The Best Private Student Loan Companies of 2025

Let our student loan experts research for you!

Verified Partner

Easy online application process
Receive a credit result in 10 minutes
50+ years in business
Multiple payment options
Borrow up to 100% of school-certified expenses
No origination fee or prepayment penalty

Offers career training student loans
4x more likely to get approved with a qualifying co-signer

Reputable

Easy online application process
Receive a credit result in 10 minutes
50+ years in business
Multiple payment options
Borrow up to 100% of school-certified expenses
No origination fee or prepayment penalty
Offers career training student loans
4x more likely to get approved with a qualifying co-signer

Reputable

Call Now
(833) 543-9600

Verified Partner

Large range of borrowing amounts
Multiple loan terms to choose from
100% Rate Match Guarantee¹
A+ BBB rating with a longevity history
Interest rate discount for using autopay²
In-house customer support

Quick, mobile application protected by end-to-end encryption
No late payment fees, no origination fees, no disbursement fees
Get a 9-month grace period vs. the 6-month you get with most competitors³

Best Overall

Large range of borrowing amounts
Multiple loan terms to choose from
100% Rate Match Guarantee¹
A+ BBB rating with a longevity history
Interest rate discount for using autopay²
In-house customer support
Quick, mobile application protected by end-to-end encryption
No late payment fees, no origination fees, no disbursement fees
Get a 9-month grace period vs. the 6-month you get with most competitors³

Best Overall

Call Now
(833) 543-9600

Finding the Best Private Student Loan Company

Types of Private Student Loans

There are many different types of private student loans depending on your situation. You will need to assess what type of degree you are pursuing and your unique situation in order to select the best loan type.

Here are some common loan types:

Undergraduate: Undergrad degrees are designated for borrowers seeking to obtain a bachelor’s degree.
Graduate: These loans are for borrowers seeking post-undergraduate studies. Subsets of graduate loans can include funding for master’s degrees, PhDs, and professional degrees such as those in law and health fields.
Career Training: If you are wanting to attend a technical or vocational school, you will want to search for student loan companies that offer career-specific loans.
Parent: Parents can take out loans to help pay for a child’s undergraduate education.
International: Borrowers that are not U.S. citizens often have a more difficult time obtaining private student loans but there are companies that specialize in funding international students traveling to the United States to pursue higher education.

Why Sallie Mae Stands Out

Sallie Mae provides competitive fixed and variable interest rates, average forbearance terms, and co-signer release after 12 months of on-time payments. What makes Sallie Mae unique is the types of student loans available. If you are pursuing career-specific education, like aviation, culinary, or technical studies, Sallie Mae offers career training student loans.

An added bonus: every month Sallie Mae grants a $2,000 scholarship to students currently enrolled in college. If you intend to apply for a Sallie Mae student loan, the company notes that students are four times more likely to get approved with a qualifying co-signer.

If you do not yet have a credit history or have a lower-than-average credit score, consider whether bringing on a co-signer would help you get approved with a lower interest rate.

Top Companies

We rate Earnest as the best private student loan⁴ company because it is transparent about loan types, terms, and the application process. Earnest also offers discounts, charges no fees, and provides in-house customer support.

Key Points:

You’ll find the most flexible loan terms from Earnest, Sofi, ELFI, and College Ave.
Our ratings take into consideration four categories: transparency of loan terms, application process, reputation, and customer service.
A private student loan can be worth it if you need to supplement funds after using up federal options first.

If you need to borrow money for school, it is best to use federal aid first. However, if you still have gaps to fill, private student loans can be a viable option. We’ll explain our top choices for private student loan companies and help you decide if taking out a student loan is worth it or not.

Our Top Pick

We reviewed 20 student loan companies and our preferred choice for undergraduate student loans is Earnest. Here’s a snapshot of why we selected Earnest as our best overall pick:

Large range of borrowing amounts
Multiple loan terms to choose from
Transparency with credit score and income requirements
A+ BBB rating with a longevity history
In-house customer support

5 Best Student Loan Companies

We analyzed 20 student loan companies and ranked them based on undergraduate loan details, application requirements, reputation, and customer service. Use the table below to compare our top five recommendations.

Company	Our Reward	Our Rating
Earnest	Best Overall	4.8
College Ave	Best Multi-Year Loans	4.6
ELFI	Best Customer Service	4.5
Sofi	Best Competitive Rates	4.4
Ascent Funding	Best Flexible Terms	4.3

Student Loan Company FAQs

What is the best student loan company? Our best overall pick for student loans is Earnest. You’ll get superior customer service, a range of repayment terms to choose from, and transparency on eligibility criteria.
What should I look for when selecting a student loan company? When selecting a student loan company, be sure to read the fine print carefully and compare multiple lenders on specific criteria like repayment terms, interest rates, fees, discounts, and enrollment requirements. If the information you need is not readily available on a lender’s website, proceed with caution.
Should I get a fixed or variable rate loan? The type of interest rate you get is a personal choice. However, fixed rate will be easier to budget into the future because it never changes. If you opt for variable, assume that an increase in interest rate may occur and plan for it in advance.
How much can I borrow in student loans? How much you borrow in student loans will vary depending on the type and terms of the loan. If you borrow from the federal government, you will have an aggregate loan limit of $57,500 for undergraduate and $138,500 for graduate studies. Private student loans vary based on lender but most fund student loans with a minimum of $1,000 and up to the total cost of attendance. Check your private student loan lender’s criteria to identify the minimum and maximum amounts available.
What is FAFSA and do I need to fill it out? FAFSA stands for Free Application for Student Aid and is the primary form you complete through the U.S. Department of Education if you are seeking federal student aid. It is recommended to utilize federal student loans first before seeking private lenders as federal loans can often cost less over the life of the loan and you may be eligible for income-driven repayment programs.

How We Rank Student Loan Companies

Loan details: We considered types of loans offered, minimum and maximum borrowing parameters, grace periods, quantity and length of loan terms, fixed and variable APR, and forbearance and deferment offerings.
Application process: We researched minimum credit scores, income stipulations, fees, discounts, enrollment restrictions, and credit check requirements.
Reputation: We reviewed BBB ratings and accreditation, as well as assessed longevity of each company.
Customer service: We analyzed online and telephone customer support for each company, as well as extra customer service offerings like a designated student loan advisor, convenient scheduling for customer support, and transparency in how to contact the servicer.

Disclosures:

1 Terms and conditions apply. To qualify for this Earnest Rate Match Bonus offer: 1) you must submit a completed student loan application; 2) you must provide documentation of an eligible competitive rate offer exclusive of all discounts by calling Client Happiness at (888) 601-2801 or chat on Earnest.com and follow the instructions to send in your proof of lower rate; and 3) you must provide a valid email address during the application process. The bonus will be paid out in the form of a gift card. You will receive instructions on how to redeem the gift card via the email address you have provided. Limit one rate match bonus per application. A bonus cannot be issued to residents in MA.

Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. Additional terms and conditions may apply. Earnest may discontinue this program at any time.

2 You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

3 Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

4 Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA(R) form to apply for federal student loans. Federal Direct subsidized and unsubsidized loans, excluding PLUS Loan for Parents and PLUS Loan for Graduate and Professional Students which require a credit check and a credit worthy endorser if the parent or graduate or professional student has adverse credit, do not require a credit check or cosigner, and offer various protections if you’re struggling with your payments. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at https://studentaid.gov/.

Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107.

Earnest loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770) One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.