Private Student Loans: Everything You Need to Know

In June 2024, students looking for financial assistance to cover remaining school costs have the option to explore private student loans after utilizing subsidized and unsubsidized federal student loans. Private student loans, offered by banks, credit unions, and online lenders, require a credit check unlike federal student loans for undergraduates.

Here are some of the top private student loan lenders for June 2024:

1. Ascent:

   • Best Student Loans For Flexible Repayment Terms
   • Offers a range of payment reduction and postponement options
   • Pros include both co-signed and independent loans available, interest rate estimate without a hard credit check
   • Cons include charges late fees and maximum APR above 10%

2. Rhode Island Student Loan Authority:

   • Best Student Loans For Low Maximum APR
   • Offers APRs ranging from 4.05% to 8.64%
   • Pros include low interest rates and income-based repayment plan available
   • Cons include no options for international students

3. SoFi®:

   • Best Student Loans For Extra Member Benefits
   • Offers variable APR from 5.74% to 14.30% and fixed APR from 4.19% to 14.30%
   • Pros include access to SoFi member benefits and no late fees
   • Cons include no disclosure of credit score or income requirements

4. Chicago Student Loans by A.M. Money:

   • Best Student Loans For No Co-Signer
   • Approves loans based on educational background and GPA, not credit
   • Pros include no late fees and income-based repayment available
   • Cons include 4.5% origination fee and short time before default on unpaid loans

5. College Ave:

   • Best Student Loans For Multi-Year Loans
   • Offers numerous term options including 5, 8, 10, and 15 years
   • Pros include interest rate estimate without hard credit check and long forbearance period
   • Cons include disclosure of credit score requirements and co-signer release policy

6. Funding U:

   • Best Student Loans For High GPA Students
   • Offers fixed APR from 7.99% to 13.49%
   • Pros include no late fees and co-signer not required
   • Cons include limited loan term options and no options for international students

7. PNC Bank:

   • Best Student Loans For Autopay Discounts
   • Offers variable APR from 8.44% to 15.64% and fixed APR from 6.69% to 13.89%
   • Pros include 0.50% interest rate discount for automatic payments and 12-month payment reduction option
   • Cons include no interest rate estimate without hard inquiry and co-signer release after 48 months
8. Citizens Bank:
   • Best Student Loans for Existing Customer Perks
   • Offers maximum interest rate under 10% and no origination fee
   • Pros include loan modification option and maximum interest rate under 10%
   • Cons include no rate estimate without soft credit check and non-U.S. citizens cannot apply

Students are advised to compare loan options carefully, considering factors such as loan amount, loan cost, repayment terms, borrower benefits, and co-signer release policy to make an informed decision.