Private Student Loans are used to pay for college expenses. They come from a bank, credit union, or online lender rather than the federal government and require a credit check, unlike federal student loans for undergraduates. Private Student Loans are good options to pay college costs after you have borrowed the highest you qualify for in both funded and unfunded federal student loans.

Private student loans are also more costly than federal loans, especially now that federal loan rates are at historic lows and normally don’t offer the flexible repayment options their federal equivalents do.

This guide will review the best Private Student Loans based on their Interest rates, Loan amounts, Repayment, Cosigner benefits, Fees, Better Business Bureau (BBB) rating, and Benefits.


College Ave
College Ave is one of the Best Online Private Student Loans, based out of Wilmington, Delaware. The lender’s main focus is to make a college degree more achievable by helping students and parents afford the rising cost of higher education. When you borrow with College Ave, you will have the advantage of its Multi-Year Peace of Mind. College Ave also allows you to select your repayment term and explains how the term and plan you choose can influence the long-term cost of your loan.


Sallie Mae
Sallie Mae is one of the most commonly known Private Student Loans based out of Newark, Delaware. It was formally a government entity in charge of servicing federal education loans. Then, between 1997 and 2004, Sallie Mae moved into a fully privatized bank and began offering private student loans. Sallie Mae dominates the largest share of the Private Student Loans Market today. It’s also extended its product offering to include credit cards, savings accounts, and more.

Sallie Mae borrowers enjoy the benefits of four months of free Chegg study help, Multi-Year Advantage, and no application fees. Multi-Year advantage helps returning undergraduate students with a Cosigner has a 95% approval rate for a future loan.

Earnest
Earnest is one of the online Private Student Loans. Earnest is based out of San Francisco, California. Earnest was founded to make higher education reachable and affordable for everyone. Earnest requires no fees. Some lenders market their student loans as having no fees, but this only applies to application fees and origination. Earnest, don’t charge any fees to apply, and you won’t be charged for paying off your loan early or any late payments. Earnest offers a longer than average grace period and the ability to skip a payment once per year.

Ascent
Ascent is one of the online Private Student Loans based out of San Diego, California. Its student loan offering is exceptional compared to other Private Student Loans in that it offers three options: traditional cosigned, non-cosigned credit-based, and non-cosigned future income-based.

Borrowers looking for repayment protection will be happy to know that Ascent offers several deferments and forbearance options. Ascent’s college loans comprise active-duty military deferment, in-school deferment, and residency or internship deferment. Ascent offers temporary hardship forbearance, administrative forbearance, and natural disaster or declared emergency forbearance for those with financial difficulty.


SoFi
SoFi is a mobile-first online personal finance firm based in San Francisco, California. It was the first company to refinance federal and private student loans in 2012. Since then, it has increased into almost all consumer lending markets, with over $50 billion in loans funded. SoFi attracts customers because of its members’ money, community, and career benefits.

The Money benefits include referral bonuses, financial planning advice from credentialed advisors, and member rate discounts.

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