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The Best Student Loans 2023: Compare Rates

We help you find the best student loans and apply online. With you can:

  • Use our online loan comparison tool
  • Compare student loan rates from multiple lenders
  • Apply for a student loan of up to 100%
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Best Student Loans for September 2023

Chosen 160 times
  • Student loans of up to $200,000
  • Simple 4-step application process
  • International students are eligible with a qualified co-signer
  • Affordable rates and auto-pay discounts
From 4.48%APR
Up to 15 yearsLoan Term
Up to $200,000Loan Amount
NoCosigner Needed
Chosen 4011 times
  • Low APRs From 4.49% fixed
  • 0.25% AutoPay interest rate reduction
  • No Application Fee
  • No Early Repayment Penalty Fees
From 4.89%APR
Up to 25 yearsLoan Term
Up to 100%Loan Amount
NoCosigner Needed
Chosen 16171 times
  • Loans from $5,000 - $100,000
  • 8.99 - 25.81% APR (with all discounts)
  • NO fees required and same-day funding
  • Repayments from 2-7 years
From 4.99%APR
Up to 20 yearsLoan Term
Up to 100% Loan Amount
NoCosigner Needed
Chosen 9573 times
  • Fast Funding
  • APRs from 4.6%
  • High Acceptance Rate
  • No Repayment Penalty Fees
From 4.6%APR
Up to 5 yearsLoan Term
Up to $50,000Loan Amount
NoCosigner Needed
Chosen 29 times
  • 5.87% - 15.12% Variable APR
  • Up to 100% Covered
  • Zero Fees
  • Get cash rewards for good grades
From 4.49%APR
Up to 15 yearsLoan Term
Up to 100% Loan Amount
NoCosigner Needed


Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

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How to Find the Best Private Student Loan

Save money by comparing with us first.

How to Find the Best Private Student Loan
Choose Your Loan Amount

Choose the student loan amount you need

Compare Student Loan Rates

Choose the lender that offers the lowest loan rates.

Consider Applying with a Cosigner

A cosigner with a good credit history can improve your approval odds and loan rates.

Don't Forget the Fees and Terms

Make sure you read the fine print to understand the rates and fees.

What Is a Student Loan?

If you don’t have enough money to pay for your education, a student loan will allow you to borrow money and repay it with interest at a later date.

Student loans are considered a “good debt,” as it is seen as an investment in education. This leads to a financial and human capital return.

Almost always, when a borrower invests in education, they have a has a greater capacity to earn more income than they would have had without the education.

Before you apply, it’s crucial to know how student loans work.

How Student Loans Work

Student loans are unique as they are specifically designed for funding education. But why are they different from personal loans and credit cards?

The funds are disbursed to your school or college and you may be able to only start repayments after you've graduated. 

Also, keep in mind that private student loan providers may have their own requirements and rates, and these will vary, unlike typical personal loans.

You may also apply with a co-signer which may significantly improve your chances of being approved for a private student loan.

If you don't have a co-signer, lenders like Ascent Funding are a good option for undergraduate and graduate student loans. 

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Find The Cheapest & Best Rated Student Loans
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How to Apply for Student Loans

To apply for private student loans you should start by comparing student loan providers, as well as their rates, any fees, and loan requirements.

Choose a student loan offer according to your needs, and complete your student loan application online. 

Read more about subsidized and unsubsidized student loans

Private Student Loans

If you don’t want to take out a federal student loan you may turn to private lenders – typically banks, online lenders, and credit unions.

They may take your loan as a “student loan” or they may offer a standard loan that you can apply to anything, including studies.

Private student loans usually allow a parent or guardian to cosign the loan with the student. Both parties are responsible for repaying the loan.

Types of Private Student Loans

Banks and other private institutions make private loans available for students.

When you apply, you’ll need to show the lender proof that you can repay the loan and you often need a good credit score.

You can use a co-signer to help you qualify and that person will be responsible for the loan if you can’t repay it.

Bar Exam Loans

A bar exam loan will cover expenses that a normal student loan won’t. This covers expenses like exam application fees, living expenses, and prep classes, while law students study for the bar exam.

The loan terms on bar exam loans range from one to 20 years and they typically have higher interest rates than federal or private loans.

Credit Union Loans

You may also get a loan from a credit union or community bank. You may also have more favorable terms and discounts if you already have an existing relationship with the institution.

