The best in student loans

The federal student loan program is the first place to go after exhausting scholarships and grants because of the benefits and flexible repayment plans it offers borrowers. Graduated repayment plans start lower and then increase every two years, while income-driven repayment (IDR) plans base each loan payment on the borrower's income and family size. There are also student loan forgiveness programs for those who work for qualifying nonprofits and government agencies.

For students pursuing a master’s or doctoral degree, Sallie Mae offers nine graduate degree loans, including general, MBA, healthcare, residency and law degree programs. Recent graduates growing their careers through an internship or residency can take advantage of the lender’s longer deferment option of up to 48 months.

For the third year in a row, Laurel Road is the best in student loan refinancing, and for good reason. Both students and parents can refinance up to 100 percent of their federal and private student loans with Laurel Road, which offers the lowest maximum APR of the lenders we reviewed. Borrowers can also choose from repayment terms between five and 20 years.

Borrowers and cosigners with good credit may qualify for some of SoFi’s more competitive rates, which they can view without hurting their credit. Members can also enjoy additional savings with autopay and returning customer discounts, referral bonuses and rewards for good grades.

Citizen Bank’s multiyear loan approval for students and their parents sets it apart from other student loan lenders. Borrowers wishing to fund their child's education for more than one academic year won't have to reapply yearly. Instead, they’ll request additional funds through their online account.

Ascent offers loans for career tracks that require specialized training and skill-building, covering up to 100 percent of the expenses for trade school and career training. These bootcamp loans have five repayment options, including one that allows you to defer payment until you get a qualifying job offer.

MBA loans from Sallie Mae can cover up to 100 percent of school-certified expenses, even necessary private expenses, like a laptop. Students have three repayment options, including deferment until graduation. However, those who choose to pay while in school will receive an interest rate that’s 0.25 to 0.50 percentage points lower. Eligible borrowers may ease into their required principal and interest payments by first making 12 interest-only payments after their grace period ends.

Undergraduates can get the money needed to cover multiple years of their degree with College Ave’s Multi-Year Peace of Mind policy. This policy helps undergraduates receive future financing with better chances of approval, especially if they have a cosigner. According to College Ave, 95 percent of its borrowers are approved for additional loans with a cosigner.