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Best student loan rates in November 2022

Hanneh Bareham specializes in everything related to student loans and helping you finance your next educational endeavor. She aims to help others reach their collegiate and financial goals through making student loans easier to understand. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Mark Hamrick is Washington Bureau Chief for Bankrate. He is a national award-winning business and financial news journalist. Bankrate logo The Bankrate promise A student loan is a type of borrowed money designed to cover the costs of college tuition, fees, books, supplies, housing and more. There is currently more than $1.7 trillion in outstanding student loan debt in the United States, held by 42 million borrowers. Even though it's a common form of debt, choosing the right loan for your needs is a big decision. Students can choose either federal or private student loans to help pay for school. It's usually best to start with federal student loans, which have an interest rate of 4.99 percent for undergraduate students for the 2022-23 school year. However, while private student loans have fewer borrower protections, they can fill in any funding gaps and typically have a wider range of repayment terms. Private student loan rates typically range anywhere from 3 percent to 15 percent.

How to apply for a student loan

1

Fill out the FAFSA

2

Get prequalified with private lenders

3

Submit an application

4

Sign loan documents

How to choose a student loan

1

Look at federal student loan options

2

Compare offers from a few private lenders

3

Consider interest rates and terms

4

Look into unique features

On this page

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Founded in 1976 as the , a print publisher for the banking industry, Bankrate has a long track record of helping people make smart financial decisions. We've maintained this reputation over four decades by prioritizing facts and experience over hype and hearsay, and quickly responding to economic trends that offer our users a more relevant experience.

Advertiser DisclosureThe listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.Definition of terms Apply

Get student loan refinance offers

Answer a few questions in two minutes or less to see which student loans you pre-qualify for. It's free and will not impact your credit score.The Bankrate scoring system evaluates lenders' affordability, availability and customer experience based on 11 data points selected by our editorial team.An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. 4.0Bankrate Score3.99- 8.24with AutoPay$25k- $500kTerm: 5-25 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewLow rates for loans over $5000No Maximum loan amountSee your rates in 3 minutes without affecting your credit scoreNo application or origination fees and no prepayment penaltiesFriendly customer service available via phone, email, and live chatApply on partner site4.1Bankrate Score2.94- 11.87with AutoPay$5k- $500kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewCompare real, pre-qualified rates from up to 10 lenders in under 2 minutesNo hidden fees, origination fees or prepayment penaltiesChecking your rates won't affect your credit scoreVariable rates will fluctuate over the term of the borrower's loan with changes in the LIBOR rate. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.Apply on partner site4.7Bankrate Score3.99- 8.94with AutoPay$5k- $500kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewEasy online application!No origination fees, late fees, and no insufficient fund fees. PeriodFlexible repayment options to help you find the right loan for you0.25% discount when you set up autopay*Rates:
Lowest rates shown include the auto debit discount: Additional information regarding the auto debit discount: The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. Advertised APRs are valid as of 11/1/2022. Loan amounts: Loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.
Terms:
Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 9.09% fixed APR, 51 payments of $25.00, 119 payments of $165.12 and one payment of $120.52, for a Total Loan Cost of $21,044.80. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 9.47% fixed APR, 27 payments of $25.00, 179 payments of $119.57 and one payment of $55.39 for a total loan cost of $22,133.42. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.Apply on partner site4.3Bankrate Score3.99- 8.99with AutoPay$5k- $500kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewLower rates based on your future potential and full financial profile, not just your FICO scoreFlexible terms that let you pick your exact monthly paymentLifetime service provided in-house. Unlike other lenders, we will never pass you off to third-party servicersNo fees for origination, prepayment, or loan disbursementTwo-minute rate check with no obligation at www.earnest.comActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.24% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 3.49% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.Apply on partner site3.99- 8.99with AutoPay$5k- $500kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewYou can refinance without a degreeThree minutes to get your rate with our quick and easy online applicationNo fees, including no application, prepayment, or late fees1Customize loan terms, from 5 to 20 years to fit your budget and financial goalsStudent or Parent PLUS Loan refinancing availableAutopay discount of 0.25%You can choose between fixed and variable rates. Fixed interest rates are 4.24% - 9.24% APR (3.99% - 8.99% APR with Auto Pay discount). Starting variable interest rates are 3.49% - 8.24% APR (3.24% - 7.99% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA. Apply on partner site4.4Bankrate Score5.39- 11.87with AutoPay$10k- $750kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewYou can see if you'll qualify and what rate you'll get without a hard credit checkYou can refinance Federal PLUS Loans in your nameLoyalty discount: Borrowers with a Citizens account when they apply get an additional 0.25% interest rate discountVariable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of October 1, 2022, the 30-day average SOFR index is 2.38%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%. Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. Lowest Rate Disclosure: Lowest rates are for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include Loyalty and Automatic Payment discounts of 0.25 percentage points each. Subject to additional terms and conditions and may change at any time without notice. Such changes apply to applications taken after effective date of change.
Apply on partner site4.0Bankrate Score3.99- 10.68with AutoPay$5k- $300kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's View2-Minute rate check with no impact on your credit scoreNo origination fees or prepayment penaltiesNetwork of 300+ community lenders means higher chances for approval and lower ratesAvailable for private and federal, undergraduate and grad school student loans0.25% Interest Rate Reduction with automatic paymentsOne of the largest unemployment protection offers in the market; up to 18 monthsCosigner release available after 12 monthly paymentsRates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile, and it may be based on your credit score, level of degree earned, and the availability and credit score of a cosigner applicant. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Variable rates may increase after consummation. Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if your meet the lender's eligibility criteria. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.Apply on partner site4.2Bankrate Score4.29- 7.29$10k- $500kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewPrequalify to estimate rate without affecting your credit scoreSubmit online application in minutesNo application fees, origination fees, and prepayment penaltyFlexible repayment terms to fit your needs and goalsStudent Loan Advisor to guide you through the application processEducation Loan Finance is a nationwide student loan debt consolidation and refinance program offered by Tennessee based SouthEast Bank. ELFI is designed to assist borrowers through consolidating and refinancing loans into one single loan that effectively lowers your cost of education debt and/or makes repayment very simple. Subject to credit approval. See Terms & Conditions. Interest rates current as of 06-24-2022. The interest rate and monthly payment for a variable rate loan may increase after closing, but will never exceed 9.95% APR. Interest rates may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner's (if any) financial history. See Eligibility Requirements for more information. For example, a 10-year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Rates are subject to change.Apply on partner site Close X

