Ascent can help you with your student loan. Student loans are valuable resources that can assist students in covering the costs of furthering their education. Tuition, class materials, and room and board may all be covered by student loans. Student loan qualification requirements, interest rates, costs, and features can vary greatly and are determined at the discretion of the lender. The best student loans provide competitive interest rates, flexible repayment terms, and discounts for features such as autopay.
Best 2023 Student Loans
- Credible is the best website for comparing student loan offers.
- Ascent is the best overall lender.
- Citizens Bank came in second place for Best Lender.
- SoFi is the best option for graduate students.
- Sallie Mae is the best option for co-signers.
- College Avenue is the best option for flexible repayment options.
THE BEST WEBSITE FOR COMPARISONING STUDENT LOAN OFFERS
Credible
1.19 percent introductory interest rate The minimum credit score has not been disclosed. PERIOD: 5-20 YEARSWhy Did We Pick It?
Credible allows you to save time by comparing multiple student loan rates and terms in one place.Pros and Cons
Pros
- In one place, you can compare multiple student loan offers.
- View rates and pre-qualified offers without affecting your credit score.
- Loan offers can be requested with or without a co-signer.
- Credible's reviews can help you do more research on lenders.
Cons
- Some borrowers may not be able to obtain pre-qualified student loan rates.
- Some lenders do not offer pre-qualified rates.
Overview
Credible is our preferred option because it provides you with a personalized table with up to eight lender offers to compare, and you can click through to a lender's site to complete a student loan application. This is how it works: You'll create a Credible account and fill out a short form with your information. Credible will match you with student loan offers based on this information. This only necessitates a soft pull on your credit report, so it will not harm your credit. Credible lending partners provide student loan variable APRs ranging from 1.19 percent to 11.98 percent and fixed APRs ranging from 3.20 percent to 14.52 percent. They also do not charge origination or processing fees for student loans. Loan terms range from five to twenty years, with loans available for undergraduate and graduate students with or without a co-signer.BEST ALL-AROUND LENDER
Ascent
1.78 percent is the starting interest rate. The minimum credit score has not been disclosed. PERIOD: 5-20 YEARSWhy Did We Pick It?
Ascent provides competitive interest rates and undergraduate student loans without the need for a co-signer.Pros and Cons
Pros
- Repayment in stages
- Graduation bonus of 1% cash back
- Student loan without a co-signer
Cons
- There are no parental loan options.
- There are no options for refinancing student loans.
- Loan limits are being reduced.
Overview
Ascent offers competitive interest rates and is the only lender on our list that offers student loans specifically for undergraduate borrowers without a co-signer. Ascent provides undergraduate juniors and seniors, as well as graduate students, with non-cosigned student loans. For undergraduates, this includes a "future income-based student loan." Rate offers, however, may be higher than those on co-signed loans. Both types of loans receive a 0.25 percent interest rate reduction when enrolled in autopay. If you have a co-signer, you can discharge them from the loan after 24 months of making on-time payments. The repayment terms for undergraduate and graduate loans are 5, 7, 10, 12, or 15 years. A few repayment options are available from the lender, including full in-school deferment until six months after graduation and low-cost, in-school repayment. Ascent provides a 1% cash-back bonus on the initial loan balance if the borrower graduates and meets certain criteria. Ascent considers your school and program, GPA (you'll need at least a 2.9), graduation date, major, and other similar factors in addition to credit, income, and other financial information lenders use to evaluate applicants. Requests for deferment or forbearance are also accepted for active-duty military, school enrollment, internships, or financial hardship. Ascent Student Loan Details Undergraduate Fixed APR, Non-Cosigned 7.38% - 14.54% with autopay Undergraduate Variable APR, Non-Cosigned 4.37% - 11.12% with autopay Undergraduate Fixed APR, Cosigned 4.81% to 12.79% with autopay Undergraduate Variable APR, Cosigned 1.78% - 9.37% with autopay Graduate Fixed APR 4.93% to 14.54% with autopay Graduate Variable APR 1.79% to 11.12% with autopayWINNER OF BEST LENDER
The Citizens Bank
INTEREST RATE TO BEGIN: 1.99 % The minimum credit score has not been disclosed. PERIOD: 5-15 YEARSWhy Did We Pick It?
Citizens Bank offers low-interest rates and multi-year loan terms on its student loans. It also provides various repayment options.Pros and Cons
Pros
- Rate reductions of up to 0.50 percent for autopay and Citizens account holders.
- Borrowing becomes easier over time with multi-year approval.
- Options for Graduate Students and Parents
Cons
- There are no options for loans without a co-signer.
- For the lowest rates, a co-signer and discounts are required.
