Best Private Student Loans
The best private student loans offer competitive interest and annual percentage rates, have low origination, disbursement or prepayment fees (or none at all) and are offered by credible lenders.
Private student loans, which are offered by lenders instead of the government, can be a good option if federal loans, grants and other aid options don’t cover all of your education costs. However, unlike federal loans that have terms and conditions determined by the federal government, private student loans can have variable or fixed interest rates that depend on your credit score. They also lack the benefits of federal loans, such as valuable borrower protections, affordable income-driven repayment plans and forgiveness programs.
Before you apply for a private student loan, exhaust all federal student loans and other financial aid you can get. (Start by filling out the Free Application for Federal Student Aid, or FAFSA, to qualify for federal college loans and need-based grants and scholarships.)
If you still have remaining education costs, look for a private student loan. Compare your options below, where NerdWallet's editorial team show each private loan’s rating, interest rates and minimum credit score needed.
Why trust NerdWallet
- 19 student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and consumer lending.
- Objective, comprehensive star-rating system assessing 40 categories and more than 50 data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 19 student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and consumer lending.
- Objective, comprehensive star-rating system assessing 40 categories and more than 50 data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Private Student Loans
Lender | NerdWallet editorial rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.5 /5 | Mid-600s | 2.89-17.49% | 3.62-16.25% | Check Rate on Sallie Mae's website | |
5.0 /5 | Mid-600s | 2.59-17.99% | 3.89-17.99% | Check Rate on College Ave's website | |
5.0 /5 | Mid-600s | 2.98-15.99% | 4.39-15.99% | Check Rate on SoFi®'s website | |
5.0 /5 | Low-Mid 600s | 2.69-16.86% | 3.65-16.06% | Check Rate on Ascent's website | |
4.5 /5 | Mid-600's | 2.79-16.49% | 4.99-16.85% | Check Rate on Earnest's website |
Our pick for
Private student loan
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: $1,000 up to 100% of school-certified costs with no aggregate loan limit.
- Has loans for educational needs that aren’t always covered by other lenders.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Provides immediate loan decisions in most cases.
- Offers pre-qualification with a soft credit check.
- No application, origination or prepayment fees.
- Does not offer bi-weekly payments via autopay.
- Immediate principal and interest payment while in school isn’t an option.
- A six-month grace period for undergraduate loans is shorter than some other lenders.
- Typical credit score of approved borrowers: Upper 700s.
- Minimum income: $35,000 for a borrower with no co-signer. No minimum for a borrower with a co-signer. No minimum for co-signers.
- Loan amounts: $1,000 up to the cost of attendance.
- Has more repayment options than many other lenders.
- Offers automatic bi-weekly and greater-than-minimum payments.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Charges a late payment fee, whereas some competitors do not.
- Doesn’t allow co-signer release until a borrower is at least halfway through their repayment term.
- Typical credit score of approved borrowers or co-signers: 700+.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 minimum.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.
- Does not offer bi-weekly payments via autopay.
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: No minimum for borrowers with a co-signer. Co-signer minimum is $30,000 annually. Borrowers without a co-signer and at least two years of credit history must earn at least $30,000 and meet debt-to-income (DTI) requirements.
- Loan amounts: $2,001-$200,000 aggregate.
- Provides options for students with and without a co-signer.
- Offers a 0.50-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination, prepayment or late fees.
- Borrowers receive access to AscentUP, a platform to help students build school and career-ready skills.
- Loans not available to students enrolled less than half-time.
- No co-signer release for international students.
- Typical credit score of approved borrowers: 700 for a non-cosigned loan and 733 for co-signed loans.
- Minimum income: monthly income requirement of $1 to $3,000 (depending on borrower's credit).
- Loan amounts: $1,000 up to the cost of attendance less aid, not to exceed the maximum aggregate student loan debt limit of $300,000 per applicant applying for an undergraduate loan or $350,000 per applicant applying for a graduate or graduate certificate loan.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- No late fees.
- Principal reduction of 2% if you graduate.
- Stands out for features that enable faster loan repayment.
- Offers a .05% rate reduction for every six months of consecutive on-time principal and interest payments, up to 0.25%.
- Provides In-School Default Protection for borrowers making interest or partial interest payments while enrolled.
- Doesn't apply extra payments to the principal balance by default.
- Minimum income: No minimum, but borrowers must demonstrate they can pay $20 per month toward their loan.
