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Updated: July 22, 2021

Best Private Student Loans for College

Looking for a private student loan? It’s important to shop around for the best interest rate, fees, terms and conditions to suit your needs. Here are a few of our top picks for you to consider.

Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Advertising Disclosure
×

Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: Ascentfunding.com/Ts&Cs. Rates are effective as of 07/01/2021 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate future income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan student borrowers must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your cosigner. 

3.27% - 12.16%
1.82% - 10.32%
5 years, 7 years, 10 years, 12 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.27% - 12.16%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.82% - 10.32%
Terms
5 years, 7 years, 10 years, 12 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%), Reward of $525 per successful referral, and Graduation Reward (1%)
Undergraduate Student Loan Rating
Advertising Disclosure
×

Advertised rates and other loan information are for the Sallie Mae® Smart Option Student Loan® for undergraduates.

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 loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or a U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loam amount of $1,000. Current credit and other eligibility criteria apply.

  1. Interest is charged starting when money is sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than 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. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a .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. It may be suspended during forbearance or deferment, if available for the loan.
  2. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
  3. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to 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. Chegg Tutors offers One Free session of up to 60 minutes. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Any minutes not used within the same session will expire upon conclusion of the session. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.
  4. Loan 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.
  5. Based 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 advertised valid as of 4/1/2021.

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 are the trademarks or service marks of their respective owners.

©2021 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.

 

4.25% - 12.60%
1.13% - 11.23%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.60%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
×

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

Information advertised valid as of 7/22/2021. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

3.49% - 13.24%
1.29% - 12.23%
5 years, 8 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 13.24%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.29% - 12.23%
Terms
5 years, 8 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%), Graduation reward ($150), and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
3.34% - 12.78%
1.04% - 11.44%
Up to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.34% - 12.78%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.04% - 11.44%
Terms
Up to 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Customizable payment due date, and Option to Skip 1 payment every 12 months
Undergraduate Student Loan Rating
Advertising Disclosure
4.23% - 10.66%
1.20% - 11.23%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.23% - 10.66%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.20% - 11.23%
Terms
5 years, 10 years, 15 years
Fees
No fees
Offers
Current customer discount (0.125%), Autopay discount (0.25%), and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
3.74% - 10.74%
3.79% - 9.35%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.74% - 10.74%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.79% - 9.35%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
4.25% - 12.59%
1.13% - 11.23%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.59%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%), Cosigner release, and One-time payment due date change
Undergraduate Student Loan Rating

You can also view the top private student loans by category:

  • Best Rewards
  • Best for Borrowers without a Cosigner
  • Best Cosigner Release Option
  • Best Flexibility for Repayment
  • Best Deferment Options
  • Best Customer Service
  • Best Bank Lender
  • Top Rated

Be sure to pursue other options, such as any financial aid you receive from the FAFSA before turning to private student loans to fill any funding gaps. This may include scholarships, grants and work-study, or other student loan options such as a graduate plus loan.

Some private student loan lenders offer perks such as rewards for good grades and graduation, and autopay discounts. You may want to consider these incentives when evaluating your private student loan options.

Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
4.24% - 12.99%
1.24% - 11.99%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.24% - 12.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.24% - 11.99%
Terms
15 years
Fees
No fees
Offers
Good grades reward, Autopay discount (0.25%), Interest-only repayment discount (0.35%), and Multi-year option
Undergraduate Student Loan Rating
Advertising Disclosure
×

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

Information advertised valid as of 7/22/2021. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

3.49% - 13.24%
1.29% - 12.23%
5 years, 8 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 13.24%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.29% - 12.23%
Terms
5 years, 8 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%), Graduation reward ($150), and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
3.34% - 12.78%
1.04% - 11.44%
Up to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.34% - 12.78%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.04% - 11.44%
Terms
Up to 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Customizable payment due date, and Option to Skip 1 payment every 12 months
Undergraduate Student Loan Rating

When shopping for undergraduate loans, you may find that some lenders require a cosigner. A cosigner is typically a parent or other adult who shares equal responsibility for your student loan. Even if you don’t have bad credit, you may still need a cosigner if you don’t have a steady income or solid credit history.
If you prefer to take out a loan without a cosigner, or you simply don’t have one, consider one of these best private loans for borrowers without a cosigner.

Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
4.24% - 12.99%
1.24% - 11.99%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.24% - 12.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.24% - 11.99%
Terms
15 years
Fees
No fees
Offers
Good grades reward, Autopay discount (0.25%), Interest-only repayment discount (0.35%), and Multi-year option
Undergraduate Student Loan Rating
Advertising Disclosure
×

Advertised rates and other loan information are for the Sallie Mae® Smart Option Student Loan® for undergraduates.

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 loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or a U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loam amount of $1,000. Current credit and other eligibility criteria apply.

