Are you looking for a loan to pay for your studies abroad? This article will list the 18 best student private loan companies that provide private loans for students. If you are going to apply for a private student loan, be sure to first exhaust your options with the federal student loans before you consider applying for the private loans.
Private lenders have different rules when it comes to who can award a loan. Some may prefer you have a cosigner or guarantor with a good credit score, and some of them don’t.
Applying for a loan all comes down to what you want in terms of amount, repayment option, your preference in interest rates, and so on. Once you have figured that part out, then it’s time to compare different companies and private lenders to find which ones fit your list.
Private loans are usually provided by banks, credit unions, or online lenders for students’ parents, international students, part-time students, or graduate students. This option is a very good option if you fall under these categories
- You have checked the Federal Student Aid official website to ensure your eligibility for federal grants, work-study, and federal loans.
- Exceeded the maximum amount you are allowed to borrow in both subsidized and unsubsidized federal student loans.
- You have a cosigner or a good credit.
- That you are only borrowing what you need
Below is the list of the 18 best private lenders for students who are looking to study in the U.S. or Abroad.
18 Best Student Private Loan Companies
|Lender||Rating||Min. Credit Score||Fixed APR||Variable APR|
|Ascent Co-signed Student Loan||5.0/5 Best for Private student loan + International students||540||3.26 – 11.42%||1.85 – 9.60%|
|Sallie Mae Private Student Loan||4.5/5 Best for Private student loan||Mid-600’s||3.50 – 12.60%||1.13 – 11.23%|
|College Ave Private Student Loan||4.5/5Best for Private student loan||Mid-600s||2.99 – 12.99%||0.99 – 11.98%|
|SoFi Private Student Loan||4.5/5 Best for Private student loan||Does not disclose||2.99 – 10.90%||0.99 – 11.33%|
|Discover Private Student Loan||4.5/5 Best for Private student loan||Does not disclose||3.49 – 12.59%||1.12 – 11.87%|
|Earnest Private Student Loan||4.5/5 Best for Private student loan||650||2.99 – 12.78%||0.99 – 11.44%|
|CommonBond Private Student Loan||4.5/5 Best for Private student loan||660||3.99 – 10.99%||4.13 – 9.64%|
|Custom Choice Loan, Powered by Cognition||4.5/5 Best for Private student loan||660||3.75 – 10.56%||1.08 – 9.36%|
|Education Loan Finance Private Student Loan||4.0/5 Best for Private student loan||680||3.20 – 11.99%||1.20 – 11.52%|
|Funding U Private Student Loan||5.0/5 Best for Private student loan + No co-signer||None||7.49 – 12.99%||N/A|
|LendKey Private Student Loan||4.5/5 Best for Private student loan||660||4.25 – 12.59%||1.13 – 11.23%|
|Ascent Independent Student Loan||5.0/5 Best for No co-signer||Varies||5.62 – 12.93%||4.10 – 11.35%|
|MPOWER Private Student Loan||4.5/5 Best for International students||N/A||7.52 – 14.98%||N/A|
|College Ave Parent Student Loan||4.5/5 Best for a Parent loan||Mid-600s||3.24 – 12.99%||1.04 – 11.98%|
|Advantage Education Private Student Loan||4.5/5 Best for Part-time students||Does not disclose||3.75 – 6.99%||N/A|
|Stride Funding Income Share Agreement||4.5/5 Best for Income share agreement||None||N/A||N/A|
|Ascent Graduate and Health Professions Student Loan||5.0/5 Best for Graduate school||mid-500’s||3.32 – 12.93%||1.87 – 11.10%|
|College Ave Graduate Student Loan||4.5/5 Best for Graduate school||Mid-600s||4.49 – 11.98%||1.99 – 10.97%|
How to Apply for a Private Loan
From the list of companies mentioned above, you could visit the website to check out their requirements and see which one matches your taste. To apply, you will be required to provide some documents that prove citizenship, identity, and income along with school attendance, and also cost information. You will also need to show a credit score or provide a cosigner who has a good credit score. The credit score could be billed in your name, such as a credit card, car loan, or utility.