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The best private student loans include Sallie Mae Student Loan. These loans are offered by private lenders, such as banks or credit unions.

Private loans come with competitive interest rates and flexible repayment options as well as different loan durations. This flexibility allows students to choose a loan that best suits their financial situation and future earning potential. Take a sneap peak at some of the most helpful private loans for students:

1. Sallie Mae Undergraduate Student Loan

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Sallie Mae was originally established in 1972 as a government-sponsored enterprise (GSE), but it underwent significant changes and became fully private in 2004. It offers various loan products, including undergraduate student loans, to help students cover the costs of their education.

Eligibility for Sallie Mae undergraduate student loans is based on factors such as the student's credit history, income, and enrollment status. They may offer a grace period, which is a set period after graduation or leaving school during which the borrower is not required to make payments.

  • Variable APR: 6.37 - 16.70% 
  • Fixed APR: 4.50 - 15.49%

2. Ascent Credit-based Student Loan

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Ascent provides support for students by offering loans to cover their complete cost of attendance and other school-related expenses. Whether pursuing an undergraduate or graduate degree, Ascent's loan offerings extend up to $200,000 for undergraduate studies and $400,000 for graduate studies.

These loans are designed to assist students attending over 2,200 colleges across the nation. Ascent aims to help students bridge the financial gap associated with their education, providing a funding solution for various educational expenses.

  • Variable APR: 4.53% - 15.36%
  • Fixed APR: 6.16% - 15.59%

3. College Ave Undergraduate Student Loan

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One of the best student loans for college is College Ave Undergraduate Student Loan. They offer undergraduate student loans with variable and fixed interest rate options.

Students may lack the necessary credit history or income qualifications to secure an undergraduate loan independently. In such cases, a cosigner becomes integral, as both the student and the cosigner assume equal responsibility for the loan repayment.

  • Variable APR: 5.59-16.99%
  • Fixed APR: 4.49-16.99% 

4. SoFi Undergraduate Student Loan

Source : sofi

SoFi typically aims to provide competitive interest rates on their student loans. The exact rate you qualify for may depend on factors such as your creditworthiness and financial history.

They offer flexible repayment options to accommodate different financial situations. This may include options for making interest-only payments while in school, as well as various repayment term lengths.

  • Variable APR: 5.99 - 14.30%
  • Fixed APR: 4.44 - 13.80%

5. Discover Private Student Loans

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Discover Undergraduate Loans were a financial product offered by Discover Bank to help students cover the costs of their undergraduate education. Discover provided private student loans that were designed to supplement federal student aid and other forms of financial assistance.

These loans were available to eligible students enrolled at least half-time in a degree-granting program at an accredited institution. They offer in-school deferment, a variety of repayment options, and various repayment term lengths.

  • Variable APR: 6.62 - 17.49%
  • Fixed APR: 5.24 - 15.99%

6. Education Loan Finance Private Student Loan

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Searching for the best private loans for students? Check out offers provided by Education Loan Finance (ELFI). They understand the rising costs of education and aim to empower students by providing them with the necessary funds to achieve their academic goals.

One key feature of ELFI's private student loans is their flexibility, allowing borrowers to customize their repayment plans based on their financial situation. This flexibility includes options for interest-only payments.

  • Variable APR: 4.98 - 12.79%
  • Fixed APR: 4.48 - 12.29%

7. LendKey Private Student Loan

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LendKey's private student loans are designed to help students cover the costs of higher education, including tuition, books, and living expenses. These loans are offered by community-based financial institutions, emphasizing a collaborative approach to student lending.

By leveraging the network of community banks and credit unions, LendKey aims to provide borrowers with favorable terms and rates compared to more traditional lending sources. The platform streamlines the application and approval process, allowing students to access funds efficiently.

  • Variable APR: 5.84 - 11.11%
  • Fixed APR: 4.39 - 11.11%

8. MPOWER Private Student Loan

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The best private college loans include MPOWER Private Student Loan. These loans are designed to assist students who may not have access to traditional financing options due to their international status.

MPOWER takes into account the student's academic and career trajectory, allowing for a more holistic assessment beyond traditional credit scoring.  These loans cover various education-related expenses, including tuition, housing, books, and other living expenses.

  • Fixed APR: 13.74-15.01%

9. Earnest Student Loan

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If you are looking for the best private loans for college then this one could be for you. Earnest offers 9 9-month grace period and a flexible repayment plan. YOu can also skip 1 payment a year.

