Find the Right Student Loan for You

Answer 5 quick questions and we will match you with federal and private loan options tailored to your situation.

Step 1 of 5Next: Loan Details

Step 1: What type of school?

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Step 2: Loan Details

How much do you need to borrow? Enrollment status

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Step 3: Credit Profile

What is your credit score range?

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Step 4: Cosigner

A cosigner with good credit can significantly improve your rate and approval odds.

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Step 5: Loan Type Preference

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Federal vs. Private Student Loans: Which Should You Choose?

Federal student loans are offered by the U.S. Department of Education and come with important benefits like income-driven repayment plans, forgiveness programs, and fixed interest rates. Most students should maximize federal loans before considering private options.

Private student loans are offered by banks, credit unions, and online lenders. They may offer competitive rates for borrowers with excellent credit or a strong cosigner, but lack the flexible repayment options and protections of federal loans.

2026 Federal Student Loan Rates

Loan Type	Rate (2025-26)	Who Qualifies	Annual Limit
Direct Subsidized	6.53% fixed	Undergrad with financial need	$3,500 - $5,500
Direct Unsubsidized	6.53% fixed	Undergrad (all)	$5,500 - $7,000
Direct Unsubsidized (Grad)	8.08% fixed	Graduate students	$20,500
Direct PLUS (Parent)	9.08% fixed	Parents of dependents	Cost of attendance
Grad PLUS	9.08% fixed	Graduate/professional	Cost of attendance

Frequently Asked Questions

What credit score do I need for a private student loan?

Most private lenders require a minimum credit score of 650-680. If you have limited credit history, a cosigner with good credit (670+) can help you qualify and often secure a lower rate. Some lenders like Sallie Mae and College Ave have more flexible credit requirements.

Can I get a student loan without a cosigner?

Federal student loans do not require a cosigner or credit check (except PLUS loans). For private loans without a cosigner, you will need strong credit (typically 680+) and proof of income or employment. Lenders like Ascent offer non-cosigned options for juniors and seniors with strong academic records.

How much can I borrow in student loans?

Federal loan limits vary by year and dependency status: $5,500-$12,500 per year for undergrads and $20,500 per year for grad students (plus PLUS loans up to cost of attendance). Private lenders typically cover up to the full cost of attendance minus other aid.

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Student Loan Facts You Should Know

$1.77T Total U.S. student loan debt held by 43 million borrowers

$503/mo Average monthly student loan payment for borrowers in repayment

$14K–$20K Potential savings from refinancing to a lower interest rate

50–70% Payment reduction possible with income-driven repayment plans

$62B+ Forgiven through Public Service Loan Forgiveness (PSLF) to date

Frequently Asked Questions About Student Loans

How do I know if I qualify for student loan forgiveness?

Eligibility depends on the forgiveness program. For Public Service Loan Forgiveness (PSLF), you must work full-time for a qualifying government or nonprofit employer, have Direct Loans, be on an income-driven repayment plan, and make 120 qualifying payments. For income-driven repayment (IDR) forgiveness, any remaining balance is forgiven after 20–25 years of payments. Teachers may qualify for Teacher Loan Forgiveness after 5 years at a low-income school. Use our forgiveness checker to evaluate your eligibility.

Should I refinance my student loans?

Refinancing can save you thousands if you have a strong credit score (typically 700+) and can secure a lower interest rate. However, refinancing federal loans into private loans means permanently losing access to income-driven repayment plans, PSLF eligibility, and federal forbearance protections. Refinancing is usually best for borrowers with private loans or those who don’t need federal protections. Compare your options with our refinance rate comparison tool.

What is income-driven repayment and how does it work?

Income-driven repayment (IDR) plans cap your monthly payments at a percentage of your discretionary income. The main plans include SAVE/REPAYE (5–10% of discretionary income), PAYE (10%), IBR (10–15%), and ICR (20%). After 20–25 years of payments, any remaining balance is forgiven. IDR plans are ideal for borrowers whose payments under standard repayment are unaffordable relative to their income. Calculate your IDR payments with our IDR calculator.

How can I pay off student loans faster?

Proven strategies include: 1) Make extra payments toward principal each month. 2) Use the avalanche method by targeting the highest-interest loan first. 3) Set up biweekly payments instead of monthly (adds one extra payment per year). 4) Refinance to a lower rate to reduce total interest. 5) Direct windfalls like tax refunds and bonuses toward your loans. Even an extra $100/month can shave years off a 10-year repayment plan. Try our repayment comparison tool to see the impact.

What’s the difference between federal and private student loans?

Federal loans are issued by the U.S. Department of Education with fixed interest rates set by Congress, and they offer income-driven repayment, forgiveness programs, deferment, and forbearance. Private loans are issued by banks, credit unions, or online lenders with rates based on your creditworthiness. Private loans typically lack IDR plans, forgiveness, or federal protections, but may offer lower rates for borrowers with excellent credit. Most financial advisors recommend exhausting federal loan options before borrowing privately.

Can I deduct student loan interest on my taxes?

Yes. You can deduct up to $2,500 per year in student loan interest paid, even if you don’t itemize deductions. The deduction phases out for single filers with an adjusted gross income (AGI) between $75,000 and $90,000, and for married filing jointly between $155,000 and $185,000. Both federal and private student loan interest qualifies. Learn more with our student loan tax guide.

How Much Can You Save? Real Scenarios

Refinancing Savings

$50,000 in loans at 6.8% interest rate

↓ Refinance to 4.5%

Save $8,400 over the life of the loan

Compare Refinance Rates →

Income-Driven Repayment

$30,000 in loans on standard repayment

↓ Switch to IDR plan

Payments drop from $345/mo to $180/mo

Calculate Your IDR Payment →

PSLF Forgiveness

Teacher with $40,000 in federal loans

↓ PSLF after 10 years of qualifying payments

$40,000 forgiven — remaining balance eliminated

Check Your Forgiveness Eligibility →