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Best Student Loans

Student Loans systems can benefit your business in many ways, with a number of important features and functions. With COVID-19 constantly changing the rules of the game, the features offered by the latest Student Loans systems can keep you ahead of the competition, so look out for special New Year deals and make sure your business is ready for whatever Student Loans has in store.

Last Updated August 2022

College Ave Student Loans banner
#1

College Ave Student Loans

  • Undergrad rates - Fixed:3.22%-13.95% with autopay discount
  • Graduate rates - Fixed:3.99%-111.98 % with autopay discount

College Ave offers the best student loan lender due to its many repayment options. This private lender does not charge prepayment fees and has few fees. Parents and student borrowers can access variable and fixed interest rate loans. Additionally, student loan refinancing options are also available.

College Ave student loan lender does not have strict requirements for their borrowers. You can access the student loans as soon as you enroll in your degree. The only mandatory requirement is a cosigner and a valid U.S. social security number regardless of national origin.

Students enrolled in pre-qualified institutions can access loans for as low as $1,000. However, college Ave has a Multi-Year Peace of Mind loan program for undergraduate students who need more money. Consequently, you must include a cosigner in your loan application for it to be approved.

College Ave offers flexible repayment options, especially for borrowers repaying while in school. From full principal and interest payments to interest-only payments to flat-rate monthly payments of $25.

College Ave is the better option for a student loan because it does not penalize borrowers for early loan repayments, does not charge application fees, and does not charge late fees. There is a 0.25% discount for borrowers enrolled in the automatic payment option.

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College Ave Student Loans logo
Sallie Mae banner
  • Undergrad rates - Fixed:3.75%- 13.72% with autopay discount
  • Graduate rates - Fixed:4.22%- 12.92%with autopay discount

Sallie Mae is a perfect solution for graduate students because of its friendly Graduate Repayment Program, allowing them to repay a year after graduating through interest-only payments.

Sallie Mae lenders loans to undergraduate, vocational, and graduate students in any non-degree school. This private lender offers competitive variable and fixed rates loans for students in their Career Training Student plan. Interestingly, they do not charge originating fees and lend part-time students loans.

Returning students can apply for the Multi-year advantage loan, which allows them to borrow loans yearly based on their income and credit qualifications. It is worth noting that cosigners increase your chances for loan approvals.

Sallie Mae does not give personalized rates to anyone who has not applied for a loan. This student loan lender does not also disclose its credit requirements. However, on average, undergraduate student loan borrowers must have a minimum credit score of 748.

Borrowers can choose to repay their loans using the fixed-monthly or interest-only options. Sallie Mae also allows borrowers to defer loan payments while in school. Enrolling in the Graduate Repayment period and autopay plan will earn you an interest rate discount of 0.25%.

Sallie Mae’s loans can finance all necessary education-certified expenses, including tuition, travel, books, fees, housing, and a laptop.

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Sallie Mae logo
Ascent banner
  • Undergrad rates - Fixed: 5.17%-13.21%
  • Graduate rates - Fixed: 5.31%-14.96%

Ascent has tight eligibility criteria for its student loans. Before giving out loans, they consider the borrower's program, major, school, and academic performance (GPA). This is among private lending companies that do not require borrowers to have cosigners and has special loans for financial aid officers and international and DACA students.

Undergraduate juniors and seniors that don't meet the minimum credit requirements and lack a cosigner can apply for Ascent's Non-Cosigned Loan, which is outcome-based. The Non-Cosigned loan is best for students with a minimum GPA of 2.9 and about to graduate.

Taking a school loan without a cosigner allows you the flexibility of repaying the loan after graduation. Ascent loan repayment terms range between ten to fifteen years. However, Ascent only lends non-cosigned loans to students past half-school time.

Ascent does not charge application, originating, or prepayment penalty fees for its graduate and undergraduate private student loans. Borrowers can apply for a cosigner release after consistent and timely payments for twenty-four months.

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Ascent logo
Credible banner
  • Undergrad rates - Fixed: 3.20% - 14.54%
  • Graduate rates - Vary from lender to lender

Credible offers a free platform for clients to compare terms and rates from several other private student loan lenders. Potential borrowers can access personalized rates using the online prequalification tool.

Credit conducts a soft prequalification check on its online platform. Prequalification is a necessary step to get personalized rates and a list of student loan offers within the client's budget. Surprisingly, the qualification check does not affect clients' credit scores.

Credible has partnered with private student loan lenders like Citizen Bank, Ascent, College Av, Discover, MEFA, INvestEd, EDvestinU, and Sallie Mae to create one platform. The downside is that many of the Credible partners request a minimum credit score of 680 to qualify for loans.

Borrowers with a good credit score can get fixed APR student loan rates of as low as 3.20% and variable APR rates starting from 0.94%. However, note that the lenders on this platform offer varying APR, rates, specific programs, and terms and conditions.

Credible has no partnership with private lenders that charge prepayment penalties and origination fees on student loans. The loans offered by Credible partners include:

· Undergraduate

· Graduate

· Parent student loans

· Medical school

· Law school

· MBA

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Credible logo
SoFi banner
  • Undergrad rates - Fixed: 3.75%- 13.30% APR with autopay discount
  • Graduate rates - Fixed: 4.75%- 13.30% APR with autopay discount

SoFi does not approve student loans without thoroughly reviewing the client’s cash flow, financial responsibility history, and professional history. Other eligibility criteria include:

· Borrowers have to be enrolled in an accredited four-year degree-granting institution

· Students must have at least gone through half-time in the school program.

Choosing SoFi as your option for student loans guarantees you several benefits, including access to rewards point program and six months in the Best of Evernote program. The private student loan lender has a mobile app to manage banking accounts, loan payments, credit cards, and investments. SoFi rewards points for each transaction made on the app.

Earn redeemable points by using the SoFi mobile app and use them to repay your student loans. Unfortunately, Ohio residents are not beneficiaries of some of the benefits.

This lending company does not charge originating, application, or prepayment penalties to its student loans. Subscribing to the monthly automatic payment plan will earn you up to $o.25 rate discounts. SoFi offers the following loans:

· Undergraduate

· Graduate

· MBA

· Law school

· Health professions

· Parent PLUS

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SoFi logo
LendKey banner
  • Undergrad rates - Fixed: 2.99%-9.93% with autopay
  • Graduate rates - Vary by lender

LendKey loan marketplace has partnered with a vast network of credit unions and community banks. The good thing about them is that they service their loans and have reliable customer service. The company has an automated digital platform that its partner lending companies use to issue loans.

LendKey offers loans that finance education-related expenses in certified institutions, including tuition, fees, board, room, laptop, textbook, and transportation. This lending company approves loans for applicants who meet the minimum credit requirements. Borrowers who fail to meet the eligibility criteria must have consigners to increase their chances of loan approvals.

However, cosigners must present supporting documents, including permanent address, proof of income, and social security identification. To have your loan application approved, you must:

· Be a permanent resident/ U.S. citizen.

· Be of legal age in their residential state.

· Be enrolled half-time in an approved school or a degree-awarding program.

The company offers flexible repayment options, from interest-only to fixed repayments for students in school. Borrowers can apply for loan forbearance of up to six months. The company does not charge any application or originating fee for its student loan refinancing and private student loans. LendKey offers the following loans:

· Undergraduate

· Graduate

· Student loan refinance

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LendKey logo
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