8 best private student loans of August 2022

FAN Editor

Private student loans can be a great way to fund your education costs after you’ve exhausted all other options, like federal loans, grants and scholarships. Since private lenders have their own requirements, terms, and rates, it’s best to shop around to find the best private student loan for your situation. 

Here are the best private student loans of August 2022.

Credible lets you compare private student loan rates from multiple lenders, all in one place.

The following eight Credible partner lenders offer private student loans:

Ascent offers two types of private student loans, both with autopay discounts and a 1% cash back graduation reward. 

Citizens offer loans for undergraduate and graduate students, as well as loans for parents. Loans specifically tailored toward those studying for certain graduate or professional degrees are also available.

College Ave offers a variety of loan terms, depending on your loan type. 

You can use the funds from a Custom Choice loan to pay past-due balances, and the lender offers a potential 2% principal reduction if you graduated with at least a bachelor’s degree.

EDvestinU offers competitive rates, and you could get a further rate reduction if you sign up for automatic payments.

If you graduate within six years, you could get a 2% principal reduction on your loan with this lender. 

You need to be attending a public or not-for-profit school to qualify for a loan from the Massachusetts Educational Financing Authority. The advantage is that you can qualify for fairly competitive rates. 

One of the best features of Sallie Mae is that you can qualify for cosigner release after just 12 months of consecutive, on-time payments.

The following two lenders aren’t Credible partners, so you won’t be able to easily compare your rates with them on the Credible platform. But they may also be worth considering if you’re looking for a private student loan. 

Earnest: Best for longer grace periods

With Earnest, you have a nine-month grace period after graduation, which is three months longer than the traditional six from the federal government.

Discover: Best for no fees

You’ll find zero fees with Discover — no application, origination, or late fees.

Credible evaluated private student loan lenders in 10 different categories to determine the best student loan lenders. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and cosigner release options.

If you need to take out private student loans, visit Credible to compare private student loan rates from various lenders in minutes.

In most cases, if you have bad credit, your options may be more limited if you want to qualify for a private student loan on your own — many lenders typically require good credit and a steady source of income to qualify. 

Some lenders may offer student loans for borrowers with bad credit, but these loans may come with higher interest rates compared to loans for borrowers with good credit. You can consider taking out a loan with a cosigner who has good credit so that you can increase your chances of qualifying for a loan or of getting a better rate. 

It’s important to find a cosigner you trust and to look for a loan that offers a cosigner release if you want that option. When doing your research, see if the lender offers a cosigner release option and what the requirements are. For example, some lenders may require you to make a certain number of consecutive, on-time payments before you can apply for a cosigner release.

If you prefer to apply for a student loan on your own, federal student loans are a good option. Most federal student loans don’t require you to go through a credit check, which is helpful if you have a lower credit score. 

With Credible, you can compare private student loan rates without affecting your credit.

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