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Student Loan Finder

Borrow smart and affordably for your college education.

Anna Serio

Updated Apr 27, 2020

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Nobody enjoys figuring out how to pay for school or dealing with student debt. But understanding what type of student loan you need — if at all — and how refinancing works could set you up for a stronger financial future.

We make it easy for you to narrow down your options and know what to expect every step of the way.

Compare top student loan providers

Name	Min. Credit Score	Max. Loan Amount	APR
Discover undergraduate student loans	Not stated	Cost of attendance	Variable APRs: 1.24% - 10.99% Fixed APRs: 4.49% - 12.39%	Get cash back for good grades with this private student loan provider.	Get started More Info	Compare	loading Fetching your data...
Sallie Mae Student Loans	Not stated	Cost of attendance	4.25% to 12.35%	Choose from over 8 different options for undergraduates, law students and more.	Get started More Info	Compare	loading Fetching your data...
College Ave undergraduate student loans	Not stated	Cost of attendance	1.24% to 11.98%	Rates start at 2.84% for residents of all 50 states.	Get started More Info	Compare	loading Fetching your data...
Earnest Student Loans	650	Cost of attendance	Starting at 1.24%	Undergrad and graduate financing with a nine-month grace period.	Get started More Info	Compare	loading Fetching your data...
SoFi Student Loans	680	Full cost of attendance	1.90% to 11.76% with autopay	Undergraduate financing with no late fees to US citizens with good credit.	Get started More Info	Compare	loading Fetching your data...

Compare up to 4 providers

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3 top private student loan providers

Best for business students

Starting APR: 3.05% (variable)
BBB rating: B
MBA student discount
Donates to charitable causes

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Best for getting multiple quotes

Starting APR: 1.24% (variable)
BBB rating: A+
Check personalized rates at no cost
No origination fee

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Best for easy approval

Starting APR: 3% (variable)
BBB rating: A-
Lots of educational resources
Funding for Associate’s degree

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I need a student loan. What are my options?

You have two options when you’re looking for a loan to pay for school: Federal loans or private loans.

Federal student loans are funded by the government, which sets interest rates each year and offer flexible repayment plans.
Private student loans are funded by providers like banks, credit unions and online lenders, which charge a range of interest rates based on your creditworthiness.

Typically, both private and federal lenders recommend that students apply for federal loans first, since they often have lower interest rates than federal loans and more forgiving repayment options. However, there is a limit to how much federal funding you can qualify for — and how you can use it.
14 types of student loans

Quiz: What type of student loan should I get?

Take our four-question quiz to get a quick recommendation on which type of student loan might be best for your needs.

Question 1 of

Compare top private student loans

What is a student loan and how does it work?

How federal and private student loans compare

	Federal student loans	Private student loans
APR	Fixed rates from 2.75% to 5.3% depending on the loan type	Variable rates as low as 3% or lower, but can reach as high as 18% for fixed rates
Restrictions	Only for education-related expenses while you’re a student	For education and post-graduate expenses, such as studying for a bar exam or starting a medical residency
Repayment options	Deferred until six month after school, full fixed repayments or graduated and income-based options.	Typically deferred or interest-only repayments until six months after school, full fixed repayments over five to 20 years.

Federal student loans generally attract lower interest rates than private student loans, but there’s a limit to how much you borrow and what you can use it for.

They also loans tend to be a first choice because they come with benefits like loan forgiveness programs, flexible repayment schedules, extended terms and multiple repayment options.

Students typically turn to private student loans after they’ve maxed out their federal loans or need help paying for a career-related postgraduate cost like studying for the bar exam or relocating for a medical residency.

Read our full guide on how federal and private student loans compare

Parent loans

In addition to taking out a loan in the student’s name, there’s also the option to take out a loan the parent’s name. You might want to consider a Parent PLUS loan if you’ve exhausted all federal financing options. And if you need private financing, it could be an easier choice since parents with good credit and high income don’t have to bring on a cosigner.

You can find out if a parent loan is right for you by visiting our guide.

