2022's Best Student Loans

It is true that a college education is one of the most valuable investments you can make in your future (or the future of your child), but it is also one of the most expensive. There are a lot of lenders out there who will loan you money for school but if you need a loan, it is critical that you find a lender who will be affordable and easy to work with for the decade or more it may take you to repay your loan. Since every lender offers different loan types, repayment options, rates, and fees, it is difficult to identify where to start when you are faced with so many choices. Best Student Loans:
Credible
 ⦁    Range of interest rates - starting at 3.24% APR and varying from 0.94% Var. APR.
⦁    Fees – Fees vary according to the lender chosen, but they are generally nonexistent.
⦁    Prepayment penalty – None, but it depends on the lender selected.
⦁    Refinancing amounts range from- $5,000 to $500,000 to no limit, but it depends on the lender selected.
⦁    Term of loan - 5-20 years.

The magic word here is 'aggregator,' which refers to Credible, which is a student loan aggregator, which is a website where multiple lenders participate. Student loans are available both to new and continuing students, as well as refinancing student loans. With one application, you can receive rates from up to eight lenders. A variety of loan options are available from Credible, including fixed, variable, deferred, and interest-only loans. It takes just two minutes to complete the application and will lead to multiple loan offers from a variety of lenders. The use of loans is possible for almost all types of degrees. Another feature that makes Credible so attractive is that you will not be negatively affected by their rate quotes. During the shopping process, no information is shared with lenders.
SoFi
 ⦁    Rate range - Variable rates range from 2.560% to 7.295% APR; fixed rates range from 3.899
⦁    Fees – There are no fees.
⦁    Prepayment penalty – None.
⦁    Refinancing amounts range from – $5,000 to no maximum.
⦁    Loan terms – 5-20 years.

Peer-to-peer lending (P2P) is a hot topic these days, and SoFi is a peer-to-peer lender that specializes in student loan financing and private student loans. There is no doubt that SoFi offers some of the best graduate student loans around, for programs ranging from MBA programs to law school to certificate programs. There is a discount of 0.25% for autopay and a discount of 0.125% for SoFi membership included in SoFi's lowest posted rates. Furthermore, SoFi offers strong membership benefits that can be extremely beneficial to graduate students, including free career counseling and financial planning. You may also pause student loan payments for up to 12 months if you are laid off by no fault of your own under this program. A full in-school deferment and no fees are also available as repayment options. A cosigner may be released after 24 on-time payments if you have a cosigner. Student loan refinancing is also offered by SoFi. The company has refinanced over $18 billion in student loans for over 250,000 members. In the event you do not meet the above qualifications, do not worry. You may be able to add a qualified cosigner if you do not qualify on your own. It should be noted, however, that once a cosigner is added, they cannot be released from the loan except by death.
Ascent Loans
⦁    Fixed APR range – 3.22% - 14.75%.
⦁    Variable APR range – 0.98% - 11.90%.
⦁    Fees – None.
⦁    Prepayment penalty – None.
⦁    Refinancing amounts range from – $2,001 to $200,000.
⦁    Term of the loan - 5-15 years (10 years for fixed-rate loans).

Perhaps the most unique student loan lender on this list is Ascent! With more credit flexibility than their competitors, they offer both refinances and loans for new and current undergraduates and graduate students. If your credit score is at least 600, you may be eligible for financing. Alternatively, a creditworthy cosigner can be used. Furthermore, Ascent allows cosigners to be released after just 24 months. It is also possible for non-US citizens or permanent residents to obtain financing when they work with a creditworthy borrower who is either a United States citizen or a permanent resident of the United States. In the event that you are a current student and do not qualify for financing based on your income, you may be able to apply for a non-cosigner loan. It is necessary for you to meet the minimum credit score requirement as well as have a minimum of two years of credit history. However, Ascent offers a non-cosigned future income-based loan even if you do not meet the credit score requirements. The program is available only to juniors and seniors, but you may qualify based on your expected income after graduation. To qualify for financing, you will need to have a minimum annual income of $24,000 and meet the (undisclosed) debt-to-income ratio requirements.
Earnest
⦁    Interest rate range – Variable interest rates from 1.74% - 7.99% (includes 0.25% autopay discount), and fixed rates from 3.24% - 7.99% (includes 0.25% autopay discount).
⦁    Fees: There are no loan fees.
⦁    Prepayment penalty – None.
⦁    Refinancing amounts range from – $5,000 to $500,000.
⦁    Loan terms – 5-20 years.

