Best Private Student Loans in 2024

Last updated May 30th, 2024

College Ave Highlights

  • You can use this loan to pay for tuition, student fees, housing, books, and more. Borrow up to 100% of your cost of attendance (minimum $1,000)1.
  • The co-signer release period is 24 months, in line with private lending industry standards.
  • Loan terms (how long you have to repay the loan) range from 5 to 15 years. In general, the longer the repayment terms of a loan, the smaller the monthly payment you’ll have to make.
  • Flexible repayment options available.

Sallie Mae Highlights

  • Choose from multiple repayment options, including no payments while in school.1

  • Zero fees for origination or prepayment penalty

  • Provides loans to part-time students which is an extremely rare find

  • International students & DACA recipients are eligible to apply with a U.S. citizen co-signer

SoFi Highlights

  • Fast and very easy application process
  • Do not need a hard credit check to see if you qualify and what rate you will receive
  • Flexible repayment options for in-school: interest-only and flat fee, also repayment can be delayed for undergraduate and graduate students
  • Lots of resources available with this loan including entrepreneurship support and career planning

Earnest Highlights

  • For people who need a very flexible repayment plan, the nine-month grace period feature and ability to skip one payment annually highlights this

  • Repayments options range from:immediate, deferred, fixed, interest-only, and full in-school deferment

  • During medical residency, internship, or fellowship, you have the ability to defer payments for up to 48 months (4 years)

  • Forbearance for up to 1 year”

Student Choice Highlights

  • Offers a personal counselor that provides 1:1 support for all funding related questions
  • Not-for-profit credit union which means higher savings rates
  • Easy application
  • Competitive Rates: You also get a rate discount when you set up automatic electronic payments.**

How do I choose the right private student loan?

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Do your homework

Check out our Guide to Student Loans below to learn more about financing college expenses.

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Have a cosigner

A cosigner is almost always required to get approved for a private student loan – and to get the best rate.

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Apply directly with the lender

Apply with each lender to find out the exact rate you will be eligible for.

Guide to Student Loans

  • What’s the difference between Federal Student Loans and Private Student Loans?

  • Which is better – Federal or Private Student Loans?

  • How much should I borrow?

  • Do I need a co-signer for Private Student Loans?

  • How do I pick the right Private Student Loan?