International Student Loans

In general, students who are not U.S. citizens won’t qualify for traditional student loans.

Several private lenders offer student loans for international students; however, they often require a co-signer that is a U.S. citizen.

Compared to traditional personal loans, private student loans have many benefits to offer and they also provide a wider range of options.

Instead of a federal student loan with a fixed rate and term, you may choose a student loan that has a variable rate and a longer or shorter repayment.

More Affordable

Student loans are usually less expensive than other types of loans and there are many things that contribute to this:

  • Borrower-friendly features are available with federal student loans provided by the U.S. government. Interest rates are quite modest and stable for new borrowers, so no need to worry about significant changes in rates.
  • Some students may qualify for subsidized interest payments.
  • Lenders tend to see student loans as low-risk loans, and regard a qualification – especially certain degrees – as a guarantee that there will be income available to pay the loan back.

Easy Approval Process

Many students do not have well-paying careers or excellent credit. This means they may not qualify for any loans other than student loans.

Federal student loans usually don’t require a specific credit score although you might be disqualified due to some flaws in your credit history.

Payback Benefits

Student loans provide many great benefits to borrowers that also make it easier to pay back.

Federal student loans are often the best choice, but many private lenders offer great benefits and flexible terms as well.

  • In-school deferment: Some student loans will allow you to only start making payments once you’ve graduated. This gives you more time to focus on your education. While you study, interest on loans that are subsidized may be covered to prevent the balance of the loan to rise.
  • Unemployment: Certain student loans, particularly federal student loans, allow for the postponement of payments during a period of unemployment. In that case, you may skip payments until you find new employment.
  • Limited income: When you have a limited income, a federal student loan may reduce your monthly payments.
  • Possible tax advantages: The interest payable on your loan could help you save on taxes. However, due to the fact that your income and other aspects may affect your return, the benefits may be limited.

Federal Student Loans

Most students turn to federal loans as a starting point, as they have low interest rates and are relatively easy to obtain.

However, there are borrowing limits on federal student loans, which means that there is a limit (max. amount) that you may borrow every year.

Limits for Federal Student Loans

These are the amounts that undergraduate students can borrow:

  • Direct subsidized loans: Up to $5,500 per year
  • Direct unsubsidized loans: Up to $12,500 per year

Federal student loan interest rates for undergraduate degrees are starting at 4.53%, with postgraduate interest rates increasing to 7.08%.

If those interest rates aren’t shocking enough, there are also the loan fees attached to each student loan ranging from 1.059% through to 4.236% for postgraduate studies.

Interest rates have reduced since 2006 when interest rates were over 6% for an undergraduate student loan. Once you have a student loan, the interest rate won’t change. It is locked into the interest rate at the time you acquired the loan.

Types of Federal Student Loans

Federal student loans come with a few great benefits like the ability to tie payments with income or have your loans forgiven in certain industries.

Federal loans mostly don’t require any co-signing and you don’t have to have good credit to apply. Almost every student with a high school diploma is can apply for a student loan.

Direct Subsidized Loans

These loans are available to undergrads with financial needs.

The government pays the interest on these loans while the student is still in school, in a grace period, or in paused payments through deferment.

Direct Unsubsidized Loans

These loans are available to undergrads and graduate students. You don’t have to show financial need but you are responsible for interest payments all the time.

Read more about a subsidized vs unsubsidized student loan here.

Subsidized vs. Unsubsidized

The type of loan you take out will affect how much you’ll owe after graduation. In general, you’ll save more money on interest payments with subsidized loans.

Here are some differences between subsidized and unsubsidized loans:

 Subsidized LoansUnsubsidized Loans
What you need to qualifyMust show financial needDon’t have to show financial need
How much can you borrowLower loan limitsHigher loan limits
How interest worksInterest paid by Education DepartmentInterest accrues
Who can qualifyUndergraduate studentsUndergraduate, graduate, professional degree students

PLUS Loans

Financial institutions like banks make private loans to graduate students and parents. A Parent PLUS loan has higher interest rates and fees than other federal loans and you need to undergo a credit check.

Borrowers with a bad credit history will have a hard time qualifying and may need a co-signer for the application.

You can borrow from any lender you choose but federal student loans are often more affordable. They are also borrower-friendly and easier to qualify for.

