Best private student loans for May 2026

Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.

A college education is probably one of the most expensive purchases you’ll make in your lifetime.

The average cost of college today ranges from more than $25,000 to $60,000 per year. With prices that high, it’s inevitable that many students will rely on student loans to help fund their education, in addition to their own savings, contributions from family, scholarships, and grants.

Federal student loans are a great first place to start. They typically offer the most competitive rates with fixed APRs and borrower protections. But some students aren’t eligible for federal loans, or can’t get the full amount they need for school.

As a result, you may turn to private student loans to fill the gap. Here’s what you need to know before you apply for a private loan, and some of the top lenders to consider today.

Ascent Funding: Best overall

Our take: Ascent offers several options for undergraduate and graduate student loans with standard repayment terms. We like this lender’s longer-than-usual grace period after graduation and its Progressive Repayment option, which allows you to pay a smaller amount when you graduate (similar to some federal repayment plans). Your monthly payment amount increases over time, so you can pay off your loan within the original loan term.

- Loan amount:Covers up to the full cost of attendance; overall max of $200,000 for undergraduate and $400,000 for graduate - Repayment options:Interest-only, $25 minimum, full, or deferred payments while in school - Grace period:9 months for undergraduate and graduate loans - Eligibility:Must be enrolled at least half-time at an eligible university; cosigners must meet credit score and income requirements, but more flexibility for students without a co-signer - Origination or funding fee:None - Co-signer release?Yes, after 12 consecutive on-time payments

College Ave: Best for customer service

Our take: College Ave is an all-around solid private student loan lender based on our criteria. You can cover the full cost of your attendance at an eligible college, and you don’t need to be a full-time student. Repayment plans and term options vary, and you’ll have the ability to choose your own repayment period. College Ave also encourages co-signers for undergraduates. However, the co-signer release for student loans is longer than other lenders — you’ll need to wait until after half of your original repayment term.

College Ave not only offers many of the features we want to see from student loan lenders, but it also has solid online reviews from customers, easily accessible support, and boasts a quick 3-minute application process.

- Loan amount:Covers up to the full cost of attendance - Repayment options:Interest-only, $25 minimum, full, or deferred payments while in school - Grace period:6 months for undergraduate loans, 9 months for graduate loans - Eligibility:Must be enrolled in an eligible school (do not need to be full-time); minimum credit score in the mid-600s for co-signers - Origination or funding fee:None - Co-signer release?Yes, after half of the original repayment term

SoFi: Best for added benefits

Our take: SoFi offers repayment terms between five and 20 years, along with standard repayment plans and deferment options. Like other lenders, SoFi offers forbearance for eligible hardship, but you can also qualify for deferment and reduced repayment options if your circumstances change or you’re unable to make payments.

Along with the discount for autopay, you can get an extra bonus for your student loan if you’re also a SoFi banking customer. You’ll earn up to a $250 one-time cash bonus for a SoFi Checking and Savings account when you have a GPA of 3.0 or higher. Plus, you can qualify for a 0.125% discount when you take out multiple student loans with SoFi over subsequent years.

- Loan amount:Covers up to the full cost of attendance - Repayment options:Interest-only, $25 minimum, full, or deferred payments while in school - Grace period:6 months for undergraduate and graduate loans - Eligibility:Must be enrolled at least half-time at an eligible university (may be eligible if you’re enrolled less than half-time in your final semester of an undergraduate program); credit score and income affect approval for co-signers - Origination or funding fee:None - Co-signer release?Yes, after 12 consecutive payments

Earnest: Best for long grace period

Our take: Earnest is a good private lender if you want some extra time after graduation before you begin making loan payments, since it offers a nine-month grace period. Earnest also has a well-documented process for entering forbearance during periods of financial hardship and the option for single-month (Skip-A-Payment) forbearance for short-term hardships.

The big downside of this lender is that there is no co-signer release option. You’ll have to refinance your loan to take on full repayment responsibility without a co-signer. There are also some limitations to your in-school repayment options. If you want to make interest-only payments or begin repaying in full while in school, you must have a co-signed loan. Students taking on loans independently can either defer payments or make minimum $25 payments.

- Loan amount:Covers up to the full cost of attendance; overall max of $400,000 - Repayment options:Interest-only (only for co-signed loans), $25 minimum, full (only for cosigned loans), or deferred payments while in school - Grace period:9 months for undergraduate and graduate loans - Eligibility:Must be enrolled at least half-time at an eligible university; minimum credit score in the mid-600s for co-signers and students applying independently - Origination or funding fee:None - Co-signer release?No

Abe: Best payment flexibility

Our take: Abe ranks highly across many of the factors we consider for student loan lenders. It offers a wide range of repayment terms, a long grace period, early co-signer release, and more. When you graduate, you can request a 2% reduction of your principal balance as a Grad Reward, plus you can get up to an additional 0.25% rate discount when you make on-time payments throughout your repayment term (0.05% rate reduction every six months).

What really sets the lender apart is the many protections that Abe offers for borrowers. You’ll get protection against default while you’re in school, an extra six months of your grace period if you need it, deferment and forbearance options, and the ability to extend your loan term to lower monthly payments if needed.

