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Student loans
Jamie Young
Jamie Young
Verified by an expert
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
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Updated 1:38 p.m. UTC Sep. 12, 2024
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When you take out a loan, you’re responsible for paying back the principal, or the amount you borrowed, with interest added on top of it. The higher your interest rate, the more you’re on the hook to repay after your loan term is up. Conversely, the lower your interest rate, the less you have to pay over the life of the loan.
While federal student loans tend to offer the lowest interest rates on student loans, there are some private lenders that offer competitive rates as well. Here are the best low-interest student loans of 2024 to help you cover college costs.
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College Ave
Fixed APR
Rates as of 09/03/2024.
3.69% to 17.99%
Variable APR
Rates as of 09/03/2024.
5.59% to 17.99%
Via College Ave's website
Fixed APR
Rates as of 09/03/2024.
3.69% to 17.99%
Variable APR
Rates as of 09/03/2024.
5.59% to 17.99%
Best low-interest student loans
- SoFi: Best overall.
- College Ave: Best for variety of repayment options.
- Sallie Mae: Best for part-time students.
- MEFA: Best for borrowers with no credit.
- Ascent: Best without a co-signer.
Why trust our student loan experts
Our team of experts evaluated hundreds of student loan products and analyzed thousands of data points to help you find the best fit for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 12 private student loan lenders reviewed.
- 168 data points analyzed.
- 6-stage fact-checking process.
Best overall
SoFi
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Fixed APR
3.99% to 14.83%
with autopay discount
Variable APR
What should you know
SoFi offers some of the lowest interest rates, borrower-friendly repayment terms and the most perks out of all of the lenders we compared. The company doesn’t charge any fees.
Pros and cons
Pros
- No fees.
- Multiple repayment options to fit your budget.
Cons
- High maximum APR.
More details
- Rates available: Fixed and variable.
- Loan terms: 5, 7, 10 and 15 years.
- Perks: 0.25% autopay discount, family discount and more.
- Fees: None.
- Requirements: There’s no minimum income or credit score required, although both are reviewed as part of your eligibility when you complete your application. Your co-signer will need to complete a credit check as well.
Best for variety of repayment options
College Ave
Via College Ave’s secure website
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Fixed APR
3.69% to 17.99%
Variable APR
5.59% to 17.99%
What should you know
College Ave offers loans up to the cost of attendance and if you have the means, you can start repayment while still in school (although deferred options exist as well). You can choose repayment terms of five, eight, 10 and 15 years— even if you start repayment once you graduate.
Pros and cons
Pros
- Multiple loan options to choose from.
- Offers a six-month grace period on undergraduate student loans.
Cons
- Co-signer release only available after half the repayment term is up.
- High maximum APR.
More details
- Rates available: Fixed and variable.
- Loan terms: 5, 8, 10 and 15 years.
- Perks: Lots of different repayment options and an autopay discount. Scholarships available to help boost loan repayment.
- Fees: None.
- Requirements: Some income and credit history requirements depending on the plan you choose. Must borrow at least $1,000 to take out a loan.
Best for part-time students
Sallie Mae
Via Sallie Mae’s secure website
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Fixed APR
3.69% to 15.49%
Variable APR
5.37% to 15.70%
What should you know
Many loan servicers require students to be enrolled at least part time, but Sallie Mae offers student loans to borrowers who are enrolled less than half time. You can borrow up to the full cost of attendance minus any other aid, even if you’re enrolled less than half time.
Pros and cons
Pros
- Available for students enrolled less than half time.
- Offers loans for trade schools and non-traditional universities.
- Available to international and DACA students with a qualified co-signer.
- Co-signer release available after 12 months.
Cons
- High maximum APR.
- No prequalification available.
More details
- Rates available: Fixed and variable.
- Loan terms: 10 and 15 years.
- Perks: 0.25% autopay discount and co-signer release available after 12 months.
- Fees: Late payment (5% of the amount, up to a maximum of $25) and returned check fee (up to $20).
- Requirements: Decent credit score or a creditworthy co-signer.
Best for borrowers with no credit
MEFA
Via Credible’s website
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Fixed APR
5.75% to 8.95%
Variable APR
N/A
What should you know
The Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender, which is different from most private lenders that are for-profit banking institutions. MEFA focuses more on borrowers who need money to pay for school and less on their creditworthiness.
Pros and cons
Pros
- Low interest rates even for those who don’t have excellent credit.
- Low income requirements.
- No fees.
Cons
- Only available to use at non-profit colleges and universities.
- No prequalification available.