  1. Interest is charged starting when money is sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than 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. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a .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. It may be suspended during forbearance or deferment, if available for the loan.
  2. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
  3. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to 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. Chegg Tutors offers One Free session of up to 60 minutes. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Any minutes not used within the same session will expire upon conclusion of the session. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.
  4. Loan 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.
  5. Based 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 advertised valid as of 4/1/2021.

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 are the trademarks or service marks of their respective owners.

©2021 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.

 

4.25% - 12.60%
1.13% - 11.23%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.60%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
3.59% - 12.37%
1.21% - 11.71%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.59% - 12.37%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.21% - 11.71%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating

If your parents are willing to help you pay for college, they may have considered a federal Parent PLUS loan. However, depending on their credit score, your parent may be able to qualify for a lower interest rate by cosigning a loan with you.
Some lenders offer a cosigner release option, which is ideal for parents who are willing to help you get a loan but may not want a long-term commitment. Here is a list of the student loan providers with the best cosigner release options.

Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
×

Advertised rates and other loan information are for the Sallie Mae® Smart Option Student Loan® for undergraduates.

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 loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or a U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loam amount of $1,000. Current credit and other eligibility criteria apply.

  1. Interest is charged starting when money is sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than 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. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a .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. It may be suspended during forbearance or deferment, if available for the loan.
  2. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
  3. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to 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. Chegg Tutors offers One Free session of up to 60 minutes. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Any minutes not used within the same session will expire upon conclusion of the session. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.
  4. Loan 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.
  5. Based 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 advertised valid as of 4/1/2021.

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 are the trademarks or service marks of their respective owners.

©2021 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.

 

4.25% - 12.60%
1.13% - 11.23%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.60%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
×

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.

Your Future Education Loan and Commerce Bank graduate loans: This information is for students attending participating degree-granting schools located in the U.S. Your Future Education Loan information is for undergraduates only. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. U.S. citizens or U.S. permanent residents are eligible. 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.

Their Future Education Loan: This loan must be used to pay for eligible student expenses at participating degree-granting schools located in the U.S. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

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

2 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when 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. All Advertised APRs assume a $10,000 loan. Your Future Education Loan APRs assume a freshman borrower with no other Sallie Mae serviced loans. Medical School Loan and Dental School Loan APRs assume 4 years in school. Law School Loan APRs assume 3 years in school. MBA Loan, Graduate School Loan for Health Professions, and Graduate School Loan APRs assume 2 years in school.

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

4 This 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.

5 Borrower or cosigner must enroll in auto debit through Commerce Bank’s servicer, 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.

6 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae-serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Requirements are subject to change.

7 This repayment example is based on a typical Your Future Education Loan made to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 10.81% variable APR. It works out to 51 payments of $25.00, 119 payments of $191.03 and one payment of $121.54, for a Total Loan Cost of $24,129.11. Variable rates may increase over the life of the loan.

8 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. 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. APRs assume a $10,000 loan to a person borrowing for a freshman student.

9 This repayment example is based on a typical Their Future Education Loan made to a borrower (on behalf of a freshman student) who chooses a variable rate and the Principal and Interest Repayment Option for a $10,000 loan, with two disbursements, and a 13.12% variable APR. It works out to 4 payments of $75.43, 115 payments of $152.13 and one payment of $79.85, for a Total Loan Cost of $17,876.52. Variable rates may increase over the life of the loan.

10 This repayment example is based on a typical MBA Loan made to a first-year graduate MBA borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

11 This repayment example is based on a typical Medical School Loan made to a first-year graduate medical borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 10.61% variable APR. It works out to 81 payments of $25.00, 238 payments of $173.02 and one payment of $94.95, for a Total Loan Cost of $43,298.71. Variable rates may increase over the life of the loan.

12 This repayment example is based on a typical Dental School Loan made to a first-year graduate dental borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.09% variable APR. It works out to 57 payments of $25.00, 238 payments of $153.63 and one payment of $85.19, for a Total Loan Cost of $38,074.13. Variable rates may increase over the life of the loan.

13 This repayment example is based on a typical Graduate School Loan for Health Professions made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

14 This repayment example is based on a typical Law School Loan made to a first-year graduate law borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.32% variable APR. It works out to 42 payments of $25.00, 179 payments of $154.40 and one payment of $58.62, for a Total Loan Cost of $28,746.22. Variable rates may increase over the life of the loan.

15 This repayment example is based on a typical Graduate School Loan made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

16 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through the 9-month grace period, and ending when the loan is paid in full. Once principal and interest repayment begins, any Unpaid Interest will be added to Current Principal, increasing the Total Loan Cost. 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 $15,000 loan disbursed at the time of the student's graduation from school.

17 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through the applicable grace period, and ending when the loan is paid in full. For those who graduate, the grace period is 36 months. For those who withdrawal or whose attendance falls below half-time status, the grace period is 9 months. Once principal and interest repayment begins, any Unpaid Interest will be added to Current Principal, increasing the Total Loan Cost. 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 $20,000 loan disbursed at the time of student's graduation from school.

