A Guide to MBA Student Loans 2025–2026

This guide gives MBA students a clear, trusted overview of private student loans. It features top lenders, data-backed insights, and expert tips for business students. Use it to avoid costly borrowing mistakes and feel confident financing your MBA.

Table of Contents

1. The 5 best private MBA student loan lenders
2. Private student loans explained
3. Our findings from families nationwide who took out private student loans

The 5 best private MBA student loan lenders

College Ave

Best Private Student Loans

• Low starting interest rates
• Cover up to 100% of your cost of attendance
• You choose your repayment terms
• 3-min application with instant credit decision
• Multi-Year Peace of Mind® to receive future loans at better approval odds
• Educational resources and interactive tools

5.0

LendEDU Rating

View Rates

Read

• Low starting interest rates
• Cover up to 100% of your cost of attendance
• You choose your repayment terms
• 3-min application with instant credit decision
• Multi-Year Peace of Mind® to receive future loans at better approval odds
• Educational resources and interactive tools

Why it’s one of the best
College Ave offers personalized solutions to graduate students. Its online experience is the best of all the companies we reviewed, featuring interactive calculators and tools that let you customize your loan terms and see how each choice affects your total cost.

Rates & funding

Variable rates (APR)	5.59% – 16.85
Fixed rates (APR)	4.39% – 16.49%
Rate discounts	0.25% for automatic payments
Loan amounts	$1,000 – 100% of school costs

Eligibility

Loan types	Undergrad, grad, parent, career training
Min. credit score	Mid-600s
Min. income	$35,000 per year
Enrollment	Half time or more
Citizenship	U.S. citizen, permanent resident, or international
State	All 50 states

Repayment

In-school repayment	Full, interest-only, fixed, deferred
Repayment terms	5, 8, 10, or 15 years
Grace period	6 months for undergrads, 9 months for grads, apply for 6-month extension
Deferment	In-school and military
Forbearance	Up to 12 months, in increments of 3 or 6 months
Cosigner release	After finishing more than half of the scheduled repayment period and meeting additional criteria

Sallie Mae

Best for Full-Year Funding

• Less than half-time enrollment eligibility
• Lower interest rates with in-school repayment
• One application for full-year funding
• No application, origination, or prepayment fees
• Cosigner release after 12 on-time payments

4.8

LendEDU Rating

View Rates

Read

• Less than half-time enrollment eligibility
• Lower interest rates with in-school repayment
• One application for full-year funding
• No application, origination, or prepayment fees
• Cosigner release after 12 on-time payments

Why it’s one of the best
Sallie Mae is the most recognized name in student lending, which helps it serve a broader range of borrowers than most competitors. It’s also an excellent choice for cosigners, offering one of the fastest paths to release of repayment responsibility in as little as 12 months with consistent on-time payments.

Rates & funding

Variable rates (APR)	6.37% – 16.70%
Fixed rates (APR)	4.50% – 15.49%
Rate discounts	0.25% for automatic payments
Loan amounts	$1,000 – 100% of costs

Eligibility

Loan types	Undergrad, grad, parent, career training
Min. credit score	Mid-600s
Min. income	Not disclosed
Enrollment	Half time or more
Citizenship	U.S. citizen or permanent resident or non-U.S. citizen with a cosigner who is a U.S. citizen or permanent resident
State	All 50 states, plus Washington, D.C., and Puerto Rico

Repayment

In-school repayment	Interest only, fixed, deferred
Repayment terms	10 – 15 years
Grace period	6 months
Deferment	In-school, military, internship, residency, and fellowship
Forbearance	Up to 12 months, in increments of 3 months
Cosigner release	After 12 consecutive on-time payments

Earnest

Best for Repayment Flexibility

• 100% rate-match guarantee
• 50% longer grace period than most lenders
• Skip a payment once per year without penalties
• 2-min eligibility check without a credit impact
• No fees

4.7

LendEDU Rating

View Rates

Read

• 100% rate-match guarantee
• 50% longer grace period than most lenders
• Skip a payment once per year without penalties
• 2-min eligibility check without a credit impact
• No fees

Why it’s one of the best
Earnest is another lender with an excellent online experience and several benefits that won’t be found elsewhere. It offers a 100% rate-match guarantee (with a $100 Amazon gift card) and lets borrowers skip one payment each year if needed without penalty.

