Best Private Student Loans of 2026: Compare Top Private Student Loan Lenders

Looking for the best private student loans?

In this guide, we ranked the best private student loan lenders for 2026 using 725 data points across 25 lenders to determine who each lender is best for.

Here are our picks for the best private student loans at today’s lowest rates.

Table of Contents

1. Best private student loans (2026 picks)
2. Reviews
   1. College Ave
   2. Sallie Mae
   3. Capable
   4. Ascent
   5. Earnest
   6. SoFi
   7. Citizens Bank
3. Where is the best place to get a student loan?
4. How to compare lenders
5. How to choose
6. What are private student loans?
7. How do they work?
8. Private vs. federal student loans
9. What can private student loans be used for?
10. Do the loans go to you or your school?
11. Interest rates (fixed vs. variable)
12. Pros and cons
13. How to qualify
14. How to apply
15. Can I afford a private student loan?
16. Types of private student loans
17. FAQ

Best private student loans (2026 picks)

Since 2015, LendEDU has evaluated student loan lenders to help readers find the best student loans. Our 2026 analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. Lenders that score highest in 2026 are listed below.

• Best overall:
  College Ave
• Best for cosigner release:
  Sallie Mae
• Great for repayment flexibility:
  Capable
• Great graduation reward:
  Ascent
• Best repayment perks:
  Earnest
• Best for graduate students:
  SoFi
• Best for multi-year approval:
  Citizens Bank

Reviews of the best private student loan lenders

Before you apply, use the quick guide below to compare private student loan lenders, and then dive into our reviews to see why each company earned its “best for” designation.

College Ave review

Best Overall

5.0 _/5

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Why it’s one of the best
College Ave offers personalized solutions to undergraduates, graduates, parents, and career trainees. Its online experience is the best of all the companies we reviewed, featuring interactive calculators and tools that let you customize your loan terms and see how each choice affects your total cost.

• Covers up to 100% of school costs
• Low starting interest rates
• Quick 3-minute online application
• Excellent educational resources and interactive tools
• You choose your repayment plan and term length
• Multi-Year Peace of Mind program for additional loans

• Cosigners can’t be released until halfway through repayment
• Higher interest rates for applicants with bad credit

Rates & funding

Fixed rates (APR)	4.13% – 17.99%
Variable rates (APR)	4.13% – 17.99%
Rate discounts	0.25% for automatic payments
Loan amounts	$1,000 – 100% of school costs

Eligibility

Loan types	Undergrad, grad, parent, career training
Min. credit score	Mid-600s
Min. income	$35,000 per year
Enrollment	Half time or more
Citizenship	U.S. citizen, permanent resident, or international
State	All 50 states

Repayment

In-school repayment	Full, interest-only, fixed, deferred
Repayment terms	5, 8, 10, or 15 years
Grace period	6 months for undergrads, 9 months for grads, apply for 6-month extension
Deferment	In-school and military
Forbearance	Up to 12 months, in increments of 3 or 6 months
Cosigner release	After finishing more than half of the scheduled repayment period and meeting additional criteria

Sallie Mae review

Best for Fast Cosigner Release

4.8 _/5

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Why it’s one of the best
Sallie Mae is the most recognized name in student lending, which helps it serve a broader range of borrowers than most competitors. It’s also an excellent choice for cosigners, offering one of the fastest paths to release of repayment responsibility in as little as 12 months with consistent on-time payments.

• Shortest path to cosigner release in as little as 12 months
• Receive funds for the full year with one application
• Covers up to 100% of school costs
• Low starting interest rates
• Part-time and career-training students are eligible
• Lower interest rates for in-school repayment

• No prequalification with a soft credit check
• Less loan customization than other lenders

Rates & funding

Fixed rates (APR)	4.13% – 17.99%
Variable rates (APR)	4.13% – 17.99%
Rate discounts	0.25% for automatic payments
Loan amounts	$1,000 – 100% of costs

Eligibility

Loan types	Undergrad, grad, parent, career training
Min. credit score	Mid-600s
Min. income	Not disclosed
Enrollment	Half time or more
Citizenship	U.S. citizen or permanent resident or non-U.S. citizen with a cosigner who is a U.S. citizen or permanent resident
State	All 50 states, plus Washington, D.C., and Puerto Rico