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

4.25% - 12.59%
1.13% - 11.23%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.59%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
3.59% - 12.37%
1.21% - 11.71%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.59% - 12.37%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.21% - 11.71%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating

Your repayment term will vary depending on the loan and lender you choose. Flexibility is critical for all borrowers, since anyone can be faced with an unexpected setback such as a job loss or medical emergency.
The following lenders offer the most flexibility when it comes to repayment plans, repayment terms, your monthly payment, your loan term, grace periods, forbearances and discharge options.

Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
3.34% - 12.78%
1.04% - 11.44%
Up to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.34% - 12.78%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.04% - 11.44%
Terms
Up to 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Customizable payment due date, and Option to Skip 1 payment every 12 months
Undergraduate Student Loan Rating
4.24% - 12.99%
1.24% - 11.99%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.24% - 12.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.24% - 11.99%
Terms
15 years
Fees
No fees
Offers
Good grades reward, Autopay discount (0.25%), Interest-only repayment discount (0.35%), and Multi-year option
Undergraduate Student Loan Rating
Advertising Disclosure
×

Advertised rates and other loan information are for the Sallie Mae® Smart Option Student Loan® for undergraduates.

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 loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or a U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loam amount of $1,000. Current credit and other eligibility criteria apply.

  1. Interest is charged starting when money is sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than 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. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a .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. It may be suspended during forbearance or deferment, if available for the loan.
  2. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
  3. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to 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. Chegg Tutors offers One Free session of up to 60 minutes. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Any minutes not used within the same session will expire upon conclusion of the session. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.
  4. Loan 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.
  5. Based 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 advertised valid as of 4/1/2021.

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 are the trademarks or service marks of their respective owners.

©2021 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.

 

4.25% - 12.60%
1.13% - 11.23%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.60%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating

Deferment allows you to temporarily pause or reduce your student loan payments. This option is commonly used when a borrower goes back to college or starts graduate school, an internship, fellowship or residency.
Overall, a federal student loan offers more deferment options than a private loan. But, there are some private lenders that allow borrowers to pause payments in certain situations. The following private lenders offer the best deferment options.

Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
4.25% - 12.59%
1.13% - 11.23%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.59%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%), Cosigner release, and One-time payment due date change
Undergraduate Student Loan Rating
Advertising Disclosure
×

Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: Ascentfunding.com/Ts&Cs. Rates are effective as of 07/01/2021 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate future income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan student borrowers must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your cosigner

10.27% - 12.46%
8.91% - 11.32%
5 years, 7 years, 10 years, 12 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
10.27% - 12.46%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
8.91% - 11.32%
Terms
5 years, 7 years, 10 years, 12 years, 15 years
Fees
Late fees
Offers
Opportunity to qualify based on alternative criteria to credit and income
Undergraduate Student Loan Rating
Advertising Disclosure
×

Advertised rates and other loan information are for the Sallie Mae® Smart Option Student Loan® for undergraduates.

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 loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or a U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loam amount of $1,000. Current credit and other eligibility criteria apply.

  1. Interest is charged starting when money is sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than 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. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a .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. It may be suspended during forbearance or deferment, if available for the loan.
  2. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
  3. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to 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. Chegg Tutors offers One Free session of up to 60 minutes. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Any minutes not used within the same session will expire upon conclusion of the session. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.
  4. Loan 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.
  5. Based 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 advertised valid as of 4/1/2021.

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 are the trademarks or service marks of their respective owners.

©2021 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.

 

4.25% - 12.60%
1.13% - 11.23%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.60%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating

When shopping for a private education loan, don’t forget about customer service. Many borrowers have had issues with student loan companies, but fortunately complaints are often documented.
The list below includes the private student loan lenders with the best customer service, based on self-service options, call center characteristics, popularity and complaint rates.

Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
6.12% - 9.77%
5.12% - 8.84%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
6.12% - 9.77%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
5.12% - 8.84%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Multi-year option
Undergraduate Student Loan Rating
4.24% - 12.99%
1.24% - 11.99%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.24% - 12.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.24% - 11.99%
Terms
15 years
Fees
No fees
Offers
Good grades reward, Autopay discount (0.25%), Interest-only repayment discount (0.35%), and Multi-year option
Undergraduate Student Loan Rating
Advertising Disclosure
×

Advertised rates and other loan information are for the Sallie Mae® Smart Option Student Loan® for undergraduates.

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 loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or a U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loam amount of $1,000. Current credit and other eligibility criteria apply.

  1. Interest is charged starting when money is sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than 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. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a .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. It may be suspended during forbearance or deferment, if available for the loan.
  2. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
  3. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to 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. Chegg Tutors offers One Free session of up to 60 minutes. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Any minutes not used within the same session will expire upon conclusion of the session. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.
  4. Loan 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.
  5. Based 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 advertised valid as of 4/1/2021.

