The Best Private Student Loans for 2022
Last Updated: August 11, 2022
If savings, scholarships, and grants aren’t enough to fully fund your college education, you might be considering taking out a private student loan. While you want to make sure that you’re getting the best deal possible, it’s also important to ensure that you’re minimizing your student loan debt by working with a reputable lender.
Securing a student loan with reasonable interest rates and borrower-friendly loan repayment terms will allow you to invest in your future, knowing that you won’t be saddled with unreasonable debt after you graduate.
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What Makes the Best Student Loan Lenders?
So where can you get the best deal on a private undergraduate or graduate student loan? Which lenders have the best rates and terms? And which lenders can you trust?
At Nitro, we have relationships with several lenders that we’ve put through an intensive vetting process. We have researched and compared:
- Low interest rates
- Repayment options and terms
- Discounts
- Fees and penalties
- Responsiveness to customers and applicants
- The lender’s reputation, history, and solvency
Need a student loan? Sallie Mae Is Nitro's Most Visited Lender!
Compare All Private Student Loan Options For Your School
Sallie Mae® has developed a wide range of private education loans, and other education-related services to help make students' dreams of higher education a reality.
Why Get a Student Loan from Sallie Mae?
Students and families can invest in their education with private education loans designed to responsibly bridge the gap between personal resources and federal student aid.
Private education loans:
- Smart Option Student Loan® for Undergraduate Students
Sallie Mae is committed to serving their borrowers so they can successfully pay their loans and build their credit.
- 100% U.S. based loan originations and loan servicing representatives
- Financial literacy resources
- 24/7 account self-service available online and by phone
- Team dedicated to helping our borrowers in the military
Key features of Smart Option Student Loan® from Sallie Mae:
- Competitive interest rates — variable rates start from 2.62% APR to 12.97% APR1 for undergraduate students (as of July 25, 2022). Lowest rates shown include the auto debit discount.
- Pay now or later - Defer your payments until after school or choose an in-school repayment option that fits your needs.1
- Discounts: Save with auto debit - get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.1
- Detailed review of Sallie Mae Student Loans
Nelnet Bank is backed by Nelnet Inc., a company with 40+ years of experience helping over 30,000,000 students successfully complete their student loan journey.
- APR: 2.34% - 12.02%1
- Loan Types: Undergraduate, Graduate, MBA, Law, Medical, Healthcare, Dental, PhD
- Loan Terms: Multiple Loan Terms
What are the benefits of a Nelnet Bank student loan?
Start your student loan journey on the right path with competitive rates that can help you save money1 and pay off student loans faster. If federal student loans, grants, and scholarships aren’t enough, we’re here to help you fill gaps in college funding, so you can reach your educational goals faster.
Backed by a company that’s helped over 30,000,000 students successfully navigate repayment, Nelnet Bank was established to help make your educational dreams a reality. This strong background helps us offer expert help and educational funding solutions that give you an advantage at every step.
To help you borrow responsibly, Ascent has incorporated financial education into their application process.
- APR: 1.73% - 14.75%
- Loan Types: Undergraduate & Graduate
- Loan Terms: 5, 10 & 15 Years
What are the benefits of an Ascent student loan?If you're in the market for a student loan, Ascent has three unique benefits that you should pay attention to:
- 1% Cash Back Graduation Reward**
- Non-Cosigned loan options for juniors, seniors and graduate students
- Graduated Repayment option to make monthly payments more affordable + and deferment and forbearance plans, which can be hard to come by with private lenders
Ascent offers a 1% Cash Back** Graduation Reward if you meet certain qualifying criteria. This is a very unusual benefit among student loan lenders. Depending how much you borrow, your reward could be enough to cover your first monthly payment ... or to buy a new outfit to wear on job interviews.
Key features of a private student loans through Ascent:
- 1% CASH BACK Graduation Reward
- CUSTOMIZE your loan with flexible repayment options
- COVER UP TO 100% of your tuition & living expenses
- AVOID FEES - No application, origination or disbursement fees
- 0.25%-2.00% INTEREST RATE REDUCTION for enrolling in automatic payments
- RELEASE YOUR COSIGNER after 24 consecutive on-time payments
- FREE financial Tools
Jump into next semester with a no-fee, flexible private student loan. Check if Earnest is right for you in under 2 minutes.
What are the benefits of an Earnest private student loan?
Help with tuition when you need it. You are not a number. With a low-rate Earnest Private Student Loan, you get flexibility, personal attention, and support.
Thousands of clients trust Earnest: Over 164,000 Happy Clients
Key features of a student loans from Earnest:
- No fees, period
- Longer 9-month grace period4
- Skip a payment once per year5
- Save with a 0.25% Auto Pay Discount2
- Pick an in-school repayment option
- Talk to a human
- Inviting a cosigner is easy
- Earnest services all of our student loans for the life of the loan
Apply now with Earnest!
Funding U offers no-cosigner student loans up to $15K per school year to help cover the cost of college. Quickly check your eligibility with no impact on your credit.
