12 Best Personal Loans For Students

Financial aid doesn't always cover everything students need. From apartment deposits to textbooks to car repairs you didn't see coming, the costs add up fast.

While personal loans may help students cover expenses like moving costs or consolidating debt, private student loans are specifically designed for tuition and other education-related costs.

Below are several personal loans and private student loans that students may consider, depending on their needs and eligibility.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Best Lenders For Students

Great For Borrowers With Strong Credit: SoFi

SoFi’s personal loan application is fully online, and borrowers can check their rate without affecting their credit score. The lender holds a 4.1-star rating on Trustpilot based on more than 10,000 reviews and is known for competitive rates and loans that don’t charge origination or prepayment fees.

For students or recent graduates with strong credit, this can make it easier to compare loan options and borrow without adding extra costs to the balance.

Pros

• Competitive rates for borrowers with strong credit

• No origination or prepayment fees

Cons

• Approval typically requires good to excellent credit

• Higher minimum loan amount than some lenders

Great For Debt Consolidation Loans: Upgrade

Upgrade offers fast-funding personal loans from $1,000 to $50,000 and allows borrowers to check their rate without affecting their credit score, so you can check if you qualify for a loan even with poor credit. Upgrade personal loans are commonly used for debt consolidation, which can help students combine credit card or other personal loan balances into a single fixed monthly payment. However, Upgrade loans cannot be used for post-secondary expenses like room and board or transportation. 

Pros

• Flexible loan amounts and repayment terms

• Prequalification with a soft credit check

Cons

• Origination fees may apply

• Loans can’t be used for post-secondary expenses like school supplies or room and board

Great For Borrowers With Fair Credit: Avant

Avant works with borrowers who have fair credit, which may be appealing to most students who don’t have credit history. If you’re looking for quick funding for an unexpected expense, Avant is worth looking into because funds may be deposited as soon as the next business day after approval. 

Pros

• Accepts borrowers with fair credit

• Fast funding after approval

Cons

• Interest rates can be higher than some competitors

• Administrative fees may apply

Great For Borrowers With Limited Credit History: Upstart

Upstart operates as a lending platform that connects borrowers with partner lenders. Instead of relying solely on credit scores, the platform may offer a wide range of options depending on the applicant’s qualifications. With a 4.9-star Trustpilot rating from tens of thousands of reviews, Upstart can be worth exploring for students who have limited credit history but steady income or strong academic backgrounds.

Pros

• Considers education and employment history

• Borrowers with limited credit may still qualify

Cons

• Origination fees may apply

• Loan terms vary depending on the lender

Great For Larger Personal Loan Amounts: LendingClub

LendingClub offers personal loans of up to $60,000 with fixed interest rates and repayment terms. Borrowers can apply online and, once approved, funding may arrive in as little as 24 hours. For students who need access to a larger loan amount or want predictable monthly payments while covering expenses like housing or moving costs, LendingClub can provide an appealing option.

Pros

• Higher borrowing limits available

• Longer repayment terms than many lenders

Cons

• Origination fees may apply

• Income requirements may affect eligibility

Great For Borrowers With Limited or Fair Credit: OneMain Financial

OneMain Financial can offer students personal loans from $1,500 to $30,000. Applicants can check if they’re prequalified for loan offers without affecting their credit score and may receive a decision quickly after applying. In some cases, funds may be available the same day the loan closes, which may help borrowers who need money quickly for unexpected expenses.

Pros

• May approve borrowers with fair or limited credit

• Offers secured and unsecured loan options

Cons

• Interest rates can be higher than many online lenders

• Origination and other fees may apply

Great For No Fees: Discover Personal Loans

Discover offers personal loans from $2,500 to $40,000 with fixed interest rates, so students can expect predictable payment terms as they pay off their loans even beyond graduation. The lender charges no origination, prepayment or late fees, which can be appealing to students who are new to borrowing.

Borrowers can check their rate online with a soft credit check before formally applying. Discover may be worth looking at for students with good credit who want a straightforward loan from a well-known consumer lender.

Pros

• No origination fees

• Lower maximum APR than many lenders

Cons

• Approval typically requires good credit

• Maximum loan amount is lower than some competitors

Great For High Loan Limits: LightStream

LightStream may appeal to students or recent graduates with strong credit who need a larger loan. The lender offers between $5,000 and $100,000 with no origination, prepayment or late fees. Funding can arrive as soon as the same day, which may help students cover time-sensitive expenses like housing or moving costs.

Pros

• No origination or prepayment fees

• High loan limits available

Cons

• Good to excellent credit typically required

• Higher minimum loan amount

Great For Flexible Student Loan Terms: Earnest

With Earnest private student loans, students are eligible for loan terms ranging 5 to 15 years, which is more flexible than many competitors. The lender also offers a 9-month grace period after graduation, three months longer than the industry standard, and allows borrowers to check eligibility without affecting their credit score. Students who apply with a cosigner may qualify for lower rates

Pros

• No origination or prepayment fees

• Option to skip one payment per year

Cons

• Typically requires good credit for approval

• Lowest rates require AutoPay enrollment

Great for Covering the Full Cost of Education: Sallie Mae

Sallie Mae is one of the largest private student loan providers in the U.S. Its Smart Option Student Loan allows borrowers to cover up to 100% of school-certified education costs, including tuition, housing and textbooks. Borrowers can choose between fixed and variable interest rates and several repayment options.

Pros

• Loans can cover the full cost of attendance

• Multiple repayment options available

Cons

• Many borrowers require a cosigner

• Private loans do not offer federal protections

Great For Flexible School Repayment Options: College Ave

College Ave offers private student loans that can cover up to 100% of a school’s cost of attendance. Borrowers can choose between fixed and variable interest rates and several repayment plans, including options that allow payments to be deferred while in school.

Pros

• Flexible repayment options, including deferred payments while in school

• Borrow up to 100% of school-certified education costs

Cons

• Most students will need a cosigner to qualify

• Private loans do not include federal borrower protections

Great For Students Without a Cosigner: Ascent

Ascent provides private student loans for undergraduate, graduate and career training programs. Loans can cover up to the full cost of attendance, including tuition, housing and other school-related expenses. Ascent stands out for offering some loan options that allow qualified students to apply without a cosigner, which can help borrowers who do not have someone able to cosign their loan.

Pros

• Some loans available without a cosigner

• Access to career and financial support resources

Cons

• Credit-based loans may require a cosigner for students who do not meet the lender’s credit or income requirements on their own

• Variable rates can increase over time

Takeaway

Students have several borrowing options depending on their credit profile and financial needs. While private student loans are designed specifically for education costs, personal loans may offer more flexibility for expenses like housing or moving. Before borrowing, compare offers from multiple lenders and review the total cost of the loan, including interest rates, fees and repayment terms.

FAQs

What credit score do you need for a student loan?

Federal student loans generally don’t require a credit score. Private student loans and personal loans usually involve a credit check, and credit score requirements vary. Lenders may consider factors like your credit history, income, or whether you apply with a cosigner.

Can college students get a personal loan without income?

It can be difficult, as lenders typically want to see that you can repay what you borrow. No income makes that harder to prove, but applying with a cosigner may improve your chances.

What disqualifies you from getting a student loan?

Students may be denied federal or private student loans for reasons such as not meeting citizenship requirements, failing to maintain satisfactory academic progress or having credit, income or debt issues with private lenders.

Can FAFSA deny you a loan?

FAFSA doesn't approve or deny loans. After you submit it, your school's financial aid office determines your eligibility for most federal loans. For PLUS loans, the Department of Education runs a credit check separately.

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