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  <label class="form-group" role="presentation">
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COMPARE PRIVATE
STUDENT LOAN OPTIONS

Enter School Name*


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BEST PRIVATE STUDENT LOANS

LenderBest for…APR RangeMinimum Credit Score International students4.09% to
15.66%
*with autopay discountVaries Multi-year borrowing4.43% to 12.57%
*with autopay and loyalty discounts700 Parent borrowers4.39% to 16.49%
*with autopay discount660 Rate matchStarting at 4.11%
*with autopay discount650 No cosigner7.49% to 12.99%
*with autopay discountNot required Traditional bank features4.49% to 12.24%
*with autopay discountNot disclosed Part-time students4.40% to 8.45%
*with autopay discount680 Speedy cosigner release4.50% to 15.69%
*with auto debit discountMid-600s Member benefitsFixed APR rate: 4.24% - 13.13%
Variable APR rate: 5.24% - 12.88%Not disclosed

PreviousNext

Find out more about how we chose the best student loans.


STUDENT LOAN LENDERS


BEST FOR INTERNATIONAL STUDENTS

Loan amounts
 * Minimum: $2,001
 * Maximum: Up to 100% cost of attendance ($200,000 aggregate)

Variable APR6.22% to 16.08% with autopay discount Fixed APR4.09% to 15.66% with
autopay discount Terms5, 7, 10, 12, 15 years Origination feeNone Minimum credit
scoreVaries

ProsCons

  1% cash back graduation reward (if all terms are met)

  Access to the Ascent Scholarship Giveaway Program

  Earn up to $525 for each friend you refer

  International students must use a U.S. cosigner

  Credit score requirements not specified

  International students don’t qualify for the non-cosigned, outcomes-based
loan.

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What to know Need additional funds while studying abroad in the U.S.? Ascent
Student Loans offers student loans for non-U.S. citizens, non-U.S. permanent
residents and non-Deferred Action for Childhood Arrivals (DACA) students.

Undergraduate students can borrow up to 100% of their school’s cost of
attendance ($200,000 aggregate) after other financial aid, with graduate student
loans going up to $400,000. You can opt for up to nine months of deferred
repayment after graduation — though interest will accrue during the deferment.

You may also be able to access a personal loan for non-U.S. citizens to cover
non-educational-related expenses.

Eligibility requirements

You must be enrolled at least half-time at an eligible institution and have a
U.S. citizen or permanent resident cosigner when applying for an Ascent
international student loan. You and your cosigner must meet income and credit
score requirements, which vary.

U.S. citizens, permanent residents and DACA students can apply with or without a
cosigner.

 

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BEST FOR MULTI-YEAR BORROWING

Loan amounts
 * Minimum: $1,000
 * Maximum: Up to 100% cost of attendance ($150,000 aggregate)

Variable APR5.81% to 13.96% with autopay and loyalty discounts Fixed APR4.43% to
12.57% with autopay and loyalty discounts Terms5, 10, 15 years Origination
feeNone Minimum credit score700

ProsCons

  Multi-year approval saves time from needing to reapply every year

  Interest-only and deferred repayment plans available

  Relatively high 0.50 point interest-rate deduction after autopay and loyalty
discounts

  Must make at least 36 on-time payments and meet credit criteria before
applying for cosigner release

  Few refinancing perks compared to other lenders

  Doesn’t offer an unemployment protection program

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What to know With loan options for students and parents, Citizens Bank sets
itself apart by offering multi-year approval. Whether starting a four-year
program or working toward your advanced degree, you only need to apply once for
multiple years of financing. Citizens Bank is also one of the few loan providers
that offer student loan refinancing even if you didn’t finish school.

Eligibility requirements

You must be enrolled at least half-time in a degree-earning program and have no
prior student loan defaults. You need a good credit score (700+) or a qualified
cosigner to qualify. International students can apply with a creditworthy U.S.
cosigner.