Rates & funding

Variable rates (APR)	5.62% – 16.20%
Fixed rates (APR)	4.11% – 15.90%
Rate discounts	0.25% for automatic payments
Loan amounts	$1,000 – 100% of costs

Eligibility

Loan types	Undergrad, grad, parent
Min. credit score	650
Min. income	$35,000 per year
Enrollment	All states other than Nevada, plus Washington, D.C.
Citizenship	U.S. Citizen, Permanent Resident Card Holder (10-year non-conditional or 2-year conditional), Deferred Action for Childhood Arrivals (DACA) Recipient, Asylee, or H-1B visa with a U.S. Citizen cosigner.
State	All states other than Nevada, plus Washington D.C.

Repayment

In-school repayment	Full, interest-only, fixed, deferred
Repayment terms	5, 7, 10, 12, or 15 years
Grace period	9 months
Deferment	In-school, military, residency, fellowship
Forbearance	Up to 12 months
Cosigner release	No

SoFi

Best for Member Benefits

• Earn up to $250 cash back for good grades
• Access member benefits like financial planning
• Use rewards points towards repayment
• No fees

4.7

LendEDU Rating

View Rates

Read

• Earn up to $250 cash back for good grades
• Access member benefits like financial planning
• Use rewards points towards repayment
• No fees

Why it’s one of the best
SoFi is an excellent online bank that offers all types of financial products, including student loans. Its benefits are consistently some of the best available, with up to $250 earned for good grades, financial planning services, and the option to redeem points to pay down your student loan balance.

Rates & funding

Variable rates (APR)	5.99% – 14.30%
Fixed rates (APR)	4.44% – 14.30%
Rate discounts	0.25% for automatic payments
Loan amounts	$5,000 – 100% of costs

Eligibility

Loan types	Undergrad, grad, parent
Min. credit score	679
Min. income	None
Enrollment	At least half time
Citizenship	U.S. citizen, permanent resident, visa holder (international & DACA w/ cosigner)
State	All 50 states

Repayment

In-school repayment	Full, interest-only, flat, deferred
Repayment terms	5, 7, 10, or 15 years
Grace period	6 months
Deferment	In-school, military, residency, internship
Forbearance	Yes, must call to discuss options
Cosigner release	24 on-time payments

Citizens Bank

Best for Multi-Year Approval

• Auto pay discount available
• Apply once to get money for the whole year
• No origination fee or prepayment penalty
• Undergraduate, career training, and graduate loans
• More than 3,000 eligible schools

4.7

LendEDU Rating

View Rates

Read

• Auto pay discount available
• Apply once to get money for the whole year
• No origination fee or prepayment penalty
• Undergraduate, career training, and graduate loans
• More than 3,000 eligible schools

Why it’s one of the best
Citizens Bank does an excellent job of focusing on the borrower’s future with its benefits. It offers a Multi-Year Approval program, where borrowers can accept an offer to receive additional loans for future years without a new application.

Rates & funding

Variable rates (APR)	5.97% – 16.47%
Fixed rates (APR)	4.39% – 15.46%
Rate discounts	0.25% for loyalty, 0.25% for automatic payments
Loan amounts	$1,000 – $100,000

Eligibility

Loan types	Undergrad, grad, parent
Min. credit score	640
Min. income	$12,000
Enrollment	At least half time
Citizenship	U.S. citizen or permanent resident (international w/ cosigner)
State	All 50 states, D.C., U.S. territories

Repayment

In-school repayment	Full, interest-only, flat, deferred
Repayment terms	5, 10, or 15 years
Grace period	6 months
Deferment	In-school, internship, residency, military
Forbearance	Up to 12 months in 2-month increments
Cosigner release	36 on-time payments

Private MBA student loans explained

Table of Contents

1. Private student loans explained
   1. How do private MBA student loans work?
   2. How private MBA student loans differ from federal loans
   3. How do student loan interest rates work?
   4. Are there any fees on student loans? 
   5. How to choose the best student loans for college
   6. How to qualify for private student loans
      1. Do I need a cosigner?
   7. Can I afford a private student loan?
   8. Do you have to reapply each year or each semester?
   9. How do I receive the funds from a student loan?
   10. What can I use student loans for?
   11. When do you have to start repaying private student loans?
       1. In-school repayment options
       2. How are the repayment terms determined?
   12. Are there taxes on student loans?

