Compare Top Student Loan Rates

We compared and reviewed loans from more than 10 student loan lenders to find the best rates and loan features.

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The information shared through this website is based on our team’s personal judgements and views. We use our own comparisons to assign values, which are not intended to reflect a certain benchmark of precision. To keep our website free for use, we accept referral fees from various service providers, which have the potential to influence their respective appointed scores. A third party’s participation on toploansadviser.com is not an indication of endorsement. The information and vendors which appear on this site is subject to change at any time.The site does not include all companies offering loan products or all available loan offers.
Lenders
Score
Loan Features
Loan Terms
Best Overall
354 users chose this site today
College Ave
9.9
Trustpilot
Loan Features
Min. Credit Score: mid - 600s
Fixed rate:3.22% - 13.95%
Variable rate:1.29% - 12.99%
Loan Terms
5 - 15 years
Loan Features
Min. Credit Score: 600
Fixed rate:3.15% - 14.75%
Variable rate:0.94% - 12.99%
Loan Terms
5 - 20 years
Citizens Bank
9.5
Loan Features
Min. Credit Score: 600
Fixed rate:2.97% - 9.15%
Variable rate:2.24% - 8.90%
Loan Terms
5 - 15 years
MEFA
9.2
Loan Features
Min. Credit Score: 600
Fixed rate:4.25% - 12.35%
Variable rate:1.25% - 11.10%
Loan Terms
5 - 15 years
PenFed
8.8
Loan Features
Min. Credit Score: 600
Fixed rate:2.89% - 5.63%
Variable rate:2.15% - 5.27%
Loan Terms
10 - 20 years

FAQ's About Student Loans

Before taking a student loan be sure you familiarize yourself with all the terms and conditions associated with the loan. To help you get started, we’ve compiled some of the most frequently asked questions about student loans below.

Are private student loans worth applying for to fund your education

When you choose to attend college, you know that the cost will be exorbitantly high. You have to find ways to pay for the costs, such as scholarships, grants and loans. If you’ve got the maximum in grants and don’t qualify for scholarships, you may still not have enough. If this is the case for you, you may want to look at private student loans.

Private student loans differ from federal student loans, as financial institutions and private lenders finance these loans. They also use their credit score and creditworthiness to determine if you are eligible for a loan. On top of that, the repayment terms are less than ideal, and a co-signer may be necessary.

Think of private student loans like personal loans. They are there to close the gaps of school costs federal loans do not.

Private student loan qualifications

Eligibility of a private student loan will depend on your creditworthiness and that of your co-signer (if applicable). Each lender has a set of eligibility requirements, including credit score and minimum income. You may also be asked if you are a citizen of the U.S. or a permanent resident. The lender may also require that you attend an approved school on their list.

Is a co-signer necessary?

Most private student loan lenders will require you to have a co-signer. This is especially true if your credit history is negligible or non-existent. A co-signer, such as a parent or relative, may also help you attain a better interest rate.

Some lenders will relieve a co-signer of the debt obligation if you have maintained a good loan repayment history. This can be seen in as little as one year to as much as four years. However, it’s only approved if you can meet their credit and income requirements.

Private student loan application process

Before you attempt to apply for any private student loan, review your credit and learn your credit score. Private student loan lenders tend to offer loans to those with a high credit score or a demonstrated history of repayment. If your credit is less than ideal, find a person whose credit is good and ask them to be a co-signer for the loan.

Your application will also need certain documents attached to it:

  • Birthdate, aliress and other identifying information
  • Social security number
  • Paystubs
  • Monthly mortgage or rent receipts
  • Proof of assets

You must also fill out the Private Education Loan Applicant Self-Certification form the school provides, so the lender will know how much the cost will be for you to attend the institute.

Make sure to get a reasonable estimate of how much money is necessary to attend the university and ask for that amount. If you need a little extra for housing and books, go ahead and include it. Remember, knowing what you need now will affect how small or big a loan you will need.

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