Best private student loan lenders of November 2023

Ascent offers private student loans to both creditworthy borrowers and students who have bad credit or no credit at all. While the interest rates are higher compared to other lenders, these options help borrowers who otherwise wouldn’t be able to get a loan and need one to pay for school.

• Rates available: Fixed and variable.
• Loan terms: 5, 7, 10, 12 and 15 years.
• Perks: Autopay discount (0.25%) and refer-a-friend discount (up to $525 for each friend that signs up).
• Fees: None.
• Requirements: Some income and credit history requirements depending on the plan you choose.

Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.

SoFi is one of the leaders in private student loan lending. It covers up to the cost of attendance and doesn’t charge fees—not even late payment fees—and lets you choose between a fixed or variable APR. SoFi offers unemployment assistance or hardship programs in case borrowers are having trouble making payments on their loans—something that’s rare among private lenders.

• Rates available: Fixed and variable.
• Loan terms: 5, 7, 10 and 15 years.
• Perks: Autopay discount (0.25%), unemployment assistance in case you lose your job, hardship protection, personalized career advice and more.
• Fees: None.
• Requirements: There’s no minimum income or credit score required, although both are considered as part of your eligibility along with the rest of your application. If you have a co-signer, they’ll need to provide these details as well.

Citizens is one of the few banks that offer private student loans. Students who are enrolled at least half time are eligible for private student loans. If you want to keep your accounts in one place, Citizens might have the right private student loan for you.

• Rates available: Fixed and variable.
• Loan terms: 5, 10 and 15 years.
• Perks: Autopay discount, available to international students and no minimum income requirement.
• Fees: No application, origination or prepayment fees.
• Requirements: There’s no minimum income or credit score required, but both are measured when you complete your application. You’ll need to provide proof of income, school information, and any other financial aid you’re receiving.

Many private student loan lenders are for-profit institutions. But some, like the Massachusetts Educational Financing Authority (MEFA) are not-for-profit lenders. They put less emphasis on capitalizing earnings and focus more on borrowers who need money to pay for school.

• Rates available: Fixed only.
• Loan terms: 10 to 15 years.
• Perks: Autopay discount 0.25%.
• Fees: None.
• Requirements: You or your co-signer will need at least good credit to qualify for a MEFA loan. You’ll need to be enrolled at least half-time at an accredited non-profit college or university.

Rhode Island Student Loan Authority (RISLA) is a not-for-profit lender just like MEFA. Despite its name, RISLA operates across the country and offers loans nationwide. The lender stands out because of the variety of loan and repayment options it offers.

• Rates available: Fixed only.
• Loan terms: 10 to 15 years.
• Perks: Autopay discount (0.25%).
• Fees: Late fee (6% of the loan amount), $10 returned check fee.
• Requirements: Must be a U.S. citizen or permanent resident. Must earn at least $40,000 to qualify.

Fees can quickly add up when it comes to paying your student loans. If you miss a payment or face a return payment, you could rack up fees that capitalize on top of what you already owe. But, luckily, Discover doesn’t charge any fees.

• Rates available: Fixed and variable.
• Loan terms: 15 years.
• Perks: Autopay discount 0.25% plus a one-time 1% cash reward of the total loan amount for students who have at least a 3.0 GPA.
• Fees: None.
• Requirements: You need to be at least 16 years of age, a U.S. citizen and pass a credit check (or find a co-signer who does).

College Ave offers some of the lowest interest rates among private student loan lenders. Aside from traditional undergraduate loans, College Ave offers loans for graduates, parents of undergrads, professional degree loans and more.

• Rates available: Fixed and variable.
• Loan terms: 5, 8, 10 and 15 years.
• Perks: Lots of different repayment options and an autopay discount. Scholarships available to help boost loan repayment.
• Fees: None.
• Requirements: Some income and credit history requirements depending on the plan you choose. Must borrow at least $1,000 to take out a loan.