Personal Loans for Students

A college loan - be it federal or private - doesn’t necessarily cover all the costs of college, and this is where personal loans for students can come in handy.

In 2018, the average cost per year for a 4-year degree reached $26,593, and at private institutions it was a staggering $41,468, according to the National Center for Education Statistics. These costs reflect only the price of tuition, fees, room, and board, and don’t take into consideration all the other costs that can come with being a college student.

A growing number of students are turning to personal loans as a way to cover the costs in college, and are taking to the internet to find the right loan for them.

Why a Personal Loan and Why Not?

Now, a personal loan should not be your first option - they tend to require credit scores of at least 600, and if you’re any lower than that you’ll probably need a cosigner. Even people with high credit scores will still face high interest rates and if you’re on the lower end of the credit spectrum, the interest rates you can expect to pay can really take a bite out of your monthly budget.

Having said that, if you do meet the requirements, a personal loan can mean a quick influx of cash to help you get through the thin months, and pay off those student expenses so you can focus on class. There are a growing number of lenders who are offering attractive rates to students, without a pile of paperwork or a requirement that you have some sort of collateral to put up.

† Credible Terms and Conditions:

Credible is so confident in the personal loan rates you’ll find on Credible, we’ll give you $200 if you find and close with a better rate elsewhere. See full terms and conditions

* LightStream Terms and Conditions:

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Trust Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank. You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process. After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. Truist teammates do not qualify for the Loan Experience Guarantee.

* LendingClub Terms and Conditions:

A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.

‡ Upgrade Terms and Conditions:

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

* Reach Financial Terms and Conditions:  

All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. All loans advertised are unsecured personal loans issued by either Metabank® National association, member FDIC, or FinWise Bank, a Utah chartered commercial bank, member FDIC, as creditor, on the Liberty Lending platform. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, and the loan term you select. Fixed Annual Percentage Rates (APR) range from 5.99% to 35.99%. You could receive a loan of $10,000 with an interest rate of 8.93%, an origination fee of $200, for an APR of 9.80%, which would result in total payment of $12,435 with 60 monthly payments of $207.20. Your actual rate may differ and depends on your credit history, loan amount, and term. Total approved loan amount reflects origination fee, which ranges from 0% to 5%. *Within 24 hours of your loan approval, loan proceeds will be available to pay the creditors named on your Truth-In-Lending Disclosure.

*  Splash Financial Terms and Conditions:  

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are subject to change at any point prior to application submission. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer.

*Splash marketplace loans offer fixed rates between 10.95% to 24.51% APR as of April 7, 2024. Personal loans have an origination fee of 0% to 9.99% which may be deducted from the loan proceeds. Lowest rates are reserved for the highest qualified borrowers. Lowest rates may require autopay and may require paying off a portion of existing debt directly. The autopay reduction will not be applied if autopay is not in effect. Not all rates and amounts available in all states. Not all applicants will qualify for the full amount. Residents of Massachusetts have a minimum loan amount of $6,000.

To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, creditworthiness, income and other factors.

¹ To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

² Loans feature repayment terms of 36 to 60 months depending on the lender and your qualifications. For example, if you are approved for a $10,000 loan with a 36-month term and a fixed APR of 17.98% (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a monthly payment of $343.33.

³ While funding may be as soon as one to two business days, at times it could take up to two weeks.

Splash Financial, Inc. (NMLS #1630038), NMLS Consumer Access. Equal Housing Lender. Splash Financial, Inc. is licensed by the Department of Financial Protection & Innovation under the California Financing Law, license number 60DBO-102545. Splash® is a registered trademark of Splash Financial, Inc.

* Universal Credit Terms and Conditions:  

Personal loans made through Universal Credit feature Annual Percentage Rates (APRs) of 11.69%-35.99%. All personal loans have a 5.25% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 36 to 60 months. For example, if you receive a $10,000 loan with a 36-month term and a 28.47% APR (which includes a 22.99% yearly interest rate and a 7% one-time origination fee), you would receive $9,300 in your account and would have a required monthly payment of $387.05. Over the life of the loan, your payments would total $13,933.62. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Universal Credit's bank partners. Information on Universal Credit's bank partners can be found at https://www.universal-credit.com/bank-partners/.