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College Ave offers a solid all-around private loan product with a few unique features

January 26, 2022 Leave a comment

College Ave offers a solid all-around private loan product with a few unique features

Private student loans are best used to pay college costs after you’ve borrowed the maximum you qualify for in both subsidized and unsubsidized federal student loans.

Private student loans come from banks, credit unions and online lenders, and unlike federal student loans for undergraduates, they require a credit check. That means most undergrads will need a co-signer in order to qualify. Private student loans also are more expensive than federal loans-especially now that federal loan rates are at historic lows-and typically don’t offer the flexible repayment options their federal counterparts do.

That’s why there is no five-star lender on our list of private student loans: In the vast majority of cases, the best college financing option is a federal student loan.

  • Best Private Student Loan Options
  • Rhode Island Student Loan Authority
  • Ascent
  • SoFi
  • A.M. Money
  • College Ave
  • Funding U
  • visit the site

  • Discover
  • PNC Bank

Fixed APR

Rhode Island Student Loan Authority, known as RISLA, is a nonprofit based in Rhode Island that lends to students across the country. It offers two different loan types for undergraduate students, which each come with their own fixed interest rates. One loan requires immediate repayment, and one lets you defer payments until six months after you leave school. Everyone who qualifies for each of the loan types gets the same rate, which makes it easy to compare RISLA loans with others you’ve qualified for.

For borrowers who struggle to afford their loan after graduating, RISLA is one of the only private lenders to offer an income-based repayment plan, which limits payments to 15% of income for a 25-year period. Read more…