the student is in school.
- Doesn’t offer loans to borrowers with a bankruptcy history.
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: $40,000 gross annual income.
- Loan amounts: $2,001–$200,000 for undergraduate; $2,001-$400,000 for graduate.
- Less than half-time enrollment accepted for parent loan.
- Offers a 0.50-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination, prepayment or late fees.
- Interest rate tends to be slightly higher than some other providers of parent loans.
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, international student loans, medical school 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.
» MORE: Find student loans without a co-signer
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
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 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're likely to 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 2026 high school graduate who will depend on student loans to pay for college can expect to borrow about $43,500 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 graduate. 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 July 1, 2026
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.
20
Lenders reviewed
20
Lenders reviewed
We reviewed 20 banks, credit unions and online lenders — including the top by market share and search volume — plus lenders serving niche and nontraditional borrowers.
10+
Categories designated
10+
Categories designated
Each lender is evaluated across weighted categories, covering dozens of features related to flexibility, affordability, availability, transparency and customer experience.
60+
Data points analyzed
60+
Data points analyzed
Our team tracks and reassesses more than 60 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 20 banks, credit unions and online lenders offering student loans and student loan refinancing. We included the top lenders by market share and 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.
Within weighted categories, we consider dozens of features and more than 60 data points for each financial institution. Depending on the category, these may include the availability of bi-weekly 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
- Sallie Mae: Best for Private undergraduate loans, Fixed APR: 2.49-17.49%
- College Ave: Best for Private undergraduate loans, Fixed APR: 2.49-17.99%
- SoFi®: Best for Private undergraduate loans, Fixed APR: 2.98-15.99%
- Ascent: Best for Private undergraduate loans, Fixed APR: 2.69-16.86%
- Earnest: Best for Private undergraduate loans, Fixed APR: 2.29-16.24%
- Funding U: Best for Private undergraduate loans, Fixed APR: 7.99-13.49%
- ELFI: Best for Private undergraduate loans, Fixed APR: 2.99-12.85%
- Abe: Best for Private undergraduate loans, Fixed APR: 2.50-16.58%
- Monogram: Best for Private undergraduate loans, Fixed APR: 3.35-17.17%
- Citizens: Best for Private undergraduate loans, Fixed APR: 3.24-15.49%
- LendKey: Best for Private undergraduate loans, Fixed APR: 2.87-13.84%
- Sallie Mae: Best for Private graduate loans, Fixed APR: 2.49-14.99%
- College Ave: Best for Private graduate loans, Fixed APR: 2.49-15.99%
- SoFi®: Best for Private graduate loans, Fixed APR: 2.98-14.83%
- Ascent: Best for Private graduate loans, Fixed APR: 2.69-16.86%
- Earnest: Best for Private graduate loans, Fixed APR: 2.29-14.05%
- Abe: Best for Private graduate loans, Fixed APR: 2.50-16.58%
- Monogram: Best for Private graduate loans, Fixed APR: 3.35-16.85%
- Citizens: Best for Private graduate loans, Fixed APR: 3.24-14.03%
- ELFI: Best for Private graduate loans, Fixed APR: 2.99-12.85%
- College Ave: Best for Parent student loans, Fixed APR: 2.49-17.99%
- Ascent: Best for Parent student loans, Fixed APR: 5.55-15.81%