8 Best Personal Student Loans in August 2022 – Fox Business | Vette Leader

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Private student loans are a great way to fund college after you’ve exhausted other options. Find out the best private lenders in August 2022. (Shutterstock)

Private student loans can be a great way to fund your college expenses after you’ve exhausted all other options like federal loans, grants, and scholarships. Because private lenders have their own requirements, terms, and interest rates, it’s best to shop around to find the best private student loan for your situation.

Here are the best private student loans in August 2022.

Believable lets you Compare interest rates on private student loans from multiple lenders, all in one place.

The 8 Best Personal Student Loans Aug 2022

The following eight credible partner lenders offer private student loans:

Ascension: Best for discounts

Ascent offers two types of personal student loans, both with autopay rebates and a 1% cashback graduation bonus.

  • Minimum creditworthiness: 540
  • Maximum loan amount: $400,000

Citizens: Best suited for borrowers with college or professional degrees

Citizens offer loans for undergraduate and graduate students, as well as loans for parents. Loans are also available that are specifically tailored for those pursuing specific college or professional degrees.

  • Minimum creditworthiness: 720
  • Maximum loan amount: $350,000

College Ave: Best for flexible repayment options

College Ave offers a variety of loan terms depending on the type of loan you have.

  • Minimum creditworthiness: Doesn’t reveal
  • Maximum loan amount: Up to the participation costs

Custom Selection: Best for overdue education credits

You can use the funds from a Custom Choice loan to pay off past-due balances, and the lender offers a potential 2% principal reduction if you have at least a bachelor’s degree.

  • Minimum creditworthiness: Doesn’t reveal
  • Maximum loan amount: $99,000 annually, $180,000 total

EDvestinU: Best for borrowers with good credit

EDvestinU offers competitive prices, and you could get another price drop if you sign up for automatic payments.

  • Minimum creditworthiness: 750
  • Maximum loan amount: $200,000

INVESTED: Best for Indiana residents

If you graduate within six years, you can get a 2% capital reduction on your loan with this lender.

  • Minimum creditworthiness: 670
  • Maximum loan amount: Up to the participation costs

MEFA: Best for borrowers who prefer fixed rate loans

You must attend a public or non-profit school qualify for a loan by the Massachusetts Educational Financing Authority. The upside is that you can qualify for fairly competitive rates.

  • Minimum creditworthiness: 670
  • Maximum loan amount: Up to the participation costs minus the aid

Sallie Mae: Best for co-signer sharing

One of Sallie Mae’s best features is that you can qualify for the co-signer exemption after just 12 months of consecutive, on-time payments.

  • Minimum creditworthiness: Doesn’t reveal
  • Maximum loan amount: Up to the participation costs

Other lenders to consider

The following two lenders are not credible partners, so you cannot easily compare your rates with them on the credible platform. However, they may also be worth considering if you are looking for a personal student loan.

Earnest: Best for longer grace periods

At Earnest, you have a nine-month grace period after graduation, which is three months longer than the federal government’s traditional six.

  • Minimum creditworthiness: 650 with co-signers
  • Maximum loan amount: Up to the participation costs

Discover: preferably without fees

There are no fees with Discover – no application, creation, or late fees.

  • Minimum creditworthiness: Doesn’t reveal
  • Maximum loan amount: Up to the participation costs

How credible has selected the best student loan company

Rated credible private student loan lenders in 10 different categories to identify the best student loan lenders. This included interest rates, repayment options, terms, fees, discounts, customer service availability, and eligibility requirements and co-signer sharing options.

If you need to take out personal student loans, visit Credible Compare interest rates on private student loans from different lenders in minutes.

Can you get a student loan with a 600 credit score?

In most cases, if you have bad credit, your options may be more limited when it comes to qualifying yourself for a personal student loan — many lenders typically require good credit and a stable source of income to qualify.

Some lenders may offer Student Loans for Bad Credit Borrowers, but these loans may carry higher interest rates compared to loans for borrowers with good credit ratings. You can think take out a loan with a co-signer who has a good credit rating so you can increase your chances of getting a loan or a better interest rate.

It’s important to find a co-signer that you trust and look for a loan that offers co-signer release if you want that option. Do your research to see if the lender offers a co-signer sharing option and what the requirements are. For example, some lenders may require you to make a certain number of consecutive, timely payments before you can request a co-signer release.

If you prefer to apply for a student loan yourself, federal student loans are an option. Most government student loans don’t require you to complete a credit check, which is helpful if you have a lower credit rating.

With Credible it is possible Compare interest rates on private student loans without affecting your creditworthiness.

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