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If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
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.

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.


Each lender will have its own requirements for taking out a loan. With most loans, credit score and income are taken into account. Higher scores and incomes tend to get the best rates or higher borrowing amounts. However, since undergraduate borrowers are less likely to have established credit or an income, lenders will usually require students to apply with a co-signer. Some lenders who have loans for borrowers without a co-signer will consider career and income potential.
Variable Rates: Starting variable rates range from 3.65% to 11.25% APR (with autopay), and will never exceed 13.95% (sometimes lower in certain states as required by law). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin of between 1.58% and 9.98%. The current one-month LIBOR rate is 2.27%. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law.
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.

For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information about refinancing ParentPlus loans.
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.
There are legitimate ways to have your loans forgiven, but there are often very specific requirements you must meet in order to qualify. Research forgiveness programs ASAP, as it may affect your repayment strategy. For example, if you’re interested in Public Service Loan Forgiveness, you’ll want to make sure you have the right type of loans from the get-go (which may mean you have to consolidate), and you’ll want to make sure to get on an income-driven repayment plan.
Disclaimer: Views expressed may not necessarily reflect those of Citizens Bank. The information contained herein is for informational purposes only, as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.
You can pay off the principal early by making pre-payments while studying. Call your loan servicer to make sure your payments are applied to the principal and not the interest. You can make payments on federal loans while in school, but some private loans will charge you a fee for doing so. Be sure to find out which loans you can pay off without fees.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.9299999999999997% effective October 10, 2019.
One final thought concerning the use of private student loans: get a strong understanding of the interest rates as well as the loan’s other terms and conditions. Most lenders offer you a choice between a variable or fixed APR (annual percentage rate), so be sure to read up on the differences between the two interest rate options. Keep in mind that the rates advertised may not necessarily be the rates you qualify for based on your creditworthiness — or that of a qualifying cosigner.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 11/4/2019. Variable interest rates may increase after consummation.

As you can see, federal student loans have many benefits, including fixed interest rates and student loan forgiveness programs. Because of those benefits, it often makes sense to prioritize paying off private student loans first if you have multiple student loans. You’ll need to know you know how much you owe and make a personalized plan for your situation.


Besides the interest savings, automatic payments can be a good idea to make life easier. By setting up automatic payments, you don’t have to worry about late or missed payments when paying back student loans (which matters for your credit score). Plus, you can use automatic payments in conjunction with other strategies on this list, like making payments higher than the minimum.
Student loan repayment assistance is a perk that more companies are providing given that most students carry debt into their careers. Although only 4% of companies offer this benefit now, it is the hottest benefit of the past year with 76% of people saying that student loan repayment benefits would be a deciding or contributing factor to accepting a job, according to the 2015 American Student Assistance survey. Employers usually pay $100 to $300 a month with many employers matching contributions up to $2,000 per year.

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.
Loan tip#9: Since the Department of Education sets virtually no student loan borrowing standards to vet would-be borrowers, and outstanding student debt is now reported to be 1.3 trillion dollars, many bad-actors in the business of education have been for years falling over themselves attempting to gain access to this seemingly endless taxpayer funded pot of gold. Isn’t it past time that the DoED became more seriously proactive in protecting the hoards of naive student borrowers on the front-end before they fall victim to many post secondary schools that spend more on marketing than insuring that retention and graduation rates along with educational standards do not perpetuate the moral hazard of not having to perform to be enriched. The quid pro quo for schools that derive 80-90% of their revenue from these loans should not be measured arbitrarily in ever changing arcane regulations but in the firm expectation that graduation rates of 3% or even 30% (over a six year allowable tabulation period) are clearly unacceptable. Without this firm line in the sand drawn, there is no impetus for these businesses to effect positive change. Good, bad or indifferent, they know they will get a payday. Until strictly quantifiable measures are undertaken, the department’s purported advocacy for for the underserved student will continue to be gamed by some ingenuous students and many avarice colleges alike.
Besides the interest savings, automatic payments can be a good idea to make life easier. By setting up automatic payments, you don’t have to worry about late or missed payments when paying back student loans (which matters for your credit score). Plus, you can use automatic payments in conjunction with other strategies on this list, like making payments higher than the minimum.
This page provides a basic comparison chart that highlights the key characteristics of the major private education loans. FinAid also provides a separate list of private consolidation loans. In addition to the private student loan programs, there are several websites like Credible and other student loan comparison sites that provide tools for comparing private student loans which help identify the loans that match your criteria.

CommonBond isn’t just a student lender trying to make money. They do a lot of social good, too, much of which happens through a partnership with nonprofit Pencils of Promise. CommonBond also offers a program for businesses to offer student loan assistance as an employee benefit. Wouldn’t it be great if all employers helped with student loans? CommonBond offers four repayment options that start either in-school or after graduation.
A little-known way to eliminate college debt is to appeal to your boss for a compensation package. “Some midsize companies cannot pay the kinds of salaries that a large corporation can, but they may be inclined to offer lower wages in exchange for a onetime payout toward your loan,” says Manuel Fabriquer, the president of College Planning ABC, a consulting firm in San Jose, California. Why? “It costs them less in salary payments in the long run.” (Those in fields that require a special degree, like tech, finance, and nursing, are most likely to receive this benefit.)
If you’re a recent grad looking for a job, bring this up during salary negotiations. Be willing to take a lower salary and to commit to staying at the job for a specific time period in exchange for a payment toward your schooling. If you’re a veteran employee, raise the subject at your annual review by saying, “I’ve been a loyal employee for [insert time period], and I look forward to continuing to grow and learn here. As part of my compensation, can you put [insert amount] toward my loan?”
Disclaimer: Views expressed may not necessarily reflect those of Citizens Bank. The information contained herein is for informational purposes only, as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.
This site does not negotiate, adjust or settle debts. All federal student borrowers are able and encouraged to apply for any federal repayment or forgiveness programs through the US Department of Education for free without paying fees to any entity. Nothing on this site constitutes official qualification or guarantee of result. StudentDebtRelief.us is a private company not affiliated with the Department of Education of the Federal Government.
Besides the interest savings, automatic payments can be a good idea to make life easier. By setting up automatic payments, you don’t have to worry about late or missed payments when paying back student loans (which matters for your credit score). Plus, you can use automatic payments in conjunction with other strategies on this list, like making payments higher than the minimum.
Hi Michelle. Does your spouse have any student loans? If so, his/her loan debt can be taken into account when calculating your payment. Also, the new Revised Pay As You Earn Repayment Plan doesn’t require that you have a financial hardship, so you may qualify for that. Have you read this post: https://blog.ed.gov/2016/02/which-income-driven-repayment-plan-is-right-for-you/
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