How do private MBA student loans work?

When scholarships, fellowships, and federal student loans don’t cover the full cost of your MBA, private student loans can help fill the gap. These loans come from private lenders, like banks, credit unions, and online financial institutions, rather than the government. They can be used for all kinds of MBA-related costs, from tuition, program fees, housing, travel for internships, and even textbooks.

The way it usually works is straightforward:

1. You apply for a loan (sometimes with a cosigner, sometimes on your own)
2. Get approved based on your credit history and income (or your cosigner’s)
3. The lender sends the money straight to your school.
4. After that, anything left over is typically refunded to you to use for other education-related expenses.

You’ll usually have a choice between starting payments right away or waiting until after you leave school—it just depends on the loan terms you pick. Some lenders offer several options for in-school repayment, like deferring payment, paying only interest or a flat monthly rate (e.g., $25), or making full interest-plus-principal payments.

Unlike federal loans, the interest rates, repayment options, and fees can vary significantly from one lender to another, so comparing your options really matters.

How private MBA student loans differ from federal loans

When financing your MBA, it’s important to understand the differences between federal and private student loans. While both can help cover your costs, they vary in how they’re issued, how you qualify, and how repayment works—especially at the graduate level.

Here’s a quick side-by-side comparison:

Feature	Federal student loans	Private MBA student loans
Who offers them	U.S. Department of Education	Banks, credit unions, online lenders
How you apply	FAFSA (Free Application for Federal Student Aid)	Directly through the lender
Credit check required	No credit check for most loans	Yes—your credit and income (or cosigner’s) matter
Interest rates	Fixed, set by the government	Fixed or variable, set by the lender
Repayment start	After graduation or dropping below half-time enrollment	Sometimes while in school, sometimes after—depends on the lender
Repayment plans	Income-driven options, forgiveness programs available	Limited flexibility—repayment terms vary by lender
Borrowing limits	Set amounts based on your year in school	Varies—you can sometimes borrow up to the full cost of attendance

Private loans can be a helpful supplement, especially if you’ve already maxed out your federal loan options. Federal Grad PLUS and Direct Unsubsidized Loans come with unique protections, like income-driven repayment and potential forgiveness, so it’s often smart to tap those first before turning to private MBA loans.

How do student loan interest rates work?

When you take out a private student loan, the lender charges you interest, which is the fee for borrowing the money. This interest is often expressed as an annual percentage rate (APR). The APR on a student loan represents how much the loan costs you when interest and fees are annualized.

Student loan interest rates can be either fixed or variable.

• Fixed rates stay the same for the life of your loan. What you see is what you get, and your monthly payments won’t change.
• Variable rates can go up or down over time based on market conditions. They often start out lower than fixed rates but could end up higher.

Your interest rate is usually based on a mix of factors, including your credit score, income, debt-to-income ratio, and whether you have a cosigner. In general, the stronger your financial profile (or your cosigner’s), the better rate you’ll get.

One important thing to know: Some lenders show you their lowest possible rates, but only the most qualified borrowers actually get them. So it’s always smart to get a few quotes and see what offers are available to you.

When choosing a private student loan lender, nearly 75% of borrowers say a low interest rate is the most important term.

— LendEDU private student loans survey

Are there any fees on student loans? 

Private lenders may also charge fees for student loans, including:

• Origination fees
• Disbursement fees
• Late payment fees
• Returned check fees
• Prepayment penalties

The origination fee is a fee you pay the lender to write the loan. Lenders may charge a fee equal to a percentage of the amount you borrowed or a flat fee. As with federal loans, the origination fee is deducted from your loan proceeds before they’re disbursed. 

Loan fees are an important consideration when comparing private student loan options. In addition to the lowest interest rates, you should prioritize loans with no origination fees, disbursement fees, or prepayment penalties.

