Comparing 7 offers. Updated July 21, 2026.
SoFi is a leading online lender offering personal loans up to $100,000 with no fees, fast funding, and member perks like unemployment protection.
LightStream is the online lending division of Truist Bank offering unsecured personal loans up to $100,000 with some of the lowest APRs in the US market.
Discover offers fixed-rate personal loans with no origination fees, 30-day money-back guarantee, and direct payment to creditors for debt consolidation.
Earnest offers low-rate private student loans and student loan refinancing with flexible terms and a 9-month grace period after graduation.
Sallie Mae is the largest US private student lender, offering loans for undergraduate, graduate, K-12, and career training with multiple repayment options.
Citizens Bank offers no-fee personal loans up to $50,000 plus one of the most popular student loan refinance programs in the US through Citizens Student Loans.
College Ave is a dedicated private student lender offering undergraduate, graduate, parent, and refinancing loans with 3-minute pre-approval and customizable terms.
Student loans in the US come from two sources. Federal student loans from the US Department of Education offer fixed rates, income-driven repayment, and forgiveness programs. Private student loans from banks and online lenders fill the gap when federal aid is not enough.
Always max out federal aid first. Federal loans (Direct Subsidized, Direct Unsubsidized, PLUS, and Perkins) have lower fixed rates, deferment options, and access to Public Service Loan Forgiveness. Private loans require a credit check and often a cosigner, but can fund larger amounts.
Top US private student lenders are SoFi, Earnest, Sallie Mae, College Ave, and Citizens Bank. Earnest and SoFi are also the leading providers of student loan refinancing for graduates with steady income.
If you have multiple federal or private student loans, refinancing into one new private loan can lower your rate, but you lose federal protections such as income-driven repayment and PSLF. Refinance only if your career is stable and you do not need those programs.
Always maximize federal student aid first. Fill out the FAFSA every year. Federal Direct Subsidized and Unsubsidized loans have fixed rates, income-driven repayment options, and access to forgiveness programs. Use private loans only to bridge the gap.
Federal student loan borrowers can enroll in plans that cap monthly payments at 5 to 20 percent of discretionary income. After 20 to 25 years of qualifying payments, the remaining balance is forgiven (taxable as income in most cases).
Refinance with a private lender like SoFi or Earnest only if your career is stable and you do not need federal protections (PSLF, income-driven repayment). Refinancing turns federal loans into private loans and you lose those benefits permanently.
Most undergraduate borrowers need a cosigner because they lack credit history. Many lenders including Sallie Mae, College Ave, and SoFi offer cosigner release after 24 to 48 months of on-time payments by the primary borrower.