The Easy Way To Compare Private Student Loans

student-loan

Like it or not, your student debt will be around for a long time. But if you make smart choices now, you can save a lot of money on your student loans, later.

Private student loans may be the best choice if you’ve maxed out your federal student loan options, and explored all avenues for scholarships, grants, and other financial aid. And in order to get the best deal on private loans, you must compare rates from multiple lenders—actual rate offers, not rate ranges.

Whether you are a parent or student, Purefy’s tools can help find the right private student loans for you. With our quick and easy-to-use rate comparison tool , you can see real, personalized rates from multiple lenders, without having to fill out several cumbersome applications. We do the hard work for you, so you can make the best choice to fit your needs.

Private student loans – interest rates, terms, and eligibility

Lender Eligibility Fixed
Rates
Variable
Rates
Terms Minimum
Income
ascent student loans U.S. Citizen
or Permanent Resident
(borrower or cosigner)
4.02% - 12.93% APR1 3.31% - 12.62% APR1 5, 10, or 15 years $24,000
college ave student loans U.S. Citizen
or Permanent Resident
(borrower or cosigner)
4.54% - 11.98% APR2 2.84% - 10.97% APR2 5, 8, 10, or 15 years $35,000
invested indiana student loans Indiana resident,
or non-resident attending
an Indiana school.
U.S. Citizen or
Permanent residents only
4.63% - 8.52% APR3 3.37% - 7.18% APR3 5, 10, or 15 years $40,000

What is the best student loan for you?

Use our rate comparison tool to find out

Private student loan companies: highlights and key decision factors

Ascent

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  • Students who apply without a cosigner can potentially be approved based on their school of attendance, program, major, and other criteria that aren’t based on credit/income.
  • 1% Cash Back Graduation Reward program
  • Up to 48 months of deferment, if the borrower returns to school during repayment
  • Cosigner release available after 24 months of on-time, consecutive monthly payments
  • International students can apply with a creditworthy U.S. citizen or permanent resident cosigner

Ascent student loans review

College Ave

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  • No FICO minimum for borrower with a qualified cosigner
  • No half-time enrollment requirement for students enrolled in graduate programs
  • Flat payment program available – pay just $25 a month while in-school to ease your debt burden on gradation
  • Borrowers can enter deferrment if they return to school after graduation, as long as they maintain at least half-time enrollment.
  • International students may apply with a co-signer who is either a U.S. Citizen or Permanent Resident

College Ave student loans review

INvestEd Indiana

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  • Must be an Indiana resident and/or attending an eligible college in Indiana
  • No FICO minimum for borrower with a qualified cosigner
  • Grad reward program – get a 2% loan principle reduction if you graduate from your degree program between 90 days and 6 years from first disbursement, and with no delinquencies on loans from INvestEd
  • Cosigner release available after 48 months
  • Up to 24 months of deferment, if the borrower enrolls in a graduate degree program at an eligible school

InvestEd student loans review

Private student loan basics

Private student loans vs. federal student loans

Federal student loans are issued by the U.S. Department of Education, and in most cases offer lower rates than private loans. Federal loans also have great protections and benefits, such as forbearance, Income-Driven Repayment plans, and access to loan forgiveness programs. As such, they are the first choice when seeking the best loans for college. You apply for federal student loans using the Free Application for Federal Student Aid (FAFSA).

Private student loans, on the other hand, are offered by banks, credit unions, and other companies. Your rate is determined by your creditworthiness (most students will need a cosigner with an established credit history and a good credit score). Private loans don’t come with the same protections as federal student loans, but many lenders offer attractive benefits and repayment options.

How much to borrow

After you’ve completed the FAFSA for federal student loans, and secured your grants, scholarships, and other financial aid, your school’s financial aid office will provide you with a summary. You may find that there is a gap left in funding your education. Two common options to fill this gap are family college savings (if available), or private student loans.

Remember, if you do borrow, only borrow what you absolutely need. It’s easy to forget while you are busy with classwork and college social life, but every dollar you borrow for your education (and supporting yourself during your education) will be accumulating interest on a daily basis the entire time you are in school. So, “have fun,” but don’t spend your private student loan money on it.

