3 alternatives to American Express student loans

Amex isn't in the student loan game. While it does have personal and business options, they won't work for college education expenses. But there are plenty of other private student lenders out there to choose from — and you can start comparing with three of our top picks.

Why doesn’t American Express offer student loans?

Student loans have never been an option with Amex. While it has a personal loan product and a selection of business loans, it's never been in the student loan space. 

Its personal loan offers a competitive minimum APR, but you're not allowed to use funds from it on post-secondary education expenses. Not to mention, you can't even apply for one unless you're already an Amex cardholder.

3 alternatives to American Express student loans

We chose three lenders by comparing a number of factors. Low APRs similar to Amex's low personal loan APRs were weighed more heavily. But we also compared overall quality, terms, amounts and repayment programs.

Best for students who want to make payments in school

College Ave undergraduate student loans

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• Overview
• Pros & Cons
• More Details

Four repayment options, including three different in-school plans, make College Ave an easy pick for students who want to start paying down their loans as soon as possible. But its extremely low rates are what earned it a spot on this list.
Outside of undergraduate loans, College Ave also offers graduate, parent and career loans. And you can prequalify before you apply, so you can see the rates and terms you might be eligible for without taking a hit to your credit score.

Pros

• Prequalify with no hard credit check
• Four repayment options
• Low rates starting at 0.94%

Cons

• Forbearance is on a case-by-case basis
• Deferment is only in school

Minimum Loan Amount	$1,000
Max. Loan Amount	Cost of attendance
APR	0.94% to 12.99%
Interest Rate Type	Variable
Fixed rate	3.39% to 13.95%
Minimum Loan Term	5 years
Maximum Loan Term	15 years
Requirements	US citizen or permanent resident, enrolled in a degree program at eligible school, maintain satisfactory academic progress, meet additional eligibility and credit requirements — or have a cosigner who does

APR	0.94% to 12.99%
Loan amount	Starting at $1,000
Min. Credit Score	Not stated

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Best online student loans

SoFi Student Loans

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• Overview
• Pros & Cons
• More Details

SoFi has both low starting rates and decently capped maximum rates for a private student loan. But there’s more than simply low rates — SoFi also offers similar exclusivity that Amex offers: When you borrow from SoFi, you become a member of its online community. It gives you access to events, a personal career coach, financial advice and more

Pros

• Online community available to borrowers
• Max rates top out at 11.76%
• Career coaching and financial advice available

Cons

• Newer to the student lending scene
• Credit score of 680 required
• Up to 30 days to get funding

Minimum Loan Amount	$5,000
Max. Loan Amount	Full cost of attendance
APR	1.89% to 11.98% with autopay
Interest Rate Type	Variable
Minimum Loan Term	5 years
Maximum Loan Term	15 years
Requirements	650+ credit score, employed or receive income from other sources, enrolled at least half time at an eligible degree-granting program, use funds for qualifying higher education expenses, maintain satisfactory academic progress, US citizen, age of majority in your state — or bring on a cosigner who’s a US citizen to help you meet age, credit and income requirements

APR	1.89% to 11.98% with autopay
Loan amount	Starting at $5,000
Min. Credit Score	680

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Best for no fees

Discover undergraduate student loans

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• Overview
• Pros & Cons
• More Details

Low rates, cashback rewards for good grades, funding up to 100% of the cost of attendance and a quick, 15-minute application make Discover's undergraduate student loans a strong contender in the space. But it also comes with absolutely zero fees: no origination, application or late fees — ever.

And with its multiyear option, Discover makes it easy to keep qualifying for loans after you take out your first one. Plus, Discover doesn't stop at only undergrad loans. It also offers graduate, MBA, law, parent, consolidation and various other professional student loans.

Pros

• No fees
• Payment assistance options
• International students can qualify

Cons

• No cosigner release available
• Checking rates requires a hard credit pull

Minimum Loan Amount	$1,000
Max. Loan Amount	Cost of attendance
APR	Variable APRs: 1.79% to 11.09% Fixed APRs: 3.99% to 11.59%
Interest Rate Type	Variable
Fixed rate	3.99% to 11.59%
Maximum Loan Term	15 years
Requirements	Must be enrolled at least half-time at an eligible school with satisfactory academic progress and seeking a degree. Must be a US citizen, permanent resident or international student.

APR	Variable APRs: 1.79% to 11.09% Fixed APRs: 3.99% to 11.59%
Loan amount	Starting at $1,000
Min. Credit Score	Not stated

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Federal student loans

Before you dive into private loans, check out options from the government. Federal loans offer a number of benefits that you often can't get from private loans. These include income-driven repayment plans, deferment and forbearance for unexpected emergencies. You can apply for federal loans by filling out the FAFSA.

See more student loan providers

For more options in the private sector, use our table to compare lenders and get an idea of what you might qualify for.

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Name	Product	APR	Min. Credit Score	Loan amount	Loan Term
College Ave undergraduate student loans		0.94% to 12.99%	Not stated	Starting at $1,000	5 to 15 years	Rates start at 2.84% for residents of all 50 states.	Get started More Info	Compare	loading Fetching your data…
Sallie Mae® Smart Option Student Loan for Undergraduates		1.87% to 11.97%	Not stated	Starting at $1,000	5 to 15 years	Choose from over 8 different options for undergraduates, law students and more.	Get started More Info	Compare	loading Fetching your data…
SoFi Student Loans		1.89% to 11.98% with autopay	680	Starting at $5,000	5 to 15 years	Undergraduate financing with no late fees to US citizens with good credit.	Get started More Info	Compare	loading Fetching your data…

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Bottom line

Just because American Express doesn’t offer student loans — and its personal loans can’t be used to pay for school — doesn’t mean you're out of luck. Federal options can get you low-cost funding with great benefits, or you can check out other private options.

Before making a decision, read our student loans guide. You’ll learn out how student loans work and find even more lenders to compare.