The Best Student Loan Providers of 2020

Updated: 7/06/20
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Currently, nearly 45 million Americans have some amount of student loan debt. And as the costs of attending college continue to climb, that number is only likely to grow larger.

If you’re one of these student borrowers, or plan to take out loans soon, don’t be daunted by these figures. Student loans can be a prudent investment in your future, empowering you to further your education and embark on a successful career. However, as with any other major financial decision, it’s important to make informed choices about your educational debt.

In that spirit, you’ll need to carefully evaluate the wide range of institutions that are eager to offer you student loans. There are significant distinctions between student loan providers, and choosing the right lender can be greatly advantageous to your financial prospects.

In this article, we’ll help you get acquainted with the nation’s most prominent student loan providers. We’ll devote the first section of this guide entirely to federal student loans, the most common borrowing route and the option you should consider before private lenders. From there, we’ll introduce you to many of the best private student loan providers, helping you weigh their potential advantages and drawbacks.

Featured Private Student Loans for 2020

The Best Private Student Loan Providers

Because of their singular protections and advantages, federal loans are the first option you should consider when borrowing to pay for college. But many students find that they need more than federal loans and other forms of financial aid to make ends meet while they’re in school. Private student loan providers can help fill that gap.

Moreover, some borrowers appreciate elements of the private borrowing process. For example, private lenders can provide more flexible borrowing options, including fixed and variable interest rates. Moreover, credit-worthy borrowers can sometimes get better interest rates from a private provider compared to what the government would offer.

For those already out of school, most private student loan providers also offer refinancing options. Refinancing loans replace your existing student debts with a single loan — typically with a lower interest rate. This process can simplify your life as a borrower and save you a considerable amount of money. However,

Smart Option Student Loan
Apply
Variable Rate APRs
1.25% - 11.10%1
Fixed Rate APRs
4.25% - 12.35%1
Minimum loan amount
$1,000
Maximum loan amount
Total cost of attendance

Pros

  • One of the few lenders to work with students attending only part-time
  • The Graduated Repayment Period is a unique and potentially handy benefit
  • Free online tutoring is a perk some borrowers will appreciate

Cons

  • You can’t evaluate specific offers without a hard check on your credit score

“Apply


Borrow Responsibly


We encourage students and families to start with savings, grants, scholarships, and
federal student loans to pay for college. Students and families should evaluate all
anticipated monthly loan payments, and how much the student expects to earn in
the future, before considering a private student loan.


This information is for undergraduate students attending participating degree-
granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the
school is located outside of the United States. Non-U.S. citizen borrowers who reside
in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or
U.S. permanent resident) and are required to provide an unexpired government-
issued photo ID to verify identity. Applications are subject to a requested minimum
loan amount of $1,000. Current credit and other eligibility criteria apply.


1Interest is charged starting at disbursement, during school and the
separation/grace period, and until the loan is paid in full. With the Fixed and
Deferred Repayment Options, the interest rate is higher than with the Interest
Repayment Option and Unpaid Interest is added to the loan's Current Principal at
the end of the grace/separation period. Payments may be required during the
grace/separation period depending on the repayment option selected. Variable rates
may increase over the life of the loan. Advertised variable rates reflect the starting
range of rates and may vary outside of that range over the life of the loan.
Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae
loans. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a
0.25 percentage point interest rate reduction benefit. This benefit applies only
during active repayment for as long as the Current Amount Due or Designated
Amount is successfully withdrawn from the authorized bank account each month
and may be suspended during periods of forbearance or deferment, if available for
the loan.


2Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid
Fees and costs, then to Unpaid Interest, and then to Current Principal.


3This promotional benefit is provided at no cost to borrowers with loans that first disburse between July 1, 2018 and April 30, 2021. Borrowers who reside in,
attend school in, or borrow for a student attending school in Maine are not eligible
for this benefit. No cash value. Terms and Conditions apply. Please visit
Chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.


4Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan
amount than the school-certified amount.


5Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a
cosigner during a rolling 12 month period from October 1, 2018 through September
30, 2019.


SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS,
SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.


Information valid as of 10/1/2020.


Smart Option Student Loans® are made by Sallie Mae Bank.


Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service
marks or registered service marks of Sallie Mae Bank. All other names and logos
used are the trademarks or service marks of their respective owners.


©2020 Sallie Mae Bank. All rights reserved.


SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored
by or agencies of the United States of America.

Summary

An all-around solid contender, Sallie Mae is especially attractive for students attending school on a part-time basis or those who might need some time to transition into their careers after graduation.

 

Let’s clear up the confusion: Though Sallie Mae was once a government-backed entity, it is now a private student loan lender. You won’t get any of the perks associated with federal loans, but the company does offer some of its own unique advantages. First and foremost, Sallie Mae will lend to students attending school on a part time basis, whereas most lenders require you to be enrolled at least half-time. Additionally, the company offers a benefit called a “Graduated Repayment Period,” allowing you to make interest-only payments for up to 12 months after you leave school. If you think your transition into working might take a while, this option can be a huge relief. The company also throws in a few free months of tutoring service Chegg Study.

Interest, Payment and Fees:

  • Structures Available: Fixed and Variable
  • Interest rate based on an underlying index? Yes, variable interest rates are based on either the Prime Rate index or London Interbank Offered Rate (LIBOR)
  • Fees? No application or origination fees, though late fees may be assessed
  • Prepayment Penalty? No
  • Borrower Benefits: Automatic payment discounts and free membership to online tutoring service Chegg Study are available.
  • Terms available: 5 to 15 year terms are available

Repayment Flexibility:

  • Grace period: 6 months
  • Deferment options: Deferment options available for members of the military and borrowers attending graduate school.
  • Forbearance provisions? Borrowers are allowed up to 12 months for forbearance in three-month periods over the life of the loan.
  • Death or disability discharge? Yes.
  • Repayment options: While in school, you can choose from a deferred repayment plan, a flat monthly repayment plan, an interest-only repayment plan or a principal and interest repayment plan. Once school and your grace period conclude, you must repay the principal and interest. However, you can apply for a “Graduated Repayment Period,” meaning you can make interest-only payments for 12 months after you leave school.
  • Co-signer release available? Yes.
  • Minimum loan amount: $1,000
  • Maximum loan amount: Total cost of attendance

Eligibility:

  • Enrollment requirement: Can be enrolled less than half-time, half-time or full-time
  • Minimum FICO score: No minimum score. Applicants are rarely denied and are only denied due to bankruptcy or existing delinquent payments. Applicants with no credit score require a co-signer.
  • Minimum income: No minimum income requirement.
  • Available for international student borrowers? Only with cosigner who is a citizen or permanent resident.
  • Available throughout the U.S.? Yes

Customer Service:

  • Loan servicer: Sallie Mae
  • Does lender have own customer service or does it outsource? Own customer service
  • Application available online or by phone? Online or by phone
  • Rate quote available with soft credit pull? No
  • Related products: Graduate loans and parent loans are also available.
Earnest Private Student Loan
Apply
Variable Rate APRs
1.05% - 11.44%
Fixed Rate APRs
3.49% - 12.78%

Pros

  • Customize the length of your loan and your monthly payment
  • Multiple in-school repayment options
  • Exceptional nine-month grace period
  • Option to skip a payment once every year
  • No origination or late fees

Cons

  • No option to see real rates without a hard credit inquiry
  • Relies on an outside loan servicer
  • Not available in all 50 states

* Auto Pay discount: If you make monthly payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. Not all borrowers will qualify for our lowest rates, and your rate will be based on creditworthiness at time of application.

** Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count towards the forbearance limits outlined in your loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

*** Not available for borrowers who choose Earnest’s Principal and Interest Repayment plan while in school.

Summary

 

Interest, Payment and Fees:

Repayment Flexibility:

Eligibility:

  • Enrollment requirement: Full-time, as determined by school
  • Minimum FICO score: 650
  • Minimum income: $35,000 (in USD)
  • Available for international student borrowers? No
  • Available throughout the U.S.? No, loans are not available in NV

Customer Service:

Discover Private Student Loan
Apply
Variable Rate APRs
1.24% - 11.99%1
Fixed Rate APRs
4.24% - 12.99%
Minimum loan amount
$1,000
Maximum loan amount
Total cost of attendance

Pros

  • Lots of options are available for borrowers who are struggling to make payments
  • No late fees
  • Multi-year approval and a good grade rewards are nice perks as well

Cons

  • A single loan repayment term of 15 years will give pause to many borrowers.
  • Once again, you can’t see specific offers without a hard credit check.


1Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only (https://www.discover.com/student-loans/interestonly) repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest and highest interest rates offered on the Discover Undergraduate Loan. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates.

Summary

If a 15-year loan term works for you, Discover is a great bet. This is particularly true for borrowers who might be a few days late on occasion and want to avoid associated fees.

 

Discover also looks out for struggling borrowers, offering a range of options to temporarily reduce payments or help customers get back on track after falling behind. We hope you won’t need these possibilities, but they sure provide peace of mind.

There is a catch, however: Currently, Discover only offers one, 15-year loan term. If you’re looking for a different time-frame, you’re out of luck.

Interest, Payment and Fees:

  • Structures Available: Fixed and Variable
  • Interest rate based on an underlying index? The variable rate is based upon the one-month London Interbank Offered Rate (LIBOR)
  • Fees? No fees (not even late fees)
  • Prepayment Penalty? No
  • Borrower Benefits: Multiple year approval and autopay discounts are available. A cash reward for good grades is available once per loan.
  • Terms available: 15-year term available

Repayment Flexibility:

  • Grace period: 6 months (can be extended upon request)
  • Deferment options: Deferment available for members of the military, borrowers attending graduate school and some people in public service organizations.
  • Forbearance provisions? Borrowers are allowed up to 12 total months of forbearance, not to be taken consecutively.
  • Death or disability discharge? Yes
  • Repayment options: While in school, you can choose from a deferred repayment plan, a flat monthly repayment plan, an interest-only repayment plan. You can also make payments at any time while you are in school. Once school and your grace period conclude, you must repay the principal and interest.
  • Co-signer release available? No

Eligibility:

  • Enrollment requirement: At least half-time, as determined by school
  • Average credit score of approved applicants: 750 or higher
  • Available for international student borrowers? Only with cosigner who is a citizen or permanent resident.
  • Available throughout the U.S.? Yes.

Customer Service:

  • Loan servicer: Discover
  • Does lender have own customer service or does it outsource? Own customer service
  • Application available online or by phone? Online or by phone
  • Rate quote available with soft credit pull? No
  • Related products: Graduate loans and refinancing loans are also available.
CommonBond Private Student Loan
Apply
Variable Rate APRs
6.59% – 9.39%
Fixed Rate APRs
6.98% – 9.39%
Minimum loan amount
$2,000
Maximum loan amount
Total cost of attendance

Pros

  • See real offers with just a soft credit check
  • Money Mentor services are a valuable inclusion at no additional cost
  • CommonBond’s social mission sets this lender apart

Cons

  • All undergraduate borrowers must have a cosigner
  • Loans aren’t available to international borrowers and residents of some states
  • CommonBond uses an outside loan servicer
Offered terms are subject to change and state law restriction. Loans are offered by
CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for
a loan, the interest rate offered will depend on your credit profile, your application, the loan
term selected and will be within the ranges of rates shown. ‍ All Annual Percentage Rates (APRs)
displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest
rate. All variable rates are based on a 1-month LIBOR assumption of 0.17% effective Sep 1,
2020 and may increase after consummation.

