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4.3 Bankrate Score | Fixed APR From 3.50% with AutoPay | Variable APR From 1.13% with AutoPay | Term10-15yr | |
4.6 Bankrate Score | Fixed APR From 2.99% with AutoPay | Variable APR From 0.99% with AutoPay | Term5-20yr | |
4.5 Bankrate Score | Fixed APR From 3.23% | Variable APR From 1.03% | Term5-15yr | |
4.1 Bankrate Score | Fixed APR From 3.20% | Variable APR From 1.20% | Term5-15yr | |
4.1 Bankrate Score | Fixed APR From 4.25% with AutoPay | Variable APR From 1.25% with AutoPay | Term5-20yr |
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When shopping for a student loan, look for a competitive interest rate, flexible repayment terms that meet your needs, generous hardship options and minimal fees. Loan details presented here are current as of July 9, 2021. Check the lenders’ websites for more current information. The top lenders listed below are selected based on factors such as APR, loan amounts, fees, credit requirements and broad availability. To learn more, read our methodology section.
| Lender |
Best for
|
Fixed APR
|
Variable APR
|
Loan term
|
Loan amount
|
Limitations
|
|---|---|---|---|---|---|---|
| Federal Direct Subsidized and Unsubsidized Loans |
Undergraduate students
|
3.73%
|
N/A
|
Standard repayment is 10 years
|
$5,500 to $12,500 per year (up to $57,500 aggregate)
|
Relatively low loan limits
|
| Federal grad PLUS loans |
Graduate students
|
6.28%
|
N/A
|
Standard repayment is 10 years
|
Up to 100% total cost of attendance
|
Requires a credit check
|
| Funding U |
Borrowers with bad or no credit
|
6.99% to 12.49% (with autopay)
|
N/A
|
10 years
|
$3,001 to $15,000
|
Available in only 30 states
|
| Ascent |
Students pursuing competitive careers
|
5.63% to 12.46% (with autopay)
|
4.07% to 11.32% (with autopay)
|
5 to 15 years
|
$2,001 to $200,000
|
High rate caps
|
| A.M. Money |
Borrowers with a high GPA
|
7.53% to 8.85%
|
N/A
|
Not specified
|
$2,001 to $50,000
|
Only 22 schools are eligible
|
| Earnest |
Borrowers with minimal borrowing needs
|
Starting at 3.34% (with autopay)
|
Starting at 1.04%
|
Not specified
|
$1,000 to 100% total cost of attendance
|
Minimum credit score of 650
|
| Education Loan Finance |
Borrowers with a solid financial history
|
Starting at 3.31%
|
Starting at 1.2%
|
5 to 15 years
|
$10,000 to 100% total cost of attendance
|
Minimum credit history of 36 months
|
| SoFi |
Returning borrowers
|
4.23% to 10.66% (with autopay)
|
1.2% to 11.23% (with autopay)
|
5 to 15 years
|
$5,000 to 100% total cost of attendance
|
Vague eligibility requirements
|
A student loan co-signer is a creditworthy family member or close friend who assumes joint legal responsibility with you on your student loans. If you add a co-signer, the lender will take that person's financial health into account when approving you and setting your interest rates, which is why co-signers are usually a good idea for borrowers with little credit history or poor credit.
When it comes to enlisting the help of a co-signer, choose someone you're close with. A co-signer will be required to make monthly payments on the loan in full and on time if you fail to make them, and their credit score could suffer if the loan becomes delinquent — so it's essential that you and your co-signer share a level of trust.
Eligibility requirements for student loans vary by lender. However, there are some general requirements that borrowers need to meet in order to get approved.
Federal student loan eligibility requirements
General eligibility requirements for private student loans without a co-signer
While most student loans base approval on borrowers' credit scores, there are some lenders that base approval off of projected annual income or an expected income increase. Ascent, for example, has the option to apply for an outcomes-based student loan that looks at your school, program, graduation date, major and GPA instead of your current financial situation.
This option can be extremely useful for borrowers with a thin credit history but potentially high-earning careers. With that said, income-based student loans often have higher interest rates than credit-based loans, so they typically aren't the best option for people who already have a few years of credit history.
The best student loans that don't require a co-signer are federal student loans, since they often don't require a credit check and they come with options like income-driven repayment plans and loan forgiveness programs. However, most federal loans don't cover the full cost of tuition, so private student loans may be necessary as well.
Every lender has its own eligibility requirements, rates and fees, so the best lender is different for every borrower. There are a few factors to keep in mind when it comes to finding the best student loan without a co-signer for you:
