Need more money to pay for college? You're in the right place. Use our tool to quickly find which of our lending partners are offering loans for your school. The best private student loans are just a few clicks away. Enter the name of your school and explore your options.
Apply for financial aid for college or graduate school with the government's online Free Application for Federal Student Aid (FAFSA).
A cosigner can drastically improve your chance of being approved, so you may want to ask a parent or guardian to act as your cosigner.
Use our search tool to see which loan options are available for your school.
Make sure you or your cosigner have the proper financial information ready before you start the application process. This could include: social security numbers, gross annual incomes, a copy of your latest tax returns, or a recent pay stub.
Be prepared to provide information about your graduation date, loan period, and the amount you’ll need to borrow.
A cosigner (usually a parent or guardian) is somebody who signs on to a private loan with a borrower (the student in need), guaranteeing that if the borrower cannot pay back the loan, the co-signer will be legally responsible for the loan repayment.
When applying for a private loan (as opposed to a public loan), a cosigner is required since most students have little to no credit history and very little income, both of which are necessary for the bank to evaluate your ability to pay back a loan. Lenders are not likely to approve a loan for somebody with no proven track record of being able to pay back debt and little income to do it with.
Private loans come from a bank, credit union, state agency, or a school. Federal loans come from the federal government.
Private loan interest rates can be fixed or variable. Federal loan interest rates are fixed.
Private loans require the borrower to have a credit history or a cosigner. Federal loans do not require a credit history or a cosigner.
Private loans do not allow you to file for deferment or find an income-based repayment plan after graduation. Federal loans offer deferment and income-based repayment plans after graduation.
Generally, private loans tend to be less flexible when it comes to interest rates, repayment, and qualification, which can be an issue if you have trouble finding work after graduation.
If you take out federal loans, you have a “grace period” or a period of 6 months after graduation, which students usually need to secure employment and have enough income to make monthly payments. After the 6 month grace period, you must start repaying your loans and accrued loan interest in monthly installments.
Contact your lender to learn more about the different repayment plans. Staff is available to help you choose a repayment plan that fits your needs.
Private loan payments are most likely due while you are still in school.
Interest is defined as “money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt”. In layman’s terms, interest is the money you have to pay in addition to the original amount as an added fee for borrowing the money. Student loans have varying interest rates, that is, the percentage of your outstanding loan payment that you must pay in addition to the original amount.
Still have questions? Check out our full student loan guide.
Niche may be compensated by the third party lenders and others who place ads on the website. Niche is not a lender and does not endorse the products of these advertisers. Fees that Niche receives for ads do not affect the terms you may be offered by the lender you choose. There are many additional borrowing options available.
Advertised rates and other loan information are for the Sallie Mae®️ Smart Option Student Loan®️ for undergraduates. Borrow Responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
This information is for undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Information valid as of 5/26/2020.
Smart Option Student Loans®️ are made by Sallie Mae Bank or a lender partner. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
©️2020 Sallie Mae Bank. All rights reserved.
SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.17% effective Sep 1, 2020 and may increase after consummation.