2020's Student
Loan Winners

This year's best lenders offer something for everyone – whether you need a new loan or want to refinance. And while many of the winners are our partners, this did not influence our decisions or opinions.

Best-Of Awards > Student Loans

Best Student Loan Refinancing Overall

Earnest Student Loan Refinance
Check Rate

on Earnest's website

Fixed APR

3.19 - 6.43%

Variable APR

1.99 - 6.43%

Min. Credit Score

650

Best for borrowers who want to customize their repayment schedule to pay off debt fast.

Pros

  • Customizable payments and loan terms.
  • Option to skip one payment every 12 months.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • You can’t apply with a co-signer.
  • Loans aren't available in Delaware, Kentucky and Nevada.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 760.
  • Loan amounts: $5,000 to $500,000.
  • Must have a degree: No, but must be within six months of graduation and have income or a job.

Available Term Lengths

  • 5 to 20 years

Disclaimer: Specific Annual Percentage Rate (APRs) offered within these ranges will depend on a variety of factors including your creditworthiness and other application details. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. Your approval for an Earnest Loan is subject to the full underwriting of your loan application. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility

Fixed APR

3.19 - 6.43%

Variable APR

1.99 - 6.43%

Min. Credit Score

650

Best for borrowers who want to customize their repayment schedule to pay off debt fast.

Pros

  • Customizable payments and loan terms.
  • Option to skip one payment every 12 months.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • You can’t apply with a co-signer.
  • Loans aren't available in Delaware, Kentucky and Nevada.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 760.
  • Loan amounts: $5,000 to $500,000.
  • Must have a degree: No, but must be within six months of graduation and have income or a job.

Available Term Lengths

  • 5 to 20 years

Disclaimer: Specific Annual Percentage Rate (APRs) offered within these ranges will depend on a variety of factors including your creditworthiness and other application details. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. Your approval for an Earnest Loan is subject to the full underwriting of your loan application. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility

Why this LENDER made the list

Earnest student loan refinance earns top marks based on 36 data points covering payment flexibility, lending transparency, customer support and more.

Read our methodology

Best Student Loan Refinancing for Fast Payoff (tie)

PenFed Student Loan Refinance
Check Rate

on Purefy's website

Fixed APR

3.23 - 5.53%

Variable APR

2.18 - 5.54%

Min. Credit Score

670

Best for married couples who want to refinance their student loans into a single one.

Pros

  • Married couples can refinance student loans into a single loan.
  • You can refinance parent PLUS loans in your name.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Estate is still responsible for the loan if the borrower dies.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 773.
  • Loan amounts: $7,500 to $300,000.
  • Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

  • 5, 8, 12 or 15 years

Disclaimer: Rates and offers current as June 1, 2020. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.23% APR to 5.53% APR and Variable Rates range from 2.18% APR to 5.54% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Fixed APR

3.23 - 5.53%

Variable APR

2.18 - 5.54%

Min. Credit Score

670

Best for married couples who want to refinance their student loans into a single one.

Pros

  • Married couples can refinance student loans into a single loan.
  • You can refinance parent PLUS loans in your name.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Estate is still responsible for the loan if the borrower dies.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 773.
  • Loan amounts: $7,500 to $300,000.
  • Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

  • 5, 8, 12 or 15 years

Disclaimer: Rates and offers current as June 1, 2020. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.23% APR to 5.53% APR and Variable Rates range from 2.18% APR to 5.54% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Why this LENDER made the list

PenFed Powered by Purefy offers short loan terms and accepts biweekly and greater-than-minimum payments via autopay, helping borrowers repay loans faster.

Read our methodology

Best Student Loan Refinancing for Fast Payoff (tie)

SoFi Student Loan Refinance
Check Rate

on SoFi's website

Fixed APR

3.20 - 6.44%

Variable APR

2.99 - 6.44%

Min. Credit Score

Does not disclose

Best for borrowers who want plenty of benefits with their refinanced student loan.

Pros

  • You can refinance parent PLUS loans in your name.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Additional perks like career planning, job search assistance and entrepreneurship support available.

Cons

  • No co-signer release available.
  • Loan size minimum is higher than most lenders.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 700+.
  • Loan amounts: $5,000, up to your total outstanding loan balance.
  • Must have a degree: Yes, an associate degree or higher.