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 are the trademarks or service marks of their respective owners.

©2021 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.

 

4.25% - 12.60%
1.13% - 11.23%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.60%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating

Unlike federal student aid, which comes from the government, you can get a private student loan from a bank, credit union or online lender. In some cases, you may be able to qualify for a lower interest rate if you borrow a student loan from the bank you already use.
Here is a list of the best bank lenders that offer student loans, based on costs, eligibility criteria, flexibility and customer service.

Lender
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Repayment Terms
Our Rating
Advertising Disclosure
4.18% - 10.83%
1.15% - 10.24%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.18% - 10.83%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.15% - 10.24%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Current customer discount (0.25%), Autopay discount (0.25%), and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
×

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.

Your Future Education Loan and Commerce Bank graduate loans: This information is for students attending participating degree-granting schools located in the U.S. Your Future Education Loan information is for undergraduates only. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. U.S. citizens or U.S. permanent residents are eligible. 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.

Their Future Education Loan: This loan must be used to pay for eligible student expenses at participating degree-granting schools located in the U.S. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

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

2 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when 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. All Advertised APRs assume a $10,000 loan. Your Future Education Loan APRs assume a freshman borrower with no other Sallie Mae serviced loans. Medical School Loan and Dental School Loan APRs assume 4 years in school. Law School Loan APRs assume 3 years in school. MBA Loan, Graduate School Loan for Health Professions, and Graduate School Loan APRs assume 2 years in school.

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

4 This 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.

5 Borrower or cosigner must enroll in auto debit through Commerce Bank’s servicer, 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.

6 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae-serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Requirements are subject to change.

7 This repayment example is based on a typical Your Future Education Loan made to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 10.81% variable APR. It works out to 51 payments of $25.00, 119 payments of $191.03 and one payment of $121.54, for a Total Loan Cost of $24,129.11. Variable rates may increase over the life of the loan.

8 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. 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. APRs assume a $10,000 loan to a person borrowing for a freshman student.

9 This repayment example is based on a typical Their Future Education Loan made to a borrower (on behalf of a freshman student) who chooses a variable rate and the Principal and Interest Repayment Option for a $10,000 loan, with two disbursements, and a 13.12% variable APR. It works out to 4 payments of $75.43, 115 payments of $152.13 and one payment of $79.85, for a Total Loan Cost of $17,876.52. Variable rates may increase over the life of the loan.

10 This repayment example is based on a typical MBA Loan made to a first-year graduate MBA borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

11 This repayment example is based on a typical Medical School Loan made to a first-year graduate medical borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 10.61% variable APR. It works out to 81 payments of $25.00, 238 payments of $173.02 and one payment of $94.95, for a Total Loan Cost of $43,298.71. Variable rates may increase over the life of the loan.

12 This repayment example is based on a typical Dental School Loan made to a first-year graduate dental borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.09% variable APR. It works out to 57 payments of $25.00, 238 payments of $153.63 and one payment of $85.19, for a Total Loan Cost of $38,074.13. Variable rates may increase over the life of the loan.

13 This repayment example is based on a typical Graduate School Loan for Health Professions made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

14 This repayment example is based on a typical Law School Loan made to a first-year graduate law borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.32% variable APR. It works out to 42 payments of $25.00, 179 payments of $154.40 and one payment of $58.62, for a Total Loan Cost of $28,746.22. Variable rates may increase over the life of the loan.

15 This repayment example is based on a typical Graduate School Loan made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

16 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through the 9-month grace period, and ending when the loan is paid in full. Once principal and interest repayment begins, any Unpaid Interest will be added to Current Principal, increasing the Total Loan Cost. 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 $15,000 loan disbursed at the time of the student's graduation from school.

17 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through the applicable grace period, and ending when the loan is paid in full. For those who graduate, the grace period is 36 months. For those who withdrawal or whose attendance falls below half-time status, the grace period is 9 months. Once principal and interest repayment begins, any Unpaid Interest will be added to Current Principal, increasing the Total Loan Cost. 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 $20,000 loan disbursed at the time of student's graduation from school.

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

4.25% - 12.59%
1.13% - 11.23%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.59%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating
4.44% - 11.44%
1.96% - 8.96%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.44% - 11.44%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.96% - 8.96%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.50%) and Cosigner release
Undergraduate Student Loan Rating

Savingforcollege.com has developed a methodology for ranking private student loans based on a set of objective criteria. Here are the top 10 best private loans for students:

Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Advertising Disclosure
×

Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: Ascentfunding.com/Ts&Cs. Rates are effective as of 07/01/2021 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate future income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan student borrowers must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your cosigner. 