Repayment

In-school repayment	Interest only, fixed, deferred
Repayment terms	10 – 15 years
Grace period	6 months
Deferment	In-school, military, internship, residency, and fellowship
Forbearance	Up to 12 months, in increments of 3 months
Cosigner release	After 12 consecutive on-time payments

Capable review

Great for Repayment Flexibility

4.8 _/5

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By Sallie Mae

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Why it’s one of the best
Capable student loans are powered by Sallie Mae and share the same interest rates, repayment terms, and eligibility criteria. Because Sallie Mae is one of our top lenders and offers an optional 12-month interest-only repayment plan for qualified borrowers, we believe it’s worth including Capable in our list. We expect new features and benefits for borrowers to be released in the future to differentiate the offers.

• Covers up to 100% of school-certified costs
• Apply for cosigner release after 12 on-time payments
• No origination fees
• Accepts students with less than half-time enrollment
• Optional 12-month interest-only repayment plan for qualified borrowers
• Loans for undergraduate, graduate, and career-training programs

• No differentiators from Sallie Mae’s student loans
• Limited information available on its website
• No soft credit check to prequalify

Rates & funding

Fixed rates (APR)	3.19% – 16.99%
Variable rates (APR)	4.37% – 16.49%
Rate discounts	0.25% for automatic payments
Loan amounts	$1,000 – 100% of costs

Eligibility

Loan types	Undergrad, grad, parent, career training
Min. credit score	Mid-600s
Min. income	Not disclosed
Enrollment	Half time or more
Citizenship	U.S. citizen or permanent resident or non-U.S. citizen with a cosigner who is a U.S. citizen or permanent resident
State	All 50 states, plus Washington, D.C., and Puerto Rico

Repayment

In-school repayment	Interest only, fixed, deferred
Repayment terms	10 – 15 years
Grace period	6 months
Deferment	In-school, military, internship, residency, and fellowship
Forbearance	Up to 12 months, in increments of 3 months
Cosigner release	After 12 consecutive on-time payments

Ascent review

Best Graduation Reward

4.8 _/5

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Why it’s one of the best
Ascent offers borrowers who provide proof of graduation a 1% cash back reward, plus long-term career benefits like access to paid remote internship opportunities and career resources.

• Cover up to 100% of costs with or without a cosigner
• 1% cash back graduation reward
• Up to 40 repayment plans
• Access to paid remote internship opportunities
• No fees
• Check your rates without affecting your credit score

Rates & funding

Fixed rates (APR)	2.89% – 14.41%
Variable rates (APR)	4.34% – 14.75%
Rate discounts	0.25% for automatic payments
Loan amounts	$2,001 – $200,000

Eligibility

Loan types	Undergrad, grad, parent
Min. credit score	620
Min. income	$24,000 per year
Enrollment	At least half-time in a degree program at an eligible institution
Citizenship	U.S. citizen, U.S. permanent resident, or DACA status with a valid Social Security number; Non-U.S. citizens or permanent residents may apply with eligible resident status and a creditworthy cosigner who is a U.S. citizen or permanent resident
State	All 50 states, plus Washington, D.C.

Repayment

In-school repayment	Full, interest-only, fixed, deferred
Repayment terms	5, 7, 10, 12, or 15 years
Grace period	9 months
Deferment	In-school
Forbearance	Yes
Cosigner release	Yes; after 12 on-time payments

Earnest review

Best for Repayment Perks

4.7 _/5

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Why it’s one of the best
Earnest is another lender with an excellent online experience and several benefits that won’t be found elsewhere. It offers a 100% rate-match guarantee (with a $100 Amazon gift card) and lets borrowers skip one payment each year if needed without penalty.