The Bankrate guide to choosing the best student loans

Why trust Bankrate

Bankrate wants to empower readers to make smart financial decisions. We've been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy. When shopping for a student loan, look for a competitive interest rate, flexible repayment terms that meet your needs, generous hardship options and minimal fees. Loan details presented here are current as of Oct. 21, 2022. Check the lenders' websites for more current information.

What are current student loan interest rates

vary based on where the loan originates, the type of interest rate and the creditworthiness of the borrower. LOAN TYPE FIXED APR VARIABLE APR Refinance student loans 2.99% to 11.28% 2.25% to 11.07% Private student loans 2.99% to 14.96% 2.99% to 14.86% Direct Subsidized and Unsubsidized Loans (undergraduate borrowers) 4.99% N/A Direct Unsubsidized Loans (graduate and professional borrowers) 6.54% N/A Direct PLUS Loans (parents and graduate and professional borrowers) 7.54% N/A

What are interest rates for federal student loans

Federal student loan rates change each year. Your rate depends on when you took out your loan. LOAN FIRST DISBURSED UNDERGRADUATE DIRECT SUBSIDIZED LOANS UNDERGRADUATE DIRECT UNSUBSIDIZED LOANS GRADUATE OR PROFESSIONAL DIRECT UNSUBSIDIZED LOANS DIRECT PLUS LOANS July 1, 2022 – June 30, 2023 4.99% 4.99% 6.54% 7.54% July 1, 2021 – June 30, 2022 3.73% 3.73% 5.28% 6.28% July 1, 2020 – June 30, 2021 2.75% 2.75% 4.30% 5.30% July 1, 2019 – June 30, 2020 4.53% 4.53% 6.08% 7.08% July 1, 2018 – June 30, 2019 5.05% 5.05% 6.60% 7.60% July 1, 2017 – June 30, 2018 4.45% 4.45% 6.00% 7.00% July 1, 2016 – June 30, 2017 3.76% 3.76% 5.31% 6.31% July 1, 2015 – June 30, 2016 4.29% 4.29% 5.84% 6.84% Source:

