Best private student loans of 2020 4x3

Summary List PlacementBest private student loans (2021)
Table of Contents: Masthead Sticky

Rates in this post are current as of 01/14/2021.

 

 

 

 

Editor’s rating

3.5 out of 5

Editor’s rating

3.8 out of 5

Editor’s rating

4 out of 5

Editor’s rating

4 out of 5

Undergraduate loans

Fixed interest rates: 4.23% – 11.26%

Variable interest rates: 1.87% – 11.66%

Undergraduate loans

Fixed interest rates: 3.14% – 13.31%

Variable interest rates: 2.21% – 12.15%

Undergraduate loans

Fixed rates: Starting at 3.49%
Variable rates: Starting at 1.05%

Undergraduate loans

Fixed rates: 3.49% -12.99%
Variable rates: 1.04% – 11.98%

Graduate loans

Fixed rates: 4.13% – 11.37%
Variable rates: 1.77%- 11.73%

Graduate loans

Fixed rates: 3.14% – 13.31%

Variable rates: 2.21% – 12.15%

Graduate loans

Fixed rates: Starting at 3.49%
Variable rates: Starting at 1.05%

Graduate loans

Fixed rates: 4.24% -11.98%
Variable rates: 1.89% – 10.97%

Grace period

Up to 6 months

Grace period

Up to 9 months

Grace period

Up to 9 months

Grace period

Up to 6 months

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If you’ve used all savings available to pay for college, all available federal student loans, and all student aid and still find that you’re short on cash, a private student loan could be a good option. 

Federal student loans should always come before private student loans — federal student loans have the lowest interest rates and also come with a level of protection that private lenders don’t offer.

Take the federal student loan forbearance during the coronavirus pandemic, for example. While private lenders may have offered their own help for people experiencing hardships, private student loan borrowers didn’t get that widespread benefit, nor have interest rates set to 0% to stop interest accrual. 

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The best student loans available are federal student loans. But, if you need to turn to a private lender, here are a few of the best to start your search.

SoFi private student loans
Pros:

Graduate student loans start lower than undergraduate loans, which is rare
Lowest maximum interest rates for undergraduates, capping at 11.66%
No fees

Cons:

Higher minimum loan than others, minimum of $5,000

SoFi’s private student loans are best for graduate students. SoFi is one of the few lenders that offers lower interest rates for graduate school loans than undergraduate loans, with graduate loans starting 0.1% lower than undergraduate loans. 

While SoFi’s interest rates are competitive with others on the list, what makes SoFi unique are its other features. This lender offers some good protections for student loan borrowers, like career services and unemployment protection. Additionally, SoFi’s student loans have no fees, including no late fees (though it’s worth noting that interest will still accrue).

However, SoFi’s minimum loan amount is $5,000 — if you need a small student loan, it might be worth turning to a lender that makes smaller loans. 

Undergraduate fixed interest rate range: 4.23% to 11.26%, including autopay discount 

Loan amounts available: $5,000 minimum, up to 100% cost of attendance

Repayment options available: Four

Deferred: No payments until six months after leaving school
Interest only: Only make payments on the loan’s interest while in school
Partial payments: Pay $25 per month while in school
Full repayment immediately: Start making full payments while still in school

Ascent private student loans
Pros: 

Cosigner release available after 24 …read more

Source:: Business Insider

      

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