Loan limits for federal loans vary based on factors such as the specific type of student loan, the academic year in which the student is seeking financial assistance, and the student's dependency status. The distinction between dependent and independent status is a key determinant in establishing borrowing limits for students.

  • Variable APR: 4.42 - 15.90%
  • Fixed APR: 5.62 - 16.20% 

10. Custom Choice Loan

Source : thecollegeinvestor

This loan offers competitive rates and flexible terms with no fees, an easy all-online application, and unique borrower benefits. Clients opting for auto-pay will enjoy a 0.25% reduction in their interest rate, granted they facilitate automatic payments through either a savings or checking account. 

Students are given the flexibility to decide between securing a fixed interest rate or embracing the fluctuations of variable interest rates based on market conditions.

  • Variable APR: 5.39% - 15.21%
  • Fixed APRs: 4.43% - 14.66%

11. Edvestinu Student Loan

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An individual who is a U.S. citizen or permanent resident, aged 18 or older, residing in a qualifying state, and holds federal or private student loans for pursuing education at a Title IV, degree-granting institution, meets the eligibility criteria for this loan.

The option to release a cosigner becomes accessible following a consistent record of 24 months of punctual and consecutive payments. You can also signup for automatic debit and lower your interest rate further.

  • Variable APR: 8.050% - 9.800%
  • Fixed APR: 6.000% - 9.370%

12. CommonBond Student Loan Refinancing and Consolidation

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The best private student loan consolidation is the CommonBond Student Loan Refinancing and Consolidation. Through the refinancing process, borrowers may have the opportunity to secure a lower interest rate, potentially reducing monthly payments and the overall cost of their loans.

CommonBond is recognized for its borrower-centric approach, which includes a variety of repayment options tailored to individual needs. The platform allows borrowers to customize their repayment plans based on factors such as income, financial goals, and life circumstances.

13. Edly IBR Student Loan

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With amenities like flexible income-based payment and no need for a consigner, Edly IBR student loan has available programs at more than 1,700 schools. Moreover, Financial literacy and wellness tools and resources are available for free on your Edly dashboard.

IBR loans, facilitated by Edly, offer a unique payment structure that adapts to the borrower's income. Borrowers have the flexibility to request loan forbearance if they experience job loss or earn less than $30,000 per year.

  • Variable APR: 9.40 - 23.00%

14. ISL Private Student Loan

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ISL Private Student Loan is a type of loan provided by Independent Student Loan Corporation (ISL) to help students finance their education. They have three payment modes, immediate payment option, interest-only payment option, and deferred payment option.

To qualify, you must be officially accepted into a program of study, enrolled at least half-time according to the school's criteria, and demonstrate satisfactory academic progress in an eligible educational program.

  • Variable APR: 6.40 - 10.94%
  • Fixed APR: 3.95 - 8.01%

15. Funding U Private Student Loan

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Funding U is a private student loan provider that offers loans to undergraduate students who may not have a credit history or a co-signer. They provide loans to students attending four-year universities, community colleges, and trade schools.

Their loan application process is simple and straightforward. Students can apply online and receive a decision within 24 hours. They do not require a co-signer or a credit history, making their loans accessible to a wider range of students.

  • Fixed APR: 6.99 - 12.99%

16. MEFA Refinance Private Student Loan

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MEFA (Massachusetts Educational Financing Authority) offers student loan refinancing options for private student loans. Refinancing allows borrowers to consolidate their existing private student loans into a new loan with potentially lower interest rates and better repayment terms.

MEFA refinancing is available to residents of any state, not just Massachusetts. You must have completed a degree program and have a minimum credit score of 680. You'll need to gather important documents such as your loan statements, proof of income, and identification.

  • Fixed APR:  6.20% to 8.99%

17. RISLA Private Student Loan

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RISLA (Rhode Island Student Loan Authority) is a non-profit organization that offers private student loans to help students cover the cost of higher education. RISLA offers fixed and variable interest rate options and provides loans to both undergraduate and graduate students.

RISLA does not charge any application or origination fees, making it more affordable for students to borrow. They offer flexible repayment options, including immediate repayment, interest-only payments, or deferred payments while in school. Borrowers can choose the repayment option that best suits their financial situation.

  • Fixed APR: 4.99 - 6.94%