Available Term Lengths

  • 5, 7, 10, 15 or 20 years

Disclaimer: Fixed rates from 3.20% APR to 6.44% APR (with AutoPay). Variable rates from 2.99% APR to 6.44% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.99% APR assumes current 1 month LIBOR rate of 0.18% plus 2.82% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Fixed APR

3.20 - 6.44%

Variable APR

2.99 - 6.44%

Min. Credit Score

Does not disclose

Best for borrowers who want plenty of benefits with their refinanced student loan.

Pros

  • You can refinance parent PLUS loans in your name.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Additional perks like career planning, job search assistance and entrepreneurship support available.

Cons

  • No co-signer release available.
  • Loan size minimum is higher than most lenders.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 700+.
  • Loan amounts: $5,000, up to your total outstanding loan balance.
  • Must have a degree: Yes, an associate degree or higher.

Available Term Lengths

  • 5, 7, 10, 15 or 20 years

Disclaimer: Fixed rates from 3.20% APR to 6.44% APR (with AutoPay). Variable rates from 2.99% APR to 6.44% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.99% APR assumes current 1 month LIBOR rate of 0.18% plus 2.82% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Why this LENDER made the list

SoFi offers short loan terms and accepts biweekly and greater-than-minimum payments via autopay, helping borrowers repay loans faster.

Read our methodology

Best Student Loan Refinancing for Customer Service

CommonBond Student Loan Refinance
Check Rate

on CommonBond's website

Fixed APR

3.19 - 6.43%

Variable APR

3.20 - 6.08%

Min. Credit Score

680

Best for borrowers who have a bachelor's degree and value repayment flexibility.

Pros

  • Forbearance of 24 months is longer than many lenders offer.
  • You can refinance parent PLUS loans in your name.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Loans aren’t available in Mississippi and Nevada.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: Did not disclose.
  • Loan amounts: $5,000 to $500,000.
  • Must have a degree: Yes, at least a bachelor's degree.

Available Term Lengths

  • 5, 7, 10, 15 or 20 years

Disclaimer: Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍ All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.72% effective March 10, 2020.

Fixed APR

3.19 - 6.43%

Variable APR

3.20 - 6.08%

Min. Credit Score

680

Best for borrowers who have a bachelor's degree and value repayment flexibility.

Pros

  • Forbearance of 24 months is longer than many lenders offer.
  • You can refinance parent PLUS loans in your name.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Loans aren’t available in Mississippi and Nevada.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: Did not disclose.
  • Loan amounts: $5,000 to $500,000.
  • Must have a degree: Yes, at least a bachelor's degree.

Available Term Lengths

  • 5, 7, 10, 15 or 20 years

Disclaimer: Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍ All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.72% effective March 10, 2020.

Why this LENDER made the list

CommonBond customer support stands out due to features like dedicated student loan advisors, in-house customer service reps and a user-friendly website.

Read our methodology

Best Student Loan Refinancing for Parents

PenFed Student Loan Refinance
Check Rate

on Purefy's website

Fixed APR

3.23 - 5.53%

Variable APR

2.18 - 5.54%

Min. Credit Score

670

Best for married couples who want to refinance their student loans into a single one.

Pros

  • Married couples can refinance student loans into a single loan.
  • You can refinance parent PLUS loans in your name.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Estate is still responsible for the loan if the borrower dies.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 773.
  • Loan amounts: $7,500 to $300,000.
  • Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

  • 5, 8, 12 or 15 years

Disclaimer: Rates and offers current as June 1, 2020. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.23% APR to 5.53% APR and Variable Rates range from 2.18% APR to 5.54% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Fixed APR

3.23 - 5.53%

Variable APR

2.18 - 5.54%

Min. Credit Score

670

Best for married couples who want to refinance their student loans into a single one.

Pros

  • Married couples can refinance student loans into a single loan.
  • You can refinance parent PLUS loans in your name.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Estate is still responsible for the loan if the borrower dies.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: 773.
  • Loan amounts: $7,500 to $300,000.
  • Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

  • 5, 8, 12 or 15 years

Disclaimer: Rates and offers current as June 1, 2020. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.23% APR to 5.53% APR and Variable Rates range from 2.18% APR to 5.54% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Why this LENDER made the list

Penfed Powered by Purefy is one of few parent refinance options. Borrowers can transfer a loan to their child or refinance federal parent PLUS loans.

