Best Private Student Loans Of November 2022

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How Do Student Loans Work? – Forbes Advisor

Private student loans are best used to pay college costs after you’ve borrowed the maximum you qualify for in both subsidized and unsubsidized federal student loans.

Private student loans come from banks, credit unions and online lenders, and unlike federal student loans for undergraduates, they require a credit check. That means most undergrads will need a co-signer in order to qualify. Private student loans also are more expensive than federal loans—especially now that federal loan rates are at historic lows—and typically don’t offer the flexible repayment options their federal counterparts do.

That’s why there is no five-star lender on our list of private student loans: In the vast majority of cases, the best college financing option is a federal student loan.

Annual percentage rates (APRs) and account details are accurate of Nov. 1, 2022.

Best Student Loan Ratings

 

COMPANY FORBES ADVISOR RATING VARIABLE APR FIXED APR LEARN MORE
Rhode Island Student Loan Authority 4.5
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N/A  4.99% to 6.94% View More

Ascent 4.5
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3.39% to 11.89%*
(Undergraduate co-signed credit-based)
4.12% to 14.81%*
(Undergraduate co-signed credit-based)
View More

SoFi 4.0
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3.75% to 12.13% 3.99% to 13.50% View More

A.M. Money 4.0
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N/A  7.53% to 8.85% View More

College Ave 3.5
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2.99% to 14.86% 3.99% to 14.96% View More

Funding U 3.5
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N/A  7.49% to 12.99% View More

Discover 3.5
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4.49% to 14.09%

5.49% to 13.99%

View More

PNC Bank 3.5
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3.89% to 11.09%
(including 0.50% discount for automatic payments)
3.49% to 11.29%
(including 0.50% discount for automatic payments)
View More

Citizens Bank 3.0
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4.74% to 12.06% 3.75% to 11.21% View More

 

source:ForbesAdvisor.com

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