3.27% - 12.16%
1.82% - 10.32%
5 years, 7 years, 10 years, 12 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.27% - 12.16%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.82% - 10.32%
Terms
5 years, 7 years, 10 years, 12 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%), Reward of $525 per successful referral, and Graduation Reward (1%)
Undergraduate Student Loan Rating
Advertising Disclosure
3.34% - 12.78%
1.04% - 11.44%
Up to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.34% - 12.78%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.04% - 11.44%
Terms
Up to 15 years
Fees
No fees
Offers
Autopay discount (0.25%), Customizable payment due date, and Option to Skip 1 payment every 12 months
Undergraduate Student Loan Rating
Advertising Disclosure
×

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

Information advertised valid as of 7/22/2021. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

3.49% - 13.24%
1.29% - 12.23%
5 years, 8 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 13.24%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.29% - 12.23%
Terms
5 years, 8 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%), Graduation reward ($150), and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
3.59% - 12.37%
1.21% - 11.71%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.59% - 12.37%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.21% - 11.71%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
3.74% - 10.74%
3.79% - 9.35%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.74% - 10.74%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.79% - 9.35%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
4.18% - 10.83%
1.15% - 10.24%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.18% - 10.83%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.15% - 10.24%
Terms
5 years, 10 years, 15 years
Fees
Late fees
Offers
Current customer discount (0.25%), Autopay discount (0.25%), and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
4.23% - 10.66%
1.20% - 11.23%
5 years, 10 years, 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.23% - 10.66%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.20% - 11.23%
Terms
5 years, 10 years, 15 years
Fees
No fees
Offers
Current customer discount (0.125%), Autopay discount (0.25%), and Cosigner release
Undergraduate Student Loan Rating
4.24% - 12.99%
1.24% - 11.99%
15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.24% - 12.99%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.24% - 11.99%
Terms
15 years
Fees
No fees
Offers
Good grades reward, Autopay discount (0.25%), Interest-only repayment discount (0.35%), and Multi-year option
Undergraduate Student Loan Rating
Advertising Disclosure
×

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.

Your Future Education Loan and Commerce Bank graduate loans: This information is for students attending participating degree-granting schools located in the U.S. Your Future Education Loan information is for undergraduates only. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. U.S. citizens or U.S. permanent residents are eligible. 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.

Their Future Education Loan: This loan must be used to pay for eligible student expenses at participating degree-granting schools located in the U.S. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

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

2 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when 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. All Advertised APRs assume a $10,000 loan. Your Future Education Loan APRs assume a freshman borrower with no other Sallie Mae serviced loans. Medical School Loan and Dental School Loan APRs assume 4 years in school. Law School Loan APRs assume 3 years in school. MBA Loan, Graduate School Loan for Health Professions, and Graduate School Loan APRs assume 2 years in school.

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

4 This 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.

5 Borrower or cosigner must enroll in auto debit through Commerce Bank’s servicer, 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.

6 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae-serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Requirements are subject to change.

7 This repayment example is based on a typical Your Future Education Loan made to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 10.81% variable APR. It works out to 51 payments of $25.00, 119 payments of $191.03 and one payment of $121.54, for a Total Loan Cost of $24,129.11. Variable rates may increase over the life of the loan.

8 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. 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. APRs assume a $10,000 loan to a person borrowing for a freshman student.

9 This repayment example is based on a typical Their Future Education Loan made to a borrower (on behalf of a freshman student) who chooses a variable rate and the Principal and Interest Repayment Option for a $10,000 loan, with two disbursements, and a 13.12% variable APR. It works out to 4 payments of $75.43, 115 payments of $152.13 and one payment of $79.85, for a Total Loan Cost of $17,876.52. Variable rates may increase over the life of the loan.

10 This repayment example is based on a typical MBA Loan made to a first-year graduate MBA borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

11 This repayment example is based on a typical Medical School Loan made to a first-year graduate medical borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 10.61% variable APR. It works out to 81 payments of $25.00, 238 payments of $173.02 and one payment of $94.95, for a Total Loan Cost of $43,298.71. Variable rates may increase over the life of the loan.

12 This repayment example is based on a typical Dental School Loan made to a first-year graduate dental borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.09% variable APR. It works out to 57 payments of $25.00, 238 payments of $153.63 and one payment of $85.19, for a Total Loan Cost of $38,074.13. Variable rates may increase over the life of the loan.

13 This repayment example is based on a typical Graduate School Loan for Health Professions made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

14 This repayment example is based on a typical Law School Loan made to a first-year graduate law borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.32% variable APR. It works out to 42 payments of $25.00, 179 payments of $154.40 and one payment of $58.62, for a Total Loan Cost of $28,746.22. Variable rates may increase over the life of the loan.

15 This repayment example is based on a typical Graduate School Loan made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.61% variable APR. It works out to 27 payments of $25.00, 179 payments of $141.23 and one payment of $25.40, for a Total Loan Cost of $25,980.57. Variable rates may increase over the life of the loan.