- APR: 6.99% - 12.99%
- Loan Types: Undergraduate
- Loan Terms: 10 Years
What are the benefits of a Funding U student loan?
No-Cosigner Student Loans! Unlike other lenders, Funding U doesn't fund your parents. They fund you. Their no cosigner student loans are based on you and your potential.
- Pre-approval in minutes.
- Our no cosigner student loans always have fixed interest and no hidden fees.
- Every student is assigned a single Loan Officer whose job is to be helpful.
Funding U key features & benefits:
- Finally, a loan high-achieving undergrad students can get based on their own academic merit and not their FICO score.
- Quickly check your eligibility with no impact on your credit.
- 100% No Fees
- Earn rewards through our Borrower Referral Program
- 0.5% autopay discount
MPOWER helps international students from 190+ countries, as well as U.S. citizens, permanent residents, and DACA students, remove financial barriers to higher education in the U.S. and Canada.
- Fixed Rates Only: 7.52% - 14.98% APR
- Loan Types: Undergraduate & Graduate
- Loan Terms: 10 Years only
Why MPOWER for a student loan?
MPOWER offers student loans that fund up to 100% of cost of attendance, that do not require cosigners, collateral, or a U.S.-based credit history. Unlike traditional lenders, they consider your academic success and career path in our approval process. In addition, they offer career support and students can build your credit history through repayment of this loan, which gives you greater flexibility in future financial matters.
MPOWER Financing key features & benefits:
- No cosigner required
- No collateral required
- Up to US $100,000 over 2 academic periods
- Interest rate discounts up to 1.50% available for autopay sign-up, 6 consecutive months of autopay, and graduation/employment
- 10-year loans with no penalty for paying off early
- Visa support
- Fast online application process
- Career strategy services
- 30 seconds to check eligibility and ~20 minutes to complete an application
Click here to apply now with MPOWER.
Education Loan Finance (“ELFI”) makes financing your future simple by offering easy payment options, affordable rates, and flexible terms in an application process that is transparent and secure.
- APR: 1.86% - 11.99%
- Loan Types: Undergraduate, Graduate & Parent
- Loan Terms: 5 - 15 Years
Why Get A Student Loan Through ELFI?
ELFI believes education fuels empowerment, and because of that, we take the hassle out of obtaining a private student loan.
Want freedom? You can check your rate in minutes without it affecting your credit score.
Want savings? You won’t pay an application, origination or prepayment fee.
Looking for support? Your Student Loan Advisor will make sure there are no hiccups when receiving your funds. How’s that for feeling empowered?
Key features of a student loans from ELFI:
- Prequalify to estimate your rate without affecting your credit score
- Submit online application in minutes
- No application fees, origination fees, or prepayment penalties
- Low rates and flexible repayment terms to fit your needs and goals
- Student Loan Advisor to guide you through the application process
| Interest Rate Discounts | ||||||
|---|---|---|---|---|---|---|
Top Visited  |
0.25 percentage point deduction for auto debit1 | No | Pay now or later: Make interest payments, pay a fixed $25 payment,2 or defer payments until after school.1 | Yes3 | 6 months1 |
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0.25% Auto Pay Discount2 | No | Deferred Payment, Interest-Only Payment, and Principal & Interest Payment | Yes3 | 6 months |
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0.25% - 1.00% discount for enrollment in automatic debit5 | No | In-School interest only, Deferred, and $25 minimum payment | Yes10 | 9 months |
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0.25% Auto Pay discount2 | No - students must apply each year to receive additional loans | Yes - 4 repayment options available6 | No | Up to 9 months4 |
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0.5% auto pay discount | Yes | $20 in-school fixed payment, interest-only payment, full P&I repayment begins 6 months after graduating/leaving school | N/A | 6 months |
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Up to 1.50% available* | No | Interest only payments in-school, option to choose $25 credit building option payment while in school | N/A - all MPOWER loans are no-cosigner | Ends 6 months after graduation |
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No | No | ELFI offers Immediate, Deferred, Fixed, and Interest Only Repayment options | No | 6 months |
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| Max Loan Limits | ||||||
|---|---|---|---|---|---|---|
Top Visited |
$1,000 | Up to 100% of school-certified expenses4 | Yes | Yes |
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$1,000 | $175,000 (Up to $500,000 for healthcare professions)4 | No Minimum | Yes5 | Yes6 |
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$2,001 | $200,000 | Cosigner minimum gross annual income of $24,000 | Yes* | Yes |
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$1,000 | Up to 100% of the cost of attendance; $250,000 total limit per borrower | $35,000 / year (USD) | Yes | Yes |
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$3,001 | $15,000 | Yes | Yes |
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$2,001 | Up to $100,000 over 2 academic periods: Not to exceed 100% of school-certified Cost of Attendance | No income qualifications | No | Yes |
