A college degree in America is a huge investment which can come with a hefty price tag as well. Whether you’re starting a 4-year degree at a cheaper institution or completing your 2-year degree, community college can be an economically wise choice – you’ll generally save on accommodation, tuition, and overall expenses.
While community colleges tend to be lighter on your wallet in the long run, it can still be a big change. If federal aid doesn’t provide enough coverage or if you have exceptional credit, a private student loan can make ends meet.
Best lenders for private student loans
Loan comparison services and lenders can help you get a private student loan. Benzinga has put together the following list to get you even closer to financing your studies as quickly as possible. Start your research today by using one of the following loan comparison services or by prequalifying with a trusted lender on our list.
Best for Loan Comparison: Credible
Credible is a popular free loan comparison service. You can compare several types of loans, including private student loans.
In less than 3 minutes, Credible will connect you with lenders and display your personalized offers. This makes it easy to compare side by side so you can select your optimal rate and terms. Checking your rates does not affect your credit.
If you are a teenager or young adult who has not had a chance to build up your credit, you may not be eligible for a Credible Partner Loan. Consider looking for a co-signer.
Finding and applying for a loan can be a daunting task, but Credible makes sure their Client Success team is there to help you from the start. Get in touch using its convenient chat feature.
All of the lenders who work with Credible offer free loans. Start your research today.
$ 5,000 – $ 300,000
5 – 20 years
Credit unions and community banks tend to provide a more personal and user-friendly banking experience. LendKey’s loan comparison service is made special by its emphasis on matching borrowers with these types of lenders.
LendKey makes it easy to compare low cost personalized loans from local banks and nonprofit credit unions. As a customer, you will benefit from the status quo of returning earned income back to people in the form of better rates and more flexible and personalized terms.
Loan applications from LendKey lenders are assessed on the basis of credit. If you are new to the world of credit, as are many people entering college, a co-signer will greatly improve your chances of getting approved. Many lenders offer co-signer release loans, minimizing the overall financial risk for your co-signer.
A higher credit score and a good credit history will allow you to earn improved interest rates and other benefits of borrowing from a community bank or credit union. It’s free and easy to apply online.
LendKey also offers a very useful scholarship search. You can find “free money” with this tool by easily sifting through over $ 10 billion in scholarships.
4.99% to 19.63% (with AutoPay)
$ 5,000 – $ 100,000
5, 7, 10, 15 and 20 years old
Best for Member Benefits: SoFi
SoFi is a major player in modern finance. Its mission is to help clients achieve financial independence through innovative financial products such as loans, investments, insurance, financing and money tracking tools.
Becoming a SoFi member comes with major advantages. SoFi offers its members career coaching, financial planning, referral bonuses, estate planning, discounts at certain merchants, discounts on SAT and ACT prep courses – and the list goes on. By signing up for SoFi, you also get a free subscription to Edmit Plus, a platform that assists you in all facets of college financial planning.
Check Your Private Student Loan Rates With SoFi Risk Free For Your Credit Score. You can benefit from several types of private student loans with SoFi. SoFi offers undergraduate and parent loans, as well as MBA and law loans.
Their website is easy to navigate, and applying for a loan with SoFi is just as user-friendly.
SoFi private student loans are free. SoFi offers several reimbursement options, competitive rates and flexible terms.
Eligibility for a private student loan
Although borrower standards vary from lender to lender, most of you can count on the following:
- Be at least 18 years old with a high school diploma or equivalent certificate
- Have good credit or a co-signer who
- Proof of income that shows you are financially capable of repaying the loan
- Proof of enrollment in an eligible higher education program
A loan comparison service or a quick visit to a lender’s website will usually show you details of their private student loan approval policies.
- Calculate how much you will pay for the year.
- Apply for federal assistance using FAFSA.
- If the help does not cover all of your costs, look for private loans.
- Use a loan comparison service like Credible or Student Loan Hero to find lenders who work with your college.
- Find a loan that meets your needs. Look for loans with competitive rates and flexible terms that suit your current and future financial situation.
There are several ways to finance your college education. Apply for federal assistance first and consider what financial assistance programs your state can offer. Seek out any institutional help from your school – many offer scholarships and grants or other types of help.
Also look at your community. Check if the local organizations or organizations you belong to have scholarships you can apply for. You can use the US Department of Labor’s free scholarship finder or with services such as LendKey to find additional scholarships you may be eligible for.
If you run out of these options and are still running low on funding, apply for private loans from one of the trustworthy lenders on our list.
Even though the cost of community colleges is usually lower than that of state universities or private colleges, sometimes you still need help with your educational expenses. A private loan from a trusted provider can relieve you of the burden of making ends meet.
Contact one of the lenders on our list or use one of our trusted loan comparison service partners to start shopping today.
Lend-Grow offers 5, 10, 15, 20 and 25 year student loan refinancing terms with fixed rates as low as 2.80% APR and variable rates as low as 1.89% APR.
Lend-Grow also pays off your loan – 0.10% APR every month for 3 years! Here’s what that means: Lend-Grow deposits 0.10% of the APR of your funded loan amount each month for up to 3 years (as long as your account is active) with repayment rewards.
Lend-Grow deposits the payback reward directly to the loan account you specify when registering for the payback reward. The repayment reward is not a rate reduction and you must continue to meet your full payment obligations with the lender each month.