| Sallie Mae |
3.49% |
15.49% |
600 |
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Pros and Cons Sallie Mae:
Sallie Mae offers flexible loan terms, competitive rates, and multi-year approval options. It has no origination fees or prepayment penalties.
Pros:
- Competitive Interest Rates: Sallie Mae provides competitive interest rates for both undergraduate and graduate student loans, with fixed APRs starting at 3.49% and variable APRs beginning at 4.92%.
- Flexible Repayment Options: Borrowers can choose from various repayment plans, including deferred, interest-only, or fixed payments during school, offering flexibility to manage payments.
- No Origination or Application Fees: Sallie Mae does not charge origination or application fees, reducing the overall cost of borrowing.
- Autopay Discount: An autopay discount of 0.25% is available, which can help reduce the overall cost of the loan.
- Loan Options for Various Programs: Sallie Mae offers loans tailored for specific programs, including law school, MBA, and medical school, providing specialized financing solutions.
Cons:
- Late Payment Fees: Sallie Mae charges a late fee of up to $25 for payments that are 15 days late, which may add to the overall cost of the loan.
- Limited Repayment Terms: Repayment terms are limited to 120 to 180 months, which may not suit all borrowers seeking longer repayment periods.
- No Prequalification Option: Sallie Mae does not offer a prequalification process, making it difficult to check eligibility and potential rates without a hard credit inquiry.
- No Refinancing Option: Sallie Mae does not offer student loan refinancing, limiting options for borrowers seeking to consolidate or refinance their loans.
- Customer Service Limitations: Customer service is unavailable on weekends, which may be inconvenient for borrowers needing assistance during that time.
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| Ascent |
3.69% |
14.41% |
600 |
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Pros and Cons Ascent:
Ascent offers non-cosigner options for eligible students, flexible repayment plans, and no prepayment penalties. They also provide a 1% cashback graduation reward.
Pros:
- No Application or Origination Fees: Ascent does not charge fees for loan applications or origination, reducing the overall cost of borrowing.
- Flexible Repayment Options: Borrowers can choose from various repayment plans, including deferred, interest-only, or minimum payments during school, providing flexibility to manage payments.
- Autopay Discount: Ascent offers an autopay discount of up to 1%, which can help reduce the overall cost of the loan.
- Outcomes-Based Loans: Ascent provides outcomes-based loans for juniors, seniors, and graduate students, allowing borrowers to qualify based on future earnings potential and academic performance, even without a co-signer.
- No Prepayment Penalties: Borrowers can pay off their loans early without incurring additional fees.
Cons:
- Higher Interest Rates for Non-Co-Signed Loans: Interest rates for non-co-signed loans, especially outcomes-based loans, can be higher compared to co-signed loans.
- Limited Eligibility for Outcomes-Based Loans: Only junior and senior students are eligible for outcomes-based loans, which may not be suitable for all borrowers.
- No Co-Signer Release for International Students: International students do not have the option to release a co-signer from the loan.
- Higher Rates for Non-Co-Signed Loans: Ascent doesn't have the best interest rates for borrowers without a co-signer, especially for the outcomes-based loans.
- Limited Repayment Options: Ascent offers a limited number of repayment options, which may not suit all borrowers.
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| College Ave |
3.47% |
17.99% |
600 |
Apply Now |
Pros and Cons College Ave:
College Ave offers customizable repayment terms and flexible loan options to fit students’ needs. They also provide multi-year approval and competitive rates.
Pros:
- Competitive Interest Rates: College Ave offers competitive interest rates, especially for borrowers with excellent credit.
- Flexible Repayment Options: Borrowers can choose from various repayment plans, including immediate, interest-only, or deferred payments during school, providing flexibility to manage payments.
- No Fees: College Ave charges no application, origination, or prepayment fees, allowing borrowers to pay off loans early without additional costs.
- Co-Signer Release Option: After 24 consecutive on-time payments, borrowers can apply to release a co-signer from the loan.
- Pre-Qualification Available: Borrowers can check their eligibility and potential rates without impacting their credit score through the pre-qualification process.
Cons:
- Late Fees: College Ave charges a late fee for payments that are 15 days late.
- No Refinancing Without a Degree: Refinancing loans are not available unless the student has graduated.
- Co-Signer Release Only Available After Halfway Through Loan Repayment: The ability to release a co-signer from your loan is available only after the loan is halfway paid off.
- Eligibility and Rates Based on Credit Score: Eligibility and interest rates are largely based on the borrower's credit score, which might be challenging if you don't have an established credit history.