- Loan amounts: $3,001 up to $20,000.
- You don't need a co-signer or credit to get a loan.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Loans aren't available in 10 states.
- Payment required while in school.
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 to $100,000.
- Six-month grace period extension is available.
- Loyalty discount for existing Citizens Bank customers.
- Multiyear loan approval is available.
- You must be pursuing a bachelor’s degree or higher.
Our pick for
Parent loan
- Typical credit score of approved borrowers: 758.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
- Option to skip one payment every 12 months.
- No late fees.
- Nine-month grace period is longer than most lenders offer.
- Loans aren't available in Nevada.
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: $40,000 gross annual income.
- Loan amounts: $2,001–$200,000 for undergraduate; $2,001-$400,000 for graduate.
- Less than half-time enrollment accepted for parent loan.
- Offers a 0.50-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination, prepayment or late fees.
- Interest rate tends to be slightly higher than some other providers of parent loans.
Our pick for
Part-time students
- Minimum income: monthly income requirement of $1 or more (depending on borrower's credit).
- Loan amounts: $1,000 up to the cost of attendance less aid, not to exceed the maximum aggregate student loan debt limit of $300,000 for undergraduate loans, $350,000 for graduate and graduate certificate loans, or $500,000 for certain discipline specific graduate loans.
- Best for borrowers looking for a loan with flexible repayment plans and a long grace period.
- Students enrolled less than half-time are eligible, a feature not offered by many other lenders.
- Offers a .05% rate reduction for every six months of consecutive payments, up to 0.25%.
- Provides In-School Default Protection for borrowers making interest or partial interest payments while enrolled.
- Doesn’t have a dedicated advisor or representative to assist borrowers.
- Typical credit score of approved borrowers: Upper 700s.
- Minimum income: $35,000 for a borrower with no co-signer. No minimum for a borrower with a co-signer. No minimum for co-signers.
- Loan amounts: $1,000 up to the cost of attendance.
- Has more repayment options than many other lenders.
- Offers automatic bi-weekly and greater-than-minimum payments.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Charges a late payment fee, whereas some competitors do not.
- Doesn’t allow co-signer release until a borrower is at least halfway through their repayment term.
Our pick for
Graduate school
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: $1,000 up to 100% of school-certified costs with no aggregate loan limit.
- Exceptions are the Bar Study Loan with a $15,000 maximum and a Residency and Relocation Loan with a $30,000 maximum.
- Has an extended term and grace period for certain fields, such as medical.
- Provides a dedicated customer support team for graduate and professional students.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Provides immediate loan decisions in most cases.
- Offers pre-qualification with a soft credit check.
- Does not offer bi-weekly payments via autopay.
- Immediate principal and interest payment while in school isn’t an option, except for MBA loans.
- Typical credit score of approved borrowers: Upper 700s.
- Minimum income: $35,000 for a borrower with no co-signer. No minimum for a borrower with a co-signer. No minimum for co-signers.
- Loan amounts: $1,000 up to cost of attendance.
- Has longer terms and grace periods to fit the needs of graduate school borrowers.
- Provides flexible repayment options, including automatic bi-weekly and greater-than-minimum payments.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination or prepayment fees.
- Charges a late payment fee, whereas some competitors do not.
- Doesn’t allow co-signer release until a borrower is at least halfway through their repayment term.
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: No minimum for borrowers with a co-signer. Co-signer minimum is $30,000 annually. Borrowers without a co-signer and at least two years of credit history must earn at least $30,000 and meet debt-to-income (DTI) requirements.
- Loan amounts: $2,001 up to $400,000 aggregate.
- Offers a 0.25-percentage-point rate discount with automatic payments for graduate loans.
- Allows borrowers to pre-qualify with a soft credit check.
- No application, origination, prepayment or late fees.
- 36-month grace period for medical and veterinary degrees.
- Progressive Repayment plan an option upon exiting grace period.
- Must be enrolled at least half-time.
Our pick for
State-based student loan
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $1,000. Maximum depends on creditworthiness and debt-to-income ratio.
- Forbearance of 24 months is twice as long as most lenders.
- Loans are available if you’re enrolled less than half time.
- Fewer repayment terms than other lenders offer.
- Borrowers are not able to defer loans if they return to school after their grace period ends.
- Typical credit score of approved borrowers: 768.
- Minimum income: $40,000.
- Loan amounts: $1,500 to $45,000.