How to choose the best private student loan for your needs

In most cases, finding the best interest rate with the term and repayment plan you want is the number one selection criteria when comparing private student loan options. That said, you should also pay attention to the other benefits that the lenders provide. For instance, if you plan on pursuing a graduate or professional degree full time after graduating from a bachelors program, you will want to choose a lender that offers deferment while you continue your studies.

You’ll also want to think about the different repayment options that each lender offers—if you can afford to make interest payments while you are still in school, you can save a lot in interest costs. The best loans for college are not always the easiest.

Private student loans with bad credit

One of the big factors in your credit score is the length of your credit history—and most students (especially undergrad students) do not have much of a credit history. That is why most private student loan borrowers will need a cosigner. A cosigner is someone (frequently a parent or relative) who signs on to the loan with you, and who would be responsible for making payments should you be unable to do so. Having a cosigner with excellent credit is a great way to ensure you get the best rate on your private loans for college.

On the other hand, if you have a negative record in your credit history, such as delinquency, default, bankruptcy, or collections, you may want to give the lender you are considering a call before you apply to see if you are likely to be denied a private loan because of it.

Private student loans without a cosigner

If you have established a little bit of a credit history and made your payments on time, you may find that you have a high enough credit score to qualify for a loan on your own. But keep in mind, many lenders offering private loans for college have other criteria for qualifying, such as a minimum income or debt-to-income ratio. If you aren’t working while in school, it may be hard to get approved. Also, remember that in order to get the best rates, you will need an excellent credit score.

Applying for a private student loan

Once you have used our rate comparison tool and decided on a lender, you will be taken to their application. You can apply at any time, but keep in mind it can take up to 30-60 days for the funds to be disbursed to your school—make sure you leave enough time to meet your tuition due dates. The application itself will typically take less than 15 minutes to complete, and will consist mostly of personal information about yourself and your cosigner (if applicable). After you apply, you also will be asked for a few documents to certify the information listed on your application.

1Ascent Rate Disclosure:

Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentStudentLoans.com/Ts&Cs. Rates are effective as of 11/01/2019 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. For Ascent rates and repayment examples please visit: www.AscentStudentLoans.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details.

2CollegeAve Rate Disclosure:

College Ave Loan Disclosure: College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. Rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. Minimum loan amount $1,000, as certified by your school and less any other financial aid you might receive. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3INvestEd Rate Disclosure:

Immediate repayment fixed is based on a fixed interest rate of 4.63% to 8.22% APR during the 60, 120, or 180 month principal and interest repayment period. Interest-Only repayment fixed is based on deferring principal and maintaining a constant interest rate on a fixed rate loan of 4.78% to 8.37% APR during the 48- month interest-only and the 60, 120, or 180 month principal and interest repayment periods. Deferred repayment fixed is based on deferring interest and principal and a fixed interest rate of 4.93% to 8.52% APR during the 48- month in-school and separation and the 60, 120, or 180 month principal and interest repayment periods. Immediate repayment variable is based on maintaining a constant interest rate on a variable rate loan of 3.37% to 6.88% APR during the 60, 120, or 180 month principal and interest repayment period. Interest-Only repayment variable is based on deferring principal and maintaining a constant interest rate on a variable rate loan of 3.52% to 7.03% APR during the 48-month interest-only and the 60, 120, or 180 month principal and interest repayment periods. Deferred repayment variable is based on deferring interest and principal and maintaining a constant interest rate on a variable rate loan of 3.67% to 7.18% APR during the 48-month in-school and separation and the 60, 120, or 180 month principal and interest repayment periods. APR examples are based on the quarterly interest rates October 1 - December 31, 2019. All loans are subject to approval. Rates, terms, and conditions are subject to change.

 

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All estimates are based on information provided by you and are for informational purposes only, accuracy is not guaranteed and may not reflect actual rates or savings and do not constitute an offer of credit. Your actual rate, payment and savings may be different based on credit history, actual interest rate, loan amount, and term, including your co-signer [if applicable]. If applying with a co-signer, we use the higher credit score between the borrower and the co-signer for approval purposes. All loans are subject to credit approval.

Purefy Student Loan Program is not offered or endorsed by any college or university. Purefy is not affiliated with and does not endorse any college or university listed on this website.

Purefy reserves the right to modify or discontinue products and benefits at any time without notice.