Best private student loan options for co-signers - experience with Sallie Mae vs College Ave?

we used college ave for my son last year. the application was easy but interest rate was higher than what they advertised online. ended up with 9.8% fixed which feels like robbery tbh. they did approve us quickly tho

I've co-signed private loans with both Sallie Mae and College Ave for my two kids. Here's my honest assessment: Sallie Mae: Slightly lower interest rates (about 0.5% less than College Ave in our case), but their customer service is terrible. When my son needed to defer payments during grad school, it took weeks of phone calls and paperwork. They also have more fees hidden in the fine print. College Ave: Higher interest rate, but much better customer service. Their online portal is easier to navigate, and they were flexible when we needed to adjust payment dates. They also offer a 0.25% interest rate reduction for autopay, which helps a bit. Also consider Discover Student Loans and Citizens Bank - both offered competitive rates when we were shopping around. The most important advice I can give: apply to 3-4 places within a 14-day window so the credit checks count as a single inquiry on your credit report.

Sallie Mae SUCKS!!!! they added $750 in random fees over 2 years and kept calling me at work when my daughter missed a payment even tho i'm just the cosigner. AVOID THEM

Have you looked into Earnest? They gave us the best rate (7.2% fixed) last year for my son's junior year after we compared 5 different lenders. Their application was completely online and took about 25 minutes. They do a "soft pull" first to show you your potential rate range before the hard credit check. One thing to watch for with ALL private loans - some capitalize interest while your student is still in school, which means you're paying interest on the interest! We're making interest-only payments while my son is still in school to avoid this problem. Also, make sure to exhaust all federal PLUS loan options before going private. The interest rates can be comparable, but federal loans have better protections and forgiveness options.

Has anyone tried using Claimyr to get through to financial aid? We were on hold for HOURS trying to discuss our FAFSA results and potential appeals to increase federal aid before resorting to private loans. I found claimyr.com and their service actually got us through to a real person at the Federal Student Aid office in about 10 minutes. Saved us hours of waiting. There's a video demo at https://youtu.be/TbC8dZQWYNQ that shows how it works. After talking with FSA, we realized our daughter qualified for more subsidized loans than what was initially offered. Didn't eliminate our need for private loans completely, but reduced the amount by $2,500.

I'm a financial aid counselor at a university. Before committing to a private loan, I strongly recommend: 1. Double-check that you've maximized all federal aid. The Parent PLUS loan, while still requiring credit approval, offers more protections than private loans. 2. If you're set on private loans, don't just look at interest rates. Consider: - Is there an origination fee? - Are there penalties for early repayment? - What deferment options exist if your student attends graduate school? - What assistance is available if you experience financial hardship? 3. Local credit unions often have excellent student loan products with lower rates than the big national lenders. 4. Consider having your student pay the interest while in school to prevent capitalization, which can add thousands to the loan balance by graduation. I see too many families focus solely on getting the money quickly without understanding the long-term implications of different loan structures.

SoFi was the best for us! No fees, 6.8% fixed rate, and they gave us a $300 bonus for signing up through a referral link. My daughter graduated 2 years ago and we refinanced all her loans with them too. much better than dealing with multiple servicers.

OP have yuo considered jst paying the 14k yourself instead of loans? that's wat we did for our son, no loans no debt!!!

Just wanted to add another option to consider - CommonBond. We used them for my daughter's senior year and had a really positive experience. They offered us 7.4% fixed with no origination fees, and their customer service was excellent when we had questions about the repayment timeline. One thing I learned through this process is to really pay attention to the variable vs fixed rate options. Several lenders tried to entice us with lower variable rates that could have jumped significantly over the life of the loan. With interest rates potentially rising, we felt the fixed rate gave us more peace of mind for budgeting. Also, make sure to read the fine print about co-signer release policies. Some lenders make it nearly impossible to remove yourself as co-signer even after your student has been making payments reliably for years. Good luck with your search!

As someone who just went through this process last semester, I'd recommend starting with a spreadsheet to compare all your options side by side. I created columns for interest rate, origination fees, autopay discounts, co-signer release terms, and deferment options. It really helped us see the full picture beyond just the advertised rates. One thing that surprised me was how much the rates varied even with the same credit score. We got quotes ranging from 6.9% to 11.2% for the exact same loan amount. Don't get discouraged if the first few quotes are higher than expected - keep shopping around. Also, timing matters more than I realized. We applied in late July and got better rates than friends who applied in October, possibly because lenders were trying to meet quotas earlier in the academic year. With your 760+ credit score, you should be in good shape for the better rates most lenders offer.

I'm new to this whole private loan process and feeling a bit overwhelmed, but this thread has been incredibly helpful! Based on what everyone's shared, it sounds like I should definitely shop around with multiple lenders and not just go with the first offer. One question I have - for those who've been through this, how long did it typically take from application to getting the funds disbursed to the school? I want to make sure we start the process with enough time before the semester begins. Also, did any of you run into issues with the school's financial aid office when coordinating the private loan disbursement with the rest of your aid package? I'm leaning towards starting with Earnest, CommonBond, and maybe our local credit union based on the recommendations here. The spreadsheet idea is brilliant - definitely going to set that up to compare everything side by side. Thanks everyone for sharing your experiences!

As someone who just went through this exact situation with my daughter last year, I'd strongly recommend checking out Citizens Bank in addition to the others mentioned here. They ended up giving us the best rate at 6.2% fixed with our similar credit score, and their application process was surprisingly smooth. One thing I wish I'd known earlier - definitely apply for pre-qualification with multiple lenders first before doing the full applications. Most do soft credit pulls for pre-qual that won't hurt your score, and you can see your potential rates without committing. We ended up saving almost 2% by shopping around this way. Also, don't forget to factor in your state's tax deductions for student loan interest when comparing options. In some states, you can deduct the interest payments which effectively lowers your cost. With $14K in loans, that could add up to meaningful savings over the repayment period. Good luck with your search - sounds like you're being smart about researching thoroughly before jumping in!