Private student loans are worth considering if your federal student aid allotment isn’t enough to cover your tuition and other college costs. Private student loans offer flexible interest rate opt ions and repayment terms, as well as extra features. But before you sign anything, it’s important to know what you’re looking for and to choose the best private student loans for college. After all, not all lenders are created equal. As you compare private student loans, five of your best options include:  Citizens Bank  College Ave  LendKey  Sallie Mae  CommonBond Learn more about each of these lender s and about how to choose the right lender for your college loans.

1. 5 Best Private Student Loans Available in
2018
Private student loans are worth considering if your federal student aid allotment isn’t enough to
cover your tuition and other college costs. Private student loans offer flexible interest rate
options and repayment terms, as well as extra features.
But before you sign anything, it’s important to know what you’re looking for and to choose the
best private student loans for college. After all, not all lenders are created equal. As you compare
private student loans, five of your best options include:
 Citizens Bank
 College Ave
 LendKey
 Sallie Mae
 CommonBond
Learn more about each of these lenders and about how to choose the right lender for your college
loans.
What to look for in a private student loan
A variety of factors differentiate the best private student loans. The main ones to focus on are
interest rates and fees.
The amount of money you take out on your college loan is only the beginning. Give yourself the
best chance of maintaining a manageable level of debt by keeping your rates and fees as low as
possible.
As you review different interest rates, remember that you can apply for more than one loan to see
which one will give you the best deal. There are two ways you can do so without your credit
score taking a hit:
1. Many private student loan lenders do a soft pull on your credit, which enables you to see what
you might be approved for without taking a hit on your credit.
2. If you were to do a formal application with more than one lender, you could avoid taking a hit
on your credit by rate shopping within a two-week window.
Besides looking for offers for the best student loans for college, also look for perks to take
advantage of. For example, some lenders offer college students a lower rate for good grades.
Others offer the ability to release your cosigner.
Once you’ve narrowed down your list of options, use our Student Loan Hero payment calculator
to determine what your monthly payments might be.

2. 5 top private student loans
Not sure where to begin your search? Check out our list of the top private student loans offered
by the best private student loan lenders. Think of it as a jumping-off point as you start your
research.
1. Citizens Bank
 No application or origination fee
 No fee for paying off the loan early
 Interest rate reduction if you already have an account with Citizens Bank
 Interest rate reduction if you set up automatic payments
 Student and parent loan options
 Available to undergraduate and graduate students
 Loans from $1,000 to $295,000, depending on your degree
 Student repayment options of five, 10, or 15 years
 Option for students to make full or interest-only payments while in school, or to defer payments
until after graduation
 Parent repayment options of five or 10 years
 Option for parent to make full or interest-only payments while student is in college (but not to
defer payments)
 Fixed and variable rates
Additional information
 Applicants will most likely need good credit or a qualified cosigner to be approved.
 Potential qualification for cosigner release is based on creditworthiness and whether there have
been 36 consecutive on-time principal and interest payments.
2. College Ave
 No application or origination fee
 No fee for paying off the loan early
 Interest-rate reduction if you set up automatic payments with College Ave
 Student and parent loan options
 Available to undergraduate and graduate students
 Loans from $2,000 up to 100 percent of the school-certified cost of attendance
 Student repayment options of eight, 5, 8, 10 or 15 years
 Option for students to make full, interest-only, or flat payments while in school or to defer
payments until after graduation
 Parent repayment options of five to 12 years
 Option for parent to make full, interest-only, or interest-plus payments while student is in
school
 Up to $2,500 deposited into parent’s bank account to pay for student’s education costs
 Fixed and variable rates

3. Additional information
 Potential qualification for cosigner release is based on the following:
o Creditworthiness
o If more than half the scheduled repayment period has elapsed
o If most recent 24 consecutive payments were made on time and didn’t include any
forbearance or workout programs for hardship reasons
o If borrower has earned in income more than twice the outstanding balance on their
College Ave loan for the previous two years
o If borrower has no reported late payments on their credit report in the past 24 months
3. LendKey
 Loans facilitated by LendKey but funded by credit unions and community banks
 No application or origination fee
 Interest rate reduction if you set up automatic payments
 Minimum of interest-only payments or $25 per month during the in-school period and grace
period, although students can make full monthly payments during that time if they want
 Student repayment option of 10 years after the five years of minimum interest-only or $25
payments during college or grad school (so it could be a total of 15 years of repayment, the last
10 of which must be full principal and interest payments)
Additional information
 Potential qualification for cosigner release is based on the following:
o Creditworthiness
o If there have been 24 consecutive, full, on-time principal and interest payments
4. Sallie Mae
 No origination fee
 No fee for paying off the loan early
 Interest rate reduction if you set up monthly payments by automatic debit with Sallie Mae
 Available to undergraduate and graduate students, as well as parents
 Available for private K-12 education, career training certificate courses, dental and medical
school and/or residencies, other health profession loans, MBA loans, and bar study fees
 Loans from $1,000 up to 100 percent of the school-certified cost of attendance
 Three repayment options to choose from: deferred, fixed, or interest-only while you’re in school
and during your grace period
 Fixed and variable rates
Additional information
 Maximum rates for graduate students are lower than for undergraduates.
 Borrowers can apply for cosigner release after graduation and when 12 on-time principal and
interest payments have been made, without having used hardship forbearance or a modified
repayment plan during that time.

4.  Borrowers and cosigners receive free FICO credit score tracking.
 Borrowers receive free tutoring for school (up to 120 minutes) or study resources through
Chegg.
5. CommonBond
 2 percent origination fee
 No application fee
 No fee for paying off the loan early
 Interest-rate reduction if you set up automatic monthly payments with CommonBond
 Available to undergraduate students, as well as MBA candidates and other graduate students
 Loans for up to 100 percent of the school’s cost of attendance
 Student loan repayment options of five, 10, or 15 years
 Fixed and variable rates
 Four different repayment plans for students, all of which come with a six-month grace period:
deferment until after college or grad school, fixed monthly payments of $25 during school,
interest-only payments during school, or full monthly payments for the duration of the loan
Additional information
 Applicants must apply with a creditworthy cosigner (excluding MBA students, who aren’t
required to have a cosigner to apply).
 Student borrowers can apply for cosigner release after paying on the loan for two years.
 Students dealing with economic hardship after graduation can apply for forbearance.
 Every time a loan is funded, CommonBond funds a loan for a student in need.
Is a private student loan right for you?
When you consider whether a private lender is right for you, remember that private student loans
for college don’t come with the same protections as federal loans.
Federal student loans offer income-driven repayment plans, as well as deferment, forbearance,
and forgiveness options. Some private student loan lenders do offer hardship programs in case
your income hits a snag, but that option isn’t guaranteed for all of them.
Private student loans also start accruing interest immediately. On the other hand, if you qualify
for subsidized federal student loans, the Department of Education will pay the interest on them
until you graduate.
Also, keep in mind that you’ll likely need a cosigner. That’s because private student loan offers
are based on your creditworthiness, and most college students are too young to have much of a
credit history.
If you get a loan with a cosigner, make sure all your payments are on time. If not, your cosigner
will be responsible — and missing payments or going into default can damage their credit as
well as yours.

5. If you see tough financial times ahead, reach out to your lender immediately to see if you can
adjust your repayment plan. It doesn’t hurt to ask. Plus, the sooner you handle the situation, the
better your chances are of having a good outcome.
Like all financial tools, private student loans can be a lifesaver if you use them wisely. They are
best used as a backup when you can’t get enough federal student loans to cover your tuition and
other education costs. In that case, private student loans can be a great tool to finish off the
funding for your education.