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4 Standout Student Loan Lenders For College Freshmen
Graduate to a better student loan
Once you've exhausted federal student loan options, you may need a private student loan to fill a gap in your financial aid package. Compare student loan rates from these top-rated lenders so you can go back to focusing on your degree.
Once you've exhausted federal student loan options, you may need a private student loan to fill a gap in your financial aid package. Compare student loan rates from these top-rated lenders so you can go back to focusing on your degree.
Standout Student Loan Lenders For College Freshmen From Our Partners
Lender | NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
 College Ave Private Student Loan Check rate on College Ave's website | Mid- | 4.44- 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. 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 6/1/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term. | 5.09- 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. 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 6/1/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term. | Check rate on College Ave's website | |
 Ascent Credit-based Student Loan Check rate on Ascent's website | Varies | 4.48- Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 6/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: Affordable Rates & Repayment Examples (APR) | Ascent Funding . 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores. | 5.98- Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 6/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: Affordable Rates & Repayment Examples (APR) | Ascent Funding . 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores. | Check rate on Ascent's website | |
 Earnest Private Student Loan Check rate on Earnest's website | Excellent for Repayment flexibility | 650 | 4.45- Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.70% APR to 15.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.40% APR to 16.67% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred. | 5.15- Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.70% APR to 15.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.40% APR to 16.67% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred. | Check rate on Earnest's website |
 Discover Undergraduate and Graduate Student Loans Check rate on Discover's website | Varies | 5.49- APR ranges vary by loan type and the lowest available APR may be higher than what is shown here. Lowest APRs are available to the most creditworthy applicants, and include an interest-only repayment discount and Auto Debit Reward. Applying with a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower interest rate. The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is 4.875% as of April 1, 2023. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates. | 6.12- APR ranges vary by loan type and the lowest available APR may be higher than what is shown here. Lowest APRs are available to the most creditworthy applicants, and include an interest-only repayment discount and Auto Debit Reward. Applying with a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower interest rate. The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is 4.875% as of April 1, 2023. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates. | Check rate on Discover's website |
on College Ave's website
College Ave Private Student Loan
5.0
NerdWallet ratingMin. credit score
Mid-Fixed APR
4.44-Variable APR
5.09-on College Ave's website
Variable APR
5.09-15.32%
Key facts
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.
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. 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 6/1/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
on Ascent's website
Ascent Credit-based Student Loan
5.0
NerdWallet ratingMin. credit score
VariesFixed APR
4.48-Variable APR
5.98-on Ascent's website
Variable APR
5.98-15.63%
Key facts
Best for students with a creditworthy co-signer.
Pros
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.
Cons
Students enrolled less than half-time are not eligible.
Co-signer release not available to international students.
Qualifications
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: $1,000 to $200,000 per year with an aggregate loan limit of $200,000.
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, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 6/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: Affordable Rates & Repayment Examples (APR) | Ascent Funding . 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
on Earnest's website
Earnest Private Student Loan
4.5
NerdWallet ratingMin. credit score
650Fixed APR
4.45-Variable APR
5.15-on Earnest's website
Variable APR
5.15-16.42%
Key facts
An option for borrowers who want flexible repayment.
Pros
Option to skip one payment every 12 months.
No late fees.
Nine-month grace period is longer than most lenders offer.
Cons
You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Loans aren't available in Nevada.
Qualifications
Typical credit score of approved borrowers: 758.
Minimum income: $35,000.
Loan amounts: $1,000 up to your total cost of attendance.
Available Term Lengths
5, 7, 10, 12 or 15 years
Disclaimer
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.70% APR to 15.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.40% APR to 16.67% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
on Discover's website
Discover Undergraduate and Graduate Student Loans
4.0
NerdWallet ratingMin. credit score
VariesFixed APR
5.49-Variable APR
6.12-on Discover's website
Variable APR
6.12-16.97%
Key facts
Best for borrowers with strong finances.
Pros
International and DACA students can qualify with a qualified U.S. citizen or permanent resident co-signer.
No late fees.
Cons
You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Qualifications
Minimum income: Did not disclose.
