Best Private Student Loans

You need to know the best private student loans out there, especially when federal loans aren’t enough.

Private loans for college help shoulder some of the finances federal student loans can’t cover. They’re a bit tricky, so the best tip we have for you is to look for three things: student loan repayment options, borrower protection, and interest rates.

We’ve rounded up the best private student loans with the best student loan rates.

(Did you know? Consolidation and Refinancing are some of the best ways to tackle down Private Student Loan Debt since they open up better repayment options borrowers can take advantage of. Learn how you can use a Private Student Loan Consolidation to get better options with the 6 Things To Consider Before Consolidation Private Student Loans. Get the details and free download here.)

Comparison of the Best Private Student Loans

1. College Ave Private Student Loans

A post shared by College Ave Student Loans (@collegeaveloans) on Mar 7, 2018 at 9:04am PST

One of the most beloved private student loans is College Ave.

In fact, College Ave has very good options for what we look for when taking out loans: long repayment period and high loan limit. It even allows you to consolidate your loans.

Interest rate (Annual): 5.24%-11.76% (fixed)
Other fees: None
Repayment Period (years): 8, 10, 12, 15
Deferral or Forbearance: 12-month forbearance

2. Citizens Bank Private Student Loans

A post shared by Citizens Bank (@citizensbank) on Jun 9, 2017 at 1:07pm PDT

Along with College Ave, Citizens Bank has been a favorite among students for years now.

Being one of the biggest banks in the country, they are pretty generous when it comes to repayment options.

Interest rate (Annual): 6.76% to 11.51% (fixed)
Other fees: None
Repayment Period (years): 5, 10, 15
Deferral or Forbearance: Deferral while in school

3. Connext Private Student Loans

#LOWERRATES https://t.co/4sRXmcq6eh
— Connext Loans (@connextloans) May 30, 2017

Moreover, Connext uses a less traditional method of providing student loans. They have a pool of lenders who provide the financial assistance the student needs.

This innovative strategy has really proven to be efficient and advantageous.

Interest rate (Annual): 4.82% – 9.84% (fixed)
Other fees: None
Repayment Period (years): 10, 15
Deferral or Forbearance: Deferral while in school

4. Wells Fargo Private Student Loans

RT: Our new interactive #GetCollegeReady Tracker offers #collegeplanning help to college-bound students. Learn more: https://t.co/rNAlGiTJmd pic.twitter.com/hY6ou0e5sf
— Wells Fargo (@WellsFargo) April 21, 2017

All things considered – forbearance and deferral options – Wells Fargo has become one of the most popular private student loan options today.

If a six-month forbearance sounds manageable, this might be the private student loan option for you.

Interest rate (Annual): 6.17% to 11.26% (fixed)
Other fees: None
Repayment Period (years): 15
Deferral or Forbearance: Forbearance for economic hardship and Deferral while in school

5. iHelp Private Student Loans

A post shared by iHELP Student Loans (@ihelp_student_loan) on Jan 10, 2018 at 11:00am PST

Consequently, the downside to iHelp is they don’t offer a fixed APR.

But with its loan limit of $100,000, it’s still considered a good private student loan option by many.

Interest rate (Annual): 3.53% to 8.98% (variable, no fixed rates)
Other fees: None
Repayment Period (years): 20
Deferral or Forbearance: Deferral while in school; economic hardship forbearance

6. SunTrust Private Student Loans

A post shared by Leekstreetphotos (@leekstreetphotos) on Apr 9, 2018 at 9:36am PDT

SunTrust stands out for its long forbearance period. It’s also notable that it has a loan limit of $150,000.

Still, the only downside is it doesn’t offer a loan consolidation option.

Interest rate (Annual): Fixed and variable rates
Other fees: None
Repayment Period (years): 7, 10, 15
Deferral or Forbearance: 24-month forbearance

7. LendKey Private Student Loans

8 tips to find the right #Scholarships and reduce your student loans https://t.co/dGxPeRuMSJ
— LendKey (@LendKey) September 16, 2016

Meanwhile, Community banks and credit unions fund the loans serviced by LendKey.

However, some have been uncertain about its lack of unemployment protection. But the 18-month forbearance period and $175,000 loan limit still makes it one of the best.

Interest rate (Annual): 7% (fixed), 2.76%-8% (variable)
Other fees: None
Repayment Period (years): 10
Deferral or Forbearance: 18-month forbearance

Watch this video from eStudentLoan for more information on private student loans:

While this list of the best private student loans is arguably helpful, the most important rule is finding the private student loan option that works for you. Each borrower has unique needs. This article is only a starting point.

Ultimately, the best loan option is the one you can manage to repay responsibly and will allow you to live a life free of financial burden.

So, in conclusion, always research and ask questions.

(NOTE: Wondering if you should consolidate your private student loans? Go into the decision-making process ultra-prepared by checking out the 6 Things To Know Before Consolidating Private Student Loans . Learn more and get the free guide HERE.)

Who do you think is the best private student loan provider? Share your thoughts with us in the comments section below.

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