Overview
Citizens Bank provides some of the best student loan interest rates. Borrowers can apply for various loans with potentially low-interest rates after enrolling in autopay and opening an additional account at Citizens Bank (such as a checking or savings account). Interest rates differ depending on whether you are a student or a parent, as well as whether you are an undergraduate or graduate student. Following the completion of your first Citizens Bank student loan, multi-year approval makes it easier to obtain additional student loans. Citizens Bank student loans have terms of five, ten, or fifteen years. You can borrow anywhere from $1,000 to $350,000 over time, depending on your degree, level of education, and whether your parents are borrowing on your behalf. Borrowers have three repayment options:- Full immediate repayment
- Interest-only payments while in school
- A complete in-school deferment
BEST FOR COLLEGE STUDENTS
SoFi
1.64 percent is the starting interest rate. The minimum credit score has not been disclosed. PERIOD: 5-15 YEARSWhy Did We Pick It?
Graduate students can benefit from SoFi membership benefits such as career coaching. It also offers a variety of rate discounts.Pros and Cons
Pros
- Access to career coaching and financial planning is provided at no cost.
- Built-in unemployment insurance
Cons
- International students are not permitted (except with a US Co-signer)
Overview
SoFi takes the lead in this category by providing some of the best graduate student loans, including a law school MBA loan. SoFi's lowest posted rates include 0.25 percent off for autopay and 0.125 percent off for SoFi membership. You can learn more about the rates that SoFi may offer you and compare offers from multiple lenders at Credible. Furthermore, SoFi offers strong membership benefits that can provide a lot of value to graduate students, such as free career coaching and financial planning. Its Unemployment Protection program will also suspend student loan payments for up to 12 months if you lose your job due to circumstances beyond your control. SoFi also provides refinancing for student loans.' Four repayment options are also available, including full in-school deferment and no fees. If you have a co-signer, you can apply to have them released after 24 on-time payments. Undergraduates and parents can borrow as well, with autopay and membership discounts available. SoFi Student Loan Details Undergraduate Fixed APR 3.47% to 12.55% with autopay Undergraduate Variable APR 2.26% to 13.54% with autopay Graduate Fixed APR 4.60% to 12.55% with autopay Graduate Variable APR 2.96% to 13.54% with autopay MBA/Law Fixed APR 4.33% to 11.90% with autopay MBA/Law Variable APR 3.01% to 12.89% with autopay Refinance Fixed APR 3.49% to 7.99% with autopay Refinance Variable APR 1.74% to 7.99% with autopayBEST FOR COLLABORATORS
Sallie Mae's
1.87 percent introductory interest rate MIN CREDIT SCORE: Unknown 5-15 years TERMSWhy Did We Pick It?
To co-sign a loan for a student, Salli Mae provides flexible co-signor options as well as clear, lenient guidelines.Pros and Cons
Pros
- There is no specified maximum loan amount limit.
- Your FICO Score is available for free.
- International students are welcome.
Cons
- There are no options for refinancing student loans.
Overview
Sallie Mae earns the title of best lender for co-signers due to its flexible options and clear co-signer guidelines. It also helps that it provides low-interest rates on loans for undergraduates who enroll in autopay and select in-school repayment. Sallie Mae's private student loan for undergraduates, the Smart Option Student Loan, has the shortest repayment requirement to qualify for the co-signer release. Borrowers can request that their co-signer be released after only 12 months of on-time, full payments. If you co-sign a Sallie Mae student loan, you will receive your own login to access, manage, and pay the account. Sallie Mae reports that 26 percent of its co-signers aren't related to the student borrower, implying that almost any creditworthy person can be a co-signer with this lender. Qualifying US citizens may also co-sign for international students. Sallie Mae also provides graduate school, MBA, parent-student, residency and relocation, and career training loans. Sallie Mae Student Loan Details Undergraduate Fixed APR 3.75% to 12.85% with autopay Undergraduate Variable APR 1.87% to 11.97% with autopay Graduate Fixed APR 4.75% to 12.11% with autopay Graduate Variable APR 2.62% to 12.11% with autopay MBA Fixed APR 4.75% to 12.11% with autopay MBA Variable APR 2.62% to 12.11% with autopayBEST FOR VERSATILE PAYMENT OPTIONS
College Avenue
LOWER INTEREST RATE: 0.94 percent The minimum credit score has not been disclosed. PERIOD: 5-15 YEARSWhy Did We Pick It?
College Ave gives you more control over your repayment schedules by providing a variety of repayment options, terms, and structures.Pros and Cons
Pros
- Terms of 5 to 15 years
Cons
- There is no specified forbearance policy.
Overview
College Ave provides a variety of repayment options, ranging from payment structure to terms. Students with a College Ave student loan have the following in-school payment options:- Full school deferment and a six-month grace period after enrollment ends
- Monthly in-school payments of $25 are fixed.
- While in school, you can make interest-only payments.