Loan amounts: $1,000 minimum. Borrow up to 100% of school-certified cost of attendance — including tuition, housing, book and more — minus financial aid. Aggregate loan limits apply.
Available Term Lengths
Visit Lender Website
Disclaimer
APR ranges vary by loan type and the lowest available APR may be higher than what is shown here. Lowest APRs are available to the most creditworthy applicants, and include an interest-only repayment discount and Auto Debit Reward. Applying with a creditworthy cosigner may improve your likelihood for loan approval and you may receive a lower interest rate. The fixed interest rate is set at the time of application and does not change during the life of the loan unless you are no longer eligible for one or more discounts. The variable interest rate and corresponding APR may increase over the life of the loan. The variable interest rate is calculated based on the 3-Month CME Term SOFR index plus the applicable margin percentage less any applicable discounts. The 3-Month CME Term SOFR index value for variable interest rate loans is 4.875% as of April 1, 2023. 3-Month CME Term SOFR is administered by CME Group and is published by CME Group on its website (cmegroup.com/termsofr). Discover Student Loans may adjust the variable interest rate quarterly on each January 1, April 1, July 1 and October 1 (each an “interest rate change date”), based on the 3-Month CME Term SOFR rate available for the day that is 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125), or 0%, whichever is greater. This may cause the monthly payments to increase, the number of payments to increase or both. If the 3-Month CME Term SOFR rate is less than zero percent, then the index will be deemed to be zero percent (as stated in the promissory note) for purposes of calculating your interest rate. Your variable interest rate (index + margin – applicable discounts) will not exceed 18%. Our lowest APRs are only available to applicants with the best credit. The APR will be determined after an application is submitted. It will be based on credit history, the selected repayment option and other factors, including a cosigner’s credit history (if applicable). If a student does not have an established credit history, the student may find it difficult to qualify for a private student loan on their own or receive the lowest advertised rate. Learn more about Discover Student Loans interest rates.
See why the lenders make the grade
College Ave: More flexible repayment options than other lenders and best for students who want to make payments while they're still in school.
Ascent: Best for students who don't have a co-signer, and borrowers can make biweekly payments via autopay.
Earnest: Best for borrowers who want to customize their repayment schedule to pay off debt fast.
Discover: Best for borrowers who may need wiggle room on payments, or those who didn't graduate.
How do private student loans and federal student loans differ?
You apply for a federal student loan by submitting a FAFSA. Taking on a federal loan means you’re borrowing from the government. You apply for a private student loan through a bank, credit union or online lender.
Federal student loans also have flat interest rates set by Congress, while the interest rate on a private student loan depends on your or your co-signer’s credit. Federal loans charge origination fees; private loans typically do not.
Federal student loans offer borrowers protections and alternative repayment options that private loans usually don't, such as income-based repayment and forgiveness programs. The current interest-free loan forbearance does not include private student loans; any future forgiveness offer is unlikely to include them.
How do I choose a private student loan online?
Compare offers from multiple lenders including banks, credit unions, online companies and state-based lenders to find the lowest interest 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.
Consider any borrower protections your private lender offers, including deferment and forbearance, as well as repayment options. You may also have the option to choose your loan term, which means you could pay off your loan faster and with less interest by making higher payments or pay lower amounts with more interest over a longer period of time.
How do I qualify for a private student loan?
Each lender will have its own requirements for taking out a loan. With most loans for students, credit score and income are taken into account. Higher scores and incomes tend to get the best rates or higher borrowing amounts. However, since undergraduate borrowers are less likely to have established credit or an income, lenders will usually require students to apply with a co-signer. Some lenders who have loans for borrowers without a co-signer will consider career and income potential.
Lenders will often require you to attend a Title IV school, which means your school processes federal student aid. Some lenders don't offer loans in certain states
To recap our selections...
NerdWallet's Standout Student Loan Lenders For College Freshmen
- College Ave Private Student Loan
- Ascent Credit-based Student Loan
- Earnest Private Student Loan: Excellent for Repayment flexibility
- Discover Undergraduate and Graduate Student Loans
