Earnest fixed rate loan rates range from 3.45% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.89% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of November 21, 2019, and are subject to change based on market conditions and borrower eligibility.

After those two options, you should consider federal student loans. These typically have lower interest rates, better benefits, more protections for borrowers, and access to a wider variety of repayment plans. There are, however, federal student loan limits, so you may not be able to cover the rest of your education costs with them. In this situation, most students will turn to private student loans.
Lowest rates shown include the auto debit discount: Fixed 4.74% - 11.35% APR and Variable 2.75% - 10.22% APR. Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You're charged interest starting at disbursement, while in school, during your separation/grace period, and until the loan is paid in full. The repayment option that is selected will apply during the in-school and separation/grace periods. When you enter principal and interest repayment, Unpaid Interest will be added to your loan's Current Principal. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs are valid as of 11/25/2019 and assume a $10,000 loan to a freshman with no other Sallie Mae loans. Additional information regarding the auto debit discount: Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan. Loan amounts: $1000 up to 100% of the school certified expenses: Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Repayment term of 5 to 15 years: This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.44% fixed APR. It works out to 51 payments of $25.00, 119 payments of $156.04 and one payment of $118.97, for a Total Loan Cost of $19,962.73.
Overview: Discover stands out, partly for its repayment flexibility. Enrolled students can either defer or begin repaying their loan right away, while graduates might qualify to postpone payments if necessary. The lender is also a top choice for borrowers who don’t have a Social Security number but do have a permanent resident or citizen cosigner. Drawbacks could include Discover’s lone 15-year repayment term option for undergrads and its lack of a cosigner release policy.
Offered terms are subject to change and state law restriction. Loans are offered through CommonBond Lending, LLC (NMLS # 1175900). The Annual Percentage Rates (APR) shown reflect the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.14% effective August 25, 2019.
The information provided on this page is updated as of 11/21/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.
Next, you’ll receive your Student Aid Report, which outlines your expected family contribution. The form will automatically be forwarded to the schools listed on your application. The financial aid offices of those institutions will send you a financial aid award letter outlining the aid package they will offer. It’s your job to compare those offers and choose the school that best fits your future goals and family budget.
Not sure where to begin your search? Here’s our list, in no particular order, of some of the best private student loans offered by the top lenders. To compile it, we looked for established lenders offering competitive rates and additional benefits which are detailed below. Of course, there are other great choices out there, but think of it as a jumping-off point as you start your research.

With our Standard Repayment Plan, the plan you’ll enter if you don’t take any action, you’ll have your loans paid off in 10 years. If you can’t afford that amount or if you need or want lower payments because you haven’t found a job, aren’t making much money, or want to free up room in your budget for other expenses and goals, you should apply for an income-driven repayment plan. Your monthly payments will likely be lower than they would on the standard plan—in fact they could be as low as $0 per month—but you’ll likely be paying more and for a longer period of time. If you choose an income-driven plan, you must provide documentation of your income to your loan servicer each year (even if your income hasn’t changed) so that your payment can be recalculated. To compare the different repayment options based on your loan debt, family size, and income, use our repayment calculator.


Earnest fixed rate loan rates range from 3.45% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.89% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of November 21, 2019, and are subject to change based on market conditions and borrower eligibility.

6 Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentStudentLoans.com/Ts&Cs. Rates are effective as of 11/01/2019 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. For Ascent rates and repayment examples please visit: www.AscentStudentLoans.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details.
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
There are several ways to have your student loans forgiven, such as the Public Service Loan Forgiveness Program, which applies to qualifying loans after 10 years of payments. You can work for a government agency, non-profit organization or other qualifying organizations. Your state may also offer some repayment assistance in which they repay part of your loan, but you need to work in an area in which the state needs assistance.
For example, you could apply part of your yearly bonus from work or a tax refund to your debt, said Brian Walsh, a certified financial planner and financial planning manager at SoFi. Or you could participate in a challenge like dry January or a no-spend month to come up with the extra cash. It might feel painful to put something fun like a cash windfall toward your student loan debt, but the results can be dramatic.
Then the Ensuring Continued Access to Student Loans Act of 2008 increased the annual and aggregate loan limits on the federal Stafford loan starting July 1, 2008. This shifted significant loan volume from private student loan programs to federal. Private student loan volume dropped in half in 2008-09, according to the College Board's Trends in Student Aid 2009.
Keep in touch with your loan servicer. Notify your loan servicer when you graduate; withdraw from school; drop below half-time status; transfer to another school; or change your name, address, or Social Security number. You also should contact your servicer if you’re having trouble making your scheduled loan payments. Your servicer has several options available to help you keep your loan in good standing.
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