Tuesday, June 6th
2023 Student Loan Provider Reviews
SoFi
- Loans up to 100% of school-certified attendance costs, minimum loan is $5,000
- Very competitive rates for both fixed-rate and variable-rate loans
- 0.25% discount on interest rate when making automatic payments
- No fees of any kind (origination, application, NSF)
- US-based customer support
- Available to residents of all 50 states plus Washington DC
- Many loan types available: undergraduate, career training, graduate/MBA, medical/dental/law school, parent
- Can be enrolled half- or full-time
SoFi was the first provider of refinancing for federal and private student loans, and they've been offering their own lending platform for educational funding since 2019. You'll find more choices than usual here, with terms ranging from 5-15 years and four different repayment plans on both fixed- and variable-rate loans. On the downside, we found interest rates here to be higher than average, and not all borrowers are satisfied with the SoFi customer service experience.
Sallie Mae
- "A+" rated and accredited by the BBB
- Borrow up to 100% of school-certified expenses
- 96% multi-year acceptance rate on cosigned loans
- Many loan types available: undergraduate, career training, graduate/MBA, medical/dental/law school, bar study, parent
- Fixed rate and variable rates loans with advertised rates slightly higher than their competition
- Multiple repayment options
- 4 free months of Chegg Study
- 100% US-based customer service
Sallie Mae is one of the biggest funding sources for private student loans. You can get almost any type of loan here, from basic undergraduate studies to law school and more, all with competitive interest rates. Sallie Mae also has a bunch of perks that might catch your attention, like a shorter-than-average 12-month payment requirement for releasing cosigners and multiple repayment structures. But, this lender has shown no signs of improvement in their loan servicing, with too many complaints for comfort. Be sure to look at other options before accepting a loan from Sallie Mae.
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The 10 Best Student Loan Providers
Where Can You Find the Best Student Loans?
With 45% of high school graduates finding it necessary to take on student debt to finance their higher learning, that's an important question to answer. While most student loan debt comes from federal loans, some people discover that their government loans just aren't enough to cover the full costs of tuition, room and board, expensive textbooks, and everything else necessary for their college education.
If you find yourself in that situation - for your studies or your children's - you might get overwhelmed trying to figure out where the money will come from. And even once you've selected a lender, you still need to decide what repayment terms are best. Fixed- or variable-rate? Interest-only or small fixed repayments while still in school or fully deferred for 6-9 months after graduation? Repaying over five years or twenty? There are a lot of factors to consider that are unique to you.
Student Loan Provider FAQ
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Fortunately, there are quite a few providers of student loans that can help you not only figure out those answers but also connect you with the money you need to pay for school. Many of them can even prequalify you for a loan with just your name, address and birthdate, with no impact on your credit report. Rest assured that millions of students (and many of their parents) have successfully navigated this process - and you can too.
Here are several aspects of student loan providers to keep in mind as you decide which ones merit further consideration:
- Referral service or direct lender: Some sites serve as a comparison shopping platform, allowing you to get preliminary information about what loans might be available to you. These referral services may or may not use your information to complete some of the first steps of the application process. Other student loan sites directly connect you with the funding you need.
- Interest rates. Don't be overly impressed by the super-low interest rates posted by any student loan provider: they almost always come with the caveat that only the "most qualified" candidates qualify for the best rates (and we've yet to find anyone that actually got a loan with rates that low). Just make sure that the rate you're offered is reasonable and competitive with other loans.
- Repayment options. There are so many different ways to configure a student loan, like repayment terms ranging from 5-20 years, fixed and variable rates, and repayments either while still in school or deferred until after graduation. The more choices available to you, the more likely it is that you'll get loan terms you can afford.
- Loan servicing. Getting a student loan is just the beginning. Take into account what other students have said about the experience after the application has been approved. Are funds disbursed quickly? Does the customer service team handle issues well? Can you expect any unpleasant surprises (like payments not being recorded accurately or not being able to reach support)?
To help you get the funds you need for your education, TopConsumerReviews.com has evaluated and ranked the best options for student loans today. We're confident that this information will make it possible to find the right way to cover the costs of your tuition, books and more!
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