- Loan amount:Covers up to the full cost of attendance; overall max of $300,000 for undergraduate and $350,000 for graduate loans - Repayment options:Interest-only, flat minimum, full, or deferred payments while in school - Grace period:6 months for undergraduate and graduate loans, plus option to extend for another 6 months - Eligibility:Must be enrolled at an eligible university; co-signer credit score and income can affect approval - Origination or funding fee:None - Co-signer release?Yes, after 12 consecutive on-time payments

What is a private student loan?

Private student loans are offered by banks, online lenders, and other financial institutions. They’re designed to help you finance your tuition, fees, and other expenses when costs exceed what federal loans and grants may cover or when you don’t qualify for federal student loans. You may be able to take on a private student loan for undergraduate, graduate, and professional studies. Some lenders also offer education loans to parents of undergraduates.

Unlike most federal student loans, private student loans require a credit check — and you’ll only qualify for the best rates and term options with a solid credit history and income. That’s why the majority of private student loan borrowers use co-signers to help secure better loan terms.

Should you get a federal or private student loan?

For most students, it’s wise to use all available federal student loan options available to you before turning to private student loan lenders. In fact, many private lenders even encourage students to maximize the federal student loans they qualify for (along with scholarships and grants) before applying for private loans.

Federal student loans are offered by the U.S. Department of Education and are typically either Direct Subsidized Loans, Direct Unsubsidized Loans, or PLUS Loans. Federal loans have fixed interest rates, and those rates tend to be lower than some private student loan rates. However, federal student loans have borrowing limits depending on the type of loan, your year in school, and whether you’re a dependent.

Private loans can help cover the amount you need to fully fund your education if you max out your options for federal funding and scholarships. They’re also a good option if you’re ineligible for federal loans.

However, private loans don’t have the same protections and benefits as federal loans, including loan forgiveness programs, income-based repayment plans, lower interest rates, no credit checks, and more.

Read more: Federal or private student loans? Here’s the difference

What to look for in a private student loan

Many of the factors we consider when ranking private student loan lenders are also the details you should look for when taking out a loan for your education.

- Loan amount:Look for a student loan lender that will cover up to your school’s cost of attendance (which usually needs to be certified by your school). This is often the maximum amount you can borrow per year, but some lenders also have total maximum loan amounts. If you need private loans to cover much of your education costs and you plan to borrow over multiple years, this is something to consider. - Repayment terms:Common private student loan term lengths range from five to 15 years, though some lenders offer up to 20 or even longer. The term length you’re assigned is important for figuring out how much you’ll owe each time you make a monthly payment. - APR:Your student loan interest rate can vary a lot, depending on your credit history, income, and whether you’re applying with a co-signer. For private student loans, your APR may be fixed or variable. Use current federal loan rates as a guide to help determine if the private student loan rate you qualify for is competitive. - Repayment options:Income-based repayment plans aren’t common for private student loans. Usually, you’ll make monthly payments in the amount required to pay down your full loan over your repayment period. While you’re in school, you can choose from a wider range of repayment options, whether you want to start making full payments, pay only the accrued interest, make a flat minimum payment, or defer payments altogether. - Co-signer release:Co-signers can be a great way to get a lower interest rate when you apply for student loans. But when you graduate and earn an income for yourself, it can make sense to remove the co-signer so they’re no longer responsible for your loan. You’ll typically have to make a minimum number of payments toward your loan (12 or 24 consecutive, on-time monthly payments, for example) before you can release your co-signer. - Deferment and forbearance:These options are important protections to consider when dealing with a private student loan lender. Deferment can help you postpone loan payments in certain situations — if you go back to school, take on a medical residency, or go into military service, for example. Forbearance can help pause your loan payments during periods of financial hardship. Options vary, but some lenders offer up to 12 months of forbearance (though interest continues to accrue over that time). - Discharge for disability or death:There’s no legal requirement for your private student loan lender to discharge your loans when you die or become permanently disabled, but some lenders do cancel the debt so it doesn’t transfer to your co-signer or loved ones. Make sure you review your loan agreement to understand what might happen to your loan after death. - Other benefits:Private student loans may not have as many benefits as federal loans, but some lenders do offer ways to save. Look for discounts for setting up automatic payments (typically a 0.25% interest rate reduction), bonuses you may get for graduating or on-time payments, and more.

More resources:

Learn more about private student loans and how you can maximize both federal and private loans for your education:

Our methodology

Choosing a student loan is one of the most consequential financial decisions a young person will make — often before they have a real sense of what their financial future holds. Our ratings prioritize lenders that offer flexibility and meaningful protections for borrowers who need room to grow into their finances.

We reviewed over a dozen private lenders that offer student loans today. These lenders were scored across nine key categories using data gathered from lender websites, loan agreements, and third-party review platforms, including Trustpilot and the Better Business Bureau.

Categories include APR range (compared to federal loans), fee structures, range of repayment terms, deferment and forbearance options, in-school repayment and grace periods, prequalification and eligibility, and more.

Under our rubric, top-rated lenders are those that are well-reviewed by customers, offer students multiple repayment term lengths and plans, have protections for financial hardship, offer added benefits, and generally give borrowers flexibility over the lifetime of their loans.