16 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through the 9-month grace period, and ending when the loan is paid in full. Once principal and interest repayment begins, any Unpaid Interest will be added to Current Principal, increasing the Total Loan Cost. 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 $15,000 loan disbursed at the time of the student's graduation from school.

17 Interest is charged throughout the life of the loan—beginning with disbursement, during school, through the applicable grace period, and ending when the loan is paid in full. For those who graduate, the grace period is 36 months. For those who withdrawal or whose attendance falls below half-time status, the grace period is 9 months. Once principal and interest repayment begins, any Unpaid Interest will be added to Current Principal, increasing the Total Loan Cost. 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 $20,000 loan disbursed at the time of student's graduation from school.

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

4.25% - 12.59%
1.13% - 11.23%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.59%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating
Advertising Disclosure
×

Advertised rates and other loan information are for the Sallie Mae® Smart Option Student Loan® for undergraduates.

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 loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or a U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loam amount of $1,000. Current credit and other eligibility criteria apply.

  1. Interest is charged starting when money is sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than 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. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a .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. It may be suspended during forbearance or deferment, if available for the loan.
  2. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
  3. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to 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. Chegg Tutors offers One Free session of up to 60 minutes. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Any minutes not used within the same session will expire upon conclusion of the session. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.
  4. Loan 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.
  5. Based 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 advertised valid as of 4/1/2021.

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 are the trademarks or service marks of their respective owners.

©2021 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.

 

4.25% - 12.60%
1.13% - 11.23%
5 years to 15 years
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.25% - 12.60%
Var. APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.13% - 11.23%
Terms
5 years to 15 years
Fees
Late fees
Offers
Autopay discount (0.25%) and Cosigner release
Undergraduate Student Loan Rating
What should I consider before borrowing student loans?

All student loans need to be repaid once you leave school. On top of paying back the amount you borrow, you will also be charged interest which you will have to pay. Ultimately, you’ll end up paying back much more than you borrow. The higher the interest rate and the larger the initial balance of your loan, the more you’ll have to pay back.

There are many things to consider before borrowing student loans, including your projected income and job outlook. Think over whether you’ve exhausted all other resources, including any savings, scholarships and grants, and if you’re eligible for employer tuition assistance, before applying for a student loan. Fill out the FAFSA to potentially qualify for need-based aid as well as the opportunity to participate in Federal Work-Study.

You may also want to apply to colleges that offer better financial aid packages, and choose a more affordable (or even debt-free) college to attend. It’s important that you keep your student debt manageable. The more debt you have, the greater the impact it’ll have on your credit, which can make it hard to borrow money in the future. This can make it difficult to do things like buy a car or a home.

Borrowing large amounts can also make it difficult to handle repayment. Missing payments or making late payments will also damage your credit score, making it harder to get loans in the future.

How much should I borrow to pay for my college education?

The goal should be to borrow as little as possible. Try to limit your total student loan debt at graduation, including federal and private student loans, to no more than your annual starting salary. If your total student loan debt is less than your annual income, you should be able to afford to repay your student loans in ten years or less. Keeping your student loan debt in sync with your income after graduation will help you afford your monthly payment.

Predicting your income after you graduate can be difficult, and it depends on many factors, including where you live, what you major in and the general state of the economy. A good way to estimate your post-graduation income is to check with the National Association of Colleges and Employers (NACE). This group produces regular reports that estimate grad’s incomes based on their majors.

Other sources of salary information include PayScale.com, Salary.com and Bureau of Labor Statistics (BLS).

With federal student loans, you may be able to use an income-driven repayment plan, but most private loans don’t offer this option. You have to use the same repayment plan regardless of your income, which can be a problem if you make less than you expect to after graduating.

The safest bet is to borrow as little as possible while still getting a good college education. Taking steps to reduce the cost of your education or to find ways to earn money to pay for school while you’re studying can help reduce the amount that you have to borrow.

How can I reduce the cost of my education?

There are a lot of ways to reduce the cost of your education

If you’re still in high school, enrolling in Advanced Placement classes and passing the exams at the end of the year can also earn you some college credits, which can lower the cost of college and allow you to possibly graduate early.

Apply for as many scholarships as you can. Continue to apply for scholarships every year you are enrolled in college.

One of the most common strategies is to choose a less expensive college. For example, in-state public colleges are cheaper that out-of-state private colleges.

Another big expense for college students is housing. If you go to a local school, living at home can save you a lot of money. While not living in a dorm may feel like you’re missing out on student life, you can still attend school events and join clubs, giving you the opportunity to experience the school’s community and make new friends.

Another option is to start your education at a less expensive college or university, such as a community college. Once you’ve earned credits, you can transfer to another school to finish your degree.

