8 Best Private Student Loans of August 2022

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Private student loans are a great way to pay for your education after you’ve exhausted other options. Discover the best private lenders of August 2022. (Shutterstock)

Private student loans can be a great way to fund your education costs after you’ve exhausted all other options, like federal loans, grants, and scholarships. Since private lenders have their own requirements, terms, and rates, it’s best to shop around to find the best private student loan for your situation.

Here are the best private student loans of August 2022.

Credible allows you compare private student loan rates from multiple lenders, all in one place.

8 Best Private Student Loans from August 2022

The following eight credible partner lenders offer student loans:

Ascension: best for reductions

Ascent offers two types of private student loans, both with automatic payment discounts and a 1% cash back reward.

  • Minimum credit rating: 540
  • Maximum loan amount: $400,000

Citizens: Best for borrowers earning graduate or professional degrees

Citizens offer loans for undergraduate and graduate students, as well as loans for parents. Loans specifically tailored to those studying for certain graduate or professional degrees are also available.

  • Minimum credit rating: 720
  • Maximum loan amount: $350,000

College Ave: Best for flexible repayment options

College Ave offers a variety of loan terms, depending on your type of loan.

  • Minimum credit rating: don’t divulge
  • Maximum loan amount: Up to the cost of participation

Personalized choice: ideal for overdue education balances

You can use funds from a Custom Choice loan to pay off overdue balances, and the lender offers a potential 2% principal reduction if you’ve earned at least a bachelor’s degree.

  • Minimum credit rating: don’t divulge
  • Maximum loan amount: $99,000 per year, $180,000 total

EDvestinU: Ideal for borrowers with good credit

EDvestinU offers competitive rates, and you could get an additional rate reduction if you sign up for automatic payments.

  • Minimum credit rating: 750
  • Maximum loan amount: $200,000

INvestEd: Best for Indiana Residents

If you graduate within six years, you could get a 2% principal reduction on your loan from this lender.

  • Minimum credit rating: 670
  • Maximum loan amount: Up to the cost of participation

MEFA: Ideal for borrowers who prefer fixed rate loans

You must attend a public or non-profit school to qualify for a loan of the Massachusetts Education Funding Authority. The advantage is that you can benefit from fairly competitive rates.

  • Minimum credit rating: 670
  • Maximum loan amount: Up to cost of participation, less assistance

Sallie Mae: Best for Cosigner Exit

One of the best features of Sallie Mae is that you can qualify for co-signer release after just 12 months of consecutive, one-time payments.

  • Minimum credit rating: don’t divulge
  • Maximum loan amount: Up to the cost of participation

Other Lenders to Consider

The following two lenders are not Credible partners, so you won’t be able to easily compare your rates with them on the Credible platform. But they may also be worth considering if you’re looking for a private student loan.

Serious: ideal for longer grace periods

With Earnest, you have a nine-month grace period after graduation, three months longer than the federal government’s traditional six months.

  • Minimum credit rating: 650 with co-signer
  • Maximum loan amount: Up to the cost of participation

Discover: The best free of charge

You’ll find zero fees with Discover – no application, creation or late fees.

  • Minimum credit rating: don’t divulge
  • Maximum loan amount: Up to the cost of participation

How Credible Chose the Best Student Loan Companies

Credible rated private student lenders in 10 different categories to determine the best student lenders. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and co-signer release options.

If you need private student loans, visit Credible for compare private student loan rates from various lenders in minutes.

Can you get a student loan with a 600 credit score?

In most cases, if you have bad credit, your options may be more limited if you wish to qualify for a private student loan on your own – many lenders generally require good credit and a stable source of income to qualify. eligible.

Some lenders may offer student loans for borrowers with bad credit, but these loans may carry higher interest rates than loans made to borrowers with good credit. You can consider take out a loan with a co-signer who has good credit to increase your chances of qualifying for a loan or getting a better rate.

It’s important to find a co-signer you trust and look for a loan that offers a co-signer release if you want that option. When you do your research, see if the lender offers a co-signer release option and what the requirements are. For example, some lenders may require you to make a number of consecutive, one-time payments before you can request a co-signer release.

If you prefer to apply for a student loan on your own, federal student loans are a good option. Most federal student loans don’t require you to go through a credit check, which is helpful if you have a lower credit score.

With Credible, you can compare private student loan rates without affecting your credit.

About Judith J. George

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