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 2019
| Interest Rates | Terms | Pre-Qualification | Cosigner Release | Hardship Options | ||
|---|---|---|---|---|---|---|
 | Variable: 4.50% - 9.47% Fixed: 5.36% - 9.07% | Varies by lender | Yes | Yes | Contact lender if you encounter trouble to have your situation reviewed.Death and disability discharge will depend on which lender you are paired with. | Get Information |
 | Variable: 3.74% - 9.72% Fixed: 5.45% - 9.74% | *Full repayment right away *Interest-only payments during school *$25 a month until six months after school is over *Deferred until six months after school is over, interest added to principal | Yes | Yes | Forbearance options in cases of financial difficulty.Death and disability discharge available unless there is a cosigner - a cosigner is still responsible for the debt. | Get Information |
 | Variable: 4.25% - 11.35% Fixed: 5.49% - 11.85% | *Interest-only in school *$25/mo in school *Defer until six months after school ends *Up to 12 interest-only payments after graduation | No | Yes | Loan forgiven if student dies or is permanently disabled. Forbearance and hardship programs available | Get Information |
 | Variable: 3.99% - 11.98% (1) Fixed: 4.73% - 12.94%(1) | *Full immediate repayment *Interest-only in school *$25/mo in school *Defer until six months after school ends | Yes | Yes | Loan forgiven if student dies or is permanently disabled | Get Information |
 | Variable: 4.45% – 12.42% Fixed: 5.25% - 12.19% | *Interest-only payments in school, then regular repayment *Deferred until six months after school is over, interest added to principal | Yes at Credible | Yes | Temporary forbearance available in certain situations.Death and disability discharge similar to federal loans. | Get Information |
 | Variable: 4.24% - 12.24% Fixed: 5.99% - 13.49% | *$25 a month until six months after school is over, then regular repayment *Deferred until six months after school is over, interest added to principal | No | No | Deferment, reduced payments, and forbearance are available.Loan Forgiveness is available in the event of the primary borrower's death or permanent disability. | Get Information |
Best Private Parent Loans of 2019
Disclosures
(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.