Best Private Student Loans for 2024: Reviews and Recommendations

As the cost of higher education continues to rise, many students are turning to student loans to help finance their education. There are two main types of student loans available: federal student loans and private student loans. While federal loans offer more flexible repayment terms and borrower protections, private student loans can help cover the total cost of attendance when federal borrowing limits are reached.

To help students navigate the complex world of student loans, Money has researched and identified the eight best private student loans for 2024. These loans offer various benefits such as long loan terms, grace periods, and options for international students. Here are some highlights from the top picks:

1. College Ave Student Loans: Ranked as the best overall, College Ave offers a variety of loan options, in-school payment plans, and lengthy grace periods for graduate students. They provide loans for traditional students, international students, and parents, with multiple repayment terms and payment plans available.

2. Sallie Mae: Ideal for medical school students, Sallie Mae offers loans that can cover up to 100% of the total cost of attendance. They provide a 36-month grace period and deferment options during residency and fellowship.

3. Earnest: Known for its four repayment plans for parents, Earnest offers loans that cover up to 100% of the school-certified cost of attendance. They also have a rate match guarantee and a longer-than-usual grace period.

4. SoFi: With no late or insufficient fund fees, SoFi is a top lender for private student loans. They offer significant rate discounts, membership benefits, and do not charge origination or late fees.

5. Ascent: Best for borrowers without a cosigner, Ascent provides specialized non-cosigned loan options for undergraduate, graduate, and DACA students. They offer a 1% Cash Back Graduation Reward and various loan types.

6. LendKey: A marketplace that partners with credit unions and community banks, LendKey offers loans with no late or insufficient fund fees. They provide cosigner releases after 24 months and extra member benefits.

7. Credible: A platform that allows borrowers to compare multiple lenders with a soft credit check, Credible offers various loan types and terms. They provide options for undergraduate, graduate, and parent loans.

8. MPower: One of the only lenders offering private student loans to international students without a cosigner, MPower provides interest-only payments while in school and a six-month grace period.

These top picks were chosen based on factors such as flexible repayment options, low processing fees, competitive interest rates, and benefits for different types of borrowers. Students and parents are encouraged to compare offers from multiple lenders to find the best rates and terms for their individual needs.