The Best College Student Loans In 2021

By Mentor Staff | Edited By Mentor Staff

Updated On October 29, 2021

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

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Want to save money on your undergraduate student loans?

As you already know, college is a considerable investment. So, when it comes to your college student loans, you will need to understand your options for both federal government student loans and private student loans. The average college student graduates college with over $37,000 in student loans. The good news is that in addition to federal government student loans, there are several private student loan lenders who can offer competitive rates on your undergraduate school student loans. A co-signer with strong credit may be able to help you obtain lower interest rates on your college student loans.

If you are applying to college or already have been admitted, congratulations! If not, it is never too early to start planning for your undergraduate student loans.

These are the best lenders for student loans and may be able to help you save thousands of dollars on your college student loans by offering lower interest rates and lower monthly payments. That’s real money back in your pocket.

Learn your new student loan interest rate in a matter of minutes.

Top Picks For Private Student Loans

January 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
0.94% - 11.98%
2.94% - 12.99%
0.94% - 12.99%

View Details

on College Ave's website

Overview

Variable APR:
0.94% - 11.98%
Fixed APR:
2.94% - 12.99%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$1,000
Loan Terms:
5, 8, 10, 15 years
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
No

Details

  • Student loans available to graduate, bachelors and associates degrees
  • Deferment and forbearance options may be available
  • Grace period for undergraduates: 6 months
  • Grace period for graduate students: 9 months
  • Flexible student loan repayment options
0.99% - 11.33%
2.99% - 10.90%
0.99% - 11.33%

View Details

on SoFi's website

Overview

Variable APR:
0.99% - 11.33%
Fixed APR:
2.99% - 10.90%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$5,000
Loan Terms:
5, 10 and 15 years
Origination Fees:
None
Prepayment Fees:
None
Co-signer Option:
Yes

Details

  • Offer college, graduate school, law school, MBA and Parent student loans
  • Flexible repayment options
  • No late fees
  • Autopay rate discount
  • Free perks such as career planning and job search assistance
1.13% - 11.23%
4.25% - 12.59%
1.13% - 12.59%

View Details

on LendKey's website

Overview

Variable APR:
1.13% - 11.23%
Fixed APR:
4.25% - 12.59%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$5,000
Loan Terms:
10
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
Yes

Details

  • Low rates from community lenders like credit unions and community banks
  • Get lower rates with a co-signer
  • Ability to pause payments for up to 18 months if you become unemployed
  • May consider your academic credentials to help you get a lower rate
  • If you repay 10% of your loan before your loan enters full repayment period, 1.0% APR is dropped from your current interest rate
1.64% - 6.83%
2.25% - 6.92%
1.64% - 6.92%

View Details

on Laurel Road's website

Overview

Variable APR:
1.64% - 6.83%
Fixed APR:
2.25% - 6.92%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$5,000
Loan Terms:
5, 7, 10, 15, 20 years
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
Yes

Details

  • Student loans available to graduate, undergraduate and associates degrees
  • Law school, business school, medical school, dentistry school available at select schools
  • Flexible student loan repayment options
  • Forbearance up to 1 year available
1.47% - 11.31%
3.28% - 13.02%
1.47% - 13.02%

View Details

on Ascent's website

Overview

Variable APR:
1.47% - 11.31%
Fixed APR:
3.28% - 13.02%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$1,000
Loan Terms:
5, 7, 10, 12, 15, 20 years
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
Yes

Details

  • Student loan repayment while in school
  • 1% cash back on student loan principal at graduation
  • Co-signer release after 24 consecutive payments
  • Financial hardship forbearance available
  • No minimum income or credit score
  • Apply with or without a co-signer

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