Private Undergraduate Student Loans

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Competitive Rates, Flexible Terms: Compare Student LoansCompare Student LoansGet more time and flexibility on your loan payments. These lenders charge no origination fees and were among our top scoring providers. Some also offer options for graduate school, part-time school, or don't require a co-signer. Get started investing in your future, and apply today.

Loan type

Sallie Mae Undergraduate Student Loan

NerdWallet rating

APPLY NOWon Sallie Mae's website

Sallie Mae rates just dropped!

Sallie Mae's lowest rates of the year are here. Apply now to lock in a fixed rate as low as 1.95%.

2.89%¹

1.95%¹

Rates just dropped!

Sallie Mae's lowest rates of the year are here. Apply now to lock in a fixed rate as low as 1.95%.

Sallie Mae Undergraduate Student Loan

NerdWallet rating

APPLY NOWon Sallie Mae's website

¹Fixed rates 1.95-17.49% APR include 0.25 percentage point interest rate discount with auto debit discount.

Quick Loan Summaries

Sallie Mae Undergraduate Student Loan

Fixed APR

1.95-17.49%

Variable APR

3.75-16.95%

APPLY NOWon Sallie Mae's website

Earnest Undergraduate Student Loan

Fixed APR

1.99-16.24%

Variable APR

4.74-16.60%

APPLY NOWon Earnest's website

College Ave Undergraduate Student Loan

Fixed APR

1.94-17.99%

Variable APR

3.89-17.99%

APPLY NOWon College Ave's website

Sallie Mae Undergraduate Student Loan

NerdWallet rating

Check rate

on Sallie Mae's website

Lender	Fixed APR	Variable APR	Min. credit score	Learn more
Sallie Mae Undergraduate Student Loan APPLY NOWon Sallie Mae's websiteon Sallie Mae's website	1.95-17.49%	3.75-16.95%	Mid-600s	APPLY NOWon Sallie Mae's websiteon Sallie Mae's website
Earnest Undergraduate Student Loan APPLY NOWon Earnest's websiteon Earnest's website	1.99-16.24%	4.74-16.60%	650	APPLY NOWon Earnest's websiteon Earnest's website
College Ave Undergraduate Student Loan APPLY NOWon College Ave's websiteon College Ave's website	1.94-17.99%	3.89-17.99%	Mid-600s	APPLY NOWon College Ave's websiteon College Ave's website
Sallie Mae Undergraduate Student Loan NerdWallet rating NerdWallet rating Check rate on Sallie Mae's website Ad

Why compare student loans with NerdWallet?

10+ Years

of combined experience covering higher education and student loans

40+ data points analyzed

across student loan origination and student loan refinance, ensuring accurate star-rating

43 Categories assessed

covering affordability, eligibility, consumer experience, flexibility and application process

Detailed Loan Overviews

Sallie Mae Undergraduate Student Loan

NerdWallet rating

Check rate

on Sallie Mae's website

Rates just dropped!Apply now to lock in Sallie Mae's lowest rates of the year.

Instant approval decisionSecure funding before your tuition deadline

Min. credit score

Mid-600s

Fixed APR

1.95-17.49%

Variable APR

3.75-16.95%

Offer breakdown

Qualifications

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.

Available term lengths10 to 15 years

Disclaimer1. Lowest rates shown include the auto debit discount. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount 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. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 8/24/2026. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.

Pros + Cons

ProsHas 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.

ConsDoes 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.

NerdWallet's take

Sallie Mae has a long history in the private student loan market and finances educational needs many other lenders don’t, such as community college or part-time attendance. For students planning to pursue both undergraduate and graduate degrees, Sallie Mae offers loan options to support you through both.

Deadlines are approaching

Sallie Mae offers rapid approval decisions to help you meet tuition bill deadlines.

Sallie Mae Undergraduate Student Loan

NerdWallet rating

APPLY NOW

on Sallie Mae's website

Earnest Undergraduate Student Loan

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on Earnest's website

Min. credit score

650

Fixed APR

1.99-16.24%

Variable APR

4.74-16.60%

Offer breakdown

Qualifications

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.

Available term lengths5, 7, 10, 12 and 15 years.

