Whether your college plans involve heading to campus or logging on for online learning, one thing is certain: You will need a way to pay. Although federal student loans are often the most affordable way to borrow, they may not be enough to cover all of your college costs. Private student loans, as well as grants and work-study programs, can cover the gap between what you need and how much you can afford to pay toward your college expenses.
But be cautious about borrowing too much. “With so much uncertainty regarding college campuses and fall class schedules, planning for expenses is not an easy task,” says Bruce McClary, vice president of marketing for the National Foundation for Credit Counseling and U.S. News contributor.
This guide can help you navigate the uncertain school year. What you’ll learn here:
- How do private student loans work?
- What are the drawbacks of private student loans?
- How can you choose the best private student loans?
The Best Private Student Loans of 2020
Methodology: U.S. News compared the top lenders offering private student loans nationwide. Each lender was reviewed based on products, customer service ratings, eligibility requirements, costs and other features.
Because each student has unique financial aid needs, no single lender is a good choice for everyone. These lenders are a good starting point for your private student loan research.
- Loan types: dental, graduate, law, MBA, medical, parent, refinancing, undergraduate
- Minimum FICO credit score: 680
- Co-signer accepted: yes
- Better Business Bureau rating: A