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| SoFi |
3.54% |
15.99% |
650 |
Apply Now |
Pros and Cons SoFi:
SoFi provides exclusive benefits like career coaching, no fees, and unemployment protection, helping students navigate repayment based on their career progress.
Pros:
- Competitive Interest Rates: SoFi offers some of the best student loan rates, especially for borrowers with excellent credit.
- Flexible Repayment Terms: Borrowers can choose from various repayment plans, including immediate, interest-only, or deferred payments during school, providing flexibility to manage payments.
- No Fees: SoFi charges no application, origination, or prepayment fees, allowing borrowers to pay off loans early without additional costs.
- Cosigner Release Option: After 24 consecutive on-time payments, borrowers can apply to release a cosigner from the loan.
- Member Benefits: SoFi offers unique member benefits, including career coaching, financial planning, and community events.
Cons:
- Eligibility Requirements: To qualify for refinancing, applicants typically need a bachelor's degree or higher, a minimum income of $1,000 to $3,000 per month, and a credit score of 660 or higher without a co-signer.
- No Federal Loan Benefits: Refinancing federal student loans with SoFi results in the loss of federal benefits, such as income-driven repayment plans and loan forgiveness programs.
- Processing Times: The entire application process, including school certification of the loan, typically takes four to six weeks.
- Limited Loan Terms: SoFi's loan terms max out at 15 years, which may not suit borrowers seeking longer repayment periods.
- Credit Check Required: Applying for a loan with SoFi requires a hard credit inquiry, which could slightly impact your credit score in the short term.
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| Citizens Bank |
3.99% |
15.61% |
650 |
Apply Now |
Pros and Cons Citizens Bank:
Citizens Bank offers multi-year approval for loans, meaning you won’t need to reapply each year. There are also loyalty and automatic payment discounts.
Pros:
- No Origination or Prepayment Fees: Citizens Bank does not charge application, origination, or prepayment fees, allowing borrowers to pay off loans early without additional costs.
- Flexible Repayment Options: Borrowers can choose from various repayment plans, including immediate, interest-only, or deferred payments during school, providing flexibility to manage payments.
- Multi-Year Approval: Citizens Bank offers multi-year approval, allowing you to apply for all the funding you need upfront, simplifying the process for subsequent years.
- Interest Rate Discounts: Eligible borrowers can receive a 0.25% rate discount by enrolling in automatic payments and an additional 0.25% loyalty discount for having a qualifying Citizens Bank account.
- Co-Signer Release Option: After 36 consecutive on-time payments, borrowers can apply to release a co-signer from the loan.
- Available to International Students: Citizens Bank provides student loans to international students as long as they apply with a U.S.-based co-signer.
Cons:
- No Pre-Qualification for In-School Loans: Citizens Bank does not offer an option to pre-qualify for in-school loans, requiring a full application to see rates.
- Late Payment Fee: A late payment fee of 5% of the loan payment amount applies if a payment is not made within 15 days of the due date.
- High Minimum Refinance Amount: The minimum amount to refinance a loan is $10,000.
- Limited Loan Eligibility: Citizens Bank student loans are not available for students attending two-year institutions, including most community colleges, or for-profit schools.
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| Earnest |
3.47% |
16.49% |
600 |
Apply Now |
Pros and Cons Earnest:
Earnest allows you to customize your monthly payment and loan term based on your financial needs, with no fees and the ability to skip a payment once a year.
Pros:
- Personalized Loan Terms: Earnest customizes loan terms based on your financial situation, potentially leading to lower interest rates and more favorable repayment schedules.
- Flexible Repayment Options: Borrowers can choose from various repayment plans, including options for interest-only payments or deferment during school, providing flexibility to manage payments.
- No Fees: Earnest charges no application, origination, or prepayment fees, allowing borrowers to pay off loans early without additional costs.
Cons:
- Limited Loan Types: Earnest primarily offers private student loans and refinancing options, which may not suit borrowers seeking federal student loans or other types of financing.
- Eligibility Requirements: To qualify for refinancing, applicants typically need a bachelor's degree or higher, a minimum income of $1,000 to $3,000 per month, and a credit score of 660 or higher without a co-signer.
- No Cosigner Release: Earnest does not offer a cosigner release option, meaning the cosigner remains responsible for the loan if the primary borrower defaults.
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| Abe |
3.45% |
15.00% |
600 |
Apply Now |
Pros and Cons Abe:
Abe charges no application, origination, or prepayment fees, allowing borrowers to pay off loans early without additional costs.
