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Best Private Student Loans
Private student loans can fill funding gaps after federal loans, grants, and scholarships — several lenders offer competitive rates for borrowers with strong credit or a creditworthy cosigner.
Top Private Student Loan Lenders
| Lender | Rate Type | Notable Feature |
|---|---|---|
| SoFi | Fixed or variable | No fees, member benefits |
| Sallie Mae | Fixed or variable | Wide range of school coverage |
| College Ave | Fixed or variable | Flexible repayment term options |
Why a Cosigner Often Helps
Most undergraduate students lack the credit history to qualify for the best rates independently — adding a creditworthy cosigner (often a parent) typically results in meaningfully better rate offers.
Cosigner Release Options
Many lenders offer a cosigner release option after a set number of on-time payments (often 24-36 months), allowing the primary borrower to eventually remove the cosigner from the loan.
Common Mistakes
Not comparing multiple lenders before choosing — rates and terms vary meaningfully, and checking rates with several lenders (using soft credit pulls) doesn't affect your credit score.
Frequently Asked Questions
Most undergraduate students benefit from having a cosigner, since limited credit history often means higher rates or denial without one — graduate students with established credit may qualify independently.
Many lenders offer a cosigner release option after a set number of consecutive on-time payments, typically 24-36 months — check your specific lender's policy.