DisclaimerActual rate and available repayment terms will vary based on your financial profile. Our lowest rates are only available for the most credit qualified existing cosigned loan borrowers who receive the 0.25% Loyalty discount and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change. To be eligible for the Loyalty Discount, applicants must have previously obtained an Earnest Private Student Loan and apply using the same email address associated with that loan. Only one Loyalty Discount may be applied per eligible Earnest Private Student Loan. Not all applicants may qualify. This offer cannot be combined with Earnest’s Rate Match program. Earnest may modify or discontinue this offer at any time and without notice, however, once a Loyalty Discount is earned, it will not be taken away. Earnest Private Student Loans are subject to credit approval. Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3 step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA® form to apply for federal student loans options. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at studentaid.gov. 1. To be eligible for the Loyalty Discount, applicants must have previously obtained an Earnest Private Student Loan and apply using the same email address associated with that loan. Only one Loyalty Discount may be applied per eligible Earnest Private Student Loan. Not all applicants may qualify. This offer cannot be combined with Earnest’s Rate Match program. Earnest may modify or discontinue this offer at any time and without notice, however, once a Loyalty Discount is earned, it will not be taken away. 2. You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option. 3. Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida 3. Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1. 4. Earnest clients may skip a payment through a single, one-month forbearance during a 12 month period. Your first request to skip a pay can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term. 5. Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school. 6. Repayment terms and repayment options available vary based on loan type. 7. Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples: 1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate ("APR"): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10. 2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “inschool” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months. 3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00. 4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0. 8. Deferment options are not available for borrowers who choose our Principal and Interest Repayment plan. Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

Pros + Cons

ProsBorrowers 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.

ConsDoes not offer renewable or multi-year approval options.Must be enrolled half-time or more.

NerdWallet's take

Earnest offers customizable repayment options, loan terms between 5 and 15 years and no origination or late fees. All student borrowers get a 9-month grace period, and borrowers who return to Earnest for a new student loan can be eligible for a 0.25% rate reduction.

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. For those reasons, it’s best to prioritize federal student loans before private loans.

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.

Sallie Mae Undergraduate Student Loan

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Check rate

on Sallie Mae's website

Student Loan Terms to Know

Deferment: A period of authorized nonpayment that pauses student loan payments for up to three years. Deferment can be a good option if you have a federal subsidized and can’t afford to make payments now, but will be able to soon. If you need a longer-term fix, consider income-driven repayment instead.
Delinquent: The status of a student loan after one or more missed payment. Loans enter default after a prolonged period of delinquency. While you will probably face late fees, you can avoid credit damage and default by quickly paying the past-due amount.
Disbursement: The process of releasing loan funds to the borrower or directly to the school.
Fixed interest: An interest rate that does not change during the life of a loan. All federal student loans have fixed interest rates, but private loans can offer fixed or variable interest rates. Fixed interest is the safer option because you don’t have to worry about your rate — and payment — increasing.
Variable interest: Variable interest rates can change monthly or quarterly depending on the loan contract and come with rates caps as high as 25%. Variable interest loans are riskier than fixed interest loans but can save you money if the timing is right.
Origination fee: The fee a borrower pays to offset a lender’s cost for issuing a student loan. All federal student loans have origination fees, while many private student loans don’t. Origination fees typically have a minimal effect on undergraduates with lower loan amounts, but can be costly for graduates and those with higher loan totals.
Prepayment: Prepayment is when you pay off part or all of your loan before the scheduled due dates.

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.

Sallie Mae Undergraduate Student Loan

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Check rate

on Sallie Mae's website

How do I choose a private student loan online?

Compare loan offers: Check options from multiple lenders including banks, credit unions, online companies and state-based lenders to find the lowest interest rate.
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.
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. A longer term allows you to pay less each month, but more interest over a longer period of time.
Consider borrower protections: A private lender may offer deferment, forbearance or another temporary repayment adjustment if you can’t afford your payments.

Will I need a co-signer for a private student loan?

If you have no income and no credit or bad credit, you’ll need a co-signer to get a private 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.

Stand-out lenders of August 2026Featured Offers

Why this lender stands out?

These lenders offer competitive APRs and are highly rated by NerdWallet's experts. Sallie Mae offers private student loans with multiple repayment options and lets borrowers refinance at any repayment term between five and 20 years. SoFi offers flexible repayment options and is one of the only lenders serving part-time students.

Why this lender stands out?

Sallie Mae Undergraduate Student Loan

NerdWallet rating

Min. credit score

Mid-600s

Fixed APR

1.95-17.49%

Variable APR

3.75-16.95%

Check rate

on Sallie Mae's website

Sallie Mae Undergraduate Student Loan

NerdWallet rating

Min. credit score

Mid-600s

Fixed APR

1.95-17.49%

Variable APR

3.75-16.95%

Check rate

on Sallie Mae's website