Although it doesn’t directly reduce the cost of college, working through college can help you cover some of your educational expenses or help you make some payments on your student loans. Studies have shown that working 12 hours or less a week can have positive impacts on a student’s academic performance. You can increase the number of hours you work over breaks and during the summer. Federal Work-Study is a federal program where a student can apply for on-campus (or nearby) part-time jobs. If you get a job related to your major, you’ll also earn valuable experience that will give you a leg up when job hunting after graduation.

What is the difference between federal and private student loans?

While both are student loans, federal and private student loans have many differences. The main difference between federal and private student loans is that federal student loans are from the government and private student loans are through a private institution.

Experts recommend using federal loans before applying for a private loan. Most federal loans come with many benefits that even the best private student loans don’t have. For example, some federal loans are subsidized. With a subsidized loan, the government pays the interest while you’re enrolled in school, during the grace period after graduation and during a deferment.

Federal loans may also offer loan forgiveness, the ability to make payments based on your income, and the option to pause payments if you lose your job or have an economic hardship. Federal loans also offer an option to be discharged if the borrower becomes disabled or dies.

Another benefit of federal student loans is that they tend to have lower interest rates than even the best private student loans, meaning that they’re cheaper in the long run. In the vast majority of cases, you should exhaust federal student loan options before moving on to private student loans.

Federal student loans also do not require a cosigner and are not based on your credit, unlike private student loans.

How does federal loan forgiveness work?

One of the biggest advantages of federal student loans over private loans is that borrowers can qualify for loan forgiveness. Loan forgiveness erases the remaining balance of a loan, leaving the borrower free of the debt.

There are a few ways to qualify for student loan forgiveness.

Public Service Loan Forgiveness (PSLF) is one path to loan forgiveness. Under PSLF, if you work for a non-profit organization or a government (local, state, or federal) you can qualify for loan forgiveness. Once you make 120 payments on your loan balance (at least ten years of payments) the government forgives your remaining balance.

Teacher Loan Forgiveness lets teachers who work for five consecutive years in a low-income school or educational service agency get up to $17,500 of their debt forgiven.

When should I borrow private student loans?

Before turning to private student loans, exhaust all of the other options for funding your education. Things like scholarships, school-based financial aid, grants, and employer-paid tuition assistance can help you pay for school without incurring debt.

You can also take steps to lower your college costs by choosing a less expensive school or less expensive housing.

You should make sure you’ve reached the borrowing limit for federal student loans before borrowing private student loans. Federal loans have many benefits and tend to be cheaper than private loans, so you shouldn’t get a private loan if you’re still eligible for a federal one.

If you still need money to pay for school and decide a private loan is right for you, be sure to borrow responsibly. Needing to get private or parent loans may be a sign that you’re borrowing more than you can afford to repay. Also, make sure that you take the time to shop around for the best deal as there are many private student lenders out there.

What are other ways to fund college before borrowing money?

One of the best ways to reduce your college costs is to apply for scholarships, grants, and other financial aid. Many organizations offer small scholarships and grants to students. Some of these programs are very specific, meaning you have a very good chance of getting a scholarship or grant if you’re eligible.

For example, the Mycological Society of America offers multiple scholarships worth hundreds or thousands of dollars to students involved in fungi research. There are also groups that offer scholarships to left-handed people, tall people, or people who wear glasses. Look for unusual scholarships you might be eligible for. These programs often get few applications, which gives you a better chance of winning the scholarship.

Many local businesses and groups also offer small scholarships to students from their area. A $500 scholarship might not seem like much compared to the cost of a college education, but if it only takes five minutes to apply, it’s well worth the effort. If you get a few of these scholarships each year, you could knock thousands of dollars off your potential student debt.

How do I choose a lender?

Once you’ve exhausted other options for funding a college education, it’s time to look at lenders.

There are many things to consider when choosing a private lender. You’ll want to think about what interest rates and fees are offered, what the terms of the loan are, whether you meet the requirements for approval (I.e., do you need a cosigner), what repayment options do they offer and what reviews say about them.

If you need a cosigner, you might also want a lender that offers a cosigner release (an opportunity to remove the cosigner). You may want to know if they offer any deferment options, whether there are options to pause your payments if you lose your job and whether your loans will be forgiven if you become disabled.

In general, you want to find the loan that will cost the least overall. This means comparing options from online lenders, banks, and your local credit union.

You might see an origination fee or similar fees that some lenders will add to your loan. Avoiding these can save you money, reducing your monthly loan payment and the total cost of your loan.

Also look for discounts that can save you money. Some lenders offer discounts to customers who have a bank account with them or who sign up for automatic payment for their monthly loan payment.

What do I need to qualify for a private student loan?

Every lender has different requirements for people applying for a private student loan.

Like most loans, your credit score will play a major role in your ability to get a private student loan. This is problematic for many students because young people tend to have poor credit or no credit at all since they haven’t had time to build a credit history.

Other factors include your income, debt-to-income ratio and the duration of employment with your current employer.