- Co-signer release not available until after 48 months.
More details
- Rates available: Fixed only.
- Loan terms: 10 or 15 years.
- Perks: Lower interest rates and income requirements.
- Fees: None.
- Requirements: You or your co-signer will need at least good credit to qualify, and you’ll need to be enrolled at least half-time at an accredited non-profit college or university.
Best without a co-signer
Ascent
Via Ascent’s secure website
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Fixed APR Undergraduate cosigned credit based
3.69% to 14.71%*
Variable APR Undergraduate cosigned credit based
6.01% to 15.47%*
What should you know
Ascent offers student loans for borrowers that have great credit (or have a co-signer that does) as well as loans for those that don’t have a co-signer. If you don’t have great credit on your own and you don’t have a co-signer, Ascent might be one of your best options for private student loans.
Pros and cons
Pros
- Loans available to DACA recipients and those without a co-signer.
- Lots of repayment options available depending on income and financial needs after graduation.
- Co-signer release available after 12 months.
Cons
- Not all repayment terms are available for every plan.
More details
- Rates available: Fixed and variable.
- Loan terms: 5, 7, 10, 12 and 15 years.
- Perks: Autopay discount (0.25%) and refer-a-friend discount (up to $525 for each friend that signs up).
- Fees: None.
- Requirements: Some income and credit history requirements depending on the plan you choose.
*Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Rates displayed above are effective as of 9/1/2024 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions..
| FIXED APR | VARIABLE APR | LOAN TERMS (YEARS) | ||||||
|---|---|---|---|---|---|---|---|---|
| 3.99% to 14.83% | 5.99% to 15.86% | 5, 7, 10 and 15 years | |||||
| ||||||||
| 3.69% to 17.99% | 5.59% to 17.99% | 5, 8, 10 and 15 years | |||||
| ||||||||
| 3.69% to 15.49% | 5.37% to 15.70% | 10 and 15 years | |||||
| ||||||||
| 5.75% to 8.95% | N/A | 10 or 15 years | |||||
| ||||||||
| 3.69% to 14.71%* | 6.01% to 15.47%* | 5, 7, 10, 12 and 15 years | |||||
|
All rates include discounts where noted by the lender and are current as of September 4, 2024.
Methodology
Our expert writers and editors have reviewed and researched multiple lenders to help you find the best low-interest student loans. Out of all the lenders considered, the five that made our list excelled in areas across the following categories (with weightings): loan details (5%), loan cost (60%), eligibility and accessibility (15%), customer service experience (15%), and ease of application (5%).
Within each major category, we considered several characteristics, including available loan repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers and if they offer co-signer release. Finally, we evaluated each provider’s customer support options, borrower perks and features that simplify the borrowing process like mobile apps.
Why some lenders didn’t make the cut
Of the private student loan lenders that we reviewed, less than half made the cut. The lenders that didn’t have high enough scores to be included received lower ratings due to higher interest rates and fees.
Frequently asked questions (FAQs)
Federal student loans tend to offer the lowest interest rates, and there’s no credit check for most federal student loans. All borrowers get the same rates regardless of credit score and history.
Federal student loans not only offer the lowest interest rates without a credit check, but they also have the most protections and benefits for borrowers. For instance, the current student loan pause that’s been in effect for more than two years is only available to borrowers with federal student loans — not private ones. It’s a good idea to exhaust all of your federal loan options before moving on to others.
The lowest interest rates are offered to borrowers with the highest credit scores. The higher your credit score, the more creditworthy you look to lenders. To make sure you’re getting the lowest interest rates, it’s important to compare multiple lenders’ interest rates, fees, repayment options and perks.
You can check to see if you’ll get the lowest interest rate through prequalification, so if your potential lender offers that, make sure to use it.
While Sallie Mae used to service federal student loans, it now only works in the private sector with private student loans. MOHELA is the only federal student loan servicer that is managing Public Service Loan Forgiveness (PSLF) for Direct Loan borrowers.
There’s no universal forgiveness for private student loans since they are offered by many different lenders. While the current administration has put forth a plan for federal student loan forgiveness, it’s not in effect yet. PSLF is the only major student loan forgiveness option available for federal student loans.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
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Dori has covered personal finance for more than a decade. Her work has appeared in the New York Times, Forbes, CNET, TIME, Yahoo, and others. She loves helping people learn about money, and gravitates toward topics that give people the tools they need to financially succeed. She likes writing about budgeting, college affordability, jobs and careers, and the mental and emotional impact of money.
BLUEPRINT
Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.
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