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 lenders so you can go back to focusing on your degree. Consider private student loans to cover any remaining costs after grants, scholarships, work-study and federal loans. They might be a viable option if you have good credit or a co-signer who does.
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 lenders so you can go back to focusing on your degree. Consider private student loans to cover any remaining costs after grants, scholarships, work-study and federal loans. They might be a viable option if you have good credit or a co-signer who does.
on College Ave's website
Min. credit score
Mid-Fixed APR
4.07-Variable APR
5.59-on College Ave's website
on Ascent's website
Min. credit score
Low-Fixed APR
4.09-Variable APR
6.16-on Ascent's website
on Earnest's website
Min. credit score
650Fixed APR
5.19-Variable APR
5.99-on Earnest's website
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.
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.
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...