How to choose the best student loans for college

Choosing a student loan isn’t just about grabbing the first offer you see—it’s about finding the one that actually fits your needs (and doesn’t cause unnecessary stress later). The best loan for you might not be the same as the best loan for your friend, and that’s totally OK.

My top tip for comparing private student loan lenders is to start by identifying reputable lenders that offer the loan amount you need. Once you’ve narrowed it down to at least three options, compare them based on interest rates, loan terms, repayment structure, and any loan forgiveness or forbearance options they may provide.

Here are some smart questions to ask yourself when you’re comparing private student loan options:

• How much do I actually need to borrow? Try to borrow only what you need—not what you’re offered. Remember, you’ll be paying it back later (plus interest).
• Do I have a cosigner? If your credit history is limited or your income is low, having a cosigner with strong credit can help you qualify for a better rate.
• What interest rate am I getting? Make sure you know whether the rate is fixed or variable—and what the APR (annual percentage rate) is. That’s the real number to watch.
• What are my repayment options? Some lenders let you start paying while you’re in school, while others let you wait. See what fits your budget and future plans.
• Are there any fees? Watch out for origination fees, late payment fees, and prepayment penalties. (The best loans don’t have many extra charges.)
• Is there a cosigner release option? If you’re applying with a cosigner, check whether the lender offers a way to remove them after you’ve made a certain number of on-time payments.
• What happens if I run into financial hardship? Life happens. Some lenders offer options like deferment or forbearance, but others don’t—and it’s way better to know up front.

At the end of the day, it’s about picking a loan that supports your education goals without making life harder down the road. Take your time, read the fine print, and don’t be afraid to shop around for the best offer.

How to qualify for private student loans

Here’s what private lenders usually want to see:

• Good credit history: Most lenders like to see a strong credit score (think 650 or higher), but the best rates usually go to borrowers with scores in the 700s.
• Stable income: You (or your cosigner) should be able to show proof of steady income that’s high enough to handle your future loan payments.
• Low debt-to-income ratio: If you already have a ton of debt compared to your income, it might be harder to qualify—or you might get stuck with a higher interest rate.
• U.S. citizenship or permanent residency: Some lenders require you to be a U.S. citizen or permanent resident. International students usually need a U.S.-based cosigner.
• Enrollment in an eligible school: You’ll usually need to be enrolled at least half time in an approved college, university, or trade program.

Every lender is a little different, but these are the basics they’ll check when you apply.

Do I need a cosigner?

In many cases, yes—especially if you’re a younger student without much (or any) credit history yet.

A cosigner is typically a parent, guardian, or supportive adult who agrees to be responsible for the loan if you can’t make the payments. Having a cosigner can:

• Make it easier to qualify: If your cosigner has strong credit and steady income, you’re way more likely to get approved.
• Help you get a lower interest rate: Lenders see you as less risky with a cosigner on board, which can mean better terms.
• Open up more lender options: Some lenders might not approve you at all without a cosigner—at least while you’re still building your financial profile.

That said, not every borrower needs a cosigner. If you already have good credit and a solid income (or if you’re a grad student with a strong financial history), you might qualify on your own. A few lenders even specialize in no-cosigner loans for qualified applicants—although they can be a little tougher to snag.

And if you do use a cosigner, check if the lender offers a cosigner release program. That way, after you make a certain number of on-time payments, you might be able to take them off the hook.

Can I afford a private student loan?

Once you’ve seen what different lenders offer—or even prequalified for a few rates—it’s time to ask the big question: Can I actually afford this loan?

That’s where our student loan affordability calculator comes in. Just plug in your expected starting salary, one of the interest rates you’ve seen, and your ideal repayment term, and we’ll estimate your monthly payment and how it stacks up against your income. It’s a quick gut check before you move forward with an application.

Private student loans can be a great tool for covering the gaps when scholarships, grants, and federal aid don’t quite stretch far enough. The key is knowing what you’re signing up for—and making sure you’re choosing the loan that actually works for you, not just for right now, but for your future.

Take your time, ask the right questions, and don’t be afraid to shop around. A little extra effort up front can save you a lot of money (and stress) later on. You’ve got this!

Do you have to reapply each year or each semester?