Pros:
- No Fees: Abe charges no application, origination, or prepayment fees, allowing borrowers to pay off loans early without additional costs.
- Flexible Repayment Options: Borrowers can choose from various loan terms ranging from 5 to 20 years, with options for interest-only payments or deferment during school.
- Principal Reduction Upon Graduation: Abe offers a 2% principal reduction for borrowers who provide proof of graduation.
- No Late Payment Fees: Abe does not charge fees for late payments, providing more flexibility for borrowers.
- No Credit Impact for Pre-Qualification: Borrowers can check their interest rate offers without a hard credit pull, allowing them to compare options without affecting their credit score.
Cons:
- Limited Availability: Abe's services are not available in Connecticut, Maine, Nebraska, Texas, or West Virginia.
- Eligibility Requirements: To qualify for refinancing, applicants typically need a bachelor's degree or higher, a minimum income of $1,000 to $3,000 per month, and a credit score of 660 or higher without a co-signer.
- No Cosigner Release: Abe does not offer a cosigner release option, meaning the cosigner remains responsible for the loan if the primary borrower defaults.
- Limited Loan Amounts: Some borrowers have found that Abe's loan amounts may not cover the full cost of their education, potentially requiring additional financing.
|
| LendKey |
3.99% |
12.61% |
660 |
Apply Now |
Pros and Cons LendKey:
LendKey connects you with community banks and credit unions to provide low-rate student loans. It offers no application or origination fees.
Pros:
- Competitive Interest Rates: LendKey's partnerships with community banks and credit unions often result in lower interest rates compared to traditional banks.
- Streamlined Application Process: The platform offers a user-friendly online application, simplifying the loan application process for borrowers.
- Flexible Loan Terms: Borrowers can choose from various loan terms to find a repayment schedule that fits their financial situation.
- No Prepayment Penalties: LendKey does not charge fees for early repayment, allowing borrowers to pay off their loans ahead of schedule without additional costs.
Cons:
- Limited Loan Types: LendKey primarily offers private student loans and refinancing options, which may not suit borrowers seeking federal student loans or other types of financing.
- Eligibility Requirements: To qualify for refinancing, applicants typically need a bachelor's degree or higher, a minimum income of $35,000, and a credit score of 680 or higher.
- No Cosigner Release: LendKey does not offer a cosigner release option, meaning the cosigner remains responsible for the loan if the primary borrower defaults.
- Limited Loan Amounts: Some borrowers have found that LendKey's loan amounts may not cover the full cost of their education, potentially requiring additional financing.
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| ELFI |
3.54% |
15.99% |
680 |
Apply Now |
Pros and Cons ELFI:
ELFI provides fast approval processes and dedicated loan advisors for personalized support. They offer flexible repayment plans and competitive rates.
Pros:
- Competitive Interest Rates: ELFI provides competitive fixed and variable interest rates, potentially leading to significant savings over the loan's term.
- Flexible Repayment Terms: Borrowers can choose repayment terms ranging from 5 to 20 years, allowing for monthly payments that align with their financial situation.
- No Origination or Prepayment Fees: ELFI does not charge application, origination, or prepayment fees, enabling borrowers to pay off loans early without additional costs.
- Dedicated Loan Advisors: Each borrower is assigned a dedicated loan advisor to guide them through the refinancing process, providing personalized support.
- Parent PLUS Loan Refinancing: Parents who have taken on student loan debt for their children can refinance these loans through ELFI, with repayment terms of 5, 7, or 10 years.
- Forbearance Option: ELFI offers a forbearance option allowing borrowers to pause payments for up to 12 months in certain circumstances.
Cons:
- No Cosigner Release: ELFI does not offer a cosigner release option, meaning the cosigner remains responsible for the loan if the primary borrower defaults.
- Application Process Complexity: Some borrowers have found ELFI's application process to be less user-friendly, with multiple pages of information required.
- Minimum Loan Amount: ELFI requires a minimum loan amount of $10,000 for refinancing, which may be higher than some other lenders' minimums.
- No Rate Discounts: ELFI does not offer rate discounts for setting up automatic payments or for other loyalty programs.
- Limited Loan Types: ELFI primarily focuses on student loan refinancing and private student loans, which may not suit borrowers seeking federal student loans or other types of financing.
- Eligibility Requirements: To qualify for refinancing, applicants must have a bachelor's degree or higher, a minimum income of $35,000, and a credit score of 680 or higher.
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