8 Best Student Loans for Summer Classes

Citizens Bank is one of the largest banks in the U.S. and was founded in 1828. The bank offers private student loans and refinancing, as well as personal and business financing products. Citizens Bank offers multi-year approvals, enabling students to fund their four-year stay in college with only one application.

Undergraduate loans start at 4.43% APR with repayment periods of up to 15 years. Getting a quote takes a few minutes and doesn’t require a hard credit check.

Private student loans from Citizens Bank are available from $1,000 up to the total cost of education. Cosigners are optional and there are no origination fees, no application fees, and no penalty fees for early repayment.

College Ave, established in 2014 and headquartered in Washington, is known for its direct and individualized approach, which makes it an appealing choice for borrowers. This lender specializes in providing custom private student loans and refinancing options for undergraduate and graduate students as well as parents.

College Ave offers competitive interest rates, starting as low as 4.44% AOR, and they can cover up to the full cost of attendance certified by your school. The repayment terms are flexible, with options spanning up to 15 years. Borrowers have the choice of full deferment, $25 monthly payments, or interest-only payments.

After making 24 full and consecutive payments, borrowers can request a cosigner release, providing them with increased financial independence and autonomy.

Since its start in 1972, Sallie Mae has become one of the most recognized private student loan lenders in the US. It has a wide range of loan options for undergraduates, graduates, parents, and those pursuing career training.

Sallie Mae provides up to 100% of your school-certified cost of attendance. For borrowers seeking cosigners, Sallie Mae stands out by offering the fastest route to cosigner release.

Their multiyear advantage ensures favorable approval chances for current borrowers who have cosigners. Starting at an interest rate of 4.50%, Sallie Mae’s loan options come with flexible repayment terms, which can extend up to 20 years.

Borrowers can also enjoy a 0.25% interest rate reduction for enrolling in automatic payments. Sallie Mae provides several deferment options, including full deferment, $25 monthly payments, or interest-only payments.

Students are granted a six-month grace period before repayment begins, and for those with cosigners, cosigner release is made available after making 12 payments.

Earnest is a fintech lender founded in 2013 and a leader in student loan refinancing. They added private student loans to their list of products in 2019 and are known for their transparency when it comes to loan requirements – making it easy for students to see what they qualify for.

Earnest offers repayment periods of up to 15 years with the option of full deferment, fixed repayments, and interest-only payments. Loan rates start at 4.45% and you can borrow up to 100% of your school-certified cost of attendance.

There is also a nine-month grace period, but there is no cosigner release.

Founded in 2000, Discover Bank is an online bank owned by Discover Financial Services. With a history of almost 40 years, they offer a range of financial products, including private student loans to international students.

With Discover, international and DACA students can qualify with a U.S. citizen or permanent resident as cosigner. You can borrow up to 100% of the school-certified cost of attendance, which can include books, tuition, housing, and more.

One benefit that stands out is that borrowers with a 3.0 GPA or higher can receive 1% of their loan amount as a cash reward.

There are no late fees and fixed rates start at 4.49% APR. Loan repayment periods are available up to 20 years and there are multiple repayment periods available.

Founded in 2016, Funding U provides private student loans to borrowers without a cosigner. They do not base eligibility on the borrower’s credit history, but rather on other factors like the student’s GPA and academic history.

While they may have higher interest rates, Funding U is a good option for students with good grades who don’t have a creditworthy cosigner. They only offer two repayment options while in school and only operate in 38 U.S. states.

Funding U offers loan repayment terms of up to 10 years with a six-month grace period. Loan amounts range from $3,000 to $20,000 annually and fixed APRs start at 6.99% with AutoPay.

Founded in 2014, Washington, D.C.-based MPOWER Financing is a private lender that provides student loans to local and international students. MPOWER loans are popular with students as they don’t require borrowers to have a cosigner or a good credit history.

Another benefit of MPOWER is that borrowers can get a 1.5% interest rate reduction with six automatic on-time payments, proof of graduation, and proof of employment.

MPOWER loans come with fixed APRs starting at 14.75% and loan terms go up to 10 years. The maximum loan amount is $100,000 and there is a 5% origination fee.

Ascent is a reputable private student lender founded in 2015. They offer private student loans to undergraduate and graduate students, including ‌those who typically don’t meet the eligibility requirements of most lenders. They have a number of credit-based, co-signed loan options available, such as undergraduate-, MBA- and general graduate school cosigned loans

Ascent’s student loans for international student loans require a qualified cosigner with a minimum income of $24,000. They offer loan repayment periods of up to 20 years with a 1% cash-back graduation reward when borrowers meet certain criteria.

Fixed loan rates start from 4.62% and applicants can get a 0.25% discount for AutoPay. Payment options include interest-only payments, $25 minimum payments, and full deferment.