Best Student Loans And Rates In November 2023, Check out here!

Best Student Loans And Rates In November 2023, Check out here!

Paying for college can be a daunting task, but it’s equally important to find the best student loans and interest rates. This guide will help you navigate the complex world of student loans and interest rates, providing you with the necessary information to make informed decisions about your financial future.

Federal vs. Private Student Loans

The first thing to understand is that you don’t get a choice in your student loan rates with Federal loans. Federal student loan rates are set by the government and change periodically. However, for most people borrowing Federal student loans, that doesn’t matter because they are trying to take advantage of the special student loan repayment programs or loan forgiveness plans that come with Federal student loans.

Federal student loan interest rates vary, from as low as 4.993% to as high as 7.543%. They actually increased by over a percentage this year. Check out this chart to see where your student loan interest rate may fall:

2023 – 2024 Federal Student Loan Interest Rates

Loan TypeBorrower TypeInterest Rate
Direct Subsidized LoanUndergraduate5.498%
Direct Unsubsidized LoanUndergraduate5.498%
Direct Unsubsidized LoanGraduate or Professional7.048%
Direct PLUS LoanParents, Graduates, and8.048%
Perkins LoanUndergraduate5%


The half-point interest rate increases continue a trend that began at the start of the pandemic after interest rates reached a historic low. For more information about federal loans, visit

For many borrowers, Federal loans will be the best student loans. However, if you have great credit (or a cosigner with great credit), a private loan could potentially save you a lot of money. But you do lose out on government benefits like loan forgiveness and income-driven repayment if you opt for a private loan.

Finding The Best Student Loans

If you go the private student loan route, there are many lenders with different programs, so it’s crucial to compare your options. We’ve reviewed most of the major student loan lenders and have a comparison tool here.

We also recommend researching the different loan programs available, as many lenders offer different programs and incentives depending on the type of degree and your post-graduation employment prospects.

When you already have student loans and are looking to refinance, it’s essential to compare your options as well. Some key features to consider when searching for the best student loans include:

  • Interest Rate (lower is better)
  • Loan Term (ranging from 3 years to 25 years)
  • Origination Fees (ideally none)
  • Repayment Plan Options
  • Forbearance Options
  • Bonus Offers
  • No Prepayment Penalties
  • Student Loan Borrowing Limits
  • Cosigner Release (as it’s challenging to get a student loan without a cosigner)

Comparing The Best Student Loan Rates

The best private student loan rates range from 4.99% APR to over 16.99% APR, depending on various factors such as your credit score, household income, cosigner, and more. A service like Credible can help you compare the best student loan rates quickly and easily. With Credible, you can compare multiple lenders in about 2 minutes, providing a snapshot of what you might expect for student loan rates.

Keep in mind that Credible doesn’t have every lender available, so it’s important to shop around. When shopping for a student loan, remember that most banks and credit unions will perform a “soft pull” of your credit during the initial application, which doesn’t significantly impact your credit score. Only proceed to a formal application when you’re ready to commit. The application process typically takes about 30 days to complete, so if you plan to start college in August, ensure your loans are ready by July.

Our Picks For The Best Student Loans

If you’re ready to shop around, here are our top picks for the best private student loans:

  1. Credible: Our top pick for its comparison tool that shops all major private loan providers to find you the best rates and terms.
  2. College Ave: Offers some of the lowest interest rates in the market with flexible repayment options.
  3. Discover® Student Loans: Provides competitive rates, repayment options, and a one-time cash reward for good academic performance.
  4. Earnest: Offers good rates and loan terms, with a 9-month grace period after graduation and the option to skip a payment once a year.
  5. ELFI: Known for some of the lowest student loan rates, with standard terms and conditions.
  6. Ascent: Offers competitive in-school loans with clear criteria for getting a private student loan without a cosigner.
  7. Sallie Mae: The largest private student loan lender with various loan options, competitive rates, and repayment plans.

Please note that the student loan offers on this site may impact how and where products appear, and not all offers are listed. Always shop and compare to make an informed decision.

Are Private Student Loans Right For You?

Deciding whether private student loans are the right choice for you can be a challenging task, and there’s no single answer that fits everyone. Federal student loans come with various benefits, including loan forgiveness, flexible repayment plans, and competitive interest rates. On the other hand, private student loans often have the best student loan rates.

It’s crucial to explore all your options and make informed decisions. Moreover, you might want to consider income-sharing agreements as a substitute for private loans, where you pay back a portion of your income after graduation. Follow the Proper Order Of Operations To Pay For College to ensure that you’ve exhausted all other financial aid opportunities before contemplating private student loans.

Common Student Loan FAQs

Here are some common questions related to finding the best student loans and borrowing to pay for college:

  • Which is better – federal or private student loans?:
  • You should always borrow the maximum amount of federal student loans before considering private student loans due to the additional benefits they offer.
  • What type of student loan is best?:
  • Federal student loans, especially subsidized student loans, are the best option for paying for college. Private student loans come next.
  • How can you find the lowest student loan rate?:
  • Interest on federal student loans is fixed, and for private student loans, you should shop around and get multiple quotes to find the best rate.
  • What are the drawbacks of student loans?:
  • Student loans come with repayment obligations and limited options for discharge, making it crucial to consider your ability to repay them based on your post-graduation income.

No matter what path you take in paying for school, it’s essential to educate yourself on your options. Whether you’re looking for the best student loans or other financial aid options, conducting thorough research is necessary to make well-informed decisions. If you haven’t already explored financial aid options, consider Student Loan And Financial Aid Options By State to discover potential state-specific programs that could save you money on your education.

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