Best Lenders for Private Student Loans in the U.S.

NEW YORK, Nov. 12, 2026 — Private student loan lenders differ in their interest rates, credit requirements, borrowing limits and available discounts. Sallie Mae, Ascent Funding, SoFi, College Ave and Earnest offer fixed and variable interest rates, while Edly Student Loans and MPOWER Financing have different rate and repayment arrangements. Borrowing limits range from a $1,000 minimum at several lenders to maximums of $750,000 at Citizens.

Fixed annual percentage rates (APRs) among the 12 lenders range from 1.99% to 23%. Variable APRs start at 3.95% among lenders disclosing those rates, while Prodigy Finance lists a variable rate starting at 10.78%. Several lenders offer discounts for automatic payments, and Earnest and Citizens also list loyalty discounts. Credit requirements range from no minimum at some lenders to a stated minimum of 680 at ELFI.

Private Loan Rates

Sallie Mae offers fixed APRs from 2.19% to 17.49% and variable APRs from 4.00% to 17.20%, with automatic payment discounts. Sallie’s minimum credit score requirement is in the mid-600s, and loans start at $1,000. Sallie Mae has a rating of 4.7 out of 5.

Ascent Funding lists fixed APRs from 1.99% to 18.19% and variable APRs from 4.07% to 17.03%, with automatic payment discounts. Ascent’s stated credit score range is the low to mid-600s. Borrowing starts at $2,001, with an annual maximum of $200,000. Ascent has a rating of 4.6 out of 5.

SoFi offers fixed APRs from 2.99% to 15.99% and variable APRs from 4.64% to 15.99%, with automatic payment discounts. The lender does not disclose a minimum credit score requirement. SoFi’s minimum loan amount is $1,000, and its rating is 4.4 out of 5.

College Ave, Earnest and ELFI

College Ave lists fixed APRs from 2.05% to 17.99% and variable APRs from 3.95% to 17.99%, with automatic payment discounts. Applicants generally need a credit score in the mid-600s. Loans start at $1,000, with a lifetime borrowing maximum of $180,000. College Ave has a rating of 4.6 out of 5.

Earnest offers fixed APRs from 1.99% to 16.24% and variable APRs from 4.74% to 16.60%. Both rate ranges include automatic payment and loyalty discounts. The minimum credit score requirement is 650, and the maximum loan amount is $550,000. Earnest has a rating of 4.7 out of 5.

ELFI lists fixed APRs from 2.99% to 12.85% and variable APRs from 7.00% to 13.30%. Applicants must have a minimum credit score of 680. The lender does not specify a maximum borrowing amount and has a rating of 4.4 out of 5.

Nelnet Bank, Citizens and MEFA

Nelnet Bank offers fixed APRs from 2.49% to 10.77%, with the lowest rate available with automatic payments. Nelnet’s variable APRs range from 5.81% to 9.76%, also with an automatic payment discount. The minimum credit score requirement ranges from the mid- to high-600s. Loans start at $1,000 and reach a maximum of $500,000. Nelnet Bank has a rating of 4.4 out of 5.

Citizens lists fixed APRs from 3.24% to 14.03% and variable APRs from 4.97% to 14.52%. Both ranges include automatic payment and loyalty discounts. The lender does not disclose a minimum credit score requirement. Citizens’ maximum loan amount is $750,000, and its rating is 4.5 out of 5.

The Massachusetts Educational Financing Authority (MEFA) offers fixed APRs from 4.95% to 8.90% but does not disclose a variable APR or minimum credit score requirement. MEFA’s minimum loan amount is $1,500. MEFA has a rating of 3.8 out of 5.

Other Private Lenders

Edly Student Loans lists fixed APRs from 9.4% to 23%, while its variable APR is not disclosed. The lender has no minimum credit score requirement. Borrowing starts at $2,000, with a lifetime maximum of $130,000. Edly has a rating of 3.9 out of 5.

Prodigy Finance does not disclose a fixed APR, while its variable APR starts as low as 10.78%. The lender has no minimum credit score requirement. Loans start at $15,000, with a lifetime maximum of $220,000. Prodigy Finance has a rating of 3.8 out of 5.

MPOWER Financing offers fixed APRs starting at 9.99% with discounts and does not offer variable-rate loans. The lender has no minimum credit score requirement. Loans start at $2,001, with an annual maximum of $100,000. MPOWER Financing has a rating of 3.2 out of 5.

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Loan Costs

The APR is an important factor in determining the cost of a private student loan. Borrowers should also examine repayment periods, fees, cosigner requirements, and options for postponing payments. Automatic payment and loyalty discounts can lower the advertised rate, but applicants should check the eligibility requirements and whether these discounts apply throughout the repayment period.

Fixed-rate loans retain the same interest rate throughout the repayment period, while variable-rate loans can change over time. An increase in a variable rate can raise monthly payments and the total amount repaid. Borrowers comparing the two options should consider whether they can manage higher payments if rates change during the loan term.

Borrowing limits also require attention. Annual maximums determine how much a student can borrow in a given year, while lifetime limits cap the total amount available across multiple years. Applicants should check the applicable limit, minimum borrowing amount, and credit requirements before applying. They should also review the loan agreement for interest accrual, deferment provisions, late fees, and cosigner release terms.

Federal vs. Private Loans

Federal student loans offer borrower protections and repayment programs that private lenders are not required to provide. Depending on the loan type and eligibility, borrowers may qualify for income-driven repayment plans, deferment, forbearance, and loan forgiveness programs. Students should review federal financial aid options before applying for private education loans.

Private student loans can cover education expenses that remain after federal aid, scholarships, grants and other funding sources. Applicants can compare lenders by examining APRs, repayment periods, fees, credit requirements and cosigner provisions. Some lenders also offer specialized products for students who may not qualify for conventional credit-based loans.

Before accepting a private loan, borrowers should calculate how much they need and estimate the payments they can afford after leaving school. They should review the interest rate, APR, repayment schedule, fees, and cosigner obligations in the final loan agreement. Comparing the full cost and contractual terms can help students determine whether private financing fits their education expenses and repayment capacity.