Compare private student loan options
Best private student loans
Lender
Best for…
APR Range
Minimum Credit Score
International students
3.69% to 14.71%
*with autopay discount
Varies
Multi-year borrowing
3.99% to 15.61%
*with autopay and loyalty discounts
700
Customer Service
3.69% to 14.71%
*with autopay discount
600
Parent borrowers
3.47% to 17.99%
*with autopay discount
660
Rate match
Starting at 3.69%
*with autopay discount
650
No cosigner
3.69% to 14.71%
*with autopay discount
Not disclosed
Traditional bank features
4.49% to 12.24%
*with autopay discount
Not disclosed
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 APR
6.01% to 15.47% with autopay discount
Fixed APR
6.01% to 15.47% with autopay discount
Terms
5, 7, 10, 12, 15 years
Origination fee
None
Minimum credit score
Varies
Pros
Cons
- 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.
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.
Best for parent borrowers
Loan amounts
Minimum: $2,001
Maximum: Up to 100% cost of attendance ($200,000 aggregate)
Variable APR
6.01% to 15.47% with autopay discount
Fixed APR
6.01% to 15.47% with autopay discount
Terms
5, 7, 10, 12, 15 years
Origination fee
None
Minimum credit score
Varies
Pros
Cons
- 1% cash back graduation reward (if all terms are met)
- Access to the Ascent Scholarship Giveaway Program
- International students must use a U.S. cosigner
- Credit score requirements not specified
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.
Best for parent borrowers
Loan amounts
Minimum: $2,001
Maximum: Up to 100% cost of attendance ($200,000 aggregate)
Variable APR
6.01% to 15.47% with autopay discount
Fixed APR
6.01% to 15.47% with autopay discount
Terms
5, 7, 10, 12, 15 years
Origination fee
None
Minimum credit score
Varies
Pros
Cons
- 1% cash back graduation reward (if all terms are met)
- Access to the Ascent Scholarship Giveaway Program
- International students must use a U.S. cosigner
- Credit score requirements not specified
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.
Best for parent borrowers
Loan amounts
Minimum: $2,001
Maximum: Up to 100% cost of attendance ($200,000 aggregate)
Variable APR
6.01% to 15.47% with autopay discount
Fixed APR
6.01% to 15.47% with autopay discount
Terms
5, 7, 10, 12, 15 years
Origination fee
None
Minimum credit score
Varies
Pros
Cons
- 1% cash back graduation reward (if all terms are met)
- Access to the Ascent Scholarship Giveaway Program
- International students must use a U.S. cosigner
- Credit score requirements not specified
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.
Best for parent borrowers
Loan amounts
Minimum: $2,001
Maximum: Up to 100% cost of attendance ($200,000 aggregate)
Variable APR
6.01% to 15.47% with autopay discount
Fixed APR
6.01% to 15.47% with autopay discount
Terms
5, 7, 10, 12, 15 years
Origination fee
None
Minimum credit score
Varies
Pros
Cons
- 1% cash back graduation reward (if all terms are met)
- Access to the Ascent Scholarship Giveaway Program
- International students must use a U.S. cosigner
- Credit score requirements not specified
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.
Best for parent borrowers
Loan amounts
Minimum: $2,001
Maximum: Up to 100% cost of attendance ($200,000 aggregate)
Variable APR
6.01% to 15.47% with autopay discount
Fixed APR
6.01% to 15.47% with autopay discount
Terms
5, 7, 10, 12, 15 years
Origination fee
None
Minimum credit score
Varies
Pros
Cons
- 1% cash back graduation reward (if all terms are met)
- Access to the Ascent Scholarship Giveaway Program
- International students must use a U.S. cosigner
- Credit score requirements not specified
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.
Best for parent borrowers
Loan amounts
Minimum: $2,001
Maximum: Up to 100% cost of attendance ($200,000 aggregate)
Variable APR
6.01% to 15.47% with autopay discount
Fixed APR
6.01% to 15.47% with autopay discount
Terms
5, 7, 10, 12, 15 years
Origination fee
None
Minimum credit score
Varies
Pros
Cons
- 1% cash back graduation reward (if all terms are met)
- Access to the Ascent Scholarship Giveaway Program
- International students must use a U.S. cosigner
- Credit score requirements not specified
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.
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.
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.
Pros
Cons
- 1% cash back graduation reward (if all terms are met)
- Access to the Ascent Scholarship Giveaway Program
- 1% cash back graduation reward (if all terms are met)
- Access to the Ascent Scholarship Giveaway Program
- 1% cash back graduation reward (if all terms are met)
- Access to the Ascent Scholarship Giveaway Program
- International students must use a U.S. cosigner
- Credit score requirements not specified
- International students must use a U.S. cosigner
- Credit score requirements not specified
- International students must use a U.S. cosigner
- Credit score requirements not specified
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
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.
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
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.
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.
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.
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:
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.