Student Credit Cards

Updated: 7/06/20
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Because of their singular protections and advantages, federal student 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.
CollegeFinance.com is pleased to present a centralized place to research and compare private student loan offers from multiple lenders.1

  • Because of their singular protections and advantages, federal student 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.
  • CollegeFinance.com is pleased to present a centralized place to research and compare private student loan offers from multiple lenders.1

 

Guide to Private Student Loan Products 1

Below, we’ll introduce you to some of the best private student loan providers out there, presenting pros and cons for each product compiled by our writers and editors. Though lenders sometimes provide clarity about aspects of their loan products, the descriptions were written by us.

Note that this content provides relevant details pertaining to private student loans for undergraduates, though keep in mind that many offer graduate, parent, and refinancing loans as well.

Earnest Private Student Loan
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Variable Rate APRs
1.24% - 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:

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