Best Private Student Loans in 2025
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To create NerdWallet's list of best private student loans, we surveyed dozens of lenders about their products. Then we ran those loans through a comprehensive scoring system that considers rates, repayment options, borrower protections and more. See our full methodology at the bottom of the page.
While we worked hard to identify our top-rated private student loans, before you apply for any, 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 student loans and need-based grants and scholarships.)
Federal student loans offer valuable borrower protections, affordable income-driven repayment plans and forgiveness programs that private lenders don’t.
» Learn: Federal vs. private student loans
If you still have remaining education costs, look for a private student loan. Compare your options below, where we show each loan’s rating, interest rates and minimum credit score needed.
| Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | Mid-600s | 2.99-17.99% | 4.24-17.99% | Go To Lender Siteon College Ave's websiteon College Ave's website | |
 Sallie Mae Undergraduate Student Loan Go To Lender Siteon Sallie Mae's websiteon Sallie Mae's website | 4.5 /5 | Mid-600's | 2.99-17.49% | 4.37-16.99% | Go To Lender Siteon Sallie Mae's websiteon Sallie Mae's website |
5.0 /5 | Low-Mid 600s | 3.09-14.41% | 4.34-14.75% | Go To Lender Siteon Ascent's websiteon Ascent's website | |
5.0 /5 | Mid-600s | 3.23-15.99% | 4.39-15.99% | Go To Lender Siteon SoFi®'s websiteon SoFi®'s website |
College Ave Private Student Loan
Mid-600s
2.99-17.99%
4.24-17.99%
- 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.
- You must be at least halfway through your repayment term before you can request a co-signer release.
- Typical credit score of approved borrowers: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to cost of attendance.
Sallie Mae Undergraduate Student Loan
Mid-600's
2.99-17.49%
4.37-16.99%
- One of the few lenders to provide loans to part-time students.
- Non-U.S. citizens, including DACA students, who live in the U.S. and attend school in the U.S. can apply with a qualified co-signer who is a U.S. citizen or permanent resident.
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 up to 100% of the school-certified expenses.
Ascent Credit-based Student Loan
Low-Mid 600s
3.09-14.41%
4.34-14.75%
- Among the best for payment flexibility.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Stands out for features that enable faster loan repayment.
- Students enrolled less than half-time are not eligible.
- Co-signer release not available to international students.
- Typical credit score of approved borrowers: Did not disclose.
- Minimum income: $0 for primary borrower. $24,000 for current and previous year for co-signer.
- Loan amounts: $2,001 to $200,000 per year with an aggregate loan limit of $200,000.
SoFi Undergraduate Student Loan
Mid-600s
3.23-15.99%
4.39-15.99%
- 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: 700+.
- Minimum income: No minimum.
- Loan amounts: $1,000 minimum.
Want to compare more options? Here are our other top picks:
What is a private student loan?
Private student loans are offered by banks, credit unions and online lenders. The funds from a private student loan can be used to pay for college. These lenders offer options for undergraduate student loans, graduate student loans, bad or no credit student loans, part-time student loans, international student loans and more.
How do I choose a private student loan?
1. Compare loan offers. Check options from multiple lenders including banks, credit unions, online companies and state-based lenders to find the lowest interest rate.
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. A private lender may offer deferment, forbearance or another temporary repayment adjustment if you can’t afford your payments.
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 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 student 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
Last updated on July 9, 2025
Frequently Asked Questions
- 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 plans 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.
- 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’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. (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 2025 high school graduate who will depend on student loans to pay for college can expect to borrow about $40,000 for their bachelor’s degree, according to a recent NerdWallet analysis.
Methodology
Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to 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.
Last updated on July 24, 2025
