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The best private student loans of 2021


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 Summary List PlacementTable of Contents: Masthead StickyThe best private student loans (2021)

 

Rating

Grace period 

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3.5/5

Up to 6 months 

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3.75/5

Up to 9 months

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4/5

 

Up to 9 months

 

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4/5

 

Up to 6 months

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If you’ve used all savings available to pay for college, all available federal student loans, and all student aid and still find that you’re short on cash, a private student loan could be a good option. 

Federal student loans should always come before private student loans — federal student loans have the lowest interest rates and also come with a level of protection that private lenders don’t offer.

Take the federal student loan forbearance during the coronavirus pandemic, for example. While private lenders may have offered their own help for people experiencing hardships, private student loan borrowers didn’t get that widespread benefit, nor have interest rates set to 0% to stop interest accrual. 

The best student loans available are federal student loans. But, if you need to turn to a private lender, here are a few of the best to start your search.

SoFi private student loans

Undergraduate fixed interest rate range: 4.23% to 11.26%, including autopay discount

Loan amounts available: $5,000 minimum, up to 100% cost of attendance

Repayment options available:

• Deferred: No payments until six months after leaving school
• Interest only: Only make payments on the loan’s interest while in school
• Partial payments: Pay $25 per month while in school
• Full repayment immediately: Start making full payments while still in school

Student Loans private student loans are best for graduate students. SoFi is one of the few lenders that offers lower interest rates for graduate school loans than undergraduate loans, with graduate loans starting 0.1% lower than undergraduate loans. 

While SoFi’s interest rates are competitive with others on the list, what makes SoFi unique are its other features. This lender offers some good protections for student loan borrowers, like career services and unemployment protection. Additionally, SoFi’s student loans have no fees, including no late fees (though it’s worth noting that interest will still accrue).

However, SoFi’s minimum loan amount is $5,000 — if you need a small student loan, it might be worth turning to a lender that makes smaller loans. 

See your rates with SoFi »

Ascent private student loans

Undergraduate fixed interest rate range: 3.43% to 14.00%, including autopay discount

Loan amounts available: $2,001 minimum, up to 100% cost of attendance

Repayment options available:

• Deferred: No payments for up to nine months after leaving school
• Interest only: Only make payments on the loan’s interest while in school
• Partial payments: Pay $25 per month while in school

Student Loans private student loans are a flexible option for almost any student loan borrowers. Interest rates are competitive, and terms range from five to 15 years. 

Like all other student loan lenders on this list, cosigners …read more

Source:: Business Insider

      

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