If you've maxed out on federal financial aid, private student loans can close the gap for educational expenses, including tuition, housing, books and computers.
Available from traditional banks, credit unions, and fintech lenders, private loans don't come with all the protections of federal loans, but they tend to offer higher loan limits and faster approval.
If you have excellent credit, you might even get a lower interest rate.
CNBC Select has picked the best lenders for private student loans, looking at rates, repayment terms, credit requirements and more. See our methodology for more on how we made this list.
Best private student loans of September 2026
Best for flexible repayment terms: College Ave
Who's this for? College Ave combines low rates, high loan limits and flexible repayment terms. Borrowers can begin repaying in school or defer until graduation, with a choice of 5-, 8-, 10-, or 15-year terms (or 20 years for graduate loans).
Standout benefits: Borrowers with good credit don't need a co-signer. College Ave also offers hardship protections like deferment, forbearance and grace periods.
- High loan amount
- Flexible repayment terms
- Hardship protections like deferment and forbearance
- No co-signer required for U.S. students
- Offers repayment terms of up to 20 years for graduate student loans (otherwise, up to 15 years for undergraduate loans)
- Co-signers can't be released until half of the repayment term has passed
- Charges late fees
College Ave's student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable 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 the Flat Repayment Option with the shortest available loan term
Best for borrower benefits: SoFi
Who's this for? SoFi gives eligible borrowers with at least a 3.0 GPA a $250 cash bonus once each year. Other benefits include premium travel offers, career advice, one-on-one financial planning and preferred rates on other loans.
Standout benefits: If you're facing financial hardship, entering military service or returning to school, SoFi offers forbearance and deferment options. Its unemployment protection allows borrowers to put payments on hold in three-month increments while they look for work.
- $25/month partial interest payment option available while you are enrolled at least half-time
- 0.25% interest rate discount for autopay
- Co-signers eligible for release after 12 consecutive payments
- Offers a $250 bonus to eligible borrowers with a 3.0 GPA or better
- Existing SoFi members may qualify for an additional rate discount
- Good to excellent credit is typically required for approval
- $5,000 minimum loan amount is higher than other lenders' minimums.
Interest Rates: Eligibility and Important Details. Fixed rates range from 2.99% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 9/3/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.
Best for graduate students: Sallie Mae
Who's this for? Sallie Mae is considered the top private lender for graduate school loans because it offers competitive rates on program-specific loans for law, business and medical school and more, with grace periods of up to 48 months.
Standout benefits: Borrowers can make 12 interest-only payments after their grace period. Loans are available for students enrolled less than half-time and for international students (with a U.S-based cosigner)
- Loans available to part-time and continuing ed students
- Co-signer release after just 12 payments
- No origination fee
- Offers loans for a wide variety of educational needs including: bar study, medical school, residency and relocation costs, dental school, residency and relocation costs, nursing school/health professions, commercial flight school, coding boot camp and professional certifications
- No student loan refinancing
- Doesn't offer parent loans
- Hard credit check to prequalify
- Late payment fee
Best for borrower protections: Earnest
Who's this for? Earnest offers significant borrower protections for a private lender, including a nine-month grace period (compared to the industry-standard six months) and up to 12 months of forbearance for financial hardship. Eligible borrowers in good standing can also skip one payment every 12 months without penalty.
Standout benefits: Earnest considers factors beyond your credit score, including savings, education and income potential. Depending on the loan terms, a co-signer can be released in as little as 12 months.
- Student loan refinancing available
- Offers the option to apply with a co-signer
- Nine-month grace period
- Borrowers can skip one payment per year without penalty
- No physical branches
- Student loan refinancing not available in Mississippi
Actual rate and available repayment terms will vary based on your financial profile. Our lowest rates are only available for the most credit qualified existing cosigned loan borrowers who receive the 0.25% Loyalty discount and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.
Residents of Hawaii must request a loan of at least $1,501.
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.
To be eligible for the Loyalty Discount, applicants must have previously obtained an Earnest Private Student Loan and apply using the same email address associated with that loan. Only one Loyalty Discount may be applied per eligible Earnest Private Student Loan. Not all applicants may qualify. This offer cannot be combined with Earnest's Rate Match program. Earnest may modify or discontinue this offer at any time and without notice, however, once a Loyalty Discount is earned, it will not be taken away.
Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
Earnest clients may skip a payment through a single, one-month forbearance during a 12 month period. Your first request to skip a pay can be made once you've made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest's discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
Best for applying with a co-signer: Edly
Who's this for? Edly only requires borrowers to make six consecutive monthly payments before it allows co-signers to be released, the shortest term of any lender we've found.
Standout benefits: Unlike most private lenders, Edly offers income-based repayment (IBR) plans on co-signed and non-cosigned loans.
Edly Student Loans
Eligible borrowers
Qualifying juniors, seniors and graduate students
Loan amounts
$2,000 up to $15,000 per academic year and up to $10,000 for summer terms; ($20,000 lifetime limit)
Loan terms
84 months
Loan types
Variable
Borrower protections
Deferment and forbearance; all loans are based on income-based repayment
Co-signer required?
No
Terms apply.
Pros
- Considers borrowers' schooling and programs
- All loan payments are income-based
- Hardship protections available
- No co-signer required
- Student success team and career counselors available for support
Cons
- Only 7-year loan terms
- Only variable-rate loans
- Not available in every state
- Non-cosigned loans tend to charge higher interest rates
Best for applying without a co-signer: Ascent
Who's this for? Ascent will consider borrowers without established credit, as well as those who don't meet income requirements. Rather than requiring a co-signer, it reviews their school, program, graduation date, major, GPA, cost of attendance and other factors.
Standout benefits: Ascent offers an autopay discount of up to 1%, four times what most lenders provide. It also gives borrowers 1% cash back on their loan principal at graduation.
