2 answers
Andre
Student
Pemberville, Ohio
1
Question
Updated
3405 views
What is the best private student loans you can get? #Spring25
Will not qualify for federal student loans.
Login to comment
2 answers
Michael Morgan
Manager
24
Answers
New York, New York
Updated
Michael’s Answer
Back when I needed a private student loan, I used ElitePersonalFinance, and it made the process way easier. They help you compare loans from banks, credit unions, and online lenders, and using their free tool didn’t affect my credit score at all.
Here’s the list I used: elitepersonalfinance.com/marketplace/student-loans/
I grabbed my loan from SuperMoney Student Loan. Their rates were really competitive, fixed 2.47% to 12.61%, variable 2.47% to 13.74%, and the best part is no minimum credit score, which helped me cover more costs even though my credit wasn’t perfect.
Also, I used Ascent for some extra funding. Fixed APRs were 3.53% to 14.50%, variable 2.71% to 12.99%, and they accept borrowers with mid-500s credit scores. It was super helpful since part of my credit history isn’t amazing.
I would recommend you compare all your options before committing; even a small APR difference can save you thousands. Hope this helps.
Here’s the list I used: elitepersonalfinance.com/marketplace/student-loans/
I grabbed my loan from SuperMoney Student Loan. Their rates were really competitive, fixed 2.47% to 12.61%, variable 2.47% to 13.74%, and the best part is no minimum credit score, which helped me cover more costs even though my credit wasn’t perfect.
Also, I used Ascent for some extra funding. Fixed APRs were 3.53% to 14.50%, variable 2.71% to 12.99%, and they accept borrowers with mid-500s credit scores. It was super helpful since part of my credit history isn’t amazing.
I would recommend you compare all your options before committing; even a small APR difference can save you thousands. Hope this helps.
Evin Nisan
Program/Operations Management
5
Answers
Forsyth, Missouri
Updated
Evin’s Answer
Hi Andre,
While I don't know what the "Best" private student loans are that you can get, let me offer you some things to consider while looking into financing your education.
#1 - Interest Rate! This will always be the #1 thing to consider. Understanding interest rate is the most important thing. Some questions to consider:
-How much is the interest rate? A high interest rate means more payments over time.
-Is it simple or compounding (for example, if I borrow $100 at 5% interest rate, my interest will be $5. If I am now at $105, is the 5% interest based on the initial $100 or now $105)?
-Is there any interest deferment during school? Do I start accruing/paying interest while I am in school, or does the interest start adding up after I graduate?
#2 - Loan Structure. How is the loan structured? Is it a 5 year repayment? 10 years? 25 years?
-It is also important to understand balloon payments - this is a situation where maybe you're paying $100 a month for your student loans, but after 10 years now suddenly you owe thousands/tens of thousands all at once
#3 Alternative Financing - Scholarships/Grants
-Double check on any scholarships or grants before taking out any loans. Student loans have been normalized in the US, but they can pose a heavy financial burden if we are not careful when we take them out.
-Double check on your federal student loans; why do you not qualify? Is there something you need to/could do to change that?
Hopefully this helps guide your decision to choose the best option for you!
While I don't know what the "Best" private student loans are that you can get, let me offer you some things to consider while looking into financing your education.
#1 - Interest Rate! This will always be the #1 thing to consider. Understanding interest rate is the most important thing. Some questions to consider:
-How much is the interest rate? A high interest rate means more payments over time.
-Is it simple or compounding (for example, if I borrow $100 at 5% interest rate, my interest will be $5. If I am now at $105, is the 5% interest based on the initial $100 or now $105)?
-Is there any interest deferment during school? Do I start accruing/paying interest while I am in school, or does the interest start adding up after I graduate?
#2 - Loan Structure. How is the loan structured? Is it a 5 year repayment? 10 years? 25 years?
-It is also important to understand balloon payments - this is a situation where maybe you're paying $100 a month for your student loans, but after 10 years now suddenly you owe thousands/tens of thousands all at once
#3 Alternative Financing - Scholarships/Grants
-Double check on any scholarships or grants before taking out any loans. Student loans have been normalized in the US, but they can pose a heavy financial burden if we are not careful when we take them out.
-Double check on your federal student loans; why do you not qualify? Is there something you need to/could do to change that?
Hopefully this helps guide your decision to choose the best option for you!