Best private student loans of September 2024
Private student loans can help bridge the gap between federal aid and your cost of attendance. But like any financial decision, there are pros and cons to consider before signing on the dotted line.
Written by
Personal finance writer
Devon Delfino has specialized in personal finance for over eight years. Her work has been published by MSN, U.S. News & World Report, CNN, The Motley Fool, CNBC, and USA TODAY.
Written by
Editor
Renee Fleck is a student loans editor with over five years of experience in digital content editing. Her work has been featured in Fast Company, Morning Brew, and Sidebar.io, among other online publications. She is fluent in Spanish and French and enjoys traveling to new places.
Updated August 29, 2024, 12:59 PM EDT
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Private student loans accounted for 15% of all educational loans in 2022-23 according to the College Board. While federal student loans often offer the best terms, they might not cover all of your college expenses. That’s where a private student loan can help.
If you’ve received your financial aid package and it isn’t enough to cover your college costs, it may be a good time to start thinking about a private student loan. These are provided by private lenders and generally require a credit score of 670 or higher (from either you or a cosigner) to qualify.
Compare private student loan rates
Lender
Fixed (APR)
Loan Amounts
Min. Credit Score
Fox Money rating
3.49% - 15.49%
$1,000 up to 100% of school-certified cost of attendance
Does not disclose
Overview
Sallie Mae offers a wide range of loans tailored to different needs, including those for undergraduates, graduates, MBA programs, law school, medical school, and health profession programs. It's also one of the few private lenders that provides loans for career training and trade schools.
If you apply with a cosigner, you might qualify for a lower interest rate. Sallie Mae has one of the shortest cosigner release periods—just 12 months—compared to other lenders. However, there's no option to prequalify and check your rates without affecting your credit. You'll need to complete a full application, which includes a hard credit inquiry that could temporarily lower your credit score.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Fox Money rating
3.59% - 14.59%
$2,001 to $400,000
Does not disclose
Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Cosigner release
12 months
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Fox Money rating
3.59% - 17.99%
$1,000 up to 100% of the school-certified cost of attendance
Does not disclose
Overview
College Ave offers a simple three-minute application, and has loans for nearly every borrower, from undergraduates to law school students. It's a great option for graduate students, who can take advantage of extended grace periods. The lender offers multiple repayment plans, as well as a discount of 0.25 percentage points for autopay.
With College Ave's multiyear approval program, 95% of undergraduate students who apply with a cosigner are approved for additional student loans. On the downside, borrowers must complete at least half of their repayment term before they can release a cosigner. Parent borrowers also can't fully defer loans - they must pay at least the interest during school.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Fox Money rating
3.69% - 14.22%
$1,000 up to cost of attendance
680
Overview
ELFI is a private student loan lender offering private student loans and refinancing for undergraduates, graduates, and parents. The lender, a division of Tennessee-based SouthEast Bank, offers loans starting at $1,000, with options to cover as much as the full cost of attendance.
ELFI student loans are available to students nationwide who are enrolled in a bachelor's degree program or higher. The lender offers multiple repayment terms and interest rates that are competitive in the industry. ELFI also provides support to borrowers through a Student Loan Advisor. You can borrow with a cosigner, but ELFI doesn't have a cosigner release option, nor does it offer any rate discounts.
Interest rates
Fixed or variable
Minimum credit score
680
Minimum income
$35,000
Loan terms
5, 7, 10, or 15 years
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
Fox Money rating
3.99% - 15.61%
$1,000 to $350,000 (depending on degree)
720
Overview
Citizens provides loans to undergraduates, graduate students, and parents. The lender also accepts international students, as long as they have a cosigner who's a U.S. citizen or permanent resident. The lender's multiyear approval program makes it easy to reapply for loan funds each year.
Borrowers can take advantage of an autopay discount of 0.25 percentage points, in addition to a loyalty discount if they have an existing account with Citizens. While student borrowers can defer their loan payments until six months after graduation, parents are not eligible to defer their payments.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Cosigner release
36 months
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Fox Money rating
4.24% - 14.02%
$1,000 to $99,999 annually $180,000 aggregate limit)
Does not disclose
Overview
Citizens provides loans to undergraduates, graduate students, and parents. The lender also accepts international students, as long as they have a cosigner who's a U.S. citizen or permanent resident. The lender's multiyear approval program makes it easy to reapply for loan funds each year.
Borrowers can take advantage of an autopay discount of 0.25 percentage points, in addition to a loyalty discount if they have an existing account with Citizens. While student borrowers can defer their loan payments until six months after graduation, parents are not eligible to defer their payments.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
7, 10, or 15 years
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Cosigner release
36 months
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Fox Money rating
4.80% - 8.54%
$1,001 up to 100% of school certified cost of attendance
670
Overview
INvestEd is a student loan provider that offers loans exclusively to Indiana state residents. Students in the state and their parents who can meet INvestEd's income and credit requirements, or who have an eligible cosigner, are eligible. Loans of as little as $1,001 or as much as the school's cost of attendance minus other aid are available.
