What are the best personal loans for students? There are quite several loans students can take; these loans include federal student loans, which are channeled toward tuition fees and other school-related expenses. Personal loans for students are a good way to cover book costs, food, rent, and other school-related expenses, but personal loans for students cannot be used to pay off direct educational expenses.
Although personal loans for students have more restrictive qualification requirements than federal student loans, they are still a good loan option for students to consider. Personal loans for students have higher interest rates than those of other lenders, making it necessary for students to compare loan rates and terms for the best. The best student personal loans provide broad coverage for school-related costs, attractive interest rates, extended repayment periods, and versatile loan features.
Before opting for a personal loan for students, it is important to be aware of the best loans, their interest rates, loan terms, and other additional fees such as origination fees and others. While it is important to search for the best, this write-up contains some personal loans for students we identified to be the best.
5 Best Personal Loans for Students
It is not advisable to opt for the first student personal loan that comes your way. As previously stated, it is vital to compare different lenders to find the best affordable loan for your student’s needs. This section of my write-up contains 5 personal student loans in 2024 that you should consider:
SoFi
If you are looking for an online lender offering unsecured personal loans for students, SoFi is a good option. It offers loan amounts from $5,000 to $100,000 and a two- to seven-year repayment term. Because this lender offers low APRs and other flexible features, it is a good option students should consider.
LightStream
This lender offers loans with low minimum and maximum interest rates and a rate-beat program that borrowers can benefit from. It offers unsecured personal loans ranging from $5,000 to $100,000, depending on the purpose of the loan. However, this loan is best for students because it has no origination fees, late payment consequences, or any other additional fees; instead, it offers a 0.05% interest rate discount to borrowers who apply for autopay.
LendingPoint
LendingPoint is an online lending solution that caters to diverse borrowers, including students, by providing accessible personal loans. It allows borrowers to apply for loans easily online and enjoy quick funding benefits. This lender offers personal loan amounts ranging from $1,000 to $36,500 and repayment terms of 24 to 72 months.
Upgrade
With Upgrade, borrowers can access loans ranging from $1,000 to $50,000, featuring repayment terms that can be customized from two to seven years. In addition, with this lender, borrowers can easily apply for loans online through their mobile app, as well as track their credit score and loan repayment history.
Universal Credit
This is yet another personal loan for students. Through its online platform, Universal Credit provides access to personal loans ranging from $1,000 to $50,000, facilitated by its partner lenders. Its repayment terms range from three to seven years, giving students more time to repay the loan. However, this loan is made accessible to borrowers with bad credit.
FAQs:
What Loan is Best for Students?
The best loan for students depends on different factors, such as why you need the loan, if you qualify for a loan and financial hardship. To find what loan students need, they should determine the cost of everything they intend to cover and select what type of loan they need. The best personal loans for students cannot cover post-secondary education expenses; a federal student loan or private student loan may be a good option for you.
How Can I Get a Student Loan Fast?
There are three different ways you can get a student loan fast; these ways include federal student loans, private student loans, and emergency financial aid. Also, to get quick funding, personal loans are another option to consider. This type of loan can get you funds as early as the same day. However, personal loan funds may not be available to cover student housing and tuition fees.
Can I Take a Personal Loan for Student Loan Debt?
The condition for spending your money depends on the lender. Most personal loan lenders do not allow borrowers to use their loan funds to pay off educational expenses. This means you cannot use a personal loan to pay off a student loan. However, other lenders allow students to pay off their student loans with personal loans.