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Updated
Lender | Interest rate | |
---|---|---|
US Department of Education (federal student loans) | 2.75% | How to apply |
Credible | Starting at 1.24% with autopay | |
LendingTree | 3% | |
Earnest | Starting at 1.05% | Read review |
College Ave | 1.04% to 11.98% | Read review |
Sallie Mae | 1.25% to 11.35% | Read review |
SoFi | 1.87% to 11.66% with autopay | Read review |
RISLA | 3.64% to 5.64% | Read review |
Advantage Education Loan | 3.8% to 6.99% | Read review |
MEFA | 3.75% to 5.75% | Read review |
Dollar Bank | 4.12% to 4.5% | Read review |
Lender | Interest rate | |
---|---|---|
CommonBond | 3.21% to 9.74% | |
Citizens Bank | 2.85% to 11.35% | Read review |
SoFi | 2.87% to 11.85% | Read review |
RISLA | Starting at 3.64% | Read review |
Discover | 3.74% to 12.24% | Read review |
Sallie Mae | 3.87% to 10.23% | Read review |
Laurel Road | 4.29% to 8.55% | Read review |
College Ave | 4.45% to 11.68% | Read review |
Wells Fargo | 4.67% to 11.76% | Read review |
Direct Unsubsidized Loans for graduate and professional students come with a 4.3% interest rate for all borrowers. And Direct PLUS Loans come with a 5.3% interest rate for all borrowers. Even if these are higher than most low-interest private student loans, there are a few reasons you still might want to apply for them first:
Lender | Interest rate | |
---|---|---|
US Department of Education (federal student loans) | 5.3% | How to apply |
College Ave | 2.72% to 12.01% | Read review |
Brazos | 2.99% to 4.95% | Read review |
Citizens Bank | 4.45% to 8.52% | Read review |
Sallie Mae | 5.12% to 12.87% | Read review |
Wells Fargo | 5.49% to 12.99% | Read review |
That depends on the type of student loan:
When considering interest rates lenders offer, also take into account the maximum interest rate. Unless you or your cosigner have near-perfect credit and finances, you likely won’t get the lowest advertised rates. In fact, going with a lender that offers a low maximum rate can sometimes work in your favor.
From prequalifying with multiple lenders to reaching out to your local bank, here are a few tips for scoring a low rate on your private student loans:
The less you have to borrow, the more you’ll save. Here are three ways to avoid taking out more student loans than necessary:
While some private lenders might offer student loans with rates that start much lower than the federal alternative, you might not actually get a better deal. The best way to compare interest rates on student loans is to prequalify first. You can learn about other factors to compare by reading our guide to student loans.
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