Potential borrowers can find detailed information on eligibility on INvestEd's website so they can determine whether or not to apply. But there's no option to prequalify with a soft credit check that doesn't affect your credit score. Cosigners can be released after just 12 on-time payments, which is considerably less time than many other lenders.
Interest rates
Fixed or variable
Minimum credit score
670
Minimum income
Does not disclose
Loan terms
5, 10, or 15 years
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Cosigner release
12 months
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Fox Money rating
5.75% - 8.95%
$1,500 up to school’s certified cost of attendance less aid
670
Overview
Massachusetts Educational Financing Authority (MEFA) student loans fixed-rate options for undergraduate and graduate students across the country. MEFA's not-for-profit status helps it keep interest rates competitive, offering potentially lower borrowing costs than many other private lenders.
On the downside, flexibility is limited compared with some other lenders. Undergraduates can only choose between 10- or 15-year repayment terms, while graduate students must opt for a 15-year term. This might be restrictive if you're looking for more options. Cosigner release may also be a challenge. You'll need to make on-time payments for four consecutive years and meet specific credit and income criteria to release your cosigner.
Interest rates
Fixed
Minimum credit score
670
Minimum income
Does not disclose
Loan terms
10 or 15 years
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Cosigner release
48 months
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Fox Money rating
Fixed (APR)
3.49% - 15.49%
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Min. Credit Score
Does not disclose
Overview
Sallie Mae offers a wide range of loans tailored to different needs, including those for undergraduates, graduates, MBA programs, law school, medical school, and health profession programs. It's also one of the few private lenders that provides loans for career training and trade schools.
If you apply with a cosigner, you might qualify for a lower interest rate. Sallie Mae has one of the shortest cosigner release periods—just 12 months—compared to other lenders. However, there's no option to prequalify and check your rates without affecting your credit. You'll need to complete a full application, which includes a hard credit inquiry that could temporarily lower your credit score.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Fox Money rating
Fixed (APR)
3.59% - 14.59%
Loan Amounts
$2,001 to $400,000
Min. Credit Score
Does not disclose
Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Cosigner release
12 months
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Fox Money rating
Fixed (APR)
3.59% - 17.99%
Loan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Min. Credit Score
Does not disclose
Overview
College Ave offers a simple three-minute application, and has loans for nearly every borrower, from undergraduates to law school students. It's a great option for graduate students, who can take advantage of extended grace periods. The lender offers multiple repayment plans, as well as a discount of 0.25 percentage points for autopay.
With College Ave's multiyear approval program, 95% of undergraduate students who apply with a cosigner are approved for additional student loans. On the downside, borrowers must complete at least half of their repayment term before they can release a cosigner. Parent borrowers also can't fully defer loans - they must pay at least the interest during school.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Fox Money rating
Fixed (APR)
3.69% - 14.22%
Loan Amounts
$1,000 up to cost of attendance
Min. Credit Score
680
Overview
ELFI is a private student loan lender offering private student loans and refinancing for undergraduates, graduates, and parents. The lender, a division of Tennessee-based SouthEast Bank, offers loans starting at $1,000, with options to cover as much as the full cost of attendance.
ELFI student loans are available to students nationwide who are enrolled in a bachelor's degree program or higher. The lender offers multiple repayment terms and interest rates that are competitive in the industry. ELFI also provides support to borrowers through a Student Loan Advisor. You can borrow with a cosigner, but ELFI doesn't have a cosigner release option, nor does it offer any rate discounts.
Interest rates
Fixed or variable
Minimum credit score
680
Minimum income
$35,000
Loan terms
5, 7, 10, or 15 years
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
Fox Money rating
Fixed (APR)
3.99% - 15.61%
Loan Amounts
$1,000 to $350,000 (depending on degree)
Min. Credit Score
720
Overview
Citizens provides loans to undergraduates, graduate students, and parents. The lender also accepts international students, as long as they have a cosigner who's a U.S. citizen or permanent resident. The lender's multiyear approval program makes it easy to reapply for loan funds each year.
Borrowers can take advantage of an autopay discount of 0.25 percentage points, in addition to a loyalty discount if they have an existing account with Citizens. While student borrowers can defer their loan payments until six months after graduation, parents are not eligible to defer their payments.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Cosigner release
36 months
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Fox Money rating
Fixed (APR)
4.24% - 14.02%
Loan Amounts
$1,000 to $99,999 annually $180,000 aggregate limit)
Min. Credit Score
Does not disclose
Overview
Citizens provides loans to undergraduates, graduate students, and parents. The lender also accepts international students, as long as they have a cosigner who's a U.S. citizen or permanent resident. The lender's multiyear approval program makes it easy to reapply for loan funds each year.
Borrowers can take advantage of an autopay discount of 0.25 percentage points, in addition to a loyalty discount if they have an existing account with Citizens. While student borrowers can defer their loan payments until six months after graduation, parents are not eligible to defer their payments.
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
7, 10, or 15 years
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Cosigner release
36 months
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.