Compare student loan interest rates in November 2022

Private Student Loan Rates Refinance Student Loan Rates Bad-Credit Loan Rates Graduate Student Loan Rates MBA Student Loan Rates LENDER BEST FOR FIXED APR VARIABLE APR LOAN TERM LOAN AMOUNT MIN. CREDIT SCORE Loans without a co-signer 4.12% - 15.75% (with autopay) 3.39% –13.65% (with autopay) 5–15 years $2,001–$200,000 Not specified Multiyear approval 5.99% - 12.90% (with autopay) 5.49% - 12.64% (with autopay) 5–15 years $1,000–$350,000 depending on program Not specified Quick application process 3.99%–14.96% (with autopay) 2.99%–14.86% (with autopay) 5–20 years $1,000–100% total cost of attendance (maximum $150,000 for some degrees) Not specified Flexible repayment terms 3.99% - 12.78% (with autopay) 3.58% - 12.28% (with autopay) 5–20 years $1,000–100% total cost of attendance 650 Part-time students 4.50% – 14.83% (with autopay) 4.00% - 14.34% (with autopay) 10–15 years $1,000–100% total cost of attendance Not specified Loans without fees 3.99%–13.50% (with autopay) 3.75% - 12.13% (with autopay) 5–15 years $5,000–100% total cost of attendance Not specified LENDER FIXED APR VARIABLE APR LOAN TERM LOAN AMOUNT 3.99% - 8.94% (with autopay) 3.99% - 8.94% (with autopay) 5–20 years $5,000–full balance of education loans 3.99%–8.99% (with autopay) 3.24%–7.99% (with autopay) 5–20 years $5,000–$500,000 4.24%–6.65% (with autopay) 2.25%–6.55% (with autopay) 5–20 years $5,000–full balance of education loans 5.39% - 11.87% (with autopay) 5.09% - 11.67% (with autopay) 5–20 years $10,000–$350,000 3.99% - 10.68% (with autopay) 3.27% - 6.87% (with autopay) 5–20 years $5,000–full balance of education loans 4.49%–7.99% (with autopay) 3.69%–7.99% (with autopay) 5–15 years $5,000–$300,000 3.99%-8.24% (with autopay) 2.50%-8.65% (with autopay) 5–20 years $5,000–full balance of education loans LENDER CURRENT APR RANGE LOAN TERMS MIN. LOAN AMOUNT MAX. LOAN AMOUNT Federal student loans 4.99–7.54% 10–25 years None $7,500 annually for dependent undergraduates, $12,500 annually for independent undergraduates and 100% total cost of attendance for graduate students 3.58% - 12.28% variable (with autopay); 3.99% - 12.78% fixed (with autopay) 5–20 years $1,000 100% total cost of attendance 3.39% - 13.65% variable (with autopay); 4.12% - 15.75% fixed (with autopay) 5–15 years $2,001 $200,000 4.00%–14.34% variable, 4.50%–14.83% fixed (with autopay) 10–15 years $1,000 100% total cost of attendance 2.99%–14.86% variable, 3.65%–15.75% fixed (with autopay) 5–20 years Varies Varies LENDER APR LOAN TERMS MIN. LOAN AMOUNT MAX. LOAN AMOUNT Department of Education: Direct Unsubsidized Loan 6.54% fixed Standard repayment term is 10 years Not specified $20,500 per year (lifetime limit $138,500) Fixed: 5.12%–15.75% (with autopay); variable: 4.39%–13.65% (with autopay) 5–20 years $2,001 $400,000 Fixed: 5.99% - 12.90% (with autopay); variable: 5.99% - 12.64% (with autopay) 5–15 years $1,000 $350,000 Fixed: 4.24%–12.99% (with autopay); Variable: 3.49%–12.99% (with autopay) 5–15 years $1,000 100% total cost of attendance ($150,000 maximum for some programs) Department of Education: Grad PLUS loan 7.54% fixed Standard repayment term is 10 years Not specified 100% total cost of attendance See rates at Discover.com 20 years $1,000 100% of school-certified costs. Aggregate loan limits apply. Fixed: 4.50% - 14.83% (with autopay); Variable: 4.00% - 14.34% (with autopay) 15 years $1,000 100% total cost of attendance Fixed: 4.50% - 13.50% (with autopay); Variable: 4.25% - 12.13% (with autopay) 5–15 years $1,000 100% total cost of attendance LENDER CURRENT APR RANGE LOAN TERMS MIN. LOAN AMOUNT MAX. LOAN AMOUNT Federal grad PLUS student loans 7.54% fixed Standard term is 10 years Not specified 100% total cost of attendance Fixed: 4.24%–12.99% (with autopay); Variable: 3.49%–12.99% (with autopay) 5–15 years $1,000 $150,000 Fixed: 4.50%–12.85% (with autopay); Variable: 4.25%–12.13% (with autopay) 5–15 years $1,000 100% total cost of attendance Fixed: 4.25%–12.92% (with autopay); Variable: 4.50% - 14.10% (with autopay) 15 years $1,000 100% total cost of attendance Fixed: 5.99% - 12.90% (with autopay); variable: 5.99% - 12.64%% (with autopay) 5–15 years $1,000 $225,000 See rates at Discover.com 20 years $1,000 100% of school-certified college costs. Aggregate loan limits apply. Fixed: 4.19% - 12.78% (with autopay); Variable: 3.79% - 10.19% (with autopay) Not specified $1,000 100% total cost of attendance Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 4.12% –15.75% Loan amount: $3,000– $20,000 Term lengths: 5 to 20 years Min. annual income: $0 Overview: offers undergraduate and graduate private student loans in all 50 states. Borrowers without a co-signer have their own loan option, which is a rarity in the private student loan space. If you don't have a co-signer, you may be able to qualify for a loan based on your school, graduation date, major and cost of attendance. The lender also offers a longer-than-average period of forbearance, which is a hardship program that allows you to temporarily stop making payments. Why Ascent is best for students without a co-signer: Ascent is one of the only lenders to give undergraduates the chance to qualify for a student loan based on future income rather than credit score, removing the need for a co-signer.

