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When you take out a loan, you’re responsible for paying back the principal, or the amount you borrowed, with interest added on top of it. The higher your interest rate, the more you’re on the hook to repay after your loan term is up. Conversely, the lower your interest rate, the less you have to pay over the life of the loan.

While federal student loans tend to offer the lowest interest rates on student loans, there are some private lenders that offer competitive rates as well. Here are the best low-interest student loans of 2024 to help you cover college costs.

Best low-interest student loans

  • SoFi: Best overall.
  • College Ave: Best for variety of repayment options.
  • Sallie Mae: Best for part-time students.
  • MEFA: Best for borrowers with no credit.
  • Ascent: Best without a co-signer.

Why trust our student loan experts

Our team of experts evaluated hundreds of student loan products and analyzed thousands of data points to help you find the best fit for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

  • 12 private student loan lenders reviewed.
  • 168 data points analyzed.
  • 6-stage fact-checking process.

Compare the best low-interest student loans

FIXED APRVARIABLE APRLOAN TERMS (YEARS)
4.19% to 14.83%5.74% to 14.83%5, 7, 10 and 15 years
FIXED APR4.19% to 14.83%
VARIABLE APR5.74% to 14.83%
LOAN TERMS (YEARS)5, 7, 10 and 15 years
4.17% to 16.69%5.59% to 16.85%5, 8, 10 and 15 years
FIXED APR4.17% to 16.69%
VARIABLE APR5.59% to 16.85%
LOAN TERMS (YEARS)5, 8, 10 and 15 years
4.25% to 15.49%5.37% to 15.70%10 and 15 years
FIXED APR4.25% to 15.49%
VARIABLE APR5.37% to 15.70%
LOAN TERMS (YEARS)10 and 15 years
5.75% to 8.95%N/A10 or 15 years
FIXED APR5.75% to 8.95%
VARIABLE APRN/A
LOAN TERMS (YEARS)10 or 15 years
4.04% to 15.41%*5.99% to 15.85%*5, 7, 10, 12 and 15 years
FIXED APR4.04% to 15.41%*
VARIABLE APR5.99% to 15.85%*
LOAN TERMS (YEARS)5, 7, 10, 12 and 15 years

All rates include discounts where noted by the lender and are current as of July 3, 2024.

Methodology

Our expert writers and editors have reviewed and researched multiple lenders to help you find the best low-interest student loans. Out of all the lenders considered, the five that made our list excelled in areas across the following categories (with weightings): loan details (5%), loan cost (60%), eligibility and accessibility (15%), customer service experience (15%),  and ease of application (5%).

Within each major category, we considered several characteristics, including available loan repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers and if they offer co-signer release. Finally, we evaluated each provider’s customer support options, borrower perks and features that simplify the borrowing process like mobile apps.

Why some lenders didn’t make the cut

Of the private student loan lenders that we reviewed, less than half made the cut. The lenders that didn’t have high enough scores to be included received lower ratings due to higher interest rates and fees.

Frequently asked questions (FAQs)

Federal student loans tend to offer the lowest interest rates, and there’s no credit check for most federal student loans. All borrowers get the same rates regardless of credit score and history.

Federal student loans not only offer the lowest interest rates without a credit check, but they also have the most protections and benefits for borrowers. For instance, the current student loan pause that’s been in effect for more than two years is only available to borrowers with federal student loans — not private ones. It’s a good idea to exhaust all of your federal loan options before moving on to others.

The lowest interest rates are offered to borrowers with the highest credit scores. The higher your credit score, the more creditworthy you look to lenders. To make sure you’re getting the lowest interest rates, it’s important to compare multiple lenders’ interest rates, fees, repayment options and perks.

You can check to see if you’ll get the lowest interest rate through prequalification, so if your potential lender offers that, make sure to use it.

While Sallie Mae used to service federal student loans, it now only works in the private sector with private student loans. MOHELA is the only federal student loan servicer that is managing Public Service Loan Forgiveness (PSLF) for Direct Loan borrowers.

There’s no universal forgiveness for private student loans since they are offered by many different lenders. While the current administration has put forth a plan for federal student loan forgiveness, it’s not in effect yet. PSLF is the only major student loan forgiveness option available for federal student loans.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Dori Zinn

BLUEPRINT

Dori has covered personal finance for more than a decade. Her work has appeared in the New York Times, Forbes, CNET, TIME, Yahoo, and others. She loves helping people learn about money, and gravitates toward topics that give people the tools they need to financially succeed. She likes writing about budgeting, college affordability, jobs and careers, and the mental and emotional impact of money.

Jamie Young

BLUEPRINT

Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.