Private Student Loans
By Mark Kantrowitz
Private student loans are non-federal education loans made by banks,
non-bank financial institutions, credit unions and state loan
programs. The terms of a private student loan are set by the lender,
not the federal government, and the loans are not guaranteed by the
federal government. Eligibility for a private student loan and the
interest rates and fees are usually based on the credit scores of the
borrower and cosigner (if any). Private student loans may also have
minimum income requirements, maximum debt-to-income ratios and other
Students should borrow federal first, because federal student loans are usually cheaper, more available and have better repayment terms.
List of Private Student Loans
This table lists all education lenders who provide private student loans.
The lenders are listed in alphabetical order.
|Alaska Commission on Postsecondary Education (ACPE) (Alaska Supplemental Education Loan (ASEL))||Alaska||Full Deferment||10||No|| |
|Cedar Education Lending|| ||Full Deferment||10||24|| |
|Citizens Bank|| ||Immediate, Interest-Only, Full Deferment||5, 10, 15||36||Both|
|Citizens One|| ||Immediate, Interest-Only, Full Deferment||5, 10, 15||36||Both|
|College Ave Student Loans|| ||Immediate, Interest-Only, Fixed ($25/month), Full Deferment||8, 10, 12, 15||24||Both|
|Commerce Bank (Your Future Education Loan)|| ||Interest-Only, Fixed ($25/month), Full Deferment||5-15||12||Both|
|CommonBond Inc.|| ||Immediate, Interest-Only, Full Deferment||10, 15||36|| |
|Connecticut Higher Education Supplemental Loan Authority (CHESLA)||Connecticut||Interest-Only (Undergraduate, Graduate), Full Deferment (Graduate)||11.7 (140 months)||60|| |
|Credit Union Student Choice|| ||Immediate, Interest-Only, Full Deferment||20, 25|
|Dakota Education Alternative Loan (DEAL)||North Dakota, South Dakota, Minnesota, Montana, Wyoming or Wisconsin||Immediate, Interest-Only, Full Deferment||10||24|| |
|Discover Student Loans|| ||Fixed ($25/month), Full Deferment||15, 20||No||Both|
|Higher Education Servicing Corp. (Texas) (Texas ExtraCredit Education Loan)||Texas||Immediate, Interest-Only, Full Deferment||10, 15||24||Death Only|
|Georgia Student Finance Authority (GSFA) (Georgia Student Access Loan (SAL))||Georgia||Fixed ($10/month)||15||N/A||Both|
|Independent Community Bankers of America (ICBA) (iHELP Student Loans)|| ||Immediate, Interest-Only, Full Deferment||20||24|| |
|Indiana Secondary Market for Education Loans (ISM) (ISM Help Loan)|| ||Immediate, Interest-Only, Full Deferment||12||48|| |
|Iowa Student Loan (Partnership Advance Education Loan)||Iowa||Immediate, Interest-Only, Full Deferment||10||24|| |
|Iowa Student Loan (Iowa Alliance Private Student Loan Program)||Colorado, Iowa, Maine, Oklahoma, South Carolina, Wisconsin||Full Deferment||20||N/A|| |
|Kentucky Higher Education Student Loan Corporation (KHESLC) (Advantage Education Loan)|| ||Immediate, Interest-Only, Full Deferment||10, 15||No||Both|
|LendKey Private Student Loans|| ||Interest-Only, Full Deferment||15||12-36|| |
|Maine Educational Loan Authority (MELA)||Maine||Immediate, Interest-Only, Full Deferment||4-25||No|| |
|Massachusetts Educational Financing Authority (MEFA)||Massachusetts||Immediate, Interest-Only, Full Deferment||15||48|| |
|Minnesota Office of Higher Education (SELF Loan)||Minnesota||Interest-Only||10, 15, 20|
|New Hampshire Higher Education Loan Corporation (NHHELCO) (EDvestinU)||New Hampshire||Immediate, Interest-Only, Full Deferment||10||24||Death Only|
|New Jersey Higher Education Student Assistance Authority (HESAA) (NJCLASS Loans)||New Jersey||Immediate, Interest-Only, Full Deferment||10, 15, 20||No||Death Only|
|New Mexico Educational Assistance Foundation (NMEAF) (New Mexico Student Loans)||New Mexico||Immediate, Interest-Only, Full Deferment||10||24||Death Only|
|PNC Education Lending|| ||Immediate, Interest-Only, Full Deferment||15||48||Death Only|
|Rhode Island Student Loan Authority (RISLA)||Rhode Island||Immediate, Full Deferment||10, 15|
|Sallie Mae|| ||Interest-Only, Fixed ($25/month), Full Deferment||5-15|
|South Carolina Student Loan Corporation (Palmetto Assistance Loan)||(Residents of Massachusetts, Oklahoma and West Virginia are not eligible.)||Interest-Only, Full Deferment||10, 15||No|| |
|SunTrust Education Loans|| ||Immediate, Interest-Only, Fixed ($25/month), Full Deferment||7, 10, 15||48||Both|
|Texas Higher Education Coordinating Board (THECB) (College Access Loan (CAL))||Texas||Full Deferment||10, 20|| ||Both|
|Texas Higher Education Coordinating Board (THECB) (B-On-Time Loan (BOT))||Texas||Full Deferment||15||N/A||Both|
|U-fi Student Loans|| ||Immediate, Interest-Only, Full Deferment||5, 10, 15||24|| |
|Union Federal Private Student Loan funded by SunTrust Bank|| ||Immediate, Interest-Only, Fixed ($25/month), Full Deferment||5, 10, 15||No|| |
|Utah Higher Education Assistance Authority (UHEAA) (Complete Student Loans)||Utah||Immediate, Interest-Only||10, 15||No|| |
|Vermont Student Assistance Corporation (VSAC) (Vermont Advantage Loan)||Vermont||Immediate, Interest-Only, Full Deferment||10, 15||48|| |
|Wells Fargo Private Student Loans|| ||Immediate, Interest-Only, Full Deferment||15, 20||24||Both|
|WSFS Bank|| ||Interest-Only, Fixed ($25/month), Full Deferment||15||48|| |
- Cosigner release is defined as occurring after a specified number of consecutive on-time payments of principal and interest, if the primary borrower satisfies credit criteria. Some lenders may also require the primary borrower to satisfy minimum employment duration and minimum income requirements.
- Geographic restrictions require that the borrower to be a legal resident of or enrolled in an eligible college or university in the specified state or states. In some cases, the cosigner, if any, must also be a state resident.
- Repayment terms may depend on the loan balance at the start of repayment.
- Death and disability discharges cancel the remaining debt when the primary borrower dies or becomes totally and permanently disabled. The death and disability discharges do not apply when the cosigner dies or becomes disabled.
- Lender terms and conditions are subject to change without notice. For the most up-to-date information about a lender's products and services, please visit the lender's web site.