1. College Ave - Best for repayment options

Student loan repayment terms are the biggest concern for many students. College Ave wants to make this issue much smoother and simpler; they offer the most comprehensive suite of repayment options on the market. 

They offer both in school and out of school repayment options, so you can pay off the loan as you learn or wait until you’ve gained your qualification. 

Within this, you can also choose to pay interest-only monthly payments or full principle payments, the latter letting you reduce the amount of interest accrued overall. If neither of these suit, flat payment options are also available. 

2. Sallie Mae - Great for those going back to school

The private student loan options available at Sallie Mae range from undergraduate courses to professional training. This makes them a straightforward option for anyone looking to develop trade skills while already in work. 

They state on their website that applicants with a cosigner are ‘4x more likely to be approved’, which can be a worry for some. 

However, they also offer quite liberal cosigner release terms of a minimum 12 months, compared to many lenders requiring at least double that period. 

3. SoFi - A good option for those looking for a bonus

SoFi offers two very interesting loan bonuses for anyone looking to get a private student loan. 

First, they offer reward points that can be earned over time if you have a good credit score, which can then be redeemed to help pay off your loan. Their other bonus is a $250 cash reward available each term - although you have to have a GPA of 3.0 or higher. 

Of course, as with any credit reward program, your mileage may vary here. The reward chances certainly seem good, but the reality may be different. 

4. Custom Choice - Great payment relief possibilities

For anyone worried about their long term ability to pay off a student loan, Custom Choice is a provider to look into. Their payment relief options are incredibly strong, with no fees on late payments. 

They also offer unemployment protection on their loans, so missed payments won’t count against you. Make sure to double check the fine print here though, as from what we can see, this protection is only available for 2 months max in any 12 month period.

However, they do also offer a 2% principle reduction when you graduate, which makes ongoing repayments easier to manage in the long run. 

5. Ascent - Suitable for those looking for loans and learning support

Ascent offers both college and career loans, and they offer a 9 month repayment-free period after you graduate. That can give you time to get on your feet after finishing college or finishing up a professional course that takes you even further. 

And that’s not where their support for learners ends. The AscentUP platform offers tools, resources, guides, and even one to one support for anyone within their loan program. 

They also offer a bridging program for professional development, where enrollees can even be paid for any skills projects they’re assigned. 

What to look for when searching for a private student loan provider

Minimum loan amount

Some providers can be stingy, some are more generous . We’ve seen some lenders only offer $1000 to first time and returning students alike, with others offering $6000+. 

You’ll need to be careful when considering a lender that offers a higher minimum amount as well. Most have eligibility requirements, with these higher options only open to local students or those with certain GPA averages. 

Repayment options

The rule is that you should never take out a loan if you’re unsure you can pay it back. However, student loans fall into a bit of a grey area. Most people take one out at a time when they’re unlikely to have a stable and reliable income source. 

But repayment options still need to suit you. Only consider lenders who offer variable repayment terms and amounts, and take the unique needs of students into account. 

Cosigner requirements

A lot of private student lenders either require or encourage you to have a cosigner. However, the release windows on cosigner agreements can vary wildly. Some only last for a year or two, others require the cosigner to be on the line until the entire pot is paid down. 

Depending on who you’re thinking of asking to be your cosigner, they may not be comfortable with this level of liability. 

If and when you’ll incur fees

If you miss a payment, will there be a fee? And if so, how much? Find this out well before you apply for a loan with any provider out there. 

You need to know how much more you could be paying due to auto-payments bouncing or unexpected bills eating up your monthly budget elsewhere. 

Taking out a private student loan in 2025: what to remember

There are various benefits to taking out a private student loan. Money when you need it. Autopay discounts that reduce your overall owed amount. Interest only payments that keep you on budget until you finish school. These things can make private loans more appealing. 

However, you’re taking on a credit agreement here. That’s always something to take seriously. Research your lender options very carefully. Go through the mini checklist we’ve prepared above and make sure you’re happy with the terms of your chosen provider.