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BEST FOR PARENT BORROWERS

Loan amounts
 * Minimum: $1,000
 * Maximum: Up to 100% cost of attendance

Variable APR5.59% to 16.85% with autopay discount Fixed APR4.39% to 16.49% with
autopay discount TermsBetween 5 and 15 years Origination feeNone Minimum credit
score660

ProsCons

  Four repayment options for students, including a flat $25 a month in-school
payment to reduce accrued interest

  Students can’t apply for cosigner release until they’re halfway through their
repayment term

  Although you apply through College Ave, University Accounting Services (UAS)
will service your loan

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What to know 

Students and parents alike will appreciate College Ave’s range of perks, such as
flexible repayment options, no application or origination fees, and competitive
rates — despite the slow path to cosigner release.

Eligibility requirements

Parents, grandparents, guardians, family members and friends can take out a
College Ave parent loan to help pay for a student’s education, in contrast to
many lenders which restrict parent loans to just parents or legal guardians. The
borrower will need to meet specific credit and income criteria. Undergraduates
will likely need a cosigner if they don’t have an established credit history.

 

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BEST FOR RATE MATCH

Loan amounts
 * Minimum: $1,000
 * Maximum: Up to 100% cost of attendance

Variable APRStarting at 5.62% with autopay discount Fixed APRStarting at 4.11%
with autopay discount Terms5, 7, 10, 12, 15 years Origination feeNone Minimum
credit score650

ProsCons

  Option to skip one payment a year

  No minimum enrollment requirement for grad students

  Nine-month grace period vs. the standard six months

  Doesn’t fund student loans in Nevada

  Cosigner release isn’t available (unless you refinance)

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What to know Earnest seeks to give you the lowest private student loan interest
rate, via its 100% Rate Match Guarantee program. If you find a lower rate
elsewhere, Earnest will match it and send you a $100 Amazon gift card.

Unlike most lenders, Earnest considers additional criteria besides credit score
when determining your college loan’s interest rate, including your spending
habits and bank account balances. On the downside, Earnest has stricter cosigner
requirements than some other lenders.

Eligibility requirements

Undergraduate students must be enrolled at least half-time, while graduate
students have no enrollment requirement as long as they pursue an approved
degree. Non-U.S. citizens and permanent residents can apply with a creditworthy
U.S. cosigner. Although a cosigner isn’t required, having one can improve your
chances of approval and help secure a lower interest rate. Cosigners need a
minimum of three years of credit history, a credit score of 650 and a minimum
income of $35,000 per year.

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BEST FOR NO COSIGNER

Loan amounts
 * Minimum: $3,000
 * Maximum: $20,000 per academic year

Variable APRNot available Fixed APR7.49% to 12.99% with autopay discount Terms10
years *varies by state Origination feeNone Minimum credit scoreNot required

ProsCons

  No cosigner required — ever

  Every student receives a dedicated loan officer to help guide them along the
way

  Several forbearance options for times of economic hardship

  Part-time students, grad students and parents are ineligible

  First-year and sophomore students have more difficulty gaining approval

  Loans aren’t available in 12 states

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What to know FundingU might be a good option for students who don’t have access
to a cosigner (or who don’t want to use one). As the name implies, Funding U
focuses on you and your potential, not your parents’ finances. This lender also
offers loans to undocumented students, as well as Deferred Action for Childhood
Arrivals (DACA) recipients.

Since Funding U works exclusively with undergraduates, parents and grad students
must look elsewhere for loans. Also, loan amounts are limited compared to other
lenders.

Eligibility requirements

U.S. citizens, permanent residents or DACA recipients aged 18 and older must be
enrolled full-time in a bachelor’s degree program at an eligible not-for-profit
college or university (online-only schools are ineligible). Currently, Funding U
only lends to around 1,450 schools in 38 states.

Although your FICO Score doesn’t matter, your credit history does, so watch out
for missed payments or collection issues. Since your grades and academic
performance play a significant role in eligibility, juniors and seniors tend to
have higher chances of approval.

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BEST FOR TRADITIONAL BANK FEATURES

Loan amount
 * Minimum: $1,000
 * Maximum: $50,000 per academic year

Variable APR5.64% to 13.39% with autopay discount Fixed APR4.49% to12.24% with
autopay discount Terms5, 10, 15 years Origination feeNone Minimum credit
scoreNot disclosed

ProsCons

  Available to undergraduate, graduate and professional students

  0.50% autopay discount

  A range of financial products geared toward students

  No loan prequalification — a hard credit inquiry is required to see interest
rates

  Cosigner release isn’t available until 48 months of on-time, consecutive
payments.

