Private loans
Private student loans
Private loans can fill a gap after federal aid. They work differently, so compare carefully.
Consider federal loans first
Federal student loans have terms set by law and include benefits, such as fixed interest rates and income-driven repayment plans, that private loans typically do not offer (Federal Student Aid).
Key differences
- Interest rates. Federal loan rates are fixed. Private loans can have fixed or variable rates, which may be higher or lower than federal rates depending on your circumstances (Federal Student Aid).
- When payments start. Federal student loan payments are not due until after you leave school or drop below half-time. Many private loans require payments while you are in school (Federal Student Aid).
- Credit checks. Most federal student loans do not require a credit check (PLUS loans do). Private student loans often require an established credit record or a cosigner (Federal Student Aid).
- Subsidies. Some federal loans are subsidized, meaning the government pays interest during certain periods. Private loans are often not subsidized (Federal Student Aid).
- Prepayment. Federal loans have no prepayment penalty. With a private loan, make sure there is none (Federal Student Aid).
- Forgiveness. Many private lenders do not offer loan forgiveness programs (Federal Student Aid).
Private student loan lenders
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PLACEHOLDER: Listed alphabetically. Picks for undergraduates, graduate students and parents publish after rates are verified.
| Lender | Type | APR range | Links |
|---|---|---|---|
| CredibleAn online marketplace where you can compare offers from several student loan lenders in one place.as of Oct 30, 2026, source | Marketplace | Check the lender's live page. We show rates only with an as-of date. | |
| EarnestA direct lender offering student loan refinancing and private student loans.as of Oct 30, 2026, source | Direct lender | Check the lender's live page. We show rates only with an as-of date. | |
| ELFIEducation Loan Finance, a direct lender offering student loan refinancing and private student loans.as of Oct 30, 2026, source | Direct lender | Check the lender's live page. We show rates only with an as-of date. | |
| SoFiA direct lender offering student loan refinancing and private student loans.as of Oct 30, 2026, source | Direct lender | Check the lender's live page. We show rates only with an as-of date. |