Compare Student Loan Rates, Lenders
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- 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.
10 to 15 years
- 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: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to cost of attendance.
5, 8, 10 or 15 years
- 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: 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.
5, 7, 10, 12 or 15 years
- 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.
NerdWallet's Guide to Private Student Loans
When you apply for private loans, the lender will want to see proof you can repay it, usually in the form of a good credit score. A co-signer can help you qualify; that person will be responsible for the loan if you can’t pay it back.
Private student loans can cover any costs related to attending college and are originated from a bank, credit union or an online lender. Since private student loans come with less flexibility for borrowers, look to these loans only after exhausting all of the federal student loans available to you.
Specific types of private student loans
Most federal student loans don’t require a credit check, so they’re your best option. If you need more money for school, a handful of private lenders offer loans specifically for borrowers with bad credit. They’ll decide whether to lend to you based on additional factors like earning potential.
Undergraduates in particular often need a co-signer to get a private loan. But if you don’t have access to one, a few lenders will assess your ability to repay according to factors beyond credit history, making it more likely you’ll qualify on your own.
Graduate student loans are offered by both the federal government and private lenders. Take advantage of the unsubsidized federal student loans offered to you before taking on any federal grad PLUS loans or private student loans.
Students who aren’t U.S. citizens generally won’t qualify for federal student loans (unless you’re an eligible noncitizen). Several private lenders offer loans for international students, and they often require a U.S. citizen co-signer.
Many states offer their own loan programs, but they generally behave more like private loans than federal loans.
Credit unions and community banks offer private loans, too. If you have an existing relationship with one of these institutions, you may have access to more favorable terms and discounts on your loan than larger financial institutions offer.
An income share agreement, or ISA, offers funding for college that you repay based on your future salary. Consider an ISA instead of high-interest loans, such as federal PLUS loans or private student loans — especially if you plan to enter a high-paying profession. You'll likely get the most favorable repayment terms.
Private student loans may offer lower interest rates than federal loans for medical students with good credit. But they don’t come with forgiveness options if you work for a nonprofit hospital after graduation, which would qualify you for federal Public Service Loan Forgiveness.
This is a type of loan offered directly by a college. An institutional loan doesn't come with standard features such as interest rates, terms and repayment options, so consider all attributes of the loan before accepting it.
If you need to borrow money for your coding bootcamp, steer toward personal loans designed for bootcamp costs and away from credit cards or high-interest personal loans. Bootcamp loans may have lower interest rates and more favorable repayment terms for students.
These loans cover expenses traditional student loans won’t — like prep classes, living expenses and exam application fees — while law students or graduates study for the bar exam. Bar loans also typically have higher interest rates than private or federal student loans do.
Private student loan interest rates
The NerdWallet team of student loans experts analyzed reported rates from 24 lenders over a period of 38 months. We considered four variables — average maximum fixed rates, average minimum fixed rates, average maximum variable rates and average minimum variable rates — for each lender on a month-over-month basis.
The average rates as of July 3, 2024, were:
Minimum fixed interest rate - 4.65%
Maximum fixed interest rate - 14.70%
Minimum variable interest rate - 5.71%
Maximum variable interest rate - 15.58%
Average rates in general have continued to vacillate over the last 12 months. All average rates — except maximum fixed and variable rates — have decreased since last month.
The reported rates represent lenders' advertised ranges. It's best to prequalify with multiple lenders to ensure you accept the best rate available to you.
Lenders typically offer the lowest rates to those with the strongest financial profiles. Based on our analysis, less than 30% of borrowers are offered the lowest rate. That percentage includes companies that offer all borrowers the same rate. Excluding those companies, less than 18% of borrowers are offered the lowest rate.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 29 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.