Summary

CommonBond’s approach includes excellent customer support and a noble charitable purpose. Plus, seeing your offer won’t require a hard credit inquiry. If you’re already planning to have a cosigner, this lender is a great way to go.

 

CommonBond roots its businesses in admiral values: positive social impact, responsive customer service, and a flexible approach to repayment. When you borrow from the company, they help fund a child’s education in the developing world. You’ll benefit as well, with an assigned “Money Mentor” to help you make smart financial choices. If you even run into tough times, the company has solid deferment and forbearance options. You can also get real rate offers with just a soft credit inquiry, though a hard inquiry is usually necessary if you go through with the loan.

There are a few details that aren’t quite as appealing: The company uses a loan servicer and requires all borrowers to obtain cosigners. Unfortunately, CommonBond does not lend to residents of Nevada or Mississippi or international students.

Interest, Payment and Fees:

  • Structures Available: Fixed and Variable
  • Range of APRs:
    • Variable Rates: 3.13% – 9.29%
    • Fixed Rates: 5.45% – 9.74%
  • Interest rate based on an underlying index? The variable rate is based upon the one-month London Interbank Offered Rate (LIBOR).
  • Fees? No application or origination fees, though late fees may be assessed
  • Prepayment Penalty? No
  • Borrower Benefits: Access to a personal “Money Mentor” is available to all borrowers. CommonBond also has a social purpose, using its profits to finance the education of children in the developing world.
  • Terms available: 5-year, 10-year, and 15-year terms available.

Repayment Flexibility:

  • Grace period: 6 months
  • Deferment options: Deferment options available for members of the military and borrowers attending graduate school.
  • Forbearance provisions? Commonbond offers multiple forms of forbearance protection for a maximum total of 24 months.
  • Death or disability discharge? Yes
  • Repayment options: While in school, you can choose from a deferred repayment plan, a flat monthly repayment plan, an interest-only repayment plan or a principal and interest repayment plan. Once school and your grace period conclude, you must repay the principal and interest.
  • Co-signer release available? Yes
  • Minimum loan amount: $2,000
  • Maximum loan amount: Total cost of attendance

Eligibility:

  • Enrollment requirement: At least half-time, as determined by school
  • Minimum FICO score: 660
  • Minimum income: No minimum
  • Available for international student borrowers? No
  • Available throughout the U.S.? No, loans are not available in MS or NV

Customer Service:

  • Loan servicer: Firstmark Services
  • Does lender have own customer service or does it outsource? Own customer service
  • Application available online or by phone? Online
  • Rate quote available with soft credit pull? Yes
  • Related products: Graduate loans, refinancing loans and business loans are also available.
LendKey Private Student Loan
Apply
Minimum loan amount
$5,000
Maximum loan amount
$125,000

Pros

  • Eighteen months of forbearance is more generous than most lenders
  • Working with smaller lenders can sometimes lead to better rates

Cons

  • You’ll have to pay something during the time you’re in school, whereas other lenders let you defer payment completely until you graduate.
  • No clear guarantees that you can defer payments while in graduate school.

Summary

If working with small banks and credit unions appeals to you, then LendKey is a great option. Just make sure you’re onboard with making little payments each month while still in school.

 

Technically speaking, LendKey is a marketplace for borrowers and smaller lenders, such as community banks and credit unions. That means you get to give your business to smaller financial institutions (which could mean grabbing a better rate). However, LendKey handles the whole borrowing process, giving you the benefits of working with a larger lender.

Interest, Payment and Fees:

  • Structures Available: Fixed and Variable
  • Interest rate based on an underlying index? Yes, variable interest rates are usually based on the London Interbank Offered Rate (LIBOR).
  • Fees? No application or origination fees, though late fees may be assessed.
  • Prepayment Penalty? No
  • Borrower Benefits: Autopay discount, access to multiple small lenders.
  • Terms available: Terms of 5, 10, and 15 years are available.