• 100% rate-match guarantee (with $100 Amazon gift card)
• 9-month grace period vs. 6 months for most others
• Skip one payment each year without penalty if needed
• No application or late payment fees
• 2-minute eligibility check with no credit impact

• Doesn’t allow cosigners to be released

Rates & funding

Fixed rates (APR)	4.13% – 17.99%
Variable rates (APR)	4.13% – 17.99%
Rate discounts	0.25% for automatic payments
Loan amounts	$1,000 – 100% of costs

Eligibility

Loan types	Undergrad, grad, parent
Min. credit score	650
Min. income	$35,000 per year
Enrollment	At least half-time
Citizenship	U.S. Citizen, Permanent Resident Card Holder (10-year non-conditional or 2-year conditional), Deferred Action for Childhood Arrivals (DACA) Recipient, Asylee, or H-1B visa with a U.S. Citizen cosigner.
State	All states other than Nevada, plus Washington D.C.

Repayment

In-school repayment	Full, interest-only, fixed, deferred
Repayment terms	5, 7, 10, 12, or 15 years
Grace period	9 months
Deferment	In-school, military, residency, fellowship
Forbearance	Up to 12 months
Cosigner release	No

SoFi review

Best for Graduate Students

4.7 _/5

View Rates

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Why it’s one of the best
SoFi^® is an excellent online bank that offers all types of financial products, including student loans. Its benefits are consistently some of the best available, with up to $250 earned for good grades, financial planning services, and the option to redeem points to pay down your student loan balance.

• Up to $250 with GPAs of 3.0 or higherⓘ
• Earn and redeem points to pay down your balance
• Financial planning services
• Covers up to 100% of school-certified costs
• No origination, prepayment, or late payment fees
• Choose your repayment terms
• Interactive calculators and tools to estimate costs
• Check your rate without affecting your credit

• Doesn’t offer loans for career training

Rates & funding

Fixed rates (APR)	4.44% – 14.30% with autopay
Variable rates (APR)	5.99% – 14.30% with autopay
Rate discounts	0.25% for automatic payments
Loan amounts	$1,000 – 100% of school-certified costs

Eligibility

Loan types	Undergrad, grad, parent
Min. credit score	Not disclosed
Min. income	None
Enrollment	At least half time
Citizenship	U.S. citizen, permanent resident, visa holder (international & DACA w/ cosigner)
State	All 50 states

Repayment

In-school repayment	Full, interest-only, deferred, and more
Repayment terms	5, 7, 10, or 15 years
Grace period	6 months for most loans
Deferment	In-school, military, residency, internship
Forbearance	Yes, must call to discuss options
Cosigner release	12 consecutive on-time paymentsⓘ

Citizens Bank review

Great for Multi-Year Approval

4.7 _/5

View Rates

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Why it’s one of the best
Citizens Bank does an excellent job of focusing on the borrower’s future with its benefits. It offers a Multi-Year Approval program, where borrowers can accept an offer to receive additional loans for future years without a new application.

• Multi-Year Approval to simplify funding needs for future semesters
• Multiple rate discounts
• 2-minute prequalification with no credit impact
• Rate quotes are valid for 30 days

• Cosigners can’t be released for at least 36 months

Rates & funding

Fixed rates (APR)	5.25% – 12.19%
Variable rates (APR)	5.97% – 12.42%
Rate discounts	0.25% for loyalty, 0.25% for automatic payments
Loan amounts	$1,000 – $100,000

Eligibility

Loan types	Undergrad, grad, parent
Min. credit score	640
Min. income	$12,000
Enrollment	At least half time
Citizenship	U.S. citizen or permanent resident (international w/ cosigner)
State	All 50 states, D.C., U.S. territories

Repayment

In-school repayment	Full, interest-only, flat, deferred
Repayment terms	5, 10, or 15 years
Grace period	6 months
Deferment	In-school, internship, residency, military
Forbearance	Up to 12 months in 2-month increments
Cosigner release	36 on-time payments

Where is the best place to get a student loan?

The best place to get a student loan depends on your situation, but for most borrowers, the smartest starting point is federal student loans.

Start with federal loans first

Federal Direct Subsidized Loans and Direct Unsubsidized Loans don’t require a credit check for most students, offer fixed interest rates set by the government, and come with income-driven repayment plans and potential forgiveness programs. You can apply by submitting the FAFSA. If you qualify for federal aid, it’s usually your lowest-risk option.

