The best private student loans of June 2026

Once you've maxed out federal financial aid, private student loans can be used for a variety of educational expenses — including tuition, housing, books and computers.

Available from traditional banks, credit unions and fintechs, private student loans tend to have higher loan limits and a faster approval process than federal loans. If you have good credit, you might even get a lower interest rate.

CNBC Select has sought out the best private student loans, looking at rates, loan types and amounts, repayment terms, credit requirements and more. (See our methodology for more on how we made this list.)

Who's this for? College Ave combines low rates, high loan amounts and flexible repayment terms. Borrowers can begin repaying in school or defer until graduation, with a choice of five-, eight-, 10- or 15-year terms (or 20 years for graduate loans).

Standout benefits: Borrowers with good credit don't need a co-signer. College Ave also offers hardship protections like deferment, forbearance and grace period options.

Who's this for? Sallie Mae's offerings are extremely competitive, but it offers fewer repayment term options than some other lenders on this list. Borrowers can choose to repay their loan over 10 to 15 years.

Standout benefits: Borrowers can score a 0.25% autopay rate discount and take advantage of no origination, application or prepayment fees.

Who's this for? Ascent will consider borrowers without established credit, as well as those who don't meet income or repayment requirements. Rather than requiring a co-signer, it looks at the borrower's school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP).

Standout benefits: Ascent offers an autopay discount of up to 1%, four times what most lenders provide. It also gives 1% cash back on the loan principal at graduation.

Who's this for? Earnest gives borrowers with good credit a better chance of approval than they might at other lenders. This is because Earnest allows applicants with a minimum FICO® Score of 650 to apply. If applying with a cosigner, only the cosigner must meet the minimum credit score requirement. Borrowers can also skip one payment a year without penalties, though we don't recommend making this a habit.

Standout benefits: Borrower protections include a nine-month grace period.

Who's this for? The only way to refinance your student loans is through a private lender, and SoFi leads the way with low fixed and variable refinancing rates.

Standout benefits: Borrowers can get unemployment protection and other forbearance options, plus make student loan payments while still in school.

A private student loan is a form of educational financing not provided by the Department of Education, but by a bank, credit union, online lender, state agency or other institution. It's typically an option when federal student aid runs out or is insufficient to cover the cost of attendance.

Unlike federal loans, private loans require a credit check, so students typically need a co-signer. In addition, while federal student loans have a fixed interest rate determined by the DOE, rates for private loans can be fixed or variable and vary by lender.

Some private loans come with deferment options or grace periods, but repayment terms are typically less flexible than federal loans. They're also not eligible for government student loan forgiveness programs.

If you decide to pursue a private student loan, you can compare offerings from several lenders without impacting your credit score by using comparison tools, like the one above.

Here are more factors to consider when making your decision:

Interest rates: Look at both fixed and variable rates offered by different lenders. Fixed rates remain the same over the life of the loan, while variable rates may start lower but can increase over time.

Repayment terms: Some lenders allow you to make interest-only payments while in school, while others require full payments immediately. Look for options that offer grace periods or flexible repayment plans after graduation.

Borrower protection: Private lenders may offer deferment or forbearance in case of financial hardship, but not all do. See whether a lender has hardship options, unemployment protection or discharge in cases of disability or death.

Co-signer requirements: Private lenders consider an applicant's credit score. Most students need a co-signer to qualify or to secure a better interest rate. See if the lender offers co-signer release after a certain number of on-time payments.

Fees and penalties: Pay close attention to how interest accrues and if there are charges for late payments or early repayment.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

To determine which private student loans are the best for borrowers, CNBC Select analyzed and compared private student loan funding from national banks, credit unions and online lenders. We narrowed down our ranking by only considering those that offer competitive student loan rates and prequalification tools that don't hurt borrowers' credit.