Repayment Flexibility:

  • Grace period: 6 months
  • Deferment options: Offers minimal in school payment of $25 a month. Offers deferment to military veterans, specifics vary by applicant.
  • Forbearance provisions? Typically, borrowers can utilize up to 18 months of forbearance in six month intervals.
  • Death or disability discharge? Yes, they offer death or disability discharge.
  • Repayment options: While in school, you can choose from flat rate repayment, interest repayment and principal and interest repayment plans. Once school and your grace period conclude, you must repay the principal and interest.
  • Co-signer release available? Yes.
  • Minimum loan amount: $5,000
  • Maximum loan amount: $125,000

Eligibility:

  • Enrollment requirement: At least half-time, as determined by school
  • Minimum income: $24,000. Must have at least 36 months of established credit history.
  • Average credit score of approved applicants: Mid-to-high 700s
  • Average income of approved applicants: Approximately $87,00 per year
  • Highest Debt-to-income ratio: Approximately 33% excluding housing costs.
  • Available for international student borrowers? No
  • Available throughout the U.S.? Yes

Customer Service:

  • Loan servicer: LendKey.
  • Does lender have own customer service or does it outsource? Own customer service.
  • Application available online or by phone? Online
  • Rate quote available with soft credit pull? No
  • Related products: Graduate loans and refinancing loans are also available from Lendkey.
SoFi Private Student Loan
Apply
Variable Rate APRs
1.87% – 11.66%
Fixed Rate APRs
4.23% – 11.76%
Minimum loan amount
$5,000
Maximum loan amount
Total cost of attendance

Pros

  • The rare lender that doesn’t demand a hard credit check to show you a real offer
  • A wealth of support makes SoFi’s customer experience stand out.

Cons

  • No options for international students
  • SoFi uses MOHELA, an outside loan servicer.

Summary

SoFi tries hard to support their customers, especially in tough times. That being said, they do hand off some tasks to an outside loan servicer, which could be a turn-off to some customers.

 

SoFi also gives you personalized rate offers without a hard credit check, meaning your credit score won’t take a hit (though they may do a hard check subsequently). Unfortunately, the company does use an outside loan servicer. Plus, you must be a citizen to work with SoFi for undergraduate loans.

Interest, Payment and Fees:

  • Structures Available: Fixed and Variable
  • Interest rate based on an underlying index? Yes, variable interest rates are usually based on the London Interbank Offered Rate (LIBOR).
  • Fees? No application, origination or late fees.
  • Prepayment Penalty? No
  • Borrower Benefits: Autopay discount is available. SoFi also provides career coaching and community events for interested borrowers.
  • Terms available: Terms of 5, 10, and 15 years are available.

Repayment Flexibility:

  • Grace period: 6 months, but only for deferred repayment plan.
  • Deferment options: Deferment options are available to members of the military and graduate students.
  • Forbearance provisions? Borrowers who lose their jobs are eligible for forbearance in three month increments and up to 12 months total over the life of the loan. During this time, borrowers must work with SoFi’s career advisors to identify employment options.
  • Death or disability discharge? Yes.
  • Repayment options: While in school, you can choose from deferred repayment, flat rate repayment, interest repayment and principal and interest repayment plans. Once school and your grace period conclude, you must repay the principal and interest.
  • Co-signer release available? Yes.
  • Minimum loan amount: $5,000
  • Maximum loan amount: Total cost of attendance

Eligibility:

  • Enrollment requirement: At least half-time, as determined by school
  • Minimum FICO score: 700
  • Minimum income: No minimum income requirement, but in order for a loan to be approved income must be more than the financial burdens of the borrower or the co-signer.
  • Available for international student borrowers? Must be U.S. Citizen
  • Available throughout the U.S.? Yes

Customer Service:

  • Loan servicer: MOHELA
  • Does lender have own customer service or does it outsource? Own customer service.
  • Application available online or by phone? Online
  • Rate quote available with soft credit pull? Yes (but a hard pull may be necessary subsequently)
  • Related products: Graduate loans, parent loans and refinancing loans are also available through SoFi.

