Navigating Student Loans: Top 10 Options for Financial Aid

10 Best Loans for Students

Loans for students are a necessary evil.

Student debt is at an all-time high with this year’s debt reaching 1.75 trillion. While, at the same time, the nation-wide average for unemployment has skyrocketed with 6.3 million experiencing joblessness. Thus, finding promising loans with affordable interest rates is more important than ever.

Sofi

Fixed APR: 2.49%-7.59%

Variable APR: 1.74-7.24%

Maximum Loan Amount: 100% cost of attendance

With a shockingly low fixed rate of 2.49% -7.59%, Sofi is the number one lender at BlogWallet.

Sofi also provides borrowers with several repayment options (interest-only and flat-fee) and additional benefits such as career planning and entrepreneur support.

Earnest

Fixed APR: 2.94% – 12.78%

Variable APR: 1.74%+

Maximum Loan Amount: 100% cost of attendance

Earnest comes as a close second for its low-interest rates and accessibility since even those with a fair credit score of 650 can be approved for this loan.

The only catch for this lender is that they don’t offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.

Lend Key

Fixed APR: 2.49% – 7.75% with autopay

Variable APR: 1.90% – 5.25%

Maximum Loan Amount: 100% cost of attendance

LendKey is great for independent borrowers. Unlike many lenders, if you have a sufficient annual income and long credit history, LendKey will allow you to borrow from them without a co-signer.

However, private school borrowers beware, this lender will only allow you to refinance up to $125,000 in loans which may not cover the full cost of an expensive private school education.

College Ave

Fixed APR: 2.99% – 12.99%

Variable APR: 0.94% – 11.98%

Maximum Loan Amount: 100% cost of attendance

With its estimated low credit approval rating of mid 600’s and easy application, College Ave keeps those facing hardships in mind. You’ll also be happy to know that College Ave gives you as many as 15 years to repay your loan.

Sallie Mae

Fixed APR: 3.50% – 12.60%

Variable APR: 1.13% – 11.23% APR

Maximum Loan Amount: 100% cost of attendance

Sallie Mae is the ever-reliable lender that we trust. With flexible repayment options (students can start paying off their loans while getting their degree) and online and campus coverage, Sallie Mae comes through when you’re in the clutch.

This lender also supports non-traditional students (non-citizen, part-time students); however, Sallie Mae does require a hard credit check to review eligibility and most applicants will need a co-signer for approval, so there are as many cons as pros with this lender.

Mefa

Fixed APR: 3.75% – 5.75%

Variable APR: N/A

Maximum Loan Amount: 100% cost of attendance minus financial aid

For those who want immediate results, Mefa is for you. This lender gives an instant application decision and allows borrowers to apply from the comfort of their own homes.

And like College Ave, Mefa gives borrowers up to 15 years to pay off their loan.

Common Bond

Fixed APR: 3.74% to 10.74%

Variable APR: 3.39% to 9.34%

Maximum Loan Amount: 100% cost of attendance

Commonbond is a charitable lender for budding philanthropists and those who care for the welfare of others. This company has partnered with Pencil of Promise, an organization that supports education in Ghana. Therefore, every student loan goes towards not only your education but also the education of students in a developing country.

Commonbond is also leagues ahead of other lenders with its competitive refinancing options.

Ascent

Fixed APR: 3.97% – 11.89%

Variable APR: 1.47% – 9.05%

Maximum Loan Amount: 100% cost of attendance and other school-related expenses (up to $200,000)

Similar to LendKey, Ascent is a proven lender for independent students. Applicants can qualify for a loan without a co-signer and with no credit history, so if you or someone you know is a young student who’s supporting themselves and needs a loan, checkout Ascent.

However, an area where this lender can improve is in its outcome-based loan since they don’t offer it to Freshmen or Sophomores without a co-signer.

Citizens

Fixed APR: 3.48% – 10.78%

Variable APR: 1.99% – 8.02%

Maximum Loan Amount: $ 100,000 for the lifetime maximum, with an annual 100% annual coverage 100% minus aid

Citizens One knows that time means money, so to save you from hours of applications, this lender provides you with multi-year approval. After your freshmen year, Citizen One allows you to apply for the following years in advance, which doesn’t just save you time, but also saves you from future hard credit checks.

Custom Choice

Fixed APR: 3.20% – 10.77%

Variable APR: 1.03% – 9.67%

Maximum Loan Amount: Cost of attendance minus aid, but cannot exceed $99,999

Repeat after me, NO MORE HARD CREDIT CHECKS. Custom Choice knows how detrimental these checks can be to your credit score, so they make approval a breeze. And as an added bonus, this lender won’t hassle you with late fees and actually gives you a principal reduction of 2% if you graduate.

However, if you’re getting an expensive private school education, just know that Custom Choice may not be the right choice for you with its maximum $99,999 loan amount.