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    Discover the Top Student Loan Lenders

    Students who are pursuing higher education will probably find themselves in need of a loan. It’s a crucial financial decision to make. Before accepting any financing offers, students should do some serious digging and analyze different aspects of all the available loans. 

    We’ve listed some of our top picks and a comparison of noteworthy student loan lenders on the market to help you determine the right financing pick without the hassle.

    The List Of Student Loan Lenders Reviewed For You

    Provider Site
    • Loan options based on future income
    • Flexible payment options
    • Affordable Rates
    • Reduced monthly payments
    • Monthly average customer savings $232
    • Attractive offers for parents
    • Different repayment options
    • Easier cosigning terms
    • Low fixed and variable rates
    • Lots of benefits at work
    • Refinancing option
    • Help with personal finances
    • Get Personalized Rates
    • Flexible Repayments
    • Easy Fill out Form
    • No fees required
    • Rewarding for good grades
    • Competitive rates
    • 4 months of free Chegg Study (Undergraduate)
    • Student loan military benefits
    • Help with special circumstances
    • Refinancing Options For Students and Parents
    • Career Coaching
    • Zero Origination Fees and No Prepayment Penalties
    • Get a Loan from SunTrust Today
    • Recommended for refinance
    • Student loan forbearance benefits
    • Graduation not required
    • Private student loans and refinancing
    • 18-month forbearance option
    • Multiple offers from hundreds of smaller lenders
    • 24-month deferral or forbearance options
    • Refinance without finishing your degree
    • For students from New Hampshire
    • No late fees at all
    • You don’t need to graduate to refinance
    • No prepayment penalties
    • Useful discount with autopay
    • Refinance without finishing your degree
    • Recommended for non-graduates
    • Loan forgiveness after 25 years
    • Low rates
    • Forgiveness options for certain individuals
    • No late fees
    • No prepayment penalties
    • Support for half time students
    • Low starting rates on refinancing
    • Loan consolidation options
    • Couples can combine their loans
    • No need for US credit score
    • No need for a cosigner
    • Available to overseas students
    • Private student loans
    • Proven track of record of financing students
    • Wide range of loans available
    • For Texas students
    • Low starting rates
    • Pay back more than you owe with no penalty
    • No fee application
    • Low rates
    • Flexible terms
    • Low-interest loans
    • Funding for college
    • Good refinance rates
    • Fixed rates
    • variable rates
    • simplifies finances
    • co-signer options available
    • Fixed interest rates
    • no prepayment fees
    • student loans
    • student refinancing options
    • Fixed rates
    • multiple repayment options
    • co-signer release
    • interest reduction when using auto-pay
    • Loans to cover the full cost of education
    • non-residents accepted
    • expert guidance
    • fixed-rate loans
    • Flexible repayment options
    • 24/7 call center
    • no origination fees
    • lines of credit available
    • Four loan types - Undergraduate
    • Graduate
    • Parent
    • Refinance
    • Fixed APRs
    • variable APRs
    • co-signer options
    • loans for parents
    • 6 month grace period in some circumstances
    • Co-signer options
    • 1794 schools approved
    • loans sent directly to the school
    • processing time up to 40 days
    • Graduates are afforded a grace period to find work before repaying
    • Apply in less than 15 minutes
    • No application fees
    • Use a co-signer if your income is too low
    • Undergraduate/graduate lines of credit
    • loan refinancing
    • technology loans
    • variable APRs
    • Three disbursements per year
    • personalized customer service team
    • defer for up to 4 years
    • 0% guarantee fees
    • Loans for current students
    • student consolidation loans
    • 6 month grace period
    • interest rate reduction for automated online payments
    • Loans for various types of study
    • multiple repayment options
    • inclusive eligibility
    • no origination fees
    • Fixed rates options only
    • multiple repayment options
    • co-signer usually required
    • Loans up to $100,000
    • Line of Credit Loans
    • six universities in Hawaii accepted
    • for members only
    • co-signers required in some circumstances
    • Flexible payment options
    • Competitive interest rates
    • Loans can be refinanced before graduation

    How Do Student Loans Work?

    Student loans are issued by either a private lender or the government to aid and empower individuals pursuing higher education. The loan is owed to the lending party and has to be paid back later with interest. The money borrowed is applicable for different education expenditures like tuition, accommodation, books, and cost-of-living expenses.

    You can apply for federal student loans by filing a FAFSA form and proceeding with the application process. This form requires detailed financial information for both the prospective or current students and their parents. Once completed, this information is reviewed by the schools that granted admission. All financial aid applications sent to colleges are analyzed thoroughly before approval. The "award letter" is then sent to the student after qualifying for the same.

