Are you looking for the best student loan to cover your tuition fees? With so many options available, it’s easy to feel overwhelmed. To help, we’ve carefully curated a list of the best student loan companies for 2024, with a focus on competitive rates and borrower-friendly policies to help you finance your education.
Our Ranking Criteria
We evaluated each lender on our list using the following criteria:
- Interest Rates: The range of annual percentage rates (APRs) offered for different types of loans.
- Loan Types Offered: The variety of loans available (undergraduate, graduate, refinancing, etc.).
- Fees: Any origination, application, or prepayment penalties.
- Repayment Options: Flexibility in repayment plans and grace periods.
- Additional Benefits: Special features that offer value to borrowers.
These factors affect both loan affordability and the overall experience for borrowers. Our rankings highlight a balance between cost-effectiveness and support for borrowers. Even if you’re considering companies that aren’t on our list, we recommend using the same criteria to figure out if they’re suitable or not.
The 7 Best Student Loan Companies in 2024
| Company | Starting APRs | Repayment Terms | Minimum Credit Score | Fees | Unique Benefits |
| SoFi | Offers competitive fixed and variable rates | Up to 15 years | 670 | None | Career services for SoFi members;0.25% discount for SLP clients. |
| Earnest | Offers flexible interest rates that cater to various credit profiles. | Up to 15 years | 650 | None | Skip one payment every 12 months;0.25% discount for SLP clients. |
| Laurel Road | Provides low fixed and variable APRs with discounts for eligible borrowers. | Up to 20 years | 660 | None | Interest-only payments in deferment;SLP clients get a $500 cash bonus for loans over $100k, and $200 for smaller loans. |
| ELFI | Features competitive rates with no prepayment penalties. | Up to 15 years | 680 | None | No prepayment penalties;SLP clients get a $550 cash bonus for loans over $100k, and $250 for smaller loans. |
| College Ave | Offers low-interest loan options with flexible terms. | Up to 15 years | Mid 600s (only for cosigners) | None | Deferred payments while in school. |
| Splash Financial | Connects borrowers with competitive rates through its marketplace. | Up to 15 years | 640 | None | Skip one payment every 12 months;SLP clients get a $500 cash bonus for loans over $100k. |
| Ascent Funding | Provides options with fixed and variable APRs tailored to borrower needs. | Up to 20 years | Mid 600s | None (for college loans only) | Cashback reward upon graduation. |
1. SoFi
SoFi, short for Social Finance, was founded in 2011 with the mission to help borrowers achieve financial independence. The company was initially focused on student loan financing, but they’ve since expanded their offerings to include personal loans, investment services, and more.
Key Highlights
- Offers a range of flexible fixed and variable rates.
- Flexible repayment terms (5, 7, 10, or 15)
- Loans for grads, undergrads, parents, and more
- No origination, application, or late fees
- Access to career coaching and networking events
What sets SoFi apart is its commitment to member benefits. Unlike traditional lenders who only provide money, SoFi offers career coaching, networking events, and an unemployment protection program. And with no origination and late fees, you’ll be able to focus on your higher education without worrying about punitive financial charges.
2. Earnest
With interest rates that start at 3.69% with a cosigner and 4.49% without, Earnest caters to students with varying credit profiles and financial backgrounds. Also, every 12 months, you get to skip one payment. This will increase payments slightly for the following 12 months, but it does provide some breathing room.
Key Highlights
- Offers a wide range of fixed and variable APRs.
- No origination or late payment fees
- Undergraduates, graduates, medical school.
- Repayment terms from 5 to 20 years
- 100% rate match guarantee
Earnest’s application process examines a student’s full financial picture, including earning potential and saving habits. They treat borrowers as individuals with unique financial stories, not just credit scores. So you don’t have to worry about having a perfect credit history.
3. Laurel Road (KeyBank)
Laurel Road is a division of KeyBank that specializes in student loan refinancing but also offers loans for new students. They emphasize borrower benefits such as rate discounts for autopay enrollment and refinancing options that can help you manage your debt more effectively after completing your studies.
Key Highlights
- Features borrower-friendly APRs with discounts for refinancing.
- No fees of any kind (origination, prepayment, etc.)