While the companies we chose in this article consistently rank as having some of the market's lower interest rates, we also compared each company on the following features:

• Availability: All of the lenders on our list offer undergraduate and graduate private student loans and have variable and fixed interest rates.
• Loan terms: Each lender provides a variety of financing options that borrowers can customize based on their monthly budget and how long they need to pay back their student loan. Each company also allows borrowers to start repaying their student loans while still in school.
• Fees: None of the companies on our list charges borrowers an upfront origination fee or a prepayment penalty.
• Application process: We made sure companies offered a fast online application process.
• Autopay discounts: All of the companies listed offer an autopay interest rate discount.
• Private student loan protections: Each company on our list offers some type of financial hardship protection for borrowers.
• Loan sizes: The above companies offer private student loans in an array of sizes, all the way up to the cost of college attendance. Each company advertises its respective loan sizes, and completing a preapproval process can give borrowers an idea of what their interest rate and monthly payment would be.
• Credit requirements/eligibility: We took into consideration the minimum credit scores and income levels required if this information was available.
• Customer support: Every company on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help borrowers educate themselves about student loans in general.

After reviewing the above features, we sorted our recommendations by best for flexible repayment terms, best for low rates, best for applying without a co-signer, best for fair credit and best for refinancing.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

 Fixed rates range from 3.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.74% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 5/6/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term. Medical/Dental Loan Disclaimer: Fixed rates range from 4.12% APR to 9.99% APR with a 0.125% discount for Doctors and Dentist, and a 0.25% autopay discount and 0.125% SoFi Plus Discount. Variable rates range from 5.87% - 9.99% APR with a 0.125% discount for Doctors and Dentist, and a 0.25% autopay discount and 0.125% SoFi Plus Discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 4/1/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. These specialized rates are offered to applicants who are physicians or dentists with the following degrees: Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Medicine in Dentistry or Doctor of Dental Medicine (DMD), Doctor of Dental Surgery (DDS), Doctor of Optometry (OD), Doctor of Veterinary Medicine (DVM or VMD), Physician Assistant (MPA), Physical Therapy (MTP or DPT). Not available to residents, fellows, or students. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi. Member Rate Discount: To be eligible for an additional 0.125% interest rate reduction on a Student Loan Refinancing, you must, within 31 days of loan funding, either (1) be a SoFi Plus subscriber, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet. Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan. SoFi Plus Discount: To be eligible to receive an additional (0.125%) interest rate reduction on your Student Loan Refinancing (your "Loan") for enrolling in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving an Eligible Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus Subscription Fee. Once eligible, you will receive this discount during periods in which you have received Eligible Direct Deposit to your SoFi Checking and Savings Account, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount lowers your interest rate but does not change the amount of your regular monthly payment. This discount will be removed during periods in which SoFi determines you have turned off Eligible Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to change or terminate this interest rate reduction offer for unenrolled participants at any time without notice. You are not required to enroll in Eligible Direct Deposit or to pay the SoFi Plus Subscription Fee to be eligible for Loan approval. See what qualifies as an Eligible Direct Deposit here: www.sofi.com/terms-of-use/#slr-discount
Eligible Direct Deposit means regularly recurring deposit of regular income to an Automated Clearing House ("ACH") Network during a 30-Day Evaluation Period (as defined below). Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not generate payments that are detectable by our system. So qualifying direct deposits are those where the student loan refinance discount rate is applied automatically for each month where you have an Eligible Direct Deposit of at least $1,000 per 30-day Evaluation Period. Eligible Direct Deposit does not include transfers between accounts you own, refunds, rebates, reimbursements, stimulus payments, merchant refunds, or payments from person-to-person payment services (such as Venmo). To qualify for the 0.25% interest rate reduction, the direct deposit must be recurring and paid directly into a SoFi Checking or Savings account. For the avoidance of doubt, deposits made via check, cash, or mobile check deposit are not eligible. Direct Deposit eligibility is determined by SoFi's sole discretion. The 30-Day Evaluation Period refers to the period starting on the "Start Date" and ending on the "End Date" set forth on the App Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APV Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking → Checking → APV or (ii) Banking → Checking → APV Details. If you do not qualify for the discount during the initial 30-Day Evaluation Period, your loan will not be eligible for a discount unless you re-qualify in a later 30-Day Evaluation Period. If you qualify during the 30-Day Evaluation Period, the discount will be applied on a going-forward basis only. SoFi Bank determines eligibility. If you have a joint account, each account holder receives Eligible Direct Deposits into your SoFi Checking and Savings account, then you will be eligible for all SoFi Plus benefits, including on accounts you hold in your own name. Federal Loan Disclosure: Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELiIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligiblity. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).