Pros & Cons

Pros

Loan option based on future income instead of credit score. Forbearance of up to 24 months over the life of the loan. Grace period of nine to 36 months, depending on degree type.

Cons

High rate caps. Undergraduate borrowers without a co-signer must have a GPA of at least 2.9. Undisclosed credit requirements for credit-based loans.

Eligibility & More

Requirements: Borrowers must be a U.S. citizen or have a co-signer who is a U.S. citizen or permanent resident. For some loans, students must be enrolled full time, have at least two years of credit history, have a minimum annual income of $24,000 and maintain a GPA of at least 2.9. Fees: Ascent does not charge any fees. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 5.99% –12.9% Loan amount: $1,000– $350,000 Term lengths: 5 to 15 years Min. annual income: $12,000 Overview: offers private student loans to undergraduate students, graduate students and parents. Citizens Bank will run a hard credit inquiry when you apply and will let you know if you qualify for the multiyear loan program. If approved, you can request funds in subsequent years without supplying additional income documentation or going through hard credit checks, so the process is faster. Why Citizens Bank is best for multiyear approval: Borrowers can get approved for multiple years of student loans without needing to go through a hard credit check every time, which is convenient if you know that you'll need funding every year.

Pros & Cons

Pros

Multiyear loan option. 0.25 percent APR discount for eligible Citizens Bank accounts. Scholarship opportunities available.

Cons

$150,000 limit for undergraduate loans. No firm deferment or forbearance policies.

Eligibility & More

Fees: Citizens Bank charges a late fee of 5 percent and a returned payment fee of $15. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 3.99% –14.96% Loan amount: $1,000– $500,000 Term lengths: 5 to 15 years Min. annual income: $35,000 Overview: is an online lender that offers private student loans to undergraduate students, graduate students, parents and students attending community college and career programs. Why College Ave is best for a quick application process: College Ave has a simple online application that only takes a few minutes to complete, and borrowers can accept terms and e-sign documents immediately after approval.

Pros & Cons

Pros

Three-minute application process. Loans available for community college and career programs. $150 reward upon graduation.