If federal loans don’t fully cover your costs, that’s when private student loan lenders come in.

Private student loans are offered by:

• Banks (such as Citizens Bank)
• Credit unions
• Online lenders (such as College Ave, Earnest, SoFi, and others)

Online lenders often have the most streamlined applications and flexible repayment options. Banks and credit unions may offer loyalty discounts or relationship perks. The right lender for you depends on your credit profile, whether you have a cosigner, and how much flexibility you want during repayment.

How to compare private student loan lenders

Here’s what to compare across at least three lenders:

• APR and rate type
Look at the APR (not just the interest rate) and decide whether you want a fixed or variable rate.
• Fees
The best lenders typically avoid origination and prepayment fees
• In-school repayment options
Can you make in-school payments or defer until after school, based on your needs?
• Cosigner release rules
• Deferment or forbearance
• School and citizenship eligibility
• Refinancing potential later
• What borrowers regret (from survey data)

When choosing a private student loan lender, nearly 75% of borrowers say a low interest rate is the most important term.

— LendEDU private student loans survey

Rate-shopping strategy

Many lenders let you check your rate with a soft credit pull. Prequalify with at least three lenders within a short window so you can compare offers side by side without damaging your credit score.

Hard vs. soft credit checks

A soft credit check won’t affect your credit score. A hard credit inquiry may cause a small, temporary dip. Confirm when a lender switches from soft to hard pull before submitting a full application.

Multi-year approval options

Some lenders offer multi-year approval, which can reduce paperwork in future academic years. Compare whether you’ll need to reapply annually or can lock in approval for multiple years.

Refinancing flexibility later

If you plan to refinance after graduation, look for lenders with no prepayment penalties and strong refinance options. A lower refinance rate later could save you thousands.

How to choose a private student loan for college

Choosing a student loan isn’t just about grabbing the first offer you see; it’s about finding the one that actually fits your needs (and doesn’t cause unnecessary stress later). The best loan for you might not be the same as the best loan for your friend, and that’s totally OK.

My top tip for comparing private student loan lenders is to start by identifying reputable lenders that offer the loan amount you need. Once you’ve narrowed it down to at least three options, compare them based on interest rates, loan terms, repayment structure, and any loan forgiveness or forbearance options they may provide.

Here are some smart questions to ask yourself when you’re comparing private student loan options:

• How much do I need?
• Do I need a cosigner?
• Fixed vs. variable interest?
• Repayment options?
• What’s my backup plan if money gets tight?

With a reputable lender, the terms are spelled out and there are no surprises. Everyone is aware of the particulars and there is relative peace of mind.

— 2025 LendEDU private student loans survey respondent

What are private student loans?

Private student loans are education loans from banks, credit unions, and online lenders, not the federal government. They’re designed to help cover gaps when scholarships, grants, and federal student loans don’t fully cover your cost of attendance.

Unlike federal loans, private loans typically require a credit check (or a creditworthy cosigner), and rates and repayment terms can vary widely, so comparing lenders matters.

How do private loans work?

Most private student loans follow the same basic process:

1. You apply (often with a cosigner if you don’t have strong credit or income).
2. The lender reviews your credit, income, and school information (or your cosigner’s).
3. Your school certifies the amount you’re allowed to borrow.
4. Funds are sent to the school, not to you directly.
5. You choose a repayment option, such as paying in school or deferring payments until after you leave school.

71% of borrowers would recommend taking out a private student loan.

— LendEDU private student loans survey

Private vs. federal student loans

Federal and private student loans serve different purposes, and they’re not interchangeable.

• Federal student loans are issued by the U.S. Department of Education. They offer fixed interest rates, income-driven repayment plans, deferment protections, and potential loan forgiveness programs. Most don’t require a credit check.
• Private student loans are issued by banks, credit unions, and online lenders. Rates and terms vary by lender, approval depends on credit and income (or a cosigner), and repayment protections are more limited.

For most borrowers, the smart strategy is:

1. Max out federal loans first.
2. Use private student loans only to cover remaining gaps.

Read our full breakdown of federal vs. private student loans to see which option fits your situation.

