Private Student Loans
Private Student Loans
You worked hard during High School and are now accepted to the College or University of your dreams.
Do you just need some more money for that next semester?
Now what? Read our tips and tricks below then pick a Lender and apply today.
Apply now and mark that tuition bill paid in minutes.
Private Student Loan Lenders
| LENDER | VARIABLE APR | FIXED APR | LOAN TERM | |
|---|---|---|---|---|
|
4.79% APR 1 – 14.96% APR 1 | 3.49% APR 1 – 15.49% APR 1 | 10 - 15 YEARS 2 |
Lender Disclosures |
|
4.99% – 15.50% APR 3 | 3.94% – 16.25% APR 3 | 10-25 YEARS 4 |
Lender Disclosures |
|
5.62% APR – 16.85% APR | 3.74% APR – 16.49% APR | 5-15 YEARS |
Lender Disclosures |
|
6.01% -13.76% | 3.99% -12.61% | 10 YEARS |
Lender Disclosures |
Tips and tricks, they will not tell you:
- Apply for Scholarships. Free money is good. You will have to work for it, fill out a form or write an essay. But free is good. Check out our free scholarship search .
- Fill out the FAFSA to determine eligibility for Federal and State aid including Grants. The FAFSA is free . Never pay to fill it out. Fill it out here for at Federal Student Aid , An office of the U.S. Department of Education.
- Compare Federal Loans to Private student loan sources. The Federal student loans charge origination fees and you may be able to get better rates from Private student loan Lenders, if you or your cosigner have good credit.
- Always apply with a credit worthy cosigner. Face it, you aren't a good credit risk to a Lender. No job, no credit and not going to pay them back for 4 or 5 years. The Lenders gives you credit for your cosigners credit history, and you have a better chance of getting approved and getting a lower interest rate
- Compare borrower benefits. ACH can save you .25%. Can your cosigners be released and when?
- 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. Keep in mind every dollar borrowed today needs to be paid back with interest.
3 steps to get a Private Student Loan fast.
01
Compare private student loans
- Compare interest rates and terms.
- Consider a cosigner for better approval chances and potentially a lower rate.
02
Choose a loan and apply
- Most lenders allow you to apply online.
- Have your cosigner fill out their section.
- Compare loan options, term, variable versus fixed rate, in school payment options, and fees.
03
Respond timely to your lender
- Keep an eye out on your email or check your application status online.
- Provide documents as quickly as possible. You may need to provide a government issued photo id, proof of income and other documents.
Frequently asked questions
Here are some of the common questions about private student loans that we have been asked..
When it comes to choosing between fixed and variable interest rates, understanding the differences, along with their pros and cons, is crucial for making an informed financial decision. A fixed interest rate remains constant throughout the life of a loan or mortgage. This stability can be incredibly advantageous in a fluctuating market, as it allows borrowers to predict their payments with certainty. The primary pro of a fixed interest rate is peace of mind; knowing that your payment won’t change protects you from potential increases in rates over time. However, the downside is that if interest rates fall after you secure your loan, you could miss out on lower payments available to new borrowers. On the other hand, a variable interest rate fluctuates based on market conditions. While this can initially seem daunting due to its unpredictability, there are significant benefits. Variable rates often start lower than fixed rates, meaning you could save money in the early years of your loan if market conditions are favorable. However, this comes with risks: if interest rates rise significantly during your repayment period, your monthly payments could increase substantially. In summary, choosing between a fixed and variable interest rate depends on your financial situation and risk tolerance. If you value stability and predictability in your budget planning, a fixed rate may be more suitable for you. Conversely, if you're willing to take some risks for potentially lower initial costs and can handle fluctuations in payments over time, then a variable rate might be worth considering. Make sure to evaluate both options carefully before making this important decision!
2024-2025 Federal student loan interest rates
How to pay for school