Best private student loans for November 2021 – Forbes Advisor


Although Funding U’s rates are higher than those of other private lenders, the company is unique in that it does not grant loans based on credit history and does not require students to borrowers use a co-signer. Borrowers are eligible for a loan based on their educational and work history, current courses, graduation prospects, and likely future income.

Additionally, although Funding U’s loan limits are relatively low, private loans should be used sparingly, so ideally borrowers will not need them to fund larger funding gaps.

Additional details

Term of the loan: 10 years

Loan amounts available: $ 3,000 to $ 10,000 per year ($ 50,000 per student in total)

Eligibility: Students must meet GPA requirements and attend colleges that meet certain six-year graduation rate thresholds, depending on the student’s academic year. To be eligible, first year students must have a minimum GPA of 3.5 in high school, second year students must have a minimum GPA of 3.0 in college, juniors must have a minimum GPA of 2.75 and seniors must have a minimum average of 2.5.

Note that only borrowers from these states can apply: Arizona, Arkansas, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Maryland, Massachusetts, Michigan, Missouri, Nebraska, New Jersey, New Mexico, New York , North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, West Virginia and Wisconsin.

Opt-out options: Up to 24 months of forbearance allowed in 90 day increments. Borrowers have to pay $ 30 per month when in forbearance, which is less generous than the no-payment forbearance offered by other lenders. But this policy helps borrowers avoid earning large interest.

Co-signatory release policy: No co-signer required