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Best Private Student Loans September 2022

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

When looking for private student loans, it’s a good idea to compare your options. Here are the 8 best private student loans for September 2022. (Shutterstock)

When trying to figure out how to pay for your college education, it’s best to apply for federal loans first. These loans come with low interest rates and generous federal protections, such as income-tested repayment plans and possible student loan forgiveness.

But federal loans may not cover the full cost of your education, so private loans are a great way to fill in the gaps in your funding.

Credible allows you compare private student loan rates from multiple lenders, all in one place.

8 Best Private Student Loans

If you’re looking for the best private student loans, these eight credible partner lenders are a good place to start.

Ascension: Ideal for no co-signer

Ascent offers a non-cosigned loan to eligible students with no credit score who meet credit score requirements, with or without a two-year credit history.

  • Minimum credit score: 540
  • Maximum loan amount: $400,000 for credit-based loans and $20,000 for non-cosigned loans

Citizens: Ideal for multi-year approval

MBA and law students can borrow up to $225,000, and medical students can borrow between $180,000 and $350,000, depending on their degree.

  • Minimum credit score: 720
  • Maximum loan amount: $150,000 for undergraduate and graduate students

College Ave: Best for flexible repayment options

Repayment options include fixed/fixed monthly repayment, full monthly payment and interest only, as well as forbearance and full deferral options.

  • Minimum credit score: don’t divulge
  • Maximum loan amount: Up to 100% of participation fees. The lifetime maximum loan limit varies depending on your credit history and degree.

Personalized choice: the best at no cost

Custom Choice does not charge any fees on its loans, including late fees or prepayment penalties.

  • Minimum credit score: don’t divulge
  • Maximum loan amount: Up to $99,999 per year, but the cumulative loan amount cannot exceed $180,000

EDvestinU: best for rate reductions

EDvestinU offers an optional autopay discount and co-signer release after 36 months.

  • Minimum credit score: 750
  • Maximum loan amount: $200,000

INvestEd: Best for Indiana Residents

These loans are available to students living or attending school in Indiana. In addition, the lender offers an automatic payment discount and an on-time graduation reward.

  • Minimum credit score: 670
  • Maximum loan amount: Up to 100% of school-certified tuition, less any other aid

MEFA: Best for Fixed Rate Loans

A fixed APR of 4.89% and above is available, including co-signer release after 48 months.

  • Minimum credit score: 670
  • Maximum loan amount: Up to 100% of the participation fee, less any other financial support received

Sallie Mae: Best for co-signer post options

If you apply with a co-signer, you can apply to release them from the loan once you graduate, make 12 payments on time, and meet certain credit requirements.

  • Minimum credit score: don’t divulge
  • Maximum loan amount: Up to 100% of school-certified tuition

Other Lenders to Consider

The following lender is not a Credible partner, so you will not be able to easily compare your prices with this one on the Credible platform. But it may also be worth considering if you are looking for a private student loan.

SoFi: Ideal for a fully online application

The entire application process can be completed online, although you must add a co-signer to the loan. SoFi is also offering a 0.25% discount when you set up autopay, plus an additional 0.25% discount for returning-to-school customers.

  • Minimum credit score: don’t divulge
  • Maximum loan amount: Up to 100% of school-certified tuition

How Credible Chose the Best Student Loan Companies

Credible rated private student lenders in 10 different categories to determine the best lenders for graduate student loans. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and co-signer release options.

Can you get a student loan with bad credit?

Federal loans are funded by the U.S. Department of Education, and one of the benefits of taking out federal student loans is that most don’t come with a credit check. This means you can still qualify even if you have bad credit or little or no credit history.

But private loans are offered by banks and private lenders, and a credit check is required to determine eligibility. It can be difficult for borrowers with bad credit to qualify for private student loans.

If you are unable to qualify on your own, most private lenders let you apply with a co-signer. Just be sure to compare your options between different lenders.

For example, you might want to know if your lender offers a co-signer release option and how difficult it is to qualify. Comparing your options is the best way to get the lowest rates and repayment terms for your private student loans.

If you need private student loans, visit Credible for compare private student loan rates from various lenders in minutes.