A breakdown of every student loan option

Student loan	What it is	How it works	Where to get it
Undergraduate student loans	Federal and private student loans to pay for an undergraduate degree program.	Federal loans : Fill out the FAFSA and apply for student loans along with other federal funding through your school’s financial aid office. Private loans : Apply with a cosigner to get up to 100% of your school’s cost of attendance after federal loans and other financial aid.	Federal loans : Your school’s financial aid office. Private loans : Most private student loan providers.
Graduate student loans	Federal and private student loans to cover the cost of attending a master’s or professional degree program.	Federal loans : Fill out the FAFSA and apply for student loans along with other federal funding through your school’s financial aid office. Subsidized federal loans aren’t available to graduate students. Private loans : Apply with a cosigner to get up to 100% of your school’s cost of attendance after federal loans and other financial aid. Private student loan rates are typically higher for graduate students.	Federal loans : Your school’s financial aid office. Private loans: Private student loan providers that offer graduate funding.
Bar exam loans	A loan meant to help recent or soon-to-be law school graduates cover the cost of studying for and taking the bar exam.	Typically borrow between $1,000 and $15,000 from a private lender and start repaying it between six and nine months after receiving your funds.	Private student loan providers that offer bar exam loans.
Medical residency loans	A loan meant to help recent medical school graduates cover the cost of applying to and relocating for a medical residency, plus required exams.	Typically borrow between $1,000 and $15,000 and defer repayments until between six and 36 months after leaving school.	Private student loan providers that offer medical residency loans.
Student loan refinancing	General refinancing : Another loan that you can use to pay off your current student loans at more competitive rates and terms. Parent loan refinancing : Another loan to transfer a loan in your name to your child’s or get more competitive rates and terms. Medical resident refinancing : Another student loan with reduced payments during your residency and rates based on your estimated future income.	Take out another loan with new rates, terms and repayment options to pay off your current private or federal student loans.	Private student loan providers that offer refinancing.
Parent loans	Parent PLUS loans : A federal loan in a student’s parent’s name to cover up to 100% of the cost of attendance. Private parent loans : A loan from a private provider in the student’s parent’s name to cover up to 100% of the cost of attendance.	Parent PLUS loans : Parents fill out the FAFSA and borrow up to 100% of the student’s cost of attendance. Private parent loans : Parents fill out an application with a private lender to borrow up to 100% of the student’s cost of attendance. Parents can later refinance the loan into the student’s name.	Parent PLUS loans : The school’s financial aid office. Private parent loans : A private student loan provider that offers parent loans.

How do I apply for a student loan?

You can apply for a federal student loan by filling out the Free Application for Federal Student Aid (FAFSA) — which also allows you to apply for other types of federal aid like work-study. You can complete this online.

Private student loan providers typically offer online application applications that you can complete along with your cosigner in a few minutes. If you’re applying with a cosigner, they can typically either apply with you or are sent a link to access their part of the application once you’ve completed yours.

A step-by-step guide to applying for student loans

How do I find a competitive student loan?

Federal student loans are the same for everyone, but private student loans aren’t as simple. You can find a loan that works best for you by comparing lenders. First make sure you’re eligible, before comparing features like APR, terms and repayment options.

If possible, consider prequalifying with a few lenders once you’ve narrowed it down. That way you’ll get a closer idea of what you’re eligible for than a general range of rates and terms.

You can get a quick start by using our comparison table. Or for a more detailed comparison, check out our top picks for private student loan providers.

What's a cosigner and do I need one?

A cosigner is another individual who signs your loan documents with you. Cosigners essentially act to reassure the lender that it’ll get its repayments on time.

Many private lenders recommend undergraduate borrowers to apply with a cosigner. But you might want to consider a cosigner even if it isn’t required. That’s because most lenders have minimum credit requirements that most college students can’t meet — usually a minimum credit score of at least 600 and a debt-to-income ratio below 43%.

Curious about what happens after you take out student loans?

Watch a short video on what to expect

Anna

Alternative ways to pay for school

Student loans aren’t the only way to pay for college. If you’re not certain you want a student loan, look into these financial aid alternatives.

The federal government, state governments, schools and corporations offer grants and scholarships to students that you typically don’t have to repay.
Grants tend are often based on need, while scholarships are usually merit-based. Outside of need and merit, you can find both scholarships and grants for members of underrepresented groups, members of the US Armed Forces, veterans and specific career paths.
Because it’s rare for grants or scholarships to cover your full tuition, they’re most often used in combination with other financial aid. Popular federal grants include Pell Grants, SMART Grants, the Federal Supplemental Educational Opportunity Grant (SEOG) and the Academic Competitiveness Grant.
You likely can’t cover the cost of tuition with most part-time jobs. But you might be able to cover part of your housing, textbooks and pocket money. Bonus points if you find a job in your field to get a head start on your career.
Don’t have time for that kind of commitment? Take on side gigs when you have the time. These gigs might not always cover your entire rent, but they can keep more money in your pocket.
You can use a personal loan to pay for college, though you might not want to foot the entire bill with one. Personal loans are typically better for covering extra costs like flying back home for the summer, relocating for an internship and similar expenses that come with being in school.
You can typically borrow between $2,000 and $100,000 with rates that compare to private student loans. However, you often need good credit to qualify, and cosigners aren’t always allowed. Repayments also start immediately.
Schools are starting to offer income share agreements as an alternative to student loans. With an ISA, your school agrees to front you a fixed amount of money from a private investment account or college endowment to apply toward your expenses. In turn, you agree to pay a percentage of your post-college income over a fixed time — typically 10% to 20% of your income over a fixed period of time, typically around 10 years.
Parents or students can withdraw from their IRA without penalty to pay for qualified higher education expenses (QHEE), which includes tuition, fees and other costs related to attending college. Doing this essentially turns the IRA into a joint college savings fund and a retirement account. However, you might not want to use it to cover all of your education expenses — withdraw too much and you’re required to pay an income tax. Consult a tax expert before you withdraw from your retirement account early.

