Check out the winning student loans
BEST PRIVATE STUDENT LOAN OVERALL
3.69-17.99%
5.59-17.99%
Mid-600s
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 Firstrust Bank, member FDIC, First Citizens Community 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. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)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. Information advertised valid as of 09/03/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
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.
Why our Nerds love it
College Ave scores top marks among private student loan lenders for its fast repayment and payment flexibility features and wide variety of customers served.
Read our methodologyBEST PRIVATE STUDENT LOAN FOR PARENTS
3.95-8.01%
6.54-11.08%
660
Qualifications
- 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.
Available Term Lengths
- 10 or 15
Pros
- Forbearance of 24 months is longer than many lenders offer.
- No late fees.
Cons
- Only offers 2 loan terms.
Why our Nerds love it
ISL College Family Loan earns top marks for measures that limit costs — and stands out by extending death and disability discharges to the parent borrower.
Read our methodologyBEST STATE-BASED PRIVATE STUDENT LOAN
4.05-8.64%
680
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
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.
Why our Nerds love it
RISLA earns top marks among state-based lenders due to its nationwide availability and payment flexibility features, including an income-driven repayment plan that mirrors the federal government IBR plan.
Read our methodologyBEST STUDENT LOAN FOR INDEPENDENT STUDENTS
12.63-14.59%
13.47-15.41%
Low-Mid 600s
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: Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Rates displayed above are effective as of 10/1/2024 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.
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.
Why our Nerds love it
Ascent scores highest among the few lenders offering private student loans that don’t require credit history or a co-signer, and it serves the most schools.
Read our methodologyBEST STUDENT LOAN FOR INTERNATIONAL STUDENTS
12.99-15.99%
None
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 Lengths
- 10 years
Disclaimer: Note: Our loan does not support Canadian citizens studying in Canada. Canadian Permanent Residents and U.S. citizens are considered “international” when studying in Canada. International students, U.S. citizens, U.S. permanent residents, and DACA recipients in the U.S. or Canada. ‘International’ means you are a non-U.S. citizen or U.S. non-permanent resident studying at a university in the U.S., or you are a non-Canadian citizen or Canadian non-permanent resident studying at a university in Canada. ‘DACA’ means the Deferred Action For Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA Student, you must have applied for, and been granted, DACA status by USCIS. As a graduate student, you can borrow with a fixed interest rate of 12.99% (13.98% APR¹). This is the maximum rate and will not increase. However, MPOWER offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. If you qualify for this discount, your rate will be 12.74% (13.72% APR²). ¹[International graduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation, plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 13.98%, the monthly payment amount is US$113.66 for the first 30 months. For the next 120 months, the monthly payment amount is about $156.71. ²[International graduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. At an APR of 13.72%, the monthly payment is US$111.47 for the first 30 months. For the last 120 payments, the monthly amount is US$155.17. Undergraduate Students in the U.S. or Canada As an undergraduate student, you can borrow with a fixed interest rate of 13.99% (15.01% APR³). This is the maximum rate and will never increase. However, MPOWER offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. If you qualify for this discount, your rate will be 13.74% (14.75% APR⁴). ³[International undergraduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 15.01%, the monthly payment amount is $122.41 for the first 30 months. For the next 120 months, the monthly payment amount is $162.97. ⁴[International undergraduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. A forbearance is never utilized and there is no prepayment of any principal. At an APR of 14.75%, the monthly payment is US$120.22 for the first 30 payments. For the last 120 payments, the monthly amount is US$161.39.
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.
Why our Nerds love it
MPOWER scores highest among the few lenders offering private student loans and student loan refinance to borrowers who don’t have Social Security Numbers or co-signers.
Read our methodologyBEST STUDENT LOAN REFINANCING OVERALL
6.34-8.29%
680
Qualifications
- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Available Term Lengths
- 5, 10 or 15 years
Pros
- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
Cons
- Students cannot refinance a parent PLUS loan in their name.
Why our Nerds love it
RISLA student loan refinance earns top marks among student loan refinance lenders due to its payment flexibility features, including an income-driven repayment plan that mirrors the federal government IBR plan.
Read our methodologyBEST STUDENT LOAN REFINANCING FOR PARENTS
4.84-8.44%
4.86-8.49%
680
Qualifications
- Typical credit score of approved borrowers or co-signers: 774.
- Loan amounts: $10,000 up to your total outstanding loan balance.
- Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths
- 5, 7, 10, 15 or 20 years
Disclaimer: Subject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
Pros
- You are assigned a student loan advisor.
- You can refinance parent PLUS loans in your name.
Cons
- Payment postponement isn’t available for borrowers who return to school.
- The minimum amount to refinance is more than many lenders require.
- No co-signer release available.
Why our Nerds love it
ELFI is one of few lenders offering parent refinance options. Borrowers can transfer a loan to their child or refinance federal parent PLUS loans.
Read our methodologyFrequently asked questions
NerdWallet's award winners are chosen through a rigorous evaluation process involving 39 writers and editors. NerdWallet's ratings formulas for credit cards, for example, consider the type of card being reviewed (such as cash back, travel, or balance transfer) and the card's rates, fees, rewards, and other features. For mortgages, we evaluate loan average rates and fees, loan types and products, online rate information, ease of application and other factors. For more info, see our methodologies.
Our team of nerdy experts is composed of writers and editors — based all across the country — who have a combined 493 years of journalistic experience reviewing and writing about personal finance products for consumers.
Yes. Writers and editors use comprehensive scoring formulas that assess each financial product’s key features, weighting them according to their importance to consumers.
Nope. Editorial team members are solely responsible for creating all product reviews and ratings, and these assessments reflect their opinions alone. Only products that meet the editorial team’s standards appear in our Best-Of Awards lists, meaning no company can “buy” an award.
Our Best-Of Awards are given annually to the top financial products on the market. Our other “best” articles may:
• be longer than our Best-Of Awards list
• offer additional consumer choices
• get updated as products change or are discontinued and as new products emerge
This year's Best-Of-Awards list winners were chosen in mid-October 2023, with the exception of Best Airline Rewards Program, which was chosen in early November 2023. Student loan winners were chosen in early April 2024.
Our 2023 Best-Of Award winners are still live. If you’d like to see who won last year, feel free to take a look and compare with this year’s winners.