Among young Americans, educational debt is exceedingly common: Roughly a third of U.S. adults under 30 have outstanding student loans.
Most of these borrowers utilize federal student loan programs, which offer a range of valuable benefits. But if you’ve exhausted your government-backed student loan options, you should also be aware of private alternatives.
With private student loans, borrowers receive funds directly from non-government institutions, such as banks or financial services companies. Though they’re not the best option for everyone, private student loans can be a valuable option for certain borrowers — especially those whose federal loans don’t cover the full costs of college.
If you’re considering this private student loans, however, you should know that they vary enormously. One lender’s terms can differ dramatically from another’s, and some of these key distinctions can get lost in complicated financial lingo. Without expert help, it’s easy to overlook important loan details, and doing so could mean missing out on a better borrowing experience.
That’s why we’ve decided to round up some of the best student loans available right now, highlighting options worthy of your consideration. In this guide, we’ll introduce you to five of the top student loans out there, providing detailed information about their terms. With these unbiased reviews, you’ll be empowered to make informed choices about how to fund your studies.
How We Evaluate Student Loans: Our Assessment Criteria
We assess student loans in comprehensive terms, accounting for a wide array of potential advantages and drawbacks. Our goal is to thoroughly evaluate the experience for borrowers and highlight any factors that might guide your student loan selection. Here are some of the key details we analyze when rating student loans. 
- Customer experience and reviews: We pay attention to what real borrowers say about their loans and lenders, gathering data from a wide array of review platforms. How is a lender’s customer service really working out for the people who rely on it?
- Interest Rates: Interest rates come in two categories: Fixed, which remain the same, and Variable, which can fluctuate across the life of the loan. A lower rate interest means you’ll pay less for the privilege of borrowing, a crucial element to consider.
- Repayment terms and options: How long will you have to pay back what you borrowed? What will you be responsible for paying while in school, if anything? The details of repayment are an essential aspect of any student loan. In that spirit, we closely consider subjects such as grace periods, forbearance and deferment options.
- Fees: No one likes getting nickel and dimed. We consider whether lenders will charge you for little stuff, or spare you from unnecessary fees.
- Borrower and Cosigner Requirements: What are the basic eligibility requirements for each loan, and can you obtain one alone? If you need a cosigner, can they eventually be released from their obligation? These questions will often determine whether a loan will work for you and your family.
With these important criteria in mind, let us introduce you to five of the top private student loans available right now.
PNC: PNC Solution Loan® for Undergraduates
PNC’s Solution Loan® boasts encouraging customer reviews and several appealing perks, making it a strong contender for many kinds of borrowers. Customers speak highly of the company on ConsumerAffairs.com, where it earned an average of four stars for its student loan services. Multiple reviews applaud PNC’s support team, describing representatives as helpful and flexible.
Additionally, the company provides a hefty discount for enrolling in automatic payments, whereas many competitors provide smaller incentives. If you’re a member of the military, you’ll enjoy special benefits as well, including the possibility of a reduced interest rate.
PNC’s loan does feature some potential drawbacks: The company’s forbearance rules are relatively restrictive, for example. You’ll also need to repay your loan through an outside loan servicer, which can add a layer of hassle to the borrowing experience.
Interest, Payment and Fees
- Structures Available: Fixed and variable
- Range of APRs:
- Fixed: 4.54% to 11.79%
- Variable: 4.70% to 11.87%
- Interest rate based on an underlying index? Variable rates are based on the London Interbank Offered Rate (LIBOR) index, plus a margin depending on the creditworthiness of the borrower and co-signer (if any).
- Fees? No application or origination fees, though late payment fees may be assessed
- Prepayment Penalty? No
- Borrower Benefits: Military benefits are available, as well as a .5% interest rate deduction for enrolling in automatic payments.
- Terms available: 5-year, 10-year, and 15-year terms available.
Repayment Flexibility:
- Grace period: 6 months
- Deferment options: Deferment options are available to members of the military and graduate students.
- Forbearance provisions? Borrowers can use 12 months of total forbearance across the life of the loan, but this time can only be used in two month intervals with a full year between forbearance periods.
- Death or disability discharge? Yes.
- Repayment options: While in school, you can choose from deferred repayment, fixed 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: $1,000
- Maximum loan amount: $50,000 per year
Customer Service:
- Loan servicer: American Education Services (AES)
- 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: PNC also offers graduate loans and loan refinancing
Eligibility:
- Enrollment requirement: At least half-time, as determined by school
- Minimum FICO score: 670
- Minimum income: None
- Average credit score of approved applicants: Not disclosed
- Average income of approved applicants: Not disclosed
- Highest Debt-to-income ratio: Not disclosed
- Available for international student borrowers? No
- Available throughout the US? Yes
Pros:
- Good discount for enrolling in autopay
- Strong perks for those in the military
- Appealing customer review ratings
Cons:
- Restrictive forbearance rules
- Don’t service their own loans
- Not available to international borrowers
Summary:
With strong customer satisfaction ratings and better for auto-pay discounts than many competitors, PNC’s private student loan is a solid option to consider.