- Income-based repayment plan available, with forgiveness after 25 years.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.
- Fewer repayment terms available than other lenders.
Our pick for
No co-signer
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: No minimum income requirement for outcomes-based loan.
- Loan amounts: $2,001–$20,000 annually (up to $200,000 aggregate).
- Option for students nearing graduation and not eligible for a credit-based loan.
- Offers a 1-percentage-point rate discount with automatic payments.
- No application, origination, prepayment or late fees.
- Available for students with Deferred Action for Childhood Arrivals (DACA) status.
- Borrowers receive access to AscentUP, a platform to help students build school and career-ready skills.
- Available only for college juniors and seniors.
- Offers only fully-deferred repayment option.
- Not available to international students.
Our pick for
International students
- Typical credit score of approved borrowers: Not available. MPOWER does not require a credit score, but for those with a credit score the minimum is 600.
- Minimum income: Not available. MPOWER does not require a minimum income.
- Loan amounts: Minimum is $2,001. Maximum is $100,000, limited to $50,000 per academic period.
- Non-co-signed loan option designed for U.S. graduate students.
- Has a 0.25-percentage-point rate discount with automatic payments.
- Allows borrowers to pre-qualify with a soft credit check.
- Provides pre-approval within 30 minutes of application submission.
- Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
- Charges an origination fee of 0% to 5% for U.S students. (How the amount is determined wasn’t provided.)
- Requires interest-only payment while the student is in school.
- Has a 6-month grace period (which is short compared to other lenders).
- Doesn’t allow co-signers for borrowers who want one.
- Has only one loan term.
What is a private student loan?
Private student loans are offered by banks, credit unions and online lenders, and they can be used to pay for college. These lenders offer options for undergraduate student loans, graduate student loans, bad or no credit student loans, part-time student loans, international student loans and more.
» LEARN: Federal vs. private student loans
How do I choose a private student loan?
1. Compare loan offers. Use NerdWallet's editorial team's ratings above to see which lenders we recommend. Be sure to check multiple lenders to find the lowest interest rate that you may qualify for.
2. Decide on fixed or variable rate. Depending on the lender, you may be able to choose a fixed or a variable interest rate. A fixed rate stays the same throughout the life of a loan; a variable rate may start out lower than a fixed rate, but could increase or decrease over time depending on economic conditions.
3. Choose a loan term. You may also have the option to choose your loan term. A short term gives you higher monthly payments, but also faster repayment and less total interest costs. A longer term allows you to pay less each month, but you'll pay more interest over a longer period of time.
4. Consider borrower protections. All federal student loans offer deferment and forbearance. Some private student lenders may also offer similar protections or another temporary repayment adjustment if you can’t afford your payments.
» MORE: Explore our picks for student loans without a co-signer
How do I apply for a private student loan?
Once you've chosen a lender that seems like a strong fit, follow these steps to apply for a private student loan.
1. Gather your documents. Be prepared to show proof of identity, citizenship and income. Also gather information about your college, including the cost of attendance or the financial aid award letter.
2. Understand the requirements. You or your co-signer will need to have credit scores in the high 600s or higher, as well as cash flow to make student loan payments. Lenders will also look at your or your co-signer’s debt-to-income ratio to make sure you have the funds to pay a college loan bill in addition to any other bills in your name.
3. Submit your application. Apply directly through the lender’s website or through one of the green buttons in our list above. Carefully review the loan terms again — including fees and repayment options — before signing.
» MORE: How to get a student loan
How do private student loans and federal student loans differ?
Federal student loans are issued by the government and have fixed interest rates and origination fees. These loans offer protections like income-driven repayment plans and forgiveness programs.
Private student loans come from banks, credit unions or online lenders. They may have fixed or variable interest rates, depending on your credit. Most don’t charge origination fees and lack the borrower protections that come with federal loans.
Some students may need to borrow both student loan types to cover their full college expenses.
When should I consider a private student loan?
Private student loans can be a good option if you still have education costs after taking federal grants and other aid, and you’ve already borrowed the maximum in both subsidized and unsubsidized federal student loans.
How do I qualify for a private student loan?
To qualify, you or a co-signer will likely need a good credit score and steady income, and higher numbers tend to get better rates and loan amounts. Since undergrads often lack credit or income, lenders usually require a co-signer.
Some may instead consider academic performance and income potential. Most lenders also require enrollment at a Title IV school, and availability can vary by state.
