Best Private Student Loans: Top Lenders for College Financing
Private student loans can be a valuable tool when it comes to paying for college. They typically offer low interest rates for qualified borrowers, have flexible repayment terms, and some even offer extra features like career coaching and more. But it can be hard to find the best private loans, and should you even take them out?
Private student loans are the last choice when it comes to paying for college. Before you take out private loans, you should make sure you exhaust all other financial aid options, including federal loans.
Before you sign on the dotted line, make sure you understand what you’re getting into. Student loans are a collateral on your future earnings, and you need to ensure you have a positive ROI (return on investment) of your education.
To make things easier, we’ve put together a list of the best private student loans to help you pay for college. If you want a simple tool to shop around and compare loans, check out Credible, as they make comparing your student loan options easy. In just 2 minutes, you can see what you qualify for and if it makes financial sense. Check out Credible here.
If you want to get a quote at a top lender right now, check out College Ave. They typically have some of the lowest student loan rates available. You can get a quote in minutes. Check out College Ave here.
Check out our list of the best private student loan lenders below:
1. Ascent Student Loans: Ascent offers both cosigner and non-cosigner loans for undergraduate and graduate students. They have competitive rates and easy repayment terms.
2. Citizens Bank: Citizens Bank offers robust private student loan programs with loans ranging from $1,000 to $350,000. They offer multi-year approval and flexible repayment options.
3. College Ave: College Ave offers low rates and flexible repayment terms, with options for deferment and interest-only payments.
4. Custom Choice Student Loans: Custom Choice offers private student loans with income-driven repayment options and forbearance in case of job loss or natural disaster.
5. Earnest: Earnest offers flexible private student loans with top-notch rates and terms, including a generous grace period after graduation.
6. Edly: Edly offers income-driven private student loans with limits on borrowing amounts and repayment terms.
7. ELFI: ELFI offers some of the lowest student loan rates and standard loan terms. Borrowers must be enrolled in a bachelor’s degree or higher education program.
8. Funding U: Funding U offers no cosigner private student loans with alternative criteria for loan approval.
9. LendKey: LendKey offers great rates and loans funded by credit unions and community banks, with no origination fees or prepayment penalties.
10. Sallie Mae: Sallie Mae is a well-known lender offering competitive private student loans with a variety of repayment plans and options.
When comparing private student loans, consider factors like interest rates, loan terms, fees, cosigner release options, and flexible repayment terms. It’s important to understand the terms and conditions of the loan before signing up.