  Credit score requirements not specified

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What to know With over 2,600 physical branches across the U.S., PNC can be your
one-stop solution for all your financial needs — student checking account,
savings, student credit cards, loans for students and even free online webinars
to boost your financial health. The PNC Solution Loan has zero fees, competitive
rates and flexible terms, plus a 0.50 point rate deduction with an autopay
discount.

Applying with a creditworthy cosigner typically increases the likelihood of
approval. However, you can’t release your cosigner until you’ve made 48
consecutive, on-time payments and met PNC’s income and credit requirements.

Eligibility requirements

Both the student and cosigner (if applicable) must be U.S. citizens or permanent
residents and meet the required credit, employment and income criteria. The
student must submit proof of at least half-time enrollment in an approved degree
program.

Although PNC doesn’t offer private loans for international students, it does
provide banking services for non-U.S. citizens and residents — you must apply in
person for these services if you don’t have a Social Security Number.

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BEST FOR PART-TIME STUDENTS

Loan amounts
 * Minimum: $1,500
 * Maximum: $45,000 per academic year*

*can’t exceed the cost of attendance minus other aid received Variable APRNot
available Fixed APR4.40% to 8.45% with autopay discount Terms10 or 15 years
Origination feeNone Minimum credit score680

ProsCons

  Loans available to non-matriculating students

  Multi-year plan available to save time applying each year

  Income-based repayment plan, with forgiveness after 25 years

  High late fee of 6%

  Interest accrues while in school and capitalizes once you enter repayment (if
selecting the deferred repayment plan)

  The lowest rates only apply to Rhode Island residents or students attending a
Rhode Island school

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What to know Risla doesn’t require a specific enrollment status, making it an
ideal choice for part-time students or those attending classes without the goal
of earning a degree. Although you can get federal financial aid as a part-time
student, you have to meet your school’s specific enrollment requirements. RISLA,
on the other hand, offers more flexibility with their private loans for college.

With RISLA, you can get undergraduate, graduate, parent, certificate and
refinance loans from $1,500 to $45,000. Another bonus feature is RISLA’s
income-based repayment plan, which is typically only available with federal
student loans. You can also choose between the immediate repayment plan (in
school) or the deferred repayment plan (six months after you leave school).

Eligibility requirements

All RISLA borrowers and cosigners (if applicable) must be U.S. citizens or
permanent residents and are required to meet credit and income criteria.
Students must attend a Title IV degree-granting school or an eligible public or
non-profit institution of higher education. RISLA loans are available
nationwide, but Rhode Island residents will receive a slightly lower interest
rate.

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BEST FOR SPEEDY COSIGNER RELEASE

Loan amounts
 * Minimum: $1,000
 * Maximum: Up to 100% cost of attendance

Variable APR6.37% to 16.70% with auto debit discount Fixed APR4.50% to 15.69%
with auto debit discount Terms10 to 15 years (20 years for medical and dental
school loans) Origination feeNone Minimum credit scoreMid-600s

ProsCons

  Cosigner release in 12 months if criteria is met

  Career training student loans available to those taking professional or
certificate courses

  Loan options for students attending less than half-time

  Limited choice in repayment term

  No loan prequalification available

  Most undergraduate students require a cosigner

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What to know Sallie Mae states that students were four times more likely to
receive approval with a creditworthy cosigner than those without one.
Fortunately, Sallie Mae offers one of the shortest cosigner release policies:
You can take over the loan by yourself after 12 consecutive, on-time payments,
so long as you meet the income and credit criteria.

One of the longest-running lenders of the bunch (founded in 1973), Sallie Mae
also offers no application and origination fees, has low rates, and provides
multi-year funding options and free credit score tracking. One drawback,
however, is the borrower’s inability to select the length of their repayment
term.