Cons

Loan cap of $150,000 for most graduate school loans. Limited eligibility information. Co-signer cannot be released until at least half of the repayment period has elapsed.

Eligibility & More

Requirements: Borrowers must be a U.S. citizen or permanent resident and be making satisfactory academic progress at their school. International students with a Social Security number may apply with a qualified co-signer. Students may be enrolled full time, half time or less than half time. Fees: College Ave may charge a late fee. Check rate with Bankrate Min. credit score: 650 Fixed APR From: 3.99% –12.78% Loan amount: $1,000– $350,000 Term lengths: 5 to 20 years Min. annual income: $35,000 Overview: is an online lender that funds private student loans to undergraduate and graduate students and offers unique repayment options. Earnest's grace period is nine months long, which is three months longer than what most lenders offer. Borrowers are also allowed to skip one payment every 12 months. Borrowers can pick their loan term, which ranges between five and 20 years. Plus, once every 12 months, borrowers can choose to postpone a payment.

Pros & Cons

Pros

Skip a payment once every 12 months. Nine-month grace period. Extremely low starting rates.

Cons

No student loans available in Nevada. No co-signer release.

Eligibility & More

Requirements: Borrowers must be attending or enrolled to attend an eligible four-year Title IV institution. Undergraduate borrowers must be enrolled at least half time. Borrowers must also be the age of majority in their state and be a U.S. citizen or permanent resident, or have a co-signer who is the age of majority and a U.S. citizen or permanent resident. Borrowers or co-signers must have at least three years of good credit history, no history of bankruptcy, a minimum annual income of $35,000 and a minimum credit score of 650. Fees: Earnest charges a returned payment fee of up to $8. Florida residents may be charged a stamp tax of 0.35 percent. Check rate with Bankrate Min. credit score: 639 Fixed APR From: 4.5% –14.83% Loan amount: $1,000– $500,000 Term lengths: 10 to 15 years Min. annual income: $0 Overview: offers private student loans to undergraduate students, graduate students, parents and students enrolled in career-training programs. Why Sallie Mae is best for part-time students: Sallie Mae is one of the only private student loan lenders that doesn't require borrowers to attend school full- or half time, which makes it a standout option if you're studying abroad, taking just one or two classes at a time or taking a professional certification course.

Pros & Cons

Pros

Four months of free access to Chegg Study. Loans for part-time students, students attending online or summer classes and students studying abroad. Wide range of loan amounts.

Cons

Few eligibility requirements disclosed. Only 12 months of forbearance available.

Eligibility & More

Requirements: Borrowers must be U.S. citizens or permanent residents or have a co-signer who is. Sallie Mae doesn't list many of its eligibility requirements, but it says that it looks at borrowers' history of borrowing money and paying it back on time. Fees: Sallie Mae charges a late fee of 5 percent or $25, whichever is less. If your payment is returned, you may also be charged up to $20. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 3.99% –13.5% Loan amount: $5,000– $500,000 Term lengths: 5 to 15 years Min. annual income: $0 Overview: is an online lender that offers private student loans for undergraduate students, graduate students and parents. Among its perks, SoFi says that it doesn't charge any fees, which cuts down on the overall cost of borrowing. Why SoFi is best for no fees: It's standard for lenders to charge late fees or nonsufficient funds fees, but SoFi does away with even these fees. Of course, it's still not a good idea to miss payments, but SoFi's no-fee policy provides a nice buffer.

Pros & Cons

Pros

Member rate discount of 0.125 percent. Unemployment assistance. No fees.

Cons

Vague eligibility requirements. High APR caps. Loans not available for associate degree programs.

Eligibility & More

Requirements: Borrowers must be the age of majority and be a U.S. citizen, permanent resident or visa holder. Younger borrowers or borrowers who are not U.S. citizens must apply with a qualified co-signer. Borrowers or co-signers must also be employed or have sufficient income. Borrowers must be enrolled at least half time in a degree-granting program and be making satisfactory academic progress. Fees: SoFi charges no fees.