The most common reason borrowers are ineligible for federal student aid is being enrolled less than half-time. Private student loans can help if you’re studying part-time.

— LendEDU private student loans survey

What can private student loans be used for?

Private student loans are usually flexible. Schools certify the loan amount, and the funds can cover education-related costs such as:

• Tuition and required fees
• Room and board (on-campus or off-campus)
• Meal plans
• Books and supplies
• Required equipment (such as a laptop)
• Transportation and other living expenses tied to school

A good rule: If it’s included in your school’s cost of attendance, it can typically be covered by a private student loan.

Do private student loans go to you or your school?

In most cases, private student loans go directly to your school first. The school applies the funds to your tuition, fees, and other charges on your account.

If money is left over after your school’s charges are paid, the remaining amount is typically refunded to you (often via direct deposit) to use for other qualified education expenses, such as housing, food, and textbooks.

Private student loan interest rates (fixed vs. variable)

When you take out a private student loan, the lender charges you interest—basically a fee for borrowing the money. Student loan interest rates can be either fixed or variable.

• Fixed rates stay the same for the life of your loan. What you see is what you get, and your monthly payments won’t change.
• Variable rates can go up or down over time based on market conditions. They often start out lower than fixed rates but could end up higher.

Your interest rate is usually based on a mix of factors, including your credit score, income, debt-to-income ratio, and whether you have a cosigner. In general, the stronger your financial profile (or your cosigner’s), the better rate you’ll get.

One important thing to know: Some lenders show you their lowest possible rates, but only the most qualified borrowers actually get them. So it’s always smart to get a few quotes and see what offers are available to you.

Pros and cons

Private student loans can be a lifesaver when you need extra help paying for school, but they’re definitely not one-size-fits-all. Like anything else, they come with their upsides and downsides. Knowing both can help you make the smartest choice for your situation.

Pros

• You can borrow more if you need to

  Private lenders often let you borrow up to the full cost of attendance, which can help if you have a big gap after using federal aid.

• Competitive rates for strong credit

  If you (or your cosigner) have excellent credit, you could snag a lower interest rate than you’d get with federal loans.

• Variety of options

  There are private loans for undergrad, grad school, professional degrees, career training, and even international students.

• Cosigner release programs

  Some lenders let you apply to remove your cosigner after you make a set number of on-time payments.

• Fast application process

  You can usually apply online and get a decision fast, sometimes within minutes.

Cons

• Less borrower protection

  Private loans don’t offer income-driven repayment plans, forgiveness programs, or generous deferment and forbearance options like federal loans do.

• Credit and income requirements

  You (or your cosigner) need good credit and solid income to qualify for the best rates. Otherwise, you could get stuck with a higher interest rate.

• Variable rates can rise

  If you choose a variable-rate loan, your interest rate (and monthly payment) could climb over time.

• Harder to adjust payments if life changes

  Unlike federal loans, most private lenders don’t offer easy options to lower your payment if you lose your job or take a pay cut.

• Less standardization

  Every lender has its own rules, fees, and repayment terms, so you must do a little more homework to find the right fit.

As long as you understand the terms and know that you will end up with a degree that you can use to easily pay it back, it is worth furthering your education [with private student loans].

— 2025 LendEDU private student loans survey respondent

How to qualify for private student loans

Private lenders evaluate your creditworthiness before approving your loan.

Most lenders look at:

• Credit score (typically 650+ for the best rates)
• Stable income (yours or your cosigner’s)
• Debt-to-income ratio
• Enrollment at an eligible school (usually at least half-time)
• U.S. citizenship, permanent residency, or eligible visa status

If you don’t meet the credit or income requirements on your own, adding a creditworthy cosigner can significantly improve your approval odds and interest rate.

Do I need a cosigner?

Many undergraduate borrowers do.

A cosigner (often a parent or guardian) agrees to repay the loan if you can’t. Having a cosigner can:

• Improve your chances of approval
• Lower your interest rate
• Expand your lender options

Some lenders offer cosigner release after a set number of on-time payments (often 12 to 36 months). If removing your cosigner later is important to you, compare release timelines carefully.

