Private Student Loans

Private Student Loan Breakdown

When you have exhausted all other options searching for student loans, private student loans may be the last option. If you have filled out every grant, applied for every scholarship, and filled out all possible federal student loan options with no luck, private student loans may be able to help. Unlike grants, scholarships, and other federal student loans, private student loans are created by individual lenders. These lenders will then set their own terms including things like APR, Loan term length, as well as eligibility requirements such as credit score and household income requirements. If you have utilized all other options, private student loans can be the final key you need in order to close the gap on attending college. Not all private loans are a one-size-fits-all and as always please consult with a financial professional before selecting a loan. See some of the great features of our private student loan lenders such as no-cosigner and auto pay discounts. Take a look at our private student loan lending partners below and see which lender fits your financial needs.

Private Student Loan Process
Highlighted below are the general guidelines consisting of how to take out a private student loan.


Research & Select Lender
Carefully research each lender for your desired metrics and determine what lender to go with.

Review & Sign Lender Documents
Complete application for the lender that you like and one that works with your school.

Receive Approval Status & Enroll
Once approved the lender will send the funds to the school and you will then be able to enroll.
Current Private Student Loan Lender Offerings
Lender Rates (APR)* Terms* Soft Credit Check*
3.98% – 14.44% 5, 12, 15 REQUEST RATE

Fast Facts

Soft Credit Check
Time to Apply 15 minutes
Variable Rates 3.98% – 12.73%
Fixed Rates 5.44% – 14.44%
Income Requirements No Min
Eligible Loans Private & Federal
Minimum Lending Amount $1,000

Details

  • Ascent Independent is a student loan that will help you pay for college WITHOUT the need for a cosigner
  • No origination, disbursement, or application fees
  • Ability to customize your loan
  • .25% interest rate deduction when on auto debit
  • Min lending amount – $1,000

All Details and Full Review

See additional details for ASCENT

See full review for ASCENT INDEPENDENT

3.48% – 11.44% 5, 12, 15 REQUEST RATE

Fast Facts

Soft Credit Check
Time to Apply 15 minutes
Variable Rates 3.48% – 9.72%
Fixed Rates 4.94% – 11.44%
Income Requirements No min
Eligible Loans Private & Federal
Minimum Lending Amount $1,000

Details

  • Ascent Tuition is a student loan that will help you pay for college WITH a cosigner
  • No origination, disbursement, or application fees
  • Ability to customize your loan
  • .25% interest rate deduction when on auto debit
  • Min lending amount – $1,000

All Details and Full Review

See additional details for ASCENT

See full review for ASCENT TUITION

2.99% – 9.95% 10 Soft credit check logos REQUEST RATE

Fast Facts

Soft Credit Check Soft credit check logos
Time to Apply 2 minutes
Private Rates 2.99% – 9.95%
Average Savings $24,046*
Credit Score Minimum 660
Income Requirements No min
Eligible Loans Private & Federal
Minimum Lending Amount $5,000

Details

  • Available to both undergraduate and graduate school qualified
  • No origination fees or prepayment penalties
  • 30-day no-fee return policy for all borrowers
  • 0.25% Interest Rate Reduction with automatic payment
  • Funds can be used to pay fro qualified education expenses, including: Tuition, Room and Board, Books, Computer(s), and more.

All Details and Full Review

See additional details for LENDKEY

2.93% – 9.67% 5, 10, 15 REQUEST RATE

Fast Facts

Soft Credit Check
Time to Apply within minutes
Variable Rates 2.93% – 8.77%
Fixed Rates 5.50% – 9.67%
Income Requirements No min
Eligible Loans Private & Federal & MBA
Minimum Lending Amount $1,000

Details

  • Award-winning customer care to help you every step of the way
  • No origination, disbursement, or application fees
  • Loan options from 5 – 15 years
  • .25% interest rate deduction when on auto debit

All Details and Full Review

See additional details for CommonBond

See full review for CommonBond

*Any terms, rates, or other student loan related information listed on The Student Loan Calculator’s website or blog is provided as is and without any warranty or guarantee. The displayed information is not intended to legally bind The Student Loan Calculator or any of its lending partners on The Student Loan Calculator. The displayed rates and terms are based on information provided to The Student Loan Calculator via its lenders. Rates will vary depending on credit information, employment history, and income statements as a few examples. The Student Loan Calculator is not a lender and is not involved with approving or granting loans through the approval process. If you would like more information on a specific loan, please head over to that lender’s website to further view terms and conditions. For any questions or concerns please email us at [email protected]

Private Lender Analysis

No Co-signer
Ascent Independent offers a private student loan without the need for a co-signer all while helping to build your credit while in school.

Longest Loan Term Length
Ascent Tutiton offers loans from 5, 10, and even up to 15 years if need. The longest loan term in the private sector.

No Fees
Lendkey has no fees. You read that correctly, no prepayment, origination or other miscellaneous fees to their borrowers.

Lowest Interest Rate
CommonBond currently offers the lowest interest rate at 2.93% for their private student loans.
Common Private Student Loan Questions

What is a private student loan?

‣ Private student loans are loans that are made by private institutions or banks that work outside of what the government may offer as a subsidiary. These loans tend to be offered by big banks, credit unions, and other financial institutions. They come in many different sizes, some you probably have heard of, and others who may be quite small.

How much can I take out with a private student loan?

‣ With private student loans, you have the opportunity to take out generally as little as $1000 on the low-end of the spectrum and on the high-end well north of $200,000. It really comes down to how much you need for school. In most cases, when you qualify the sky is really the limit. Be sure to check with your lender to see lender amounts, terms, and conditions.

What can I use my private student loan to pay for?

‣ Private student loans allow for you to pay for many things within the education wheelhouse. Some of the common things that you can purchase with a private student loan include; Tuition, College Fees, Textbooks, Housing expenses, Transportation, Computers, Miscellaneous supplies and much more. However, one thing to keep in mind is that you do have to repay ALL of your student loan debt. Be smart with what you choose to pay for with your private student loan and you should come out just fine.

Does everyone happen to get approved for a private student loan?

‣ Unfortunately, this is not the case. Not everyone will qualify for a private student loan. As with credit cards or mortgages, many financial factors are taken in order to see the likeliness of you paying off your debt. If you have applied for a private loan but got denied, don’t stress, you may want to look into using a co-signer and try applying again. This may help your chances quite a bit depending on the c0-signers credit history and other financial factors.

Are there any advantages for taking out private student loans?

‣ In some cases, private loans are the only route some students will have in order to be able togo to college. This is not super common but is one of the advantages for those students who would have no other options to attend school if it were not for private student loans.

How about disadvantages when it comes to private student loans?

‣ As with any positive, there is bound to be some negative counterparts. With private student loans, one of the biggest downsides is that they tend to be very expensive. This is generally due to the fact that most of the private student loans are at the variable-rate for interest. Another huge factor when it comes to taking out private student loans is that unless you have a solid income and established credit history you will more than likely need a co-signer. This may not be a huge problem for some people, but this can be a big factor when looking at your options to pay for school.

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