Eligibility requirements

Students must have U.S. citizenship or permanent residency, have sufficient
credit history and be pursuing a certificate or degree program to apply for a
Sallie Mae loan. International and DACA students can apply with a creditworthy
U.S. citizen or permanent resident cosigner.

Read our review

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BEST FOR MEMBER BENEFITS

Loan amounts
 * Minimum: $1,000
 * Maximum: Up to 100% cost of attendance

Variable APR5.24% - 12.88% Fixed APR4.24% - 13.13% Terms5, 7, 10, 15 years
Origination feeNone Minimum credit scoreNot disclosed

ProsCons

  Excellent member discounts and incentives

  Prequalify without impacting your credit score

  Offers large loan amounts

  Credit score requirements not specified

  Cosigner release takes 24 months

  No loan option for part-time or alternative degree-seeking students

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What to know Sofi is a competitive online finance company offering no-fee
student loans with a range of member perks. SoFi Member Rewards allow you to
earn points for various activities — such as using their app, checking your
credit score and setting up direct deposit. You can then redeem points for cash,
statement credit on your SoFi credit card or credit against your eligible SoFi
loans.

Members can also enjoy financial planning, a 0.25 point interest rate deduction
with autopay and an additional 0.25 point discount for subsequent loans.

Eligibility requirements

SoFi loans are available to U.S. citizens, permanent residents and DACA
students. Students must be enrolled in an eligible bachelor’s, graduate or
professional degree program — students pursuing an associate degree are
ineligible. Borrowers, including cosigners, must meet SoFi’s income and credit
requirements.


THE LATEST ON PRIVATE STUDENT LOAN INTEREST RATES

Student loan interest rates can fluctuate based on market conditions and
inflation. The government determines the interest rate for federal student loans
each year, based on the bond market. In contrast, private lenders can set
whatever rate they want — although they typically remain competitive with the
overall student loan environment.

When the cost of living increases, student loan rates tend to follow. With
federal rates on the rise,some highly-rated student loan companies have also
increased their rates.

It’s crucial to shop around to secure the most competitive rate between private
student loan lenders. Keep up with your bills and maintain low credit card
balances to increase your credit score, which can help unlock lower interest
rates.


PRIVATE VS. FEDERAL LOANS

Private student loansFederal student loans Credit checkRequired for most
lendersNot required, but a credit history review is needed for grad PLUS and
parent PLUS loans Cosigner92% of undergraduates used a cosigner during the
2021-2022 academic year, our data says, although not all lenders require oneNot
always required, though you could need an "endorser" for parent or grad PLUS
loans Interest ratesFixed and variable APRs (depending on your creditworthiness)
Range of rates from our featured lenders:
 * Variable: 3.99% to 16.72%
 * Fixed: 3.99% to 15.99%

Fixed rates set by the Department of Education (plus origination fees) Rates for
2023/2024 school year:
 * Undergraduate: 5.50%
 * Graduate: 7.05%
 * PLUS: 8.05%

Origination feeNot typically charged by top-rated lendersFees for loans issued
between Oct. 2020 to Oct. 2024:
 * Direct subsidized and unsubsidized loans: 1.057%
 * Direct PLUS loans: 4.228%

Annual borrowing limitUp to 100% of cost of attendance$5,500 to $12,500 (for
undergraduates) Repayment flexibilityIn-school deferment and short-term economic
hardship forbearance could be available (a few lenders offer unemployment
protection and income-based repayment plans)
 * Change repayment plans at any time
 * Variety of deferment and forbearance options
 * Income-driven repayment plans available

Forgiveness programsNot usually offered by lenders, though state and
employer-run loan repayment assistance programs could be helpfulMany federal
student loan forgiveness programs are available, plus additional ways to
discharge your debt

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PRIVATE STUDENT LOANS

Student loan companies set their own interest rates, often giving you a choice
between a fixed or variable rate. Private lenders examine your financial
credentials, such as your credit score and annual income. You might need to
apply with a cosigner if you can’t qualify independently.

Borrowers generally have more flexibility with private student loans. Instead of
being assigned a fixed-rate federal loan with a standard 10-year term, you might
opt for a variable rate and a shorter or longer repayment plan.