Earnest: Undergraduate Student Loan
Earnest leads the pack in the perks department, with unique benefits that stand out to prospective borrowers. For example, the company offers a nine-month grace period, outdoing most competitors by three months. They also provide the option to skip one payment per year, a great fallback if you’re ever having a tough month. 
Better still, customer reviews indicate that Earnest offers excellent customer service. The company enjoys a rating of 4.7 stars on TrustPilot.com, with hundreds of satisfied customers weighing in. These reviews typically emphasize the painless application process, responsive service representatives, and a general lack of fees.
There’s really just one catch: Earnest doesn’t operate everywhere. If you live in a handful of states, you’ll need to look elsewhere.
Interest, Payment and Fees
- Structures Available: Fixed and variable
- Range of APRs:
- Fixed: 4.74% to 13.03%
- Variable: 3.04% to 11.69%
- Interest rate based on an underlying index? The variable rate is based upon the one-month London Interbank Offered Rate (LIBOR).
- Fees? No application, origination or late fees.
- Prepayment Penalty? No
- Borrower Benefits: Autopay discount, ability to skip a payment once per year.
- Terms available: For cosigned loans, terms of 5, 7, 10, 12 or 15 years are available. For independent borrowers, terms of 5 or 7 year are available.
Repayment Flexibility:
- Grace period: 9 months
- Deferment options: Deferment options are available to members of the military and graduate students.
- Forbearance provisions? Borrowers can use 12 months of total forbearance across the life of the loan in three-month intervals.
- Death or disability discharge? Yes.
- Repayment options: While in school, you can choose from deferred repayment, fixed 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: $1,000
- Maximum loan amount: Total cost of attendance
Customer Service:
- Loan servicer: Earnest
- 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, parent loans and refinancing loans are also available from Earnest.
Eligibility:
- Enrollment requirement: Full-time
- Minimum FICO score: 650
- Minimum income: $35,000
- Average credit score of approved applicants: Not disclosed
- Average income of approved applicants: Not disclosed
- Highest Debt-to-income ratio: Not disclosed
- Available for international student borrowers? Only with a cosigner who is a U.S. citizen.
- Available throughout the U.S.? No, excluded states include: AK, CT, HI, IL, NH, NV, TX, and VA.
Pros:
- Excellent customer service ratings
- Distinctive perks like the ability to skip a payment once a year
- Lots of available loan terms to choose from
- No late fees
Cons:
- Not available in all states
Summary:
With several distinctive perks, Earnest’s undergraduate student loan seems to keep customers happy. This is an excellent option, so long as you can get it in your state.
College Ave: Undergraduate Student Loan
College Ave offers appealing flexibility, with more loan term options than most lenders. The company also provides a pretty standard array of perks, such as a modest autopay discount. One major differentiator is the company’s ability to offer personalized rate quotes without a hard credit check. That means you can see the interest rates College Ave will give you without hurting your credit score.
Unfortunately, the company does not seem to have a clearly stated forbearance policy, which could be somewhat nerve-wracking if you encounter financial trouble down the road. Additionally, while customer reviews celebrate the easy application process, some people report confusing or frustrating experiences with College Ave’s customer service.
Interest, Payment and Fees
- Structures Available: Fixed and variable
- Range of APRs:
- Fixed: 4.72% to 12.94%
- Variable: 3.70% to 11.98%
- 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
- Terms available: Terms of 5, 8, 10, and 15 years are available.
Repayment Flexibility:
- Grace period: 6 months
- Deferment options: Deferment options may be available to members of the military and graduate students but must be evaluated on a case-by-case basis.
- Forbearance provisions? Forbearance requests are evaluated on a case-by-case basis.
- 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: $1,000
- Maximum loan amount: Total cost of attendance
Customer Service:
- Loan servicer: College Ave
- Does lender have own customer service or does it outsource? Own customer service but with outsourced call center operations.
- Application available online or by phone? Online
- Rate quote available with soft credit pull? Yes
- Related products: Graduate loans, parent loans and refinancing loans are also available from College Ave.
Eligibility:
- Enrollment requirement: At least half-time, as determined by school
- Minimum FICO score: Mid-600s
- Minimum income: $35,000
- Average credit score of approved applicants: Mid-700s
- Average income of approved applicants: Approximately $110,00 per year
- Highest Debt-to-income ratio: Varies based on credit characteristics
- Available for international student borrowers? Only with a cosigner who is a U.S. citizen
- Available throughout the U.S.? Yes
Pros:
- No hard credit check required to see personalized rates
- Plenty of loan term and repayment plan options.