Types of student loans

Students have several options when it comes to student loans depending on their degree program: Federal undergraduate loans: U.S. citizens and eligible noncitizens can qualify for federal student loans, or . Undergraduates may have the option of Direct Unsubsidized Loans or Direct Subsidized Loans, the latter of which is offered only to students with financial need. Federal graduate loans: Graduate students can qualify for federal Direct Unsubsidized Loans or Direct PLUS Loans. Unsubsidized loans are cheaper, but PLUS Loans have higher loan amounts. Private undergraduate loans: Borrowers who have taken out the maximum in federal student loans may choose to look for . In many cases, these loans may also be the only viable option for looking to study in the U.S., since these students don't qualify for federal aid. Private graduate loans: Many private lenders offer loans for , including loans tailored to students attending , , and more. Student loan refinancing: If you took out student loan in the past but want to change your repayment term or interest rate, you may choose to . Refinancing pays off your old loans in exchange for a new loan.

Federal vs private student loans

are offered by the U.S. Department of Education, while are offered by banks, credit unions and private lenders. It's almost always best to start your search with federal student loans, though private student loans also offer some unique perks. The biggest is in the rates and eligibility requirements. Private lenders base your rates on your credit score, with a poor credit score leading to higher rates. Federal student loans, on the other hand, offer every borrower the same rate for each type of loan. The on a private student loan can range from around 2 percent to 15 percent, while federal loans charge 4.99 percent, 6.54 percent or 7.54 percent, depending on the loan type. Some federal loans do have borrowing limits, so borrowers will often turn to private lenders to finance their remaining academic costs. However, while private loans can often finance up to the total cost of attendance, they don't offer as many ways to customize your repayment plan. FEDERAL STUDENT LOANS PRIVATE STUDENT LOANS Interest rates 4.99% to 7.54% for 2022-23 2.99% to 14.96% fixed, 2.99% to 14.86% variable Fees 1.057% to 4.228% origination fee Varies by lender Borrowing limits $31,000 total for dependent undergraduates, $57,500 total for independent undergraduates, 100% total cost of attendance for graduates 100% total cost of attendance with many lenders Qualification requirements Must be a U.S. citizen or eligible noncitizen and be enrolled at least half time Varies by lender; often must have good credit and consistent income Benefits Income-driven repayment plans, robust deferment and forbearance, no minimum credit score Low interest rates for good-credit borrowers, often zero fees, lender-specific perks Drawbacks Potentially higher interest rates than private loans offer for borrowers with good credit, loan amount caps for undergraduate borrowers Credit check required, high rate caps, fewer borrower protections

Student loan interest information

How student loan interest works

When you apply for a student loan, you'll be offered an interest rate. This interest rate is an extra percentage of your loan amount that you'll have to pay each month. With federal loans, this rate is the same for all borrowers and is determined by the federal government each year. With private loans, this rate is determined by your credit score, income and more. The most affordable private student loans go to students in good financial health with high credit scores. Learn more: Prospective borrowers can usually choose between a fixed and a variable interest rate. Fixed interest rates remain the same over the life of the loan, while variable rates change based on market trends. Federal student loans are always fixed, while private student loans can be either fixed or variable. Learn more:

How student loan interest is calculated

While browsing interest rates, you can calculate your student loan interest to estimate how much you will pay each month. Here's how to do it: Find your daily interest rate: Divide your annual interest rate by the number of days in a year (365). Determine your daily interest accrual charge: Multiply your daily interest rate by your principal balance. Calculate your monthly payment: Multiply your daily interest by the number of days in your billing cycle. You can also calculate how much interest you'll pay over the life of your student loan by using a . Learn more:

Student loan news updates

On Aug. 24, 2022, that the federal student loan payment pause would be extended a final time through Dec. 31, 2022. Payments and interest charges on federal loans will resume in January. In the same announcement, Biden revealed a sweeping student loan forgiveness plan that will cancel up to $10,000 in federal student loan debt for borrowers making less than $125,000 (or $250,000 if married and filing jointly) and $20,000 in federal student loan debt for borrowers who are below that income threshold and also received a Pell Grant for college. Borrowers have until Dec. 31, 2023 to apply for this forgiveness on the . The administration is also proposing several changes to federal student loan programs: A new income-driven repayment plan that will charge 5 percent of the borrower's discretionary income. After 10 years, borrowers who originally took out less than $12,000 will have the remaining balance forgiven. Permanent revisions to that will broaden the definition of an eligible payment within the program.