Most lenders also want to make sure you’re attending an accredited school and some may even look at your major and other information about your education, such as your grades and year in school.

If you don’t have solid credit, lenders might ask you to have a creditworthy cosigner. Cosigners agree to accept responsibility for repaying your debt if you stop making payments. You’ll want to find a cosigner with good credit to improve your chances of getting the loan and qualifying for a good rate.

Do I need a cosigner for private student loans?

Many private student lenders require a cosigner for student loans if the student doesn’t have good credit or steady income. Cosigners accept responsibility for repaying the loan if the borrower doesn’t repay it. So, you need to find a cosigner who trusts you and is willing to put their finances at risk for you. Often, this will be a parent or guardian.

The lender will look at the cosigner’s credit in addition to yours when making a lending decision. The better the cosigner’s credit, the better the impact they’ll have on your loan’s terms.

If you have good credit or a source of income, lenders may not require a cosigner, but you may still be able to secure a lower interest rate by finding a cosigner with excellent credit.

How does being a cosigner work?

A cosigner should be a responsible adult with strong credit and consistent income. Anyone who cosigns a student loan should understand how it works and the potential risks.

Cosigners are just as responsible for paying back the debt as the borrower. If the borrower fails to make a payment on their loan, the cosigner is responsible for making that payment. If the borrower stops paying the loan entirely, the cosigner must make the remaining loan payments.

Being a cosigner also has an impact on your credit score as it will increase the debt on your credit reports. Late payments will affect your credit history, not just the student’s credit history. Both your credit history and debt-to-income ratio play a major role in your ability to qualify for loans. If you cosign a large student loan, you may struggle to qualify for other loans.

What is a cosigner release?

Some private lenders offer an option for a cosigner release. This means that eventually, once specific requirements are met, a cosigner can be released from their obligation to repay the loan.

Often a lender will require a set number of consecutive on-time payments (such as one, two, three or four years) before it will allow a cosigner release. Lenders also check the borrower’s credit before approving the cosigner release, making sure the borrower could qualify for the loan on their own without a cosigner. So, the borrower will need good credit and steady income, not just a good payment history.

Even if a lender offers a cosigner release, there isn’t a guarantee that the borrower will qualify for cosigner release. Most don’t. Cosigners should assume they’ll be cosigners for the life of the loan rather than counting on a cosigner release partway through the loan term.

When do I have to start repaying student loans?

Most private student loan lenders offer several options for repayment during the in-school and grace periods.

Many lenders give borrowers the option to completely defer, or postpone, payments until after graduation or when enrollment drops below half-time. This lets the borrower avoid paying for the loan while they’re in school, but means that the loan’s interest will accumulate (and possibly compound) until they graduate.

It can often be worthwhile to make small payments or interest-only payments on a loan while you’re in school, even if they aren’t required, to try to reduce the amount of interest that accrues.

Some loans require fixed payments or interest-only payments while the borrower is still in school. Many loans also have a grace period (usually six months) after you graduate or go below half-time. After the grace period is over, you will be required to make full payments.

Some lenders provide discounts, such as small interest-rate reductions, to borrowers who agree to make fixed, interest-only or full payments during the in-school and grace periods.

What is the difference between fixed and variable interest rates?

A fixed interest rate means the loan’s interest rate stays the same throughout the life of the loan. Variable interest rates can go up and down. Borrowers may be persuaded to choose a variable interest rate because it is initially lower than the fixed interest rate, but keep in mind, this interest rate can increase and eventually exceed the interest rate offered by the fixed rate option.

In general, one of the best ways to take advantage of variable interest rate loans is to repay them as quickly as possible. This lets you receive the benefit of the lower interest rate without leaving much time for the rate to rise.

Fixed-rate loans are often better if you plan to keep the loan for the long-term. If interest rates rise, you get to keep your loan’s lower rate. If interest rates drop significantly, you can try student loan refinancing to reduce your loan’s interest rate.

Important Disclaimers

Savingforcollege.com provides our readers with free access to objective information, articles and tools to help them make informed decisions about saving and paying for education. We are able to do this because we are compensated by our partners, including some private student lenders. Some, though not all, of the products featured here are offered by partners who may pay us a sales commission. Our partnerships do not influence our ratings or reviews, which are based on in-depth research and objective methodologies, though they may influence which products we write about and where those products appear on our site. Our opinions are our own.

While Savingforcollege.com strives to keep our information up to date, the lender rates, terms and other information are subject to change at any time.

Exhaust all other resources, such as scholarships and grants, before borrowing student loans. If you need to borrow loans, federal student loans offer many benefits that private student loans do not. Read the fine print and disclaimer from any potential lender and understand how student loans work before borrowing.

Savingforcollege.com is an independent publisher. We do not provide legal, financial, accounting or tax advice. The information and tools published on this website are general in nature and may not apply to your specific circumstances. You should seek specific guidance from a qualified legal, financial, accounting or tax professional.

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