Graduate students and borrowers with strong credit may qualify without a cosigner.

How to apply

Applying for a private student loan usually takes just a few steps:

1. Calculate how much you need after federal aid, scholarships, and savings.
2. Prequalify with multiple lenders to compare rates.
3. Choose your lender and submit a full application (with a cosigner if needed).
4. Your school certifies the loan amount.
5. Funds are sent directly to your school.

If there’s money left after tuition and fees are paid, your school typically refunds the remainder to you for approved education expenses.

Do you need to reapply each year?

In most cases, yes.

Private student loans are usually issued per academic year. You’ll typically need to reapply each year you need funding, and your interest rate may change based on your updated credit profile and market conditions.

Some lenders offer multi-year approval, which can reduce paperwork in future years, but it’s still smart to compare rates annually to ensure you’re getting the best offer available.

Should you shop around each time?

Yes. Even if you liked your lender last year, rates, fees, and repayment perks can change. As your credit improves, you may qualify for better terms elsewhere.

That said, if your current lender remains competitive and the process is simple, staying put can save time. Just confirm you’re not passing up a stronger offer.

Taking out a private student loan affects your budget until it’s repaid. While monthly payments can strain cash flow, consistent on-time payments can help build your credit over time.

Can I afford a private student loan?

Before you accept a loan offer, run the numbers.

Use our student loan affordability calculator to estimate your monthly payment based on your expected starting salary, interest rate, and repayment term. This quick check helps you confirm the loan fits your future budget.

Private student loans can close funding gaps, but borrowing more than you can comfortably repay can create long-term stress. Use realistic salary estimates and choose a repayment term that keeps your monthly payment manageable.

Types of private student loans

Check out these links to learn more about student loan types for specific needs.

FAQ

What are the best private student loans in 2026?

Our ratings show that the best lenders this year include:

• College Ave – Best overall
• Sallie Mae – Best for cosigner release
• Capable – Great for repayment flexibility
• Ascent – Great graduation reward
• Earnest – Best repayment perks

Are variable or fixed rates better in 2026?

In 2026, fixed rates are the safer choice for most borrowers, but variable rates could make sense if you expect rates to fall and plan to repay quickly.

Right now, many private student loan lenders offer fixed rates starting at low APRs, while variable rates often start slightly higher. Because fixed rates lock in your APR for the life of the loan, your monthly payment won’t change, even if market rates rise.

Variable rates, on the other hand, move with broader interest rate trends. They’re typically tied to benchmarks that respond to Federal Reserve policy. The Fed kept rates elevated through 2024 and 2025 to control inflation, and while modest rate cuts are expected in 2026, rates remain higher than in the early 2020s.

Here’s how to decide:

• Choose a fixed rate if: You want predictable payments and plan to repay over 10 to 15 years.
• Consider a variable rate if: You expect rates to decline, plan to refinance later, or intend to pay off the loan aggressively within a few years.

One important detail: Variable rates can rise if inflation returns or the Fed delays further cuts. That means your monthly payment could increase over time.

For most undergraduate borrowers who want stability, fixed rates are the lower-risk option. Borrowers with strong credit and a short repayment horizon may find variable rates worth considering.

Are private student loans better than federal?

For most borrowers, federal student loans are the better first option. Private student loans are best used to fill funding gaps after federal aid is exhausted.

Private student loans can make sense if you’ve reached your federal borrowing limits, you don’t qualify for certain types of federal aid, or you have strong credit (or a creditworthy cosigner) and can secure a competitive rate.

For most students, the smart strategy is:

1. Submit the FAFSA and maximize federal aid first.
2. Compare private student loan lenders only if you still have a funding gap.

How we rated the best private student loans

Since 2015, LendEDU has evaluated student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These data points are organized into broader categories, which our editorial team weights and scores based on their relative importance to readers. These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Higher star ratings are ultimately awarded to companies that create an excellent borrower experience. This includes offering online eligibility checks, cost transparency, competitive interest rates with no fees, flexible repayment plans, and unique benefits that support borrowers throughout repayment.

Recap: Private student loan lenders compared