As the cost of higher education continues to rise, many students are turning to private student loans to help finance their education. Private student loans are offered by private lenders and can cover the cost of tuition, books, and other educational expenses. Unlike federal student loans, private student loans have variable interest rates, and rates can vary widely depending on the lender, the borrower’s creditworthiness, and other factors. In this article, we’ll take a look at some of the best private student loans currently available and explore their current rates.
Sallie Mae
Sallie Mae is a well-known provider of private student loans. They offer undergraduate, graduate, and career training loans with flexible repayment terms and competitive interest rates. Sallie Mae offers variable interest rates starting at 1.13% APR and fixed interest rates starting at 3.49% APR. The interest rate you’ll receive will depend on your credit score and other factors.
Discover
Discover is another popular lender for private student loans. They offer loans for undergraduate, graduate, and professional students with flexible repayment terms and no fees. Discover offers variable interest rates starting at 1.24% APR and fixed interest rates starting at 3.49% APR. They also offer cash rewards for good grades and a 0.25% interest rate reduction for automatic payments.
College Ave
College Ave is a newer player in the private student loan market, but they offer competitive rates and flexible repayment options. They offer loans for undergraduate, graduate, and professional students with variable interest rates starting at 1.04% APR and fixed interest rates starting at 3.34% APR. College Ave also offers a range of repayment options, including deferred, interest-only, and immediate repayment plans.
Citizens Bank
Citizens Bank is a well-established lender that offers private student loans for undergraduate, graduate, and professional students. They offer both variable and fixed interest rates, with variable rates starting at 1.13% APR and fixed rates starting at 3.45% APR. Citizens Bank also offers a range of repayment options, including deferred, interest-only, and immediate repayment plans.
Earnest
Earnest is a newer lender that offers private student loans with competitive rates and flexible repayment options. They offer loans for undergraduate, graduate, and professional students with variable interest rates starting at 1.05% APR and fixed interest rates starting at 3.49% APR. Earnest also offers a range of repayment options, including deferred, interest-only, and immediate repayment plans, as well as the ability to customize your payment schedule.
SoFi
SoFi is a well-known lender that offers a range of financial products, including private student loans. They offer loans for undergraduate, graduate, and professional students with variable interest rates starting at 1.05% APR and fixed interest rates starting at 3.49% APR. SoFi also offers a range of repayment options, including deferred, interest-only, and immediate repayment plans, as well as the ability to pause your payments if you lose your job.
CommonBond
CommonBond is a newer player in the private student loan market, but they offer competitive rates and a unique social mission. For every loan funded, they also fund the education of a child in need through their partnership with Pencils of Promise. CommonBond offers loans for undergraduate, graduate, and MBA students with variable interest rates starting at 1.09% APR and fixed interest rates starting at 3.74% APR. They also offer a range of repayment options, including deferred, interest-only, and immediate repayment plans.