Yes—most private MBA student loans require you to reapply for each academic year you need funding. Unlike a one-time loan that covers your entire MBA program, private lenders typically issue loans on a yearly basis. That means you’ll need to complete a new application for each year of your program.

Keep in mind:

• Your loan terms—like interest rate and repayment options—can change year to year depending on your credit profile, income, and your lender’s current offerings.
• If you’re using a cosigner, their financial situation will also be re-evaluated with each new application.
• Some MBA programs may operate on a semester, trimester, or modular schedule, so be sure to check whether you’ll need to reapply per academic year or per enrollment period based on how your school certifies loan amounts.

Reapplying annually also gives you a chance to compare lenders again and potentially qualify for better terms as your credit or income improves throughout your MBA journey.

How do I receive the funds from a student loan?

Private lenders are typically disbursed directly to your school, with any leftover funds sent to the borrower.

What can I use student loans for?

MBA student loans are designed to cover the essential costs of completing your graduate business education. Whether you’re borrowing federal or private loans, the funds must be used for expenses directly related to your academic program.

You can typically use MBA student loans to pay for:

• Tuition and program fees
• Housing
• Books, supplies, and other equipment
• Transportation to and from school
• Child care expenses so you can attend school
• Miscellaneous fees or out-of-pocket costs you pay for school
• Costs related to a disability, such as specialized equipment or transportation fees

Loans shouldn’t be used for non-essential or personal lifestyle purchases—think luxury travel, dining out, wardrobe upgrades, or entertainment. While the U.S. Department of Education regulates federal loans and must only be used for qualified expenses, private lenders may have their own approved usage guidelines outlined in your loan agreement.

It is important to stay within these guidelines; misusing loan funds can jeopardize your financial future or violate loan terms.

When do you have to start repaying private student loans?

Private lenders typically offer multiple repayment options for MBA students, depending on the structure of your loan and whether you’re enrolled full-time or part-time. Understanding these options can help you manage your cash flow while in school and plan ahead for repayment after graduation.

In-school repayment options

Most private MBA loan lenders allow you to choose from the following:

• Full principal and interest payments while enrolled
• Interest-only payments to prevent your loan balance from growing
• Flat monthly payments (e.g., $25/month) as a low-commitment option
• Full deferment—no payments until after graduation

Deferring payments until after your MBA program ends can be helpful if you’re not earning income or you’re focused on coursework or internships. However, interest will accrue during this period and increase your total loan cost.

If you’re able to make interest-only or even small flat payments during your program, it can reduce the amount of interest that capitalizes and help lower your monthly payments after graduation.

Grace periods

A grace period means a period in which no payment is due on your loans after you graduate or leave school.

Many private lenders offer a grace period, although the length can vary by lender. If your loans have no grace period, you must begin making payments right away. One potential workaround is to refinance your loans to a new lender that offers grace periods, which can give you more time to plan your repayment budget.

Student loan servicers

Your loan servicer is where you’ll send your monthly payments, enroll in a repayment plan, and direct any questions about student loan repayment. You can learn more with our student loan servicers guide.

How are the repayment terms determined?

When you take out loans from a private lender, you may have your choice of repayment terms. 

For example, you might be able to make level payments to your loans over a period of five, seven, 10, or 15 years. Your lender may also allow you to select your payment date. 

Whether you can change your payment due date will depend on the lender. You’re often required to keep the same repayment terms for the life of the loan. You may only be able to change your repayment terms by refinancing your loans with a new lender. 

Private lenders may also provide certain benefits to you to help make repayment easier, including:

• Interest-rate discounts for enrolling in automatic payments
• Cash rewards for earning good grades while in school
• Skip-a-payment option, which allows you to skip one loan payment every 12 months

Lenders may also offer the option to pause student loan payments if you’re experiencing financial hardship. That can help you to avoid falling behind or, worse, defaulting on your loans.

Are there taxes on student loans?

The IRS offers a tax deduction for interest paid to student loans for yourself, your spouse, or an eligible dependent. This benefit extends to all student loans, both federal and private. As of December 27, 2022, the maximum annual deduction is $2,500. 

In addition to deducting student loan interest, you may qualify for other tax breaks, including:

• The American Opportunity Credit, which allows you to claim up to $2,500 per year for the first four years of school
• The