Check out our top picks for low-rate student loans.

Check out our top picks for low-rate student loans.

6 min read


Sallie Mae

Sallie Mae offers a number of different types of loans, including auto lending, private education loans, and home equity loans. These loans have varying interest rates, ranging from 2% to 5%. Additionally, they offer several repayment plans. One of their best deals is Pay As You Earn (PAYE), where students only pay back what they earn from their jobs. If you use any other lender, you’ll pay at least $20 per month just to put money towards your loan.

Student Loan from Capital One

Capital One’s student loans offer 1–10 year payments starting at 6.8% APR. Payments start after graduation, not before. In addition to regular payments, students can apply for Federal Direct Unsubsidized Loans, which don’t require them to repay the government for six months if they’re unemployed. Their subsidized loans are available for undergraduate studies and graduate school, and they are eligible to receive federal aid. Their subsidized loans are offered to those who qualify based on financial need, regardless of employment status.

Discover Student Loans

Discover offers two types of loans. The first is a standard variable rate loan that has a fixed amount that you pay over time and a variable rate that changes monthly. The second type is called a FlexPeriod loan, which is similar to an ARM loan except you only have a set period of time to make payments instead of having to pay a certain percentage back each month. Discover has a lower interest rate than many lenders, but it does add a few additional fees. To avoid these costs, you can switch to a company called LendKey. Their website is

Corporation for Career Education

Career CEC offers several types of loans for students, including a Private Education Loan, a Guaranteed Stafford Loan, and unsubsidized Direct PLUS Loans. Like some of the other companies, Career CEC charges a credit check fee plus a processing fee. However, these loans do cover things like cosmetology certification, teaching certification, medical assisting, nursing, and veterinary assistant training courses.

Education Credit Company, Inc.

The Education Credit Company offers unsecured MasterCard style loans. There is no interest charged until the debtor graduates and begins making payments, but then you’ll be charged a monthly payment. Like the others on this list, ECC requires a credit check and charges a small application fee. However, they have a number of payment options that allow for flexible installments without changing the principal balance.


Nelnet provides a number of different student loans. Their most popular is the Perkins Loan, which offers fixed interest rates between 4% and 10%, and terms of 8–25 years. They also offer the FFEL program, which has a minimum term of 9 months and an initial interest rate of 8% for undergraduates. Undergraduates pursuing postgraduate degrees may qualify for the Graduate Plus Program, which starts off with a higher interest rate of 11% and has a maximum term of 30 years. Nelnet also has a number of other programs available to help those interested in law, dentistry, medicine, pharmacy, optometry, and allied health fields.

Higher Education Management Corp.

HEMC offers direct subsidized and unsubsidized loans. The loans are guaranteed by the Department of Education, and the interest rate is fixed at 6.56%. Students can choose between standard and graduated repayment plans. HEMC also offers a Parent PLUS Loan, which has a minimum age requirement of 18 and caps the in

Check out our top picks for low-rate student loans.

Student Loans from Wells Fargo

This loan has a fixed interest rate of 6.8 percent for 12 months and then a variable interest rate of 5.9 percent for two years.Your monthly payment is $50 per month and its terms are 15 years. You may refinance at any time without penalty.

SoFi Student Loans

With this option, you’ll have a range of fixed rates depending on the term you choose. If you select six-month financing, for example, you’re looking at an APR of 9.99 percent. But if you go with 36-months, you get a 12.99 percent APR. Either way, you’ll pay off the loan amount over the chosen period, plus any fees and charges associated with the loan.

Santander Consumer Americas

Undergraduate students can finance one year of college at 2.49 percent APR and graduate students at 2.89 percent.You can also take advantage of Santander’s online service that can be accessed via your smartphone or tablet. Additionally, you won’t need to visit a physical office to apply for a loan.


This provider gives you the chance to borrow money to cover school supplies, books, and tuition costs. Four years of college can be financed at 8.30 percent APR and 10.00 percent APR, respectively.You can choose between seven-day funding options and two-year terms. However, there are no repayment plans offered by the company.

The National Collegiate Funding

For undergraduates, this lender offers 1.90 percent APR and 12-month financing.No matter what your field of study, you can receive up to $10,000 per year towards your education. Repayments are based on a fixed term of eight years, although you do have the option to shorten them up to three years. There are no prepayment penalties, however.


For those pursuing their bachelor’s degree in arts and sciences, Common Bond offers 6.74 percent APR. Common Bond has a 6% APR for students majoring in business administration, finance, engineering, and information technology.These rates increase after one year and two years.


The interest rate is 10%.Parents and guardians applying for this loan should be prepared to show proof of income.

Check out our top picks for low-rate student loans.

The Great Lakes Education Loan Program (GLP)

This program was created to help students finance their education costs, especially if they are attending school at least half-time. GLP offers private loans to borrowers who qualify. Loans can vary between $0 and $10,000 based on income and family size. Borrowers should be aware of interest rates that may apply to their loan. To learn more about GLP, visit

Federal Direct Student Loans (FDL)

This program provides federal assistance to eligible students who wish to attend college or vocational training programs and are not eligible for any other type of financial aid. The maximum amount of FDL available is $23,500 per academic year plus $1,625 towards books, supplies, and equipment. Parent PLUS Loan 3

PLUS stands for “Parent’s Plus”, and is designed specifically for parents who do not have any kind of credit score. Parents can use PLUS loans to pay for tuition, room and board, books, fees, transportation, and even childcare expenses. Parents can borrow up to the total cost of attendance minus expected parental contributions. 4. Perkins’ Loan

The Perkins Loan is available to students attending select colleges and universities throughout the United States. Students should contact their institution’s financial aid office to determine eligibility and complete application procedures. Eligibility requirements include having been admitted or enrolled in a postsecondary educational institution for at least 12 months; maintaining a 2.5 GPA; and being a U.S. citizen or permanent resident. The maximum Perkins loan amount that a student can receive is $20,000 over four years or $40,000 over five years. Stafford Loan 5

Stafford Loans offer flexible repayment terms to both undergraduate and graduate students. Undergraduate students have three repayment options for Stafford Loans: 10 years at 6%, 10 years at 9%, or 15 years at 6%.Graduate students have only two options: 10 years at 6 or 10%, or 10 years at 8%.Repayment begins six months after graduation or completion of studies, whichever occurs first, and continues for 20 years after the grace period ends.

Check out our top picks for low-rate student loans.

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The Top 10 Things You Need To Know Before Applying For Student Loans

In this video, we look over the things you need to know before applying for student loans. Learn about unsecured vs. secured loans and how paying back student loans may affect your credit.

Find more video lecture recipes below.

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Check out our top picks for low-rate student loans.

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