Best Student Loan Rates For August 2022


Last Updated: August 11, 2022


Nitro's helped 3+ million students navigate paying for college. Compare top lenders below and borrow thoughtfully.

Private Student Loan Options For 2022

Working with a reputable lender is key to ensuring that you’re getting a loan that you’ll be able to pay back

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.
  • Loan Types: Undergraduate & Graduate
  • Loan Terms: 10 - 15 years2
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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:

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

Get the money you need for school from Sallie Mae

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.
  • Loan Types: Undergraduate, Graduate, MBA, Law, Medical, Healthcare, Dental, PhD
  • Loan Terms: Multiple Loan Terms
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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.

Key features of a student loans from Nelnet Bank:

  • Backed by Nelnet Inc., a Company with 40+ Years of Student Loan Servicing Experience
  • Multiple Loan Terms
  • Low Rates1
  • Auto Debit Savings2
  • Easy Cosigning and Cosigner Release3
  • Flexible Repayment Options
  • No Origination Fees
  • Member FDIC

Apply now with Nelnet Bank

To help you borrow responsibly, Ascent has incorporated financial education into their application process.
  • Loan Types: Undergraduate & Graduate
  • Loan Terms: 5, 10 & 15 Years
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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. 1% Cash Back Graduation Reward** 
  2. Non-Cosigned loan options for juniors, seniors and graduate students
  3. 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

Detailed review of Ascent Student Loans

Jump into next semester with a no-fee, flexible private student loan. Check if Earnest is right for you in under 2 minutes.
  • Loan Types: Undergrad, Graduate, MBA, Medical, Law School3
  • Loan Terms: 5 - 15 years
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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!

Nitro is your no-nonsense plan to afford college.

Pay for college the responsible way.

  1. Maximize Financial Aid
  2. Win Scholarships
  3. Borrow thoughtfully

When evaluating private student loans, be sure to compare:

  • Annual percentage rate (APR)
  • Loan types
  • Loan terms
  • Total cost of the loan (Look beyond the monthly payment!)

Adding a parent or adult with good credit history and income to your application may improve your chances of being approved.