The loans offered through government programs are mainly for funding your higher education. Thus, the interest rate is low and fixed.

Pell Grant

Undergraduate students with exceptional financial needs, students in a post-baccalaureate teacher certification program, and students with parents killed in Afghanistan or Iraq after 9/11 may qualify for a Pell Grant.

A Pell Grant does not have to be repaid, except under certain circumstances.

How to Get a Federal Student Loan

Step 1

Visit your school’s financial office

Find out what types of loans are available and be sure to inquire about scholarships and grants as well.

Step 2

Fill out the application

Complete the Free Application for Federal Student Aid (FASFA) form, which details your financial and school information.

Step 3

Await the results

If your application is approved, you can choose to take up the entire loan amount, or only a part thereof. 

Step 4

Entrance counselling

To learn how your new loan works, you might be required to attend an introductory entrance counseling session.

What is Student Loan Refinancing?

In short, student loan refinancing happens when your lender replaces your existing loan with a new loan and new terms.

For example, let’s say you have a $40,000 student loan with an interest rate of 8%. This means that you will pay an amount of $485.31 monthly for the next 10 years.

If you refinance your student loan with a private lender and get a better interest rate – for example, 5% – it will reduce your payments to $424.26 per month.

If you look at the bigger picture it means you’ll save more than $7,300 in interest. You can put this towards another goal, like saving up for a car.

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Looking for payday loans near me? helps you compare the best student loans and get affordable terms and loan rates from leading U.S. lenders.

We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.

Use our free loan comparison tool to find the right student loan and take the guesswork out of doing all the legwork yourself.

Student Loans - FAQs

Are student loans good or bad?

They are considered a good debt because the money you borrow for your education will help you to earn a degree and a well-paying job.

Are there disadvantages to student loans?

Student loans may be expensive to pay back and often it means you’ll start out life with debt. You may have to put off other life or career goals while paying off student loans.

What are the four types of federal student loans?

The main types of student loans include subsidized, unsubsidized, Parent PLUS, and Private loans.

What are private student loans?

Private student loans are loans obtained from lenders such as banks and other private institutions with the goal of funding your studies. 

What are federal student loans?

Federal student loans are loans funded by the U.S. Department of Education to pay for your studies. The terms and conditions of these loans are guided by Federal law.

What are student loan forgiveness?

The term student loan forgiveness refers to when your student loan balance is completely forgiven and you are not required to make any further payments to your lender. 

How do I apply for student loans?

To apply for a private student loan you should start by comparing student loan providers, rates, and loan requirements. Then choose a student loan offer according to your needs, and apply online. 

Company Overall Rating Loan Amount Loan Term APR Annual Income Credit Score Required
4.8 Up to 100% of your school cost 5 - 20 years Starting at 4.89% $24,000 680
N/A $2,000 to $400,000 5-15 years Starting at 2.52% $24,000 540
5.0 $1,000 to $50,000 3-5 years 6.53% - 35.99% $12,000 580
4.7 $5,000 to $100,000 5-15 years Starting at 1.05% $45,000 700
3.9 $1,000 to 100% of school cost Up to 20 years Starting at 1.12% N/A 750
N/A $1,000 to 100% of school cost 5-15 years Starting at 0.99% $35,000 758
N/A $1,000 to 100% of school cost 5-15 years Starting at 0.99% $35,000 600
N/A $3,000 up to $10,000 Up to 10 years 7.49 - 12.99% None None
Company Overall Rating Loan Amount Loan Term APR Annual Income Credit Score Required Get Started
4.8 Up to 100% of your school cost 5 - 20 years Starting at 4.89% $24,000 680
N/A $2,000 to $400,000 5-15 years Starting at 2.52% $24,000 540
5.0 $1,000 to $50,000 3-5 years 6.53% - 35.99% $12,000 580
4.7 $5,000 to $100,000 5-15 years Starting at 1.05% $45,000 700
3.9 $1,000 to 100% of school cost Up to 20 years Starting at 1.12% N/A 750
N/A $1,000 to 100% of school cost 5-15 years Starting at 0.99% $35,000 758
N/A $1,000 to 100% of school cost 5-15 years Starting at 0.99% $35,000 600
N/A $3,000 up to $10,000 Up to 10 years 7.49 - 12.99% None None

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