Read our methodology

Best Student Loan Refinancing for International Students

Prodigy Student Loan Refinance
See my rates

on NerdWallet's secure website

See my rates

on NerdWallet's secure website

Variable APR

6.56 - 8.65%

Best for international working graduates without U.S. credit history or a co-signer.

Pros

  • The only lender that offers non-co-signed student loan refinancing for international graduates.
  • No co-signer or U.S. credit history needed.

Cons

  • No fixed interest rates.
  • Available only to borrowers in Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Maryland, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Wisconsin.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: No credit history requirements.
  • Loan amounts: $15,000 to $350,000.
  • Must have a degree: Yes.

Available Term Lengths

  • 7, 10, 15 or 20 years
Variable APR

6.56 - 8.65%

Best for international working graduates without U.S. credit history or a co-signer.

Pros

  • The only lender that offers non-co-signed student loan refinancing for international graduates.
  • No co-signer or U.S. credit history needed.

Cons

  • No fixed interest rates.
  • Available only to borrowers in Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Maryland, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Wisconsin.
Read full review

Qualifications

  • Typical credit score of approved borrowers or co-signers: No credit history requirements.
  • Loan amounts: $15,000 to $350,000.
  • Must have a degree: Yes.

Available Term Lengths

  • 7, 10, 15 or 20 years
Why this LENDER made the list

Prodigy Finance is the only lender to offer refinancing without requiring a U.S. credit history or co-signer – ideal for high-earning international borrowers.

Read our methodology

Crunch the numbers on refinancing

To see how much you could save by refinancing your student loan, check out our calculator.

Best Private Student Loan

College Ave Private Student Loan
Check Rate

on College Ave's website

Fixed APR

3.99 - 12.99%

Variable APR

1.24 - 11.98%

Min. Credit Score

Mid-600s

Best for students who want to make payments while they're still in school.

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.
Read full review

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 either Firstrust 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. As certified by your school and less any other financial aid you might receive. Minimum $1,000. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. 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. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. 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 5/18/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.

Fixed APR

3.99 - 12.99%

Variable APR

1.24 - 11.98%

Min. Credit Score

Mid-600s

Best for students who want to make payments while they're still in school.

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.
Read full review

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 either Firstrust 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. As certified by your school and less any other financial aid you might receive. Minimum $1,000. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. 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. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. 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 5/18/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.

Why this LENDER made the list

College Ave private student loans stand out for offering a soft credit check, in-school repayment options and opportunities to pay off debt fast.

Read our methodology

Best Student Loan for Parents

College Ave Parent Student Loan
Check Rate

on College Ave's website

Fixed APR

4.39 - 12.97%

Variable APR

1.24 - 11.96%

Min. Credit Score

Mid-600s

Best for parents who want to control some of their student's spending.

Pros

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Up to $2,500 can be disbursed to you directly for school-related expenses.
  • You can choose your monthly payment while the student is in school, provided it covers at least the interest.

Cons

  • No co-signer option.
  • Estate is still responsible for the loan if the parent borrower dies.
Read full review

Qualifications

  • Typical credit score of approved borrowers: Mid-700s.
  • Minimum income: $70,000 per year.
  • Loan amounts: $1,000 up to school-certified cost of attendance.

Available Term Lengths

  • Between 5 and 15 years.

Disclaimer: College Ave Student Loans products are made available through either Firstrust 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.As certified by your school and less any other financial aid you might receive. Minimum $1,000.Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.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.This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. 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 7/1/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.

Fixed APR

4.39 - 12.97%

Variable APR

1.24 - 11.96%

Min. Credit Score

Mid-600s

Best for parents who want to control some of their student's spending.

Pros

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Up to $2,500 can be disbursed to you directly for school-related expenses.
  • You can choose your monthly payment while the student is in school, provided it covers at least the interest.

Cons

  • No co-signer option.
  • Estate is still responsible for the loan if the parent borrower dies.
Read full review

Qualifications

  • Typical credit score of approved borrowers: Mid-700s.
  • Minimum income: $70,000 per year.
  • Loan amounts: $1,000 up to school-certified cost of attendance.

Available Term Lengths

  • Between 5 and 15 years.

Disclaimer: College Ave Student Loans products are made available through either Firstrust 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.As certified by your school and less any other financial aid you might receive. Minimum $1,000.Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.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.This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. 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 7/1/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.

Why this LENDER made the list

College Ave offers parents three payment options while their child is in school, including interest-only. Unlike federal PLUS loans, there’s no origination fee.

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