Start your search for student loans by visiting Earnest. Using Earnest as a direct lender, students can refinance their student loans and receive private loans. Earnest requires a minimum credit score of 650 as well as a job or a written promise of employment starting within six months. The lender takes into account more than your income and credit score when determining the amount of your loan and the interest rate. Besides considering your future earning potential, they also take into account your education and your ability to save and spend responsibly. Furthermore, Earnest offers a unique feature in that when a student dies or becomes disabled, all student loans will be discharged - this is not offered by many other lenders. 
CommonBond
 ⦁    Fixed APR range – 5.45% to 9.74%.
⦁    Variable APR range – 1.43% to 7.41%.
⦁    Fees – None.
⦁    Prepayment penalty – None.
⦁    Refinancing amounts range from – $5,000 to $500,000.
⦁    Loan terms – 5-20 years.

It is a direct student loan lender that offers to finance to both new and existing students, as well as refinancing. The company offers loans to undergraduates, graduate students, and MBA students, as well as dental and medical students. There is a possibility of forbearance on a case-by-case basis, for a period of up to 24 months, according to the company. Forbearance is generally available for no longer than 12 months with most private student loan lenders. A Title IV accredited university or graduate program must also have graduated or be currently enrolled. Refinancing also requires you to meet credit and income requirements. The loan rates offered by CommonBond are generally fixed and variable. A hybrid loan is also available from them. Generally, with this program, a portion of the repayment term - generally the first five years - is fixed, and the remainder is variable based on the one-month LIBOR index. In the first couple of years, the loan is designed to reduce the uncertainty associated with a variable rate loan by maintaining constant payments.
College AVE
⦁    Fixed APR range – 3.39%-13.95%
⦁    Variable APR range – 0.94%-12.99%
⦁    Fees – None.
⦁    Prepayment penalty – None.
⦁    Refinancing amounts range from – $5,000 to $150,000
⦁    Loan terms – 5-15years
Aside from student loan refinancing, College Ave offers undergraduate, graduate, dental, law, medical, MBA, health professions, and parent and career student loans. In the marketplace, it is a strong competitor due to its low rates, flexible repayment options, and dedicated borrower resources. College Ave is unique in that international students are eligible for loans. It is only necessary for them to possess a valid U.S. Social Security number and to have a cosigner who meets the qualification requirements. The majority of other lenders restrict their loans to U.S. citizens and permanent residents. As far as borrowing thresholds are concerned, College Ave sets them at a lower level than other lenders. Using its private student loans, you can borrow as little as $1,000 or refinance as little as $5,000, making the lender an excellent choice if you need to complement your college savings or fill in the gaps left by federal student loans.
Sallie Mae
 ⦁    Fixed APR range – 3.75% to 13.72%
⦁    Variable APR range – 2.62% to 12.97%
⦁    Fees – None.
⦁    Prepayment penalty – None.
⦁    Refinancing amounts range from – $1,000 up to the total cost of attendance
⦁    Loan terms – 5-15years
One of the most well-known student loan companies is Sallie Mae, which offers private loans to undergraduates and graduates across a variety of academic disciplines. In terms of the overall borrowing experience, it is better than its competitors in terms of college planning tools, even though it does not offer student loan refinancing. For new students seeking a lender that is well-rounded in terms of scholarships, college planning calculators, and educational articles, Sallie Mae is a good choice. loans from Sallie Mae are available for undergraduates, MBAs, medical students, medical residents, dental students, dental residents, health professions students, law students, bar students, and graduate students. Student loans are also available for career training. There are few fees and low-interest rates associated with this lender, making it an attractive choice. Up to 100 percent of your school-certified school expenses can be covered by Sallie Mae, and you may be able to take advantage of extra benefits - such as four months of free Chegg study help.
By Rashmi Goel