Just some of the top student loan providers we’ve reviewed

Refinancing student loans

Simply put, student loan refinancing means taking out a new loan to replace your current one. Refinancing can help you save now and in the future by reducing your interest rate, changing how much time you have to repay your loan or reworking the terms of your debt.

Generally, you need good credit and a steady income to qualify for a refinancing loan with low rates. But if you refinance a federal loans with a private lender, you could lose federal benefits that include income-driven repayment plans and loan forgiveness.

Find out how much you could save and cautions to consider before refinancing

Compare student loan refinancing providers

Can I refinance my federal loans?

You can, but it might not be the best idea. When you refinance your federal loans with a private lender, you give up several benefits that include loan forgiveness for teachers and public servants, deferment programs for healthcare and legal professionals and flexible repayment plans.

Federal loans also generally come with some of the lowest interest rates out there — rates that are fixed by the federal government. Chances are, you might not be able to find a better deal with refinancing. Talk to your loan servicer to explore your options before turning to refinancing for federal loans.

Refinancing Parent PLUS Loans

Parent PLUS loans don’t come with as many benefits as most other student loans so refinancing might also help you save. You can also refinance a Parent PLUS Loan in your name or your child’s name to help build their credit and release you from their student debt, improving your personal debt-to-income ratio.

What happens after I take out a student loan?

Watch our short video explaining your different repayment options or read more below.

Unlike other types of debt, student loans come with several repayment options. Immediately after you take out your student loans, you might start making full repayments, interest-only repayments or none at all if you’re lucky enough to get a direct subsidized federal loan.

When your funds are disbursed

What happens after you take out your student loan depends on the type of student loan you have.

Your school receives your student loan money, using it to pay for your tuition and fees. It then gives you the option of taking leftover funds for other education-related expenses or returning them to the government. Here’s what you can expect, depending on your loan type and application:
- With a subsidized loan, you don’t have to do anything.
- With an unsubsidized loan, you don’t have to do anything while your interest accumulates.
- With an unsubsidized loan, you can make interest-only repayments.
- With PLUS Loans, you start immediate full repayments on your interest and principal.
Once you graduate, leave school or drop below half-time enrollment, you’ll do exit counseling to learn what’s involved in repaying your student loans.

After you graduate or drop under half-time studies

Unless you have a PLUS Loan, you have a six-month grace period before your loan repayments are officially due. Your interest starts to accumulate, if it hasn’t already. At this point, your loan servicer reaches out to set up your account and go over repayment plan options.
You also have the option of consolidating your federal student loans by applying for a Direct Consolidation Loan through the Federal Student Aid site. Consolidating combines all of your federal student loans into one under a new interest rate that’s a weighted average of your previous rates. You begin repaying your student loan 60 days after your consolidation loan is disbursed.

You might find yourself of one of these four scenarios, depending on the loan terms you chose when you signed up. Either:
- You won’t have to start making repayments until six months after you leave school
- You start making full repayments right away
- You start making interest-only repayments right away
- You start making small flat payments right away

Six months after leaving school and beyond

What’s a loan servicer?

Loan servicers are companies that lenders hire to manage your loan repayments in exchange for a portion of the profits. The federal government uses loan servicers for all of its loans, but some private lenders use servicers as well.

You don’t get to choose your servicer, and they won’t always reach out after your loans are due. If you’re not sure who your loan servicer is, find it through the National Student Loan Data System.

Student loan repayment plans

When you start making repayments, you might have a choice between several different repayment plans. These can include monthly repayments that stay the same throughout the life of your loan, or repayments that better fit an earning curve as you start your career.

Generally, federal loans come with more flexible options, including several based on your income. Private student loans typically come with fixed repayments over five to 20 years regardless of how much you earn.

Other repayment options

Life happens. You might that you’re unable to make repayments on your loan, even if you’re on an income-based plan. Or maybe you want to let your cosigner off the hook to lower their overall debt load.