Private education debt also tends to have a higher borrowing limit, allowing you
to cover any gaps in your school’s cost of attendance. That said, it’s wise to
only borrow what you need — and what you can afford to repay. Estimate your
potential monthly dues using today’s rates and a student loan repayment
calculator.


FEDERAL STUDENT LOANS

The Department of Education issues federal student loans, with Congress
determining the fixed interest rate each year. You won’t need to pass a credit
check to qualify for most federal student loans, although PLUS loans require a
review of your credit report to look for adverse credit history.

Federal loans are also eligible for a variety of repayment plans, such as
income-driven repayment, deferment and forbearance, and various student loan
forgiveness programs. However, you can’t borrow an infinite amount of federal
loans — once you reach the federal student loan limit, you’ll need to consider
additional ways to cover any remaining expenses.


HOW TO MAXIMIZE FEDERAL AND FREE FINANCIAL AID

Because federal student loans carry such wide-ranging repayment flexibility,
it’s recommended to max out your federal loan allotment before resorting to a
private student loan.

The Free Application for Federal Student Aid (FAFSA) is the gateway to federal
loans and other aid programs. After completing the FAFSA, you’ll be eligible to
accept loans offered by your school — but only up to the annual limit. Be sure
to look for work-study opportunities and other grants listed on your financial
aid award letter.


HOW DO PRIVATE STUDENT LOANS WORK?

For private student loans, you typically shop around with banks, credit unions
and online lenders to find the best overall loan offer. Unlike federal loans,
private loans are credit-based, so your eligibility and terms depend on your
credit history. If you’re a student with a thin or poor credit file, you could
improve your application by adding a creditworthy cosigner.

Once you’ve gained approval, your lender will certify the funding amount with
your college or university. You may be allowed to borrow up to 100% of your cost
of attendance minus other financial aid you expect to receive. The funds are
usually disbursed directly to the school, with any excess amount credited to you
later.

Your private lender may have a loan servicer that manages the repayment of your
debt. Keep in mind that private loans have fewer safeguards if you run into
trouble after leaving school, so consider them as a supplement to federal loans,
rather than a substitute.


PROS AND CONS OF PRIVATE STUDENT LOANS

Private student loans can help with additional expenses not covered by financial
aid. However, it’s worth weighing the pros and cons before taking on more debt.

ProsCons

  Borrowers with robust credit might find rates lower than the standard federal
rate

  Higher loan amounts — typically up to 100% of the cost of attendance

  Access to variable interest rates

  Often doesn’t include an origination fee

  Quick application process

  A range of unique perks and benefits, which might include: rate match
guarantee, multi-year borrowing, member and loyalty rewards, part-time
enrollment options, loans for non-matriculating students

  No federal loan interest subsidies (i.e., subsidized loans)

  Unpredictability if you choose a variable interest rate

  Long-term financial burden for cosigners (not all lenders offer cosigner
release)

  Fewer hardship protections than federal loans

  Limited student loan forgiveness programs

  May be quicker trigger to delinquency and default if you fall behind on
payments

  Loans might not discharge upon the borrower’s disability or death

  Income-based repayment plans usually aren’t offered

  Usually have shorter repayment terms

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FIND AND COMPARE PRIVATE STUDENT LOANS

The FAFSA is the gateway toward federal loans, but finding a private student
loan might require more legwork.

Here are some ways to jumpstart your research:

 * Talk to your school’s financial aid office about its potential list of
   approved lenders
 * Ask family members, friends and classmates for lender recommendations
 * Utilize free resources like LendingTree to view lender reviews and details
   (See the chart at the top of this page, for example)

Along the way, confirm that your preferred loan suits your purposes and that
your school will approve the lender. Ultimately, your school will have the final
say in certifying your loan.

Many will let you confirm your eligibility and check your rates online without
impacting your credit score. By shopping around, you can find the best loan for
you, reducing the long-term costs of borrowing.