How the 2022 Fed rate hikes impact student loans

The Federal Reserve has been gradually raising the federal funds rate, with the Federal Open Market Committee's most recent meeting in November raising rates by three-quarters of a percentage point for the fourth time in 2022. The federal funds target range is now 3.75 to 4 percent, which is the highest target since 2008. In on the November hike, the FOMC wrote that further rate increases "may be appropriate" to combat inflation. However, they plan to account for the cumulative effects of their changes to date alongside financial and economic developments. While the Fed decisions won't impact federal student loans for the 2022-23 school year – those are already set in stone – they could impact new private student loans and refinancing. As the year goes on, interest rates on these products will likely creep upward. This is especially critical for borrowers who have a private student loan with a variable interest rate, whose loans could start to become more expensive. If you have an existing loan, now might be the time to refinance into a fixed rate. If you're taking out a new private student loan, it may be wise to choose a fixed rate from the start.

What to know about the FAFSA

The is the only way to get federal student loans, which is why all eligible students should fill out the form if they anticipate needing to borrow money for college. When does the FAFSA open? The FAFSA every year. For the 2023-24 school year, the FAFSA opened on Oct. 1, 2022. When is the FAFSA due? The federal is June 30 for the award year you need funding. For the 2023-24 school year, the FAFSA is due on June 30, 2024. However, some states and colleges have earlier deadlines. Who is eligible to apply for the FAFSA? U.S. citizens, eligible noncitizens and can fill out the FAFSA. However, only U.S. citizens and eligible noncitizens can receive federal financial aid. What happens if you make a mistake on your FAFSA? If you've experienced a serious financial event since submitting the FAFSA or your personal details have changed, you are able to after the fact.

FAQ about student loans

Every lender has different eligibility requirements for student loans, but generally you'll need to: Meet age, education and citizenship requirements. Use the loan for qualifying education expenses. Have a good credit score and consistent income (or have a co-signer who does). Maintain good grades while in school.

Whether or not you for private student loans depends on your financial health. If you have poor credit or little income, a creditworthy co-signer could help you get approved or receive a better interest rate. Some lenders also require co-signers for undergraduate borrowers, regardless of financial health.

You can take out new student loans or with bad credit. Most federal student loans don't even check your credit, which makes them a great option for borrowers with little to no credit history. If you are applying for a private student loan, some lenders cater to , although interest rates may be higher and loan amounts smaller. Before applying for any student loan, check for credit score requirements at each lender and get prequalified if possible.

Private student loans appeal to many borrowers because of their high borrowing limits and low starting interest rates. They also give you the option of fixed or variable rates, so you can choose the best plan for your budget. However, private student loans have fewer deferment and forbearance options than federal student loans, and borrowers with bad credit could see interest rates in the double digits.

may be a good option if you'd like to consolidate multiple loans into a single loan or if interest rates have fallen significantly since you first took out your fixed-rate loan. However, refinancing can only be done through private lenders, so you'll lose options like and programs if you refinance your federal loans.

To shop around and compare a few lenders to see which one offers the best rate and repayment terms for your situation, getting prequalified where possible. When you're ready to apply, you can typically apply online, over the phone or in person. Once you're approved and have submitted the necessary documentation, the lender will pay off your existing loans, and you'll begin making your new payments.

In general, you - lenders strictly prohibit this. However, there are for students who need to pay for travel expenses, books or equipment, as long as the student has a good credit score. Keep in mind that student loans can cover all of these educational costs, and they're often a better choice than personal loans. However, if you only need to borrow a few hundred dollars, a personal loan is worth considering.

Methodology

To find the best student loans, Bankrate first looked at lenders that have a national reputation and serve borrowers across the U.S. We then narrowed down the field based on APR ranges, loan options and loan amounts to ensure that the lenders offered competitive loans for a variety of borrowers. Lenders that offered loans for undergraduates, MBA students, medical students and more, for example, scored higher than those offering just one type of loan. To determine the final rankings, we then evaluated eligibility requirements and any standout features that make a loan uniquely suited to a variety of needs - for instance, the ability to apply for multiple years of school or receive cash rewards upon graduation.