Find The Best Private Student and Parent Loans Of 2020

Find The Best Private Student and Parent Loans Of 2020

How To Use The Information In Our Comparison Table Of Private Student Loan Lenders

When you’re comparing private student loan lenders, there’s a lot to think about. However, you can narrow your choices significantly by comparing the most important features to each other, which we do in the summary table below.

Here are the things to consider, and why they are so crucial.

Student Loan Interest Rates

The interest rates are going to have a lot to do with the overall cost of the loan over time, as well as determining the size of the payments. The lower you can get your interest rates, the better.

Student Loan Prequalification

Why go through a long application process if you can get your estimated rates with a few short questions? A lender that offers a prequalification will use a soft credit hit (which doesn’t impact your rating), along with a few other questions, to give you a detailed estimate about your loan.

Cosigner Release

In all likelihood, someone is going to have to cosign on your student’s loan. Young people simply don’t have the income and credit to qualify for the best rates and terms. Of course, you don’t want to have this loan on your credit for the next 15 years. Instead, make sure you can be released – and know how it’s done.

Hardship Discharge

What’s the process for loan discharge if your student is permanently disabled or passes away? Make sure that the lender you choose is clear about these terms. The best case scenario is that the loan would be forgiven, even if there’s still a cosigner.

Making the First Cut for Private Student Loans

Using this summary table and comparing the most important four features of a private student loan can make your job much easier. You can get more details once you decide on a small number of lenders, but using these four elements will help you make the initial cut.

Best Private Student Loans of 2020

 

Interest RateInterest Rate & Other DiscountsRepayment Options (Monthly) Cosigner ReleaseGrace Period
sofi-logo4.73% – 11.46% (Fixed)
1.3% – 10% (Variable)
$250 principal balance reduction benefit and 0.25% discount with autopayImmediate repayment, interest-only, fixed monthly payments in school, fully deferredYes6 monthsCHECK RATE
college-ave3.99% - 12.99% (Fixed)
1.24% - 11.98% (Variable)
Auto-Pay (0.25%)Flat Payment (In-School), Full (principal & interest), Deferred, & Interest-onlyYes6 monthsCHECK RATE
commonbond-logo15.45% - 9.74% (Fixed)
1.43% - 7.41% (Variable)
Auto-Pay (0.25%)Immediate repayment, interest-only, fixed monthly payments in school, fully deferred Yes6 monthsCHECK RATE
sallie-mae-bank-vector-logo4.74% - 11.85% (Fixed)
1.24% - 9.44% (Variable)
0.25 percentage point deduction for auto debitPay now or later: Make interest payments, pay a fixed $25 payment, or defer payments until after school. Yes6 monthsCHECK RATE
citizens-one4.68% - 11.04% (Fixed)
1.29% - 10.6% (Variable)
Autopay (0.25%)
Loyalty (0.25%)
Full (principal & interest), Deferred, Interest-only, Immediate-RepaymentYes6 monthsCHECK RATE
lendkey-logo4.74% - 11.85% (Fixed)
1.24% - 9.44% (Variable)
Autopay (0.25%)Full payments (Principal and Interest) Yes6 monthsCHECK RATE

Best Private Parent Loans of 2020

 

Interest RatesTermsPre-QualificationHardship Options

SoFi Parent Loan

BONUS - $250 principal balance reduction benefit

1.30% – 9.88%(1)(Variable)
4.73% – 11.46%(1)(Fixed)
*Full immediate repayment

*Interest-only while student in school
YesGet Information
College Ave Student Loans1.24% - 11.96%(1)(Variable)
3.99% - 12.97%(1)(Fixed)
*Full immediate repayment

*Interest-only while student in school

*Interest plus payment of your choice while student is in school
YesLoan forgiven if student dies or is permanently disabled Get Information
Sallie Mae3.50% - 10.12%
(Variable)
5.49% - 12.87% (Fixed)
*Full immediate repayment

*Interest-only while student in school up to 48 months
NoLoan forgiven if student dies or is permanently disabled. Forbearance and hardship programs availableGet Information
Citizens Banks Student Loans2.16% - 7.56%
(Variable)
4.99% - 8.18% (Fixed)
*Interest-only payments in school, then regular repayment

*Regular repayment right away
Yes at CredibleTemporary forbearance available in certain situations. Death and disability discharge similar to federal loans.Get Information

 

 


Disclosures

All rates listed above are quoted including the 0.25% auto-pay interest rate reduction.

(1)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

All rates, terms and other student loan related information listed on the Road2College website is provided without warranty or guarantee and is not intended to legally bind Road2College or lenders listed on the Road2College website. Rates and terms listed for each lender are estimates and may change depending on your credit profile and other information you provide to lenders. Road2College is not a lender and is not involved in the lender loan approval process. To apply for a loan, visit the lender’s website and review their terms and conditions for more details.

More lender disclosure information is found here.