Best Private Student Loans of August 2025

Loan terms: 5 or 10 years Origination fee: None Loan amounts available: $1,000 to $350,000 Eligibility: Parent applicant and student must be U.S. citizens. Student must attend school at least half-time. Forbearance options: Up to 12 months throughout the life of the loan, provided in two-month increments.

Loan terms: 5, 10 and 15 years Loan amounts available: Up to $50,000 annually, with an overall maximum limit of $225,000 Eligibility: Does not disclose credit score or income requirements. Forbearance options: Up to 12 months of forbearance available. Co-signer release policy: Co-signers can be released from the loan after 48 payments.

Loan term: 15 years Loan amounts available: $1,000 Eligibility: Discover does not disclose its minimum credit score or income requirements, but in 2019 the company reported that 94% of all private loan borrowers had a FICO score of 660 or higher. Forbearance options: Borrowers can take up to 12 months of forbearance, which is standard across the industry. But Discover also offers several additional hardship options, including a three-month suspension of payments for borrowers early in the repayment cycle and a six-month reduced payment option. Co-signer release policy: None.

Loan terms: 10 years Loan amounts available: $3,000 to $10,000 per year ($50,000 per student aggregate). Eligibility: Students must meet GPA requirements and attend colleges that meet certain six-year graduation rate thresholds, depending on the student’s year in school. To qualify, first-year students must have a minimum high school GPA of 3.5, second-year students must have a minimum college GPA of 3.0, juniors must have a minimum GPA of 2.75 and seniors must have a minimum GPA of 2.5. Note that only borrowers in these states can apply: Arizona, Arkansas, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Maryland, Massachusetts, Michigan, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, West Virginia and Wisconsin. Forbearance options: Up to 24 months of forbearance allowed in 90-day increments. Borrowers must pay $30 per month while in forbearance, which is less generous than payment-free forbearance that other lenders offer. But this policy helps borrowers avoid occurring large amounts of interest. Co-signer release policy: No co-signer required

Loan terms: 10 years Loan amounts available: $2,001 to total cost of attendance, up to a $50,000 cap. Eligibility: The loan is merit-based, so it has no credit or income requirements. Students must attend one of several eligible schools, mostly located in the Midwest. But A.M. Money encourages prospective borrowers to apply even if their school isn’t yet listed. Forbearance options: Up to 12 months of forbearance available. Borrowers can make income-based payments for up to 36 months. Co-signer release policy: No co-signer required

Loan terms: 5, 7, 10 and 15 years Loan amounts available: $1,000 up to the total cost of attendance Eligibility: Does not disclose credit score or income requirements Forbearance options: SoFi offers a specific Unemployment Protection Program that allows borrowers to pause payments in three-month increments, for up to 12 months, if laid off from work. A separate forbearance program is also available for borrowers experiencing other types of economic hardship, such as medical expenses. Borrowers can take up to 12 months total forbearance, no matter which program they use. Co-signer release policy: Available after 24 payments

Loan terms: 5, 7, 10, 12 or 15 years. See repayment examples for more details. Loan amounts available: $2,001** up to total cost of attendance, to a maximum of $200,000 per academic year ($200,000 aggregate) Eligibility: Student borrowers with no credit history can qualify with a creditworthy co-signer. Co-signers must show income of at least $24,000 for the current and previous year. Co-signers must have a minimum credit score which can vary.*** Forbearance options: When experiencing financial hardship, borrowers can suspend payments for up to three months at a time, for a total of up to 24 months throughout the loan term. Only four rounds of forbearance (up to 12 months’ worth) may be taken consecutively. Co-signer release policy: Available after 12 months of consecutive automatic debit payments, if the primary borrower meets certain credit score requirements.*** *Other eligibility requirements apply. Learn more at AscentFunding.com/BorrowerBenefits. **The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001. ***Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.

Loan terms: 5, 8, 10, 15 and 20 years Loan amounts available: $1,000 up to 100% of the school-certified cost of attendance Eligibility: Applicants must have a minimum credit score in the mid-600s. Forbearance options: Up to 12 months of forbearance is available, in three- to six-month increments Co-signer release policy: Available after 24 payments *Borrowers with a co-signer who choose the shortest repayment term available and who make full monthly payments while in school qualify for the lowest rates.

Loan terms: 10 or 15 years Loan amounts available: $1,500 to $45,000 per year ($150,000 aggregate per borrower). Eligibility: Applicants must show a minimum income of $40,000 per year and a minimum credit score of 680. Most undergraduate students will need a co-signer to qualify. Forbearance options: Forbearance available for up to 24 months. Co-signer release policy: Available after 24 months of payments. Periods during which borrowers use income-based repayment do not qualify.