- Principal repayment in full, with interest beginning immediately
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All of the best student loans on our list have advantages and disadvantages. Some have low-interest rates, while others have flexible repayment terms and structures. Others, on the other hand, make it simple for a co-signer to apply for the loan. Overall, we recommend that you check out Ascent. The company has loan products for undergraduates that do not require a co-signer and offers competitive interest rates.Compare the Top Student Loan Companies
LENDER MINIMUM CREDIT SCORE STARTING RATE OF INTEREST TERMS LOAN PRICES Credible Best Site for Comparing Student Loan Offers Not made public 1.19% 5-20 years $2,001-$50,000 Ascent Best Overall Lender Not made public 1.78% 5-15 years $1,000 - $200,000 Citizens Bank Runner Up for Best Lender Not made public 1.99% 5-15 years $1,000-$350,000 SoFi Best for Graduate Students Not made public 2.26% 5-15 years $5,000-full tuition Sallie Mae Best for Co-Signers Not made public 1.87% 5-15 years $1,000-full tuition College Ave Best for Flexible Repayment Options Not made public 0.94% 5-15 years $1,000-full tuitionHow to Pick the Best Student Loan Company
If you need to borrow student loans, learn about how they work. This can assist you in determining what you need and want in a student loan so that you can make an informed decision. Keep borrowing costs in mind when comparing federal and private student loan offerings. How much it will cost you in the long run to pay off this debt will depend on the interest rates and fees you are assessed. Selecting a student loan with lower monthly payments can result in interest savings of hundreds or even thousands of dollars over the course of the loan. Aside from the cost, consider the following factors to determine how affordable or burdensome this debt will be to repay:- Deferment while in school to allow you to concentrate on your studies
- The terms of your loan have a direct impact on your monthly payments.
- Options for deferment or forbearance to avoid default in times of financial hardship
- Options for adding or removing a co-signer for increased access and options
- Specific features and benefits for the type of loan or degree you're pursuing, such as deferment during residency for medical school loans
- Late fees, origination fees, and other charges
Private Student Loans vs. Federal Student Loans
The most common type of student loan is a federal student loan. They are not credit-based loans and are offered and funded by the United States Department of Education. Private student loans, on the other hand, are credit-based options offered by banks or other private lenders. Federal student loans are frequently a more affordable and accessible way for students to borrow. Still, private student loans are an essential tool for students who have reached their borrowing limits on federal student loans. They can also be a less expensive alternative to the terms available on federal direct PLUS loans.The Benefits and Drawbacks of Private Student Loans
Pros
- Provide funding in excess of the federal student loan limits
- Rates may be lower than those on grad PLUS and parent PLUS loans.
- An origination fee is not charged by many private lenders.
- International students may have this option.
Cons
- To qualify, you should have good credit or a creditworthy co-signer.
- Deferment and forbearance are at the discretion of the lender.
- There are fewer repayment options than with federal student loans.
- Cannot participate in federal student loan forgiveness programs
- There is no interest subsidy for student loans.
What Exactly Is a Student Loan?
A student loan is a type of student aid that assists students in paying for their college education, which can range from vocational training to a bachelor's degree to a doctorate degree. Students then make use of these funds to pay for educational expenses such as tuition, books, school supplies, and even living expenses such as food and transportation. Student loans typically have lower interest rates and costs than other types of loans, but they are also more difficult to discharge in bankruptcy. A variety of lenders can offer and originate student loans. Federal student loans are available through the Department of Education's Office of Federal Student Aid, and many state governments operate student loan programs. Colleges, along with other nonprofit organizations, may offer their own student loan programs. Banks and other private lenders frequently provide student loans.What Is the Process of Obtaining Student Loans?
You must apply for student loans in order to obtain them. This includes completing the Free Application for Federal Student Aid for federal student loans (FAFSA). This entails submitting an application to your preferred lender for private student loans. These lenders will require proof of student status, and you may be able to borrow up to the full cost of your educational degree or program. You are responsible for repaying the student loan principal and interest once the repayment period begins. You'll be required to make monthly payments in order to repay the loan in full within the loan term. Student loans, unlike scholarships, are not given as gifts and must be paid back. Student loans are usually deferred while the student is in college and for a grace period after graduation. It should be noted that interest may accrue during the deferment period. The interest on federal direct subsidized loans, which are paid through a federal subsidy, is an exception.Is the interest on student loans tax deductible?
The short answer is that you can deduct up to $2,500 in student loan interest paid to reduce your taxable income. The student loan interest deduction is available for both private and federal student loans. Your lender is required to send you a Form 1098-E to prove how much interest you paid on any student loans that are eligible for this deduction and for which you paid more than $600. However, even if you paid less or did not receive a 1098-E, you can still claim this deduction.How We Selected the Most Beneficial Student Loans
We compared more than 20 national private student loan lenders to find the best student loans. Our top picks were chosen primarily based on student loan rates, discounts, and terms. We also looked at loan options, loan limits, repayment, forbearance or deferment policies, and co-signer release.