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$1,000 | Up to the Cost of Attendance | $35,000 | Yes | Yes |
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| Loan Type | ||||||
|---|---|---|---|---|---|---|
Top Visited |
Variable (APR) | Variable (APR)2.62% -12.97%1 Fixed (APR) 3.75% - 13.72%1 |
3.12% - 12.80%1 | N/A | No origination or disbursement fees |
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Variable (APR) | Variable (APR)2.34% - 12.02%1 Fixed (APR) 3.49% - 11.68%1 |
2.34% - 12.02%1 | 2.34% - 12.02%1 | Late payment fee of 5%7 |
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Variable (APR) | Variable (APR)1.75%-12.30%1 Fixed (APR) 3.22% - 14.75%1 |
1.73% - 12.30%1 | N/A | None |
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Variable (APR) | Variable (APR)1.34% - 11.44%1 Fixed (APR) 3.22% - 12.78%1 |
1.34% - 9.89%1 | 1.34% - 11.44%1 | No origination, late payment, or prepayment fees |
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Variable (APR) | Variable (APR)6.99% - 12.99%1 Fixed (APR) 7.49% - 12.99%1 |
N/A | N/A | None |
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Variable (APR) | Variable (APR)N/A Fixed (APR) N/A |
9.56% - 14.98% | N/A | 5.0% origination fee, Late Fee: after 15 days late. 4% of the amount due, or $5, whichever is less |
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Variable (APR) | Variable (APR)1.86% - 11.52%1 Fixed (APR) 3.20% - 11.99%1 |
1.86% - 11.52%1 | 1.86%-11.24%1 | No origination or prepayment fees |
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Sallie Mae® has developed a wide range of private education loans and other education-related services to help make students' dreams of higher education a reality.
Key features of Smart Option Student Loan® from Sallie Mae:
- Competitive interest rates — Variable rates start from 2.62% APR to 12.97% APR1 for undergraduate students (as of July 25, 2022). Lowest rates shown include the auto debit discount.
- Pay now or later - Defer your payments until after you graduate or choose an in-school repayment option that fits your needs.1
- Discounts: Save with auto debit - Get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.1
- Detailed review of Sallie Mae Student Loans
Nelnet Bank is backed by Nelnet Inc., a company with 40+ years of experience helping over 30,000,000 students successfully complete their student loan journey. So Nelnet Bank knows what student loan success looks like. Offering flexible loan solutions and expert guidance, we're with you every step of the way.
Key features of a student loans from Nelnet Bank:
- 1% CASH BACK Graduation Reward.9
- AFFORDABLE fixed or variable rates.1
- CUSTOMIZE your loan with flexible repayment options.
- COVER UP TO 100% of your tuition & living expenses.
- AVOID FEES - No application, origination or disbursement fees.
- NO PENALTY FEE if you pay off your loan early.
- 0.25% - 2.00% INTEREST RATE REDUCTION for enrolling in automatic payments.
- RELEASE YOUR COSIGNER after 24 consecutive on-time payments.
- 100% US-based customer service.
- FREE financial tools.
- Detailed review of Ascent Student Loans
It’s wrong to lose your financial freedom before you’ve even had a chance to earn it! To help you borrow responsibly, Ascent has incorporated financial education into their application process and give you exclusive access to tools to help you manage your money.
Key features of a student loans from Earnest:
- No fees, period
- Longer 9-month grace period4
- Skip a payment once per year5
- Save with a 0.25% Auto Pay Discount2
- Pick an in-school repayment option
- Talk to a human
- Inviting a cosigner is easy
- Earnest services all of our student loans for the life of the loan
Apply now with Earnest!
Funding U offers no-cosigner student loans up to $15K per school year to help cover the cost of college.
Funding U key features & benefits:
- Finally, a loan high-achieving undergrad students can get based on their own academic merit and not their FICO score.
- Quickly check your eligibility with no impact on your credit.
- 100% No Fees
- Earn rewards through our Borrower Referral Program
- 0.5% autopay discount
MPOWER Financing key features & benefits:
- No cosigner required
- No collateral required
- Up to US $100,000 over 2 academic periods
- Interest rate discounts up to 1.50% available for autopay sign-up, 6 consecutive months of autopay, and graduation/employment
- 10-year loans with no penalty for paying off early
- Visa support
- Fast online application process
- Career strategy services
- 30 seconds to check eligibility and ~20 minutes to complete an application
Click here to apply now with MPOWER.
ELFI believes education fuels empowerment, and because of that, we take the hassle out of obtaining a private student loan.
Key features of a student loans from ELFI:
- Prequalify to estimate your rate without affecting your credit score
- Submit online application in minutes
- No application fees, origination fees, or prepayment penalties
- Low rates and flexible repayment terms to fit your needs and goals
- Student Loan Advisor to guide you through the application process
Ready to fill your gap in tuition costs and start your college journey?
Apply now and find out your personalized rates with:
** Remember the following two items **
1.) If you apply with a cosigner, you may increase your chances of getting approved for a loan & you may get a lower interest rate, and
2.) If you apply through Nitro, any loan application fees will be waived.