Can I get a private student loan with bad credit?
You’ll have a harder time finding a private student loan if you have bad credit. Federal student loans don’t require borrowers to demonstrate creditworthiness, so they’ll be your best option if you have bad credit.
If you’ve already hit your limit on federal loans, you may be able to get a private student loan if you apply with a co-signer who has solid credit — typically scores in the high 600s or better. (See the best student loans for bad credit or no credit.)
Will I need a co-signer for a private student loan?
If you have no income and no credit or bad credit, you’ll need a co-signer to get a private college student loan. Without bills in your name, such as a credit card, car loan or utility, it's hard to demonstrate that you can pay bills on time. Your co-signer will need a steady income and good credit scores. A co-signer is responsible for repaying the loan if you fail to make payments.
Some private lenders will let students apply without a co-signer. Instead of basing your loan offer on your credit, they look at your academic performance and earning potential to determine your ability to pay back the debt. (See how to get a student loan without co-signer.)
How much can I borrow for college?
With private loans, the amount you borrow can’t exceed your school’s total cost of attendance, less other financial aid. (The maximum in federal student loans you can borrow depends on your year in school, whether you’re a dependent or independent student and the type of loan.)A 2025 high school graduate who will depend on student loans to pay for college can expect to borrow about $40,000 for their bachelor’s degree, according to a recent NerdWallet analysis. Applying for federal student loans may help reduce your private student debt.
How do I pick the best private student loan?
Choosing the best private student loan means finding one with the lowest interest rate you'll qualify for and repayment terms you're comfortable with paying after you graduation. While student loan refinancing is an option, it's better to pick the loan you're comfortable with now instead of hoping you'll qualify for refinancing later.
Last updated on June 3, 2026
How we chose the best student loans
Our team of student loan experts follows an objective and robust methodology to rate lenders and pick the best.
19
Lenders reviewed
19
Lenders reviewed
We reviewed 19 banks, credit unions, and online lenders — including the top 10 by market share and search volume — plus lenders serving niche and nontraditional borrowers.
40
Features assessed
40
Features assessed
Each lender is evaluated across five weighted categories, covering dozens of features related to affordability, eligibility, consumer experience, flexibility, and application process.
50+
Data points analyzed
50+
Data points analyzed
Our team tracks and reassesses more than 50 data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
5.0
Overall score
NerdWallet reviewed 19 banks, credit unions and online lenders offering student loans and student loan refinancing. We included the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets. Some lenders are NerdWallet partners, but this did not influence our selection of the winner.
We consider 40 features and more than 50 data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to a wide range of borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. Read more about our ratings methodologies for student loans and our editorial guidelines.
NerdWallet's Best Private Student Loans
- Sallie Mae: Best for Private student loan, Fixed APR: 2.89-17.49%
- College Ave: Best for Private student loan + Part-time students, Fixed APR: 2.59-17.99%
- SoFi®: Best for Private student loan, Fixed APR: 2.98-15.99%
- Ascent: Best for Private student loan, Fixed APR: 2.69-16.86%
- Earnest: Best for Parent loan, Fixed APR: 2.79-16.49%
- Abe: Best for Part-time students, Fixed APR: 2.54-17.02%
- Earnest: Best for Private student loan, Fixed APR: 2.79-16.49%
- ELFI: Best for Private student loan, Fixed APR: 2.99-12.85%
- LendKey: Best for Private student loan, Fixed APR: 3.99-12.61%
- Monogram: Best for Private student loan, Fixed APR: 3.35-17.17%
- Funding U: Best for Private student loan + No co-signer, Fixed APR: 7.95-12.49%
- Sallie Mae: Best for Graduate school, Fixed APR: 2.89-14.99%
- College Ave: Best for Graduate school, Fixed APR: 2.59-15.99%
- Advantage Education Loan: Best for State-based student loan, Fixed APR: 5.29-8.04%
- RISLA: Best for State-based student loan, Fixed APR: 2.99-8.74%
- Ascent: Best for No co-signer, Fixed APR: 13.32-15.48%
- Citizens: Best for Private student loan, Fixed APR: 3.24-15.49%
- Ascent: Best for Parent loan, Fixed APR: 5.55-15.81%
- Ascent: Best for Graduate school, Fixed APR: 2.69-16.86%
- MPOWER: Best for International students, Fixed APR: 10.24-16.65%