Federal Student Loans

With federal student loans, the U.S. government lends money directly to students to finance the costs of their postsecondary studies. Specifically, the Department of Education operates the William D. Ford Federal Direct Loan Program, which encompasses four distinct loan categories.

Federal Loan Categories

These programs are differentiated by several key characteristics, and they cater to distinct categories of borrowers. To break down these key differences, we’ve created the table below:

Types of Federal Student Loans

Direct Subsidized Loans
  • Interest Rates (Fixed) 4.53%

Who's Eligible?

Undergraduate students

Description

These loans are made to students with demonstrated financial need. The Department of Education covers the interest on your loan while you’re enrolled, during your grace period, and during periods of deferment.

Total Borrowing Limits

Borrowing limits for subsidized and unsubsidized direct loans are calculated together:

  • Dependent undergraduates may borrow up to $31,000, including no more than $23,000 in subsidized loans
  • Independent undergraduates may borrow up to $57,500, including no more than $23,000 in subsidized loans.
  • Graduate or professional students many borrow up to $138,500, including what they borrowed previously as undergraduates. No more than $65,500 of this total amount may be in subsidized loans.
Direct Unsubsidized Loans
  • Undergraduate Interest Rates (Fixed) 4.53%
  • Graduate Interest Rates (Fixed) 6.08%

Who's Eligible?

Undergraduate, graduate and professional students.

Description

Students do not need to demonstrate financial aid to be eligible for these loans. Borrowers are accountable for paying all interest that accrues over the life of the loan.

Total Borrowing Limits

Same as Direct Subsidized Loans (see above).

Direct PLUS Loans
  • Interest Rates (Fixed) 7.08%

Who's Eligible?

Graduate and professional students and parents of dependent undergraduate students.

Description

These loans can be made to either parents of undergraduate students or students enrolled in graduate or professional schools. Borrowers must undergo a credit check and those with a poor credit history must meet additional requirements.

Total Borrowing Limits

The cost of attendance (as determined by the school) minus any other financial assistance the student receives.

To apply for federal student loans, you’ll need to complete the Free Application for Federal Student Aid (FAFSA®) and submit your results to the schools to which you’re applying. These schools then review your results, and (if you are admitted) determine the type and amount of student loans they are willing to offer you as part of your personal financial aid package.

Relative to private student loans, federal student loans provide an array of distinct advantages. Because the government is your lender, you’ll enjoy options no private company can offer. The unique benefits of federal student loans include:

Federal loans distinct advantages:

  • No payments due until after you leave school
  • Flexible repayment options, including options to tie payments to your income
  • Postponement benefits allowing you to temporarily lower or delay your loan payments in times of financial hardship
  • Loan forgiveness programs for certain people in public service

While federal loans entail these government-backed benefits, you won’t be working directly with the Department of Education as you repay your loan. Instead, you’ll be handed off to a loan servicer, a private company that handles all tasks pertaining to your repayment.

Though you don’t pay anything extra for your servicer’s work, you don’t get to choose your servicer, and your debt can be transferred to another servicer at any time. Some of the leading loan servicers include Nelnet, Navient and MOHELA.

Unfortunately, many borrowers report negative or confusing experiences with their loan servicers, and dealing with them can require both patience and persistence. Given the advantages of federal student loans, however, putting up with a lackluster servicer may just be a necessary evil.

Putting Lenders Through Their Paces

We hope this guide helps you identify which student loan provider might be the perfect partner as you continue to fund your studies. Whether you’re already a pro at taking out loans or approaching the process for the first time, it’s helpful to be aware of each of these options.

At CollegeFinance.com, we specialize in helping students make smart decisions about paying for their college experience. Our expert advice can help you access significant savings and make all your money moves with added confidence.