- Flexible repayment terms of up to 20 years
- Discounts are available when you open a checking account
- Undergrad and grad loans, as well as refinancing options
A standout feature of Laurel Road loans is the ability to make interest-only payments during the deferment period. It’s a great way to make a dent in your interest while in school without having to make the full repayment.
4. ELFI
A nationwide student loan debt refinance and consolidation program offered by SouthEast Bank, ELFI provides refinancing options for private and federal student loans. The company has an online-only application process with a high customer satisfaction rating, and it charges no origination or application fees.
Key Highlights
- Offers competitive APRs without additional fees.
- Loan terms from 5 to 15 years, with a $1,000 minimum
- No prepayment penalties, so you can pay off your loan early
- No original or application fees
- Undergraduate and graduate loans; refinancing for private and federal loans
We appreciate ELFI’s streamlined application process, which offers quick approvals and personalized service. We also appreciate how they emphasize borrower education by offering resources that help students understand their loan options and repayment strategies.
5. College Ave
As one of the largest private student loan lenders in the U.S., College Ave is dedicated to providing flexible loan options tailored to meet diverse borrower needs. Whether you’re an undergrad pursuing a bachelor’s degree or a graduate looking to advance your education, College Ave has got you covered.
Key Highlights
- Provides low-interest loan options with autopay discounts.
- Loan terms include 5, 8, 12, or 15 years
- Loans for grads, undergrads, parents, and international students
- There are no origination or application fees
- Setting up recurring payments gives you a 0.25% reduction
Similar to Laurel Road, you can defer payments on most College Ave loans while still in school, so you’ll only be paying interest. Couple that with the autopay discount and you get additional incentive for responsible repayment as well as potential savings over the life of your loan.
6. Splash Financial
Splash Financial operates as a refinance marketplace rather than a traditional lender, connecting students with multiple lending options to compare rates and terms quickly. This approach not only empowers borrowers but also entices competition among leaders, which ultimately benefits the consumer.
Key Highlights
- Delivers tailored rates through its lending marketplace.
- Custom term options from 5 to 15 years
- Skip-a-payment is available once per year
- No hidden fees or application charges
- Fast application process with no impact on credit score
It’s worth noting that Splash’s in-school private student loans are provided by Earnest, which is why you’ll notice similar APRs. Also, Splash offers tailored plans and resources for medical students, as they recognize how challenging it can be to manage debt in medical school and residency training.
7. Ascent Funding
Ascent stands out by offering financing options for non-traditional education paths, recognizing that learning extends beyond traditional four-year colleges. They provide loans for boot camps, alternative education programs, and Deferred Action for Childhood Arrivals (DACA) students.
Key Highlights
- Provides borrower-focused options with incentives like cashback rewards.
- Repayment terms of up to 20 years
- Graduate, undergraduate, parent, international, and DACA loans
- No fees for college loans (bootcamp loans are subject to a one-time origination fee)
- Cashback reward upon graduation (1% of your total original principal balance)
The company offers both cosigner-required loans and non-cosigner options based on individual qualifications, and they offer resources on how to best manage your loan post-graduation. Whether you’re pursuing a traditional degree or an alternative education path, Ascent is a top lender choice.
Your Next Move
Now that you’re informed about the best student loan companies for 2024, it’s time to take action. Following these steps will help you choose the right loan to support your education and future goals with confidence:
- Determine how much you need to borrow for tuition and living expenses.
- Compare lenders by using the information in this guide to assess interest rates and repayment options.
- Check your credit score and consider improving it if necessary before applying.
- Take advantage of prequalification tools to see potential rates without affecting your credit score.
- Carefully review loan details, from terms and fees to conditions, before making your final decision.
- Opt for a suitability analysis if you’re considering refinancing your student loans.
If you have any questions or need a comprehensive student loan consultation, contact Student Loan Professor today and we’ll connect you to one of our advisors in no time.
Brandon Barfield is the President and Co-Founder of Student Loan Professor, and is nationally known as student loan expert for graduate health professions. Since 2011, Brandon has given hundreds of loan repayment presentations for schools, hospitals, and medical conferences across the country. With his diverse background in financial aid, financial planning and student loan advisory, Brandon has a broad understanding of the intricacies surrounding student loans, loan repayment strategies, and how they should be considered when graduates make other financial decisions.
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