Loans

10 Best Student Loans: find great rates in 2022

Are you a student looking for a student loan? If so, keep reading our post to find out which are the Best Student Loans for 2022!

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by Victória Lourenço

Published on 01/25/2022

Best options for student loans for 2022: get the credit you need with no worries

Find out what are the Best Student Loans! Source: Unsplash.
Find out what are the Best Student Loans! Source: Unsplash.

Are you a student looking for the best way to finance your education? If so, you’re in luck! There are plenty of great options available when it comes to student loans. In this post, we’ll take a look at some of the best student loans for 2022. So, whether you’re just starting school or you’re almost done, read on for the best advice. Plus, we will help you decide if you should get a student loan. So, read on!

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The 10 best personal loans for bad credit

Meeting your basic needs can be a struggle, and may make you ask for credit. If you have bad credit, learn the best personal loans for you!

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What is a student loan?

Learn what a student loan is! Source: Unsplash.
Learn what a student loan is! Source: Unsplash.

Before you check out our list with the best student loans for you in 2022, it is best if we explain a bit more about how this type of loan works. Student loans are a way for students to pay for college while paying for other needs in their life. Moreover, if you are a student who does not have money to pay for college, you can get a loan. However, you will need to pay this money back later and with interest.

When should you get a private student loan?

If you want to go to college but didn’t get a scholarship, you might consider getting a student loan. However, it would be best to have a strong financial plan before you get a loan. For example, you should only get the amount you really need to pay for your college. Also, it would be best if you thought about the possible salary that you will make with the career you choose. Therefore, always consider your possible future salary and other emergencies on the way.

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10 best options in 2022 for your student loan: check it out!

Check out our list with the ten best personal student loans! Source: Unsplash.
Check out our list with the ten best personal student loans! Source: Unsplash.

1. Ascent Co-signed Student Loan

This company offers student loans for graduate students and undergraduate students. Also, you can get a loan with or without a co-signer. Moreover, Ascent is an online lender that offers one of the best loan options for U.S. students. However, it may be best to have some experience with credit before you apply.

APR3.24% to 11.33% fixed APR.
1.51% to 9.09% variable APR.
LOAN AMOUNTSMinimum of $2,001 and maximum of $200,00.
CREDIT NEEDEDMinimum of 540 points.
TERMSYou can choose repayment terms of 5, 7, 10, 12, or 15 years.
ORIGINATION FEENo origination fees.
LATE FEE5% of the amount of the past due payment.
EARLY PAYOFF PENALTYNo early payoff penalties.

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2. Discover Private Student Loan

This Discover student loan is one of the best options for students. Moreover, you can do not have to pay any late fees. Also, this loan can be excellent for those who need flexible repayment options.

APR3.99% to 11.59% fixed APR.
1.29% to 10.59% variable APR.
LOAN AMOUNTSMinimum of $1,000, and you can get 100% of your certified college costs.
CREDIT NEEDEDN/A.
TERMS15 years for undergraduate students.
20 years for graduate students.
ORIGINATION FEENo origination fees.
LATE FEENo late fees.
EARLY PAYOFF PENALTYNo early payoff penalties.

3. College Ave Private Student Loan

This student loan is for those who need flexible repayment options. Moreover, you can check if you pre-qualify without a hard credit inquiry. Also, if you want to complete your college payments before you finish school, this can be a great loan option.

APRUndergraduate:
0.94% to 12.99%.

Graduate:
1.99% to 11.98%.
LOAN AMOUNTSMinimum of $1,000, and you can get 100% of your certified college costs.
CREDIT NEEDEDAverage.
TERMS5, 8, 10, or 15 years.
ORIGINATION FEENo origination fees.
LATE FEE5% of the late amount of the monthly payment or $25.
EARLY PAYOFF PENALTYNo early payoff penalties.

How to apply for the College Ave Student Loans?

College Ave Student Loans are outstanding for students who need a loan to pay school while studying, their parents, and those who need to refinance. Learn how to apply!

4. Earnest Private Student Loan

This loan can be excellent for those looking for a student loan with low-interest rates. Also, you can easily customize your payments and terms. Plus, you can check if you pre-qualify with no hard credit check.

APRMinimum of 0.99% variable APR.
Minimum of 2.94% fixed APR.
LOAN AMOUNTS$5,000 to $500,000.
CREDIT NEEDED650.
TERMS5 years to 20 years.
ORIGINATION FEENo origination fees.
LATE FEENo late fees.
EARLY PAYOFF PENALTYNo early payoff penalties.
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How to apply for the Earnest Private Student loans

Earnest Private Student loans are best for those who look for affordable rates, flexible repayment options, and perks. Check out how to get yours!