Some of the options you might come across for repayments include:

Forbearance. If you lose your income, are part of a military deployment or simply want to return to school, you might be able to pause your student loan repayments. How long and often you can go into forbearance depends on your loan and lender, but expect interest to continue adding up.
Deferment. Like forbearance, you can apply to pause your repayments for a legitimate reason. The difference is that your interest doesn’t accumulate while you’re in deferment.
Cosigner release. You can release your cosigner from most student loans after consistent on-time repayments for a specific time — usually a few years. After your cosigner is released, you’ll be fully responsible for your debt.
Forgiveness. Depending on your loan type or career, you might be eligible to have some or part of your loans canceled — especially if your have federal loans.

Understanding interest capitalization

Both federal and private student loans can include interest capitalization, adding accrued interest to your loan balance. The most common time for interest capitalization is with a change in your repayments — at the start of repayments deferral or forbearance. Some private lenders also capitalize interest annually or quarterly.
How interest capitalization increases the cost of your loans

Firsthand experiences of finder team members

Anna chooses a repayment plan for her federal loans

Anna was lucky: She got a free ride for college and graduated without any student debt. But when it came to graduate school, she didn’t have nearly as many financing options. By the time she completed her MA, she’d accumulated more than $39,000 in federal unsubsidized student loans.

Anna found income-based repayment plans too complicated, so she signed up for the extended graduated repayment plan offered by her servicer, Great Lakes. Repayments started at an affordable $208 per month for the first two years. And by the time her payments increased, she’d already landed a higher paying job.

Learn more about Anna’s experience with student loans — from how they affected her career to renting an apartment.

Andy negotiates a better deal on private student loans

Andy graduated from college with $62,000 in private student loans from Sallie Mae. But after his grace period was up, he wasn’t making enough money to afford that kind of repayment.

He deferred it for another six months, but by the time his second grace period was over and he still couldn’t afford repayments. Sallie Mae began frequently calling him and his parents — his cosigners — to demand repayments.

Andy explained his situation and convinced Sallie Mae to switch him to an income-based repayment plan. It reduced his monthly repayments to $301 until 2019, when Sallie Mae will reassess his income.

8 expert tips for taking out student loans

Frequently asked questions

It depends on whether you take out a federal or private student loan. Federal loans come with origination fees that range from around 4.5% to 7% of your loan amount. Private lenders don’t usually charge origination or application fees, though it varies. You might also be on the hook for late and NSF fees depending on the type of loan you take out. You can learn more with our guide to student loan fees.

Thank you for your feedback!

Anna Serio

Anna Serio is a trusted loans expert who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

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Student Loan Finder

Borrow smart and affordably for your college education.

Need A Student Loan?

How To

You Graduated. Now What?

Providers

Managing Money In A Crisis

What’s your goal today?

Compare top student loan providers

Compare up to 4 providers

3 top private student loan providers

Best for business students

Best for getting multiple quotes

Best for easy approval

I need a student loan. What are my options?

Quiz: What type of student loan should I get?

How federal and private student loans compare

Parent loans

A breakdown of every student loan option

How do I apply for a student loan?

How do I find a competitive student loan?

What's a cosigner and do I need one?

Alternative ways to pay for school

Grants and scholarships

Part-time job or side gigs

Personal loans

Income share agreement (ISA)

Retirement accounts

Just some of the top student loan providers we’ve reviewed

Refinancing student loans

Can I refinance my federal loans?

Refinancing Parent PLUS Loans

What happens after I take out a student loan?

When your funds are disbursed

Federal student loans

Private student loans

After you graduate or drop under half-time studies

Federal student loans

Private student loans

Six months after leaving school and beyond

Federal student loans

Private student loans

What’s a loan servicer?

Student loan repayment plans

Other repayment options

Understanding interest capitalization

Firsthand experiences of finder team members

Anna chooses a repayment plan for her federal loans

Andy negotiates a better deal on private student loans

Frequently asked questions

What’s the difference between student loan refinancing and consolidation?

Can I refinance a student loan without a degree?

If I refinance, can I defer repayments if I switch careers or go back to school?

Can I get a private student loan bad or no credit?

Can I get a private student loan without a cosigner?

Where does the money go when I take out a student loan?

Can I use a student loan for anything other than tuition and fees?

Do I have to pay taxes on student loans?

Can a cosigner refinance my student loan?

How does refinancing a student loan affect my credit score?

Can I get a federal student loan to pay for a degree abroad?

Where can I find student loans if I'm pursuing a second undergraduate degree?

Can I get a student loan if I go to school part-time?

Can I get a student loan to pay for a skills-based program?

Can I transfer my student loans between schools?

Can I get student loans to pay for community college?

Is going to college worth taking out thousands of dollars in student loans?

What are the most common fees that come with student loans?

Anna Serio

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