The following factors can help you compare student loan lenders:

 * Fixed and variable APRs
 * Rate discounts
 * Fees for application, origination and prepayment
 * In-school repayment options
 * Choice of repayment terms
 * Cosigner release policy
 * Guaranteed protections, such as economic hardship forbearance
 * Other perks, such as credit score tracking
 * Lender ratings and customer service track records


HOW TO GET A PRIVATE STUDENT LOAN


1. SHOP FOR PRIVATE STUDENT LOANS

 * Check interest rates and terms online and with your local financial
   institutions
 * Consider adding a cosigner to unlock better rates
 * Weigh secondary features, such as unemployment protections or special
   discounts
 * “Test-drive” the customer service teams of your potential lenders with any
   questions you have


2. CHOOSE A LOAN AND APPLY

 * If you prequalify, you will still need to officially apply for a private
   student loan
 * Supply personal and financial information for yourself and your cosigner (if
   you have one)
 * Select a fixed or variable interest rate and the length of loan term
 * Your lender will work with your school to certify the loan amount
 * The funds will ideally disburse before the start of your next academic term


3. DON’T FORGET ABOUT NEXT YEAR

 * Start the financial aid process early for your next year of school
 * Apply for “gift aid” such as scholarships and grants to lessen future
   borrowing
 * Consider private lenders offer multi-year approval to streamline ensuing
   applications


ALTERNATIVES TO PRIVATE STUDENT LOANS

While private student loans help many students and their families afford
college, this route may not suit everyone.

If you want to avoid student loans entirely (or at least limit them), here are
some alternative funding options:

 * Exhaust all federal options: Review your financial aid award letter to ensure
   you’ve maxed out all available financial assistance. If in doubt, reach out
   to your financial advisor. Often certain loans or programs are overlooked,
   such as work-study opportunities or unsubsidized federal loans.
 * Boost your savings account: It’s never too late to sock away money into a
   high-yield savings account. You can also open a 529 college savings account
   and encourage friends and family to donate funds via Gift of College or
   Ugift.
 * Consider community college: Attending community college first could
   potentially reduce your total student loan debt by thousands of dollars.
   Alternatively, you can apply to a low-cost university to save on tuition
   costs. You can always transfer to your dream school at a later date.
 * Look into a ‘no loan’ college: Many schools are trying to make education more
   affordable and accessible to all. Check out our list of 56 ‘no loan’ colleges
   to potentially eliminate your need for student loans.
 * Apply for grants and scholarships: Researching grants and scholarships can
   take time and effort, but receiving extra funds you don’t need to repay is
   worth it. There’s something for everyone, including full-ride scholarships,
   grants and scholarships for women, scholarships for Latino and Hispanic
   students and more.
 * Increase your income: Juggling college classes and a job can be a lot to
   manage, but even a few hours of work can make a difference. Look for a
   college job that pays well with flexible hours, or consider starting your own
   side hustle.
 * Trim your budget: Create a detailed budget outlining your monthly habits. Do
   you really need that fancy latte? Even if it seems inexpensive, remember that
   every little bit helps.

To get an idea of what you repayment will look like, try punching the details of
your loans into our student loan repayment calculator:




METHODOLOGY

We selected 10 private student lenders which stood out for their range of
products, easy application process and competitive rates. By compiling detailed
information on rates, terms, loan amounts and basic eligibility requirements, we
hope you can make a sound decision to address your immediate financial needs.

Here’s the criteria we assessed to choose the best private student loans:

 * Eligibility with a credit score as low as 650
 * Flexible loan amounts that can cover up to your school’s full cost of
   attendance
 * No origination fees
 * Autopay or auto debit discounts


FREQUENTLY ASKED QUESTIONS

HOW DO I QUALIFY FOR A PRIVATE STUDENT LOAN?

To qualify for a private loan, you’ll need to attend an eligible school and meet
the lender’s age, education or citizenship requirements, as well as credit and
income criteria. Undergraduate students usually need to apply with a
creditworthy cosigner.

 

Many lenders let you check your rates with an online prequalification that won’t
impact your credit (as opposed to a more in-depth hard credit inquiry). Compare
offers from a few different lenders to find the lowest rate for your private
student loan.

 

INFORMATION USUALLY NEEDED TO GET A PRIVATE STUDENT LOAN

 

 * Credit history
 * Valid ID
 * Social Security number
 * Employment and income verification
 * Tax documents
 * Bank account and asset details
 * Debt or payment obligations

 

If you have a cosigner, they will likely need to submit this information too.