5. SoFi Private Student Loan

This lender offers many excellent benefits for its clients. For example, you can get a 0.25% discount if you set up autopay. Moreover, it offers loan options for undergraduate students and graduate students.

APR2.49% to 6.94% fixed APR.
1.74% to 6.59% variable APR.
LOAN AMOUNTS$5,000.
CREDIT NEEDED650.
TERMS5, 7, 10, 15, or 20 years.
ORIGINATION FEENo origination fees.
LATE FEEThere is a $5 late fee if your loan payment is 15 days late.
EARLY PAYOFF PENALTYNo early payoff penalties.
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How to apply for the SoFi Private Student loans?

SoFi Private Student loans offer competitive rates, many repayment term options, and some exclusive benefits other lenders don’t. Check out how to apply for a loan!

6. Sallie Mae Private Student Loan

The Sallie Mae Private Student Loan can cover up to 100% of your certified college costs. Plus, you can get low fees. Moreover, this company offers a wide range of loan options, such as Parent Student Loans, Medical School Student Loans, Law School Student Loans, and more!

APRUndergraduate:
3.50% to 12.60% fixed APR.
1.13% to 11.23% variable APR.
LOAN AMOUNTSUndergraduate:
$1,000, and you can get 100% of your certified college costs.
CREDIT NEEDED650.
TERMSUndergraduate:
5, 10, or 15 years.
ORIGINATION FEENo origination fees.
LATE FEE5% of the amount of the past-due payment (maximum of $25).
EARLY PAYOFF PENALTYNo early payoff penalties.

7. Custom Choice Student Loan

The Custom Choice Student Loan has flexible repayment options and competitive interest rates. Moreover, you can get a 0.25% discount if you choose autopay. Also, you can see if you pre-qualify without impacting your score.

APR3.20% to 10.77% fixed APR.
1.03% to 9.67% variable APR.
LOAN AMOUNTS$1,000, and you can get 100% of your certified college costs (up to $99,000).
CREDIT NEEDED660.
TERMS7, 10, or 15 years.
ORIGINATION FEENo origination fees.
LATE FEENo late fees.
EARLY PAYOFF PENALTYNo early payoff penalties.

8. INvestED Student Loan

You can get a student loan with this company even if you haven’t graduated. Moreover, there is a relatively high maximum student loan amount of $250,000. In addition, you need to have a minimum income of $36,000 per year to qualify.

APR3.47% fixed APR.
2.44% variable APR.
LOAN AMOUNTS$5,000 to $250,000.
CREDIT NEEDED670.
TERMS5, 10, 15, 20 years.
ORIGINATION FEENo origination fees.
LATE FEEIndiana residents:
5% of the unpaid late amount (minimum of $5 and maximum of $15).
Non-Indiana residents:
5% of the unpaid late amount or $10 (whichever is less).
EARLY PAYOFF PENALTYNo early payoff penalties.

9. Mefa Student Loan

The Mefa Student Loan offers loans to students who completed their degree or not. In addition, this loan can be the best fit for those students who attended a public university. Moreover, you do not need to have finished your degree to qualify.

APR2.5% fixed APR.
LOAN AMOUNTS$10,000, and you can get 100% of your certified college costs (up to $99,000).
CREDIT NEEDED670.
TERMS7, 10, 15 years.
ORIGINATION FEENo origination fees.
LATE FEEN/A.
EARLY PAYOFF PENALTYNo early payoff penalties.

10. Commonbond Private Student Loan

The Commonbond Private Student Loan can have excellent perks for those who already have a degree and need flexible repayments. Moreover, this company has a forbearance of 24 months, which is longer than similar lenders. In addition, you can get a very high maximum loan amount of $500,000. However, it would be best to have a credit score of at least 680 points (good to excellent).

APR2.98% to 5.79% fixed APR.
1.99% to 5.61% variable APR.
LOAN AMOUNTS$5,000 to $500,000.
CREDIT NEEDED680.
TERMS5, 7, 10, 15, or 20 years.
ORIGINATION FEENo origination fees.
LATE FEE$10 or 5% of the late monthly payment, which is charged 15 days after the loan’s due date.
EARLY PAYOFF PENALTYNo early payoff penalties.

If you want to learn more about how loans work, check out our post below explaining what a personal loan interest rate is!

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What is a personal loan interest rate?

Do you know what is a personal loan interest rate? Keep reading to understand more about interest rates and get the best out of your loan!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

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