Cons:
- Some concerning reviews online
- No formal forbearance policy
Summary:
College Ave seems like a solid contender, especially with no hard credit check required to get a sense of what they offer. There’s really no risk in applying and reviewing their rates. Before choosing College Ave, however, note that the company makes no guarantees about forbearance options.
LendKey: Undergraduate Student Loan
As a marketplace for borrowers and lenders, LendKey is distinct from other companies on this list. Essentially, LendKey allows you to access credit from hundreds of smaller financial institutions, such as community banks and credit unions.
These smaller establishments can sometimes offer better rates than larger conglomerates, and many people feel good about patronizing modestly-sized institutions. Better yet, LendKey services all loans, providing the tools and service you expect from a larger operation. According to customer reviews, most borrowers are happy with LendKey’s service, though some note the application process was time-consuming.
There are some quirks worth mentioning, however: LendKey asks all borrowers to make regular payments while they’re in school, whereas most other lenders let you defer payment until after graduation. The company says this system benefits borrowers by establishing responsible repayment habits. Also, if you go back to school or begin military service, the company does not allow you to defer payments, a benefit many competitors offers.
Interest, Payment and Fees
- Structures Available: Fixed and Variable
- Range of APRs:
- Fixed rates start at 5.36%
- Variable rates start at 4.05%
- 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: No deferment options for military members or graduate students.
- Forbearance provisions? Borrowers can utilize up to 18 months of forbearance in six month intervals.
- Death or disability discharge? Not guaranteed.
- 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
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.
Eligibility:
- Enrollment requirement: At least half-time, as determined by school
- Minimum FICO score: 660
- Minimum income: $24,00
- 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
Pros:
- Ability to work with smaller lenders
- Better forbearance provisions than many competitors
Cons:
- No total payment deferment while in school
- No deferment for members of the military or people attending graduate school.
Summary:
If you like the idea of working with a small bank, but want the streamlined tools of a major lender, LendKey is a great option. Just be prepared to pay something each month while you’re in school.
SoFi: Undergraduate Student Loan
SoFi has made a name for itself by offering a distinctive set of member benefits. The company provides borrowers with an unparalleled set of support services, including financial and career coaching.
SoFi also arranges deals and experiences exclusively for customers, creating a sense of community among “members.” If you lose your job, they’ll even help you find one. Oh, and did we mention that they don’t charge late fees?
Online reviews suggest that customers are mostly satisfied with SoFi, though some people were surprised by the decisions produced by the company’s lending algorithms. While it’s true that the company doesn’t disclose many details about its approval process, you can even get a personalized rate quote with just a soft credit pull (though they may conduct a hard check if you go ahead and apply). Unfortunately, their services aren’t available to international students, even with a cosigner.
Interest, Payment and Fees
- Structures Available: Fixed and Variable
- *Range of Undergraduate APRs:
- Fixed: 3.54% to 15.99% (with autopay).
- Variable: 5.54% – 15.99% (with autopay).
- 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: $1,000
- Maximum loan amount: Total cost of attendance
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.
Eligibility:
- Enrollment requirement: At least half-time, as determined by school
- Minimum FICO score: 700
- Minimum income: Not disclosed
- Average credit score of approved applicants: Not disclosed
- Average income of approved applicants: Not disclosed
- Highest Debt-to-income ratio: Not disclosed
- Available for international student borrowers? Not disclosed
- Available throughout the U.S.? Yes
Pros:
- Tons of unique support and perks
- Initial rate quote without hard credit pull
- No late fees
Cons:
- No loans for international students
- Limited eligibility information
- Outside loan servicer
Summary:
Another excellent option, SoFi’s loan offers plenty of perks other lenders don’t. With just a soft credit pull needed to see personalized offers, there’s no reason not to see what they can do for you. Unfortunately, international students are out of luck.
* Interest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 5.54% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 11/20/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
Looking at Lenders: A Personalized Process
We hope this overview of top student loans helps illuminate lending options you haven’t already considered. Because these loans possess distinct advantages and attributes, you’ll need to consider each one in light of your own circumstances. 
We’re passionate about helping students make personalized borrowing decisions, allowing them to choose lenders best suited to their particular priorities. Student loans represent major financial commitments, and a one-size-fits-all approach simply won’t cut it. If you’re making decisions about funding your studies, you’ll need the info and insights necessary to pick the best possible lender.
From choosing a private loan to refinancing the ones you have already, we’re here to help with expert, unbiased guidance. When it comes to investing in your education, CollegeFinance.com is your destination.