    Students can either choose to pursue a federal loan or seek financing from private student loan lenders. The primary difference between the two is that private loans are given out by different institutions like schools, banks, and credit unions, whereas the government only offers federal loans.

    Federal student loan lenders offer three different types of loans, including:

    • Direct Subsidized
    • Direct Unsubsidized
    • Direct Plus

    How Do We Review Student Loan Lenders?

    We rate the top student loan lenders based on the following attributes and characteristics:

    • Eligibility Requirements: You’ll come across several eligibility criteria that characterize private student loans. These include citizenship, possession of a valid social security number, and other pertinent documentation. If there are too many application requirements, then it sets a significant disadvantage for that particular lender
    • Category Of Applicable Schools For The Loan: The sort of school you’re applying for plays a large role in determining the appropriate financing offer. Some of the most prominent student lenders support most categories of schools and degree programs. Accordingly, a lender that only supports a limited number of institutions may not be the best pick
    • Application Process: The process for applying for financing is typically lengthy and requires significant time and energy on the part of the applicant. If a particular lender streamlines this process by making it shorter, straightforward, and more viable, that’s a huge advantage. After all, nobody wants to handle hours and hours of paperwork to get a loan application processed
    • Terms, Fees, And Rates: Interest rates are a prominent member of the list of factors defining a financing plan. Some lenders pose many terms and conditions that’d exhaust the borrower. These are red flags that shouldn’t be overlooked. The same formula applies to processing fees as well. You need to make sure that you compare the terms, fees, and rates of multiple lenders to make an informed decision
    • Offer To Independent Borrowers And Cosigners: The co-signing process comes in handy when you have bad credit or no credit. If this option is appealing, you need to scour the terms concerning co-signing to understand how it works and establish each party’s obligations. Most student loan lenders for bad credit have reasonable policies when it comes to cosigners. The process must be easily viable for both independent borrowers and cosigners
    • Refinancing Options: one of the best practices that any student loan borrower should consider is the ability to refinance this debt after ensuring there won't be any additional financing required to finish a degree. Make sure that the student loan refinancing options available with the lender are compatible with your plans before signing any agreements

    How To Choose The Right Student Loan Lender

    To establish the best student loan lenders for your financial circumstances, consider the following factors carefully:

    • Credit Score: The first factor that comes into play in private student loans is the borrower’s credit score. The best private lenders demand a higher credit score. Make sure you choose the option that’s most compatible with your credit score
    • Type Of School: Institutional compatibility is often neglected because most borrowers have the misconception that all lenders cater to all kinds of schools. Therefore, you need to make sure that the lender you select provides loans for the type of educational degree you’re pursuing. For example, some lenders don’t cater to medical schools, whereas others are specifically designed to finance these programs
    • Amount Needed: When it comes to numbers, the range of amounts offered for a particular profile can vary by lender. The best strategy for identifying the right pick is to analyze all the amounts shown and compare them. After all, the sum must be enough to cover the entirety of your expenses
    • Expected Time To Repay The Loan: Some of the largest student loan lenders allow borrowers to defer their repayment period to ensure they can focus on the course rather than repaying the loan. Have a rigid plan for repaying, and make sure the lender you pick is compatible with your planned payment duration. If your lender provides a deferral timeframe, you must carefully consider that too
    • Family Background: Your family background can define your financial stability when you’re a student. Some leaders consider this factor for creditworthiness purposes, and it might affect your approval process. That said, it’s best to do a compatibility test before you sign any agreements
    • Having A Cosigner: If there’s a cosigner in the picture (in case of bad credit), communicate with the prospective list of lenders to evaluate all your options by diving into the terms and conditions, fees, and other material aspects. Be completely aware of the terms of each of your options and scrutinize each thoroughly

    Student Loan Lenders For Bad Credit

    Students typically have a hard time finding a lender (a private entity such as a credit union or a bank) if they have a bad credit score. Federal student loans don't require proving your creditworthiness, and your bad credit won’t affect your approval. 

    If the federal loan doesn’t cover your expenses, you can opt for a cosigner for your private loan. To access student loans with bad credit, you can add a cosigner with better creditworthiness. One thing to note is that you can’t have federal student loans outstanding and still apply for a private one. Your application will be denied if you’ve previously accepted federal loans.

    Bottom Line

    Getting a student loan to pursue your studies is a significant financial decision. It’s essential to be well-informed before you choose the offer that’ll suit you best. Be it a federal, private, or any other financing option, ensure you read through all the fine print and evaluate each option’s pros and cons before making a decision. This way, you’ll avoid a decision that you’ll come to regret.

    If you’re seeking a hassle-free way to identify the right lender, be sure to check out our list of student loan lenders alongside unbiased reviews to compare the details of what each has to offer.