CAN I GET A PRIVATE STUDENT LOAN WITH BAD CREDIT?

Most private lenders require a minimum credit score before approving you for a
private student loan. If you have limited or bad credit, you can boost your
chances of qualifying by applying with a cosigner. Even if you can qualify on
your own, adding a creditworthy cosigner to your application could help secure
better rates.

 

Note that your cosigner will hold equal responsibility for the loan, and their
credit will suffer if your loan falls into delinquency or defaults. Some lenders
allow you to release your cosigner after a certain period of on-time payments.

 

For more information on this, check out our guide to student loans for bad
credit.



WILL I NEED A COSIGNER FOR PRIVATE STUDENT LOANS?

Historically, about 9 out of 10 private student loans are borrowed with
cosigners — creditworthy individuals who agree to repay the debt if the primary
borrower falls behind. That’s because teens and 20-somethings often don’t have
an adequate credit history to meet the underwriting standards of banks, credit
unions and online-only lenders.

 

Even if you’re a rare case who could qualify on your own, including a cosigner
could potentially lower your interest rate. Make sure you and your cosigner
understand the legal obligations of repayment before deciding to team up.

 

And if you prefer to apply alone, check out student loans without cosigner
requirements.



HOW MUCH SHOULD YOU BORROW IN PRIVATE STUDENT LOANS?

Each lender sets its own minimum and maximum borrowing amounts. However, just
because you can borrow up to your remaining cost of attendance doesn’t mean you
should.

 

Your loan balance, interest rate and loan term (definitions below) can
dramatically impact the overall costs of a private student loan.

 

BALANCE

When you take out a student loan, your balance is the amount you borrowed. As
interest accumulates, your loan balance grows. You might have several student
loan balances, depending on how many loans you took out.

 

INTEREST RATE

When you borrow a student loan, you agree to pay back your borrowed amount, plus
interest. With the exception of federal subsidized loans, interest starts
racking up from day one.

Private student loans can come with fixed or variable interest rates. Variable
rates often start lower than fixed ones, but they can drastically increase over
time.

 

LOAN TERM

The term is the number of years it takes to repay your loan. Private loans are
not eligible for federal repayment plans. Most private lenders let you choose a
term of five to 20 years, though some have longer or shorter terms available.

Use the following questions to determine how much private funds you should
borrow:

 

QuestionWhere to find the answer How much do I need to borrow?Estimate higher
education costs using tools like the College Scorecard (or your financial aid
award letter, if you have one) How much will my student loan cost?Plug potential
borrowing scenarios into student loan calculators Can I afford to borrow that
much?Utilize free resources like the Bureau of Labor Statistics to project your
postgraduate wages

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WHAT HAPPENS AFTER APPLYING FOR A STUDENT LOAN?

After applying for a private student loan, you should receive a formal approval
or denial within days, sometimes hours. More likely, a customer service
representative from your potential lender will follow up to provide a status
update or request additional documentation.

 

 * If your application is rejected, the lender may describe ways to improve your
   chances, perhaps by including a cosigner.
 * If your application is approved, the lender will share forms to complete, and
   will contact your school to certify the loan amount.

 

If time is of the essence — perhaps your next semester or academic term is fast
approaching — consult the preferred lenders on your list about how quickly you
can expect an answer on your application. You might also consider emergency
student loans for immediate financial needs.



HOW ARE STUDENT LOAN INTEREST RATES DETERMINED?

U.S. law sets the federal student loan interest rates, which Congress then
passes. The annual federal loan rates are based on 10-year Treasury notes plus a
fixed increase. Each loan type has a predetermined loan cap in an effort to make
interest rates reasonable for all borrowers. Furthermore, regardless of your
credit score, everyone receives the same rate with federal student loans.

 

In contrast, private lenders utilize their own lending models to determine
student loan interest rates.

 

A lender may consider the following factors when calculating your rate:

 * Your credit score
 * Your income (or job offer)
 * Your student loan terms
 * Your field of study
 * Current market trends






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