- Considers borrowers with no credit
- High loan limit
- Co-signer release available after just 12 payments
- Up to 1% interest rate discount for autopay*
- 1% cash back rewards*
- Considers alternative requirements like the borrower’s school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP) to grant approval
- Maximum fixed APR is on the high side
- Doesn't offer student loan refinancing
Disclosure: *Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 7/15/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower's credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
Best for multi-year loans: Citizens
Who's this for? Once you're approved for student loan financing with Citizens, you can receive funding in subsequent semesters with just a soft credit inquiry.
Standout benefits: Citizens has a low $1,000 loan minimum. Borrowers can get a 0.25% rate discount with a qualifying Citizens deposit account. International graduate students can apply with a U.S.-based co-signer.
- No co-signer required
- International students can qualify with a U.S. co-signer
- 0.50% rate discount for autopay from a Citizens account
- Offers student loan refinancing
- Multi-year approval lets you apply once and then just have a soft credit inquiry when they need funds in the following semesters
- Co-signers can't be released until after 36 payments.
- Banking services not available in every state
What is a private student loan?
A private student loan is a form of educational financing not provided by the Department of Education, but by a bank, credit union, online lender, state agency or other institution. It's typically an option when federal student aid runs out or is insufficient to cover the cost of attendance.
Unlike federal loans, private loans require a credit check, so students typically need a co-signer. In addition, while federal student loans have a fixed interest rate determined by the DOE, rates for private loans can be fixed or variable and vary by lender.
Some private loans come with deferment options or grace periods, but repayment terms are typically less flexible than federal loans. They're also not eligible for government student loan forgiveness programs.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Undergraduate and graduate students, parents, students in MBA, law, health professional and dental programs
$5,000 (or state-mandated minimum) up to the cost of attendance
5, 7, 10, 15, years; up to 20 years for refinancing loans
Terms apply.
Undergraduate, graduate, Master's, PhD, MBA, law school, medical school, health professions, dental school, medical and dental residency loans, bar study loans.
$1,000 up to 100% of the cost of attendance
10 to 15 years
How to choose a private student loan lender
If you decide to pursue a private student loan, you can compare offerings from several lenders without impacting your credit score.
Here are the important factors to consider when making your decision:
- Interest rates: Look at both fixed and variable rates offered by different lenders. Fixed rates remain the same over the life of the loan, while variable rates may start lower but can increase over time.
- Repayment terms: Some lenders allow you to make interest-only payments while in school, while others require full payments immediately. Look for options that offer grace periods or flexible repayment plans after graduation.
- Borrower protection: Private lenders may offer deferment or forbearance in case of financial hardship, but not all do. See whether a lender has hardship options, unemployment protection or discharge in cases of disability or death.
- Co-signer requirements: Private lenders consider an applicant's credit score. Most students need a co-signer to qualify or to secure a better interest rate. See if the lender offers a co-signer release after a number of on-time payments.
- Fees and penalties: Pay close attention to how interest accrues and if there are charges for late payments or early repayment.
FAQs
How do I choose a private student loan?
Shop around with different lenders that approve borrowers with your credit score and income to see what APRs and terms you qualify for. It's important to find a lender with multiple repayment terms and options like in-school payments, interest-only payments, deferred payments and grace periods after graduation. Also, compare co-signer policies and what, if any, borrower protections are provided (including unemployment assistance and hardship forbearance).
Can I get a private student loan without a co-signer?
Most private lenders evaluate your credit history and income to make their approval decision. If you're young or have limited credit history, getting a loan without a co-signer will be difficult. Some lenders approve no-co-signer student loans by reviewing other criteria, such as academic performance and earning potential. You may be offered a higher Interest rate, however.
Do private student loans have fees?
Most private lenders do not charge application, origination or late fees or a prepayment penalty for paying off the loan early. None of the lenders on this list charge these fees, but you should always confirm a lender's fee structure before taking out a loan.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To determine which lenders are the best for private student loans, CNBC Select analyzed more than 20 banks, credit unions and online lenders. We narrowed our list by only considering lenders that didn't charge application, origination or late fees or prepayment penalties.
We also compared each lender on the following features:
- Rates and fees: We considered each lender's annual percentage rates (APRs) and whether they offered fixed and variable APRs.
- Terms: Lenders with a wider variety of repayment terms were given more weight than those that only offered one or two options.
- Loan amount: We considered each lender's loan minimum and maximum, giving more weight to those with a broader range for borrowers.
- Loan type: We considered whether lenders offered financing for undergraduate and graduate loans, parent student loans, professional programs (MBAs, law school, medical school, etc.) and student loan refinancing
- Credit score requirements: Lenders with more flexible score requirements were given more weight.
- Co-signer requirements: Lenders that did not require co-signers were given more weight than those that did. We also considered how many consecutive on-time payments a borrower had to make before they could release their co-signer.
- Repayment options: Lenders that allow students to defer payments while in school were given more weight than those that required immediate, partial or interest-only payments.
Hardship options: We considered whether a lender offered grace periods and deferral and forbearance options, and for how long.
Customer service: We considered whether a lender had robust phone support, an easy-to-use digital platform and online chat. When possible, we also considered Better Business Bureau scores and Trustpilot ratings.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
After reviewing the above criteria, our selections for the best lenders for private student loans were:
- Best for flexible repayment terms: College Ave
- Best for borrower benefits: SoFi
- Best for graduate school loans: Sallie Mae®
- Best for borrower protections: Earnest
- Best for applying with a co-signer: Edly
- Best for applying without a co-signer: Ascent
- Best for multi-year loans: Citizens
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Fixed rates range from 3.99% APR to 10.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.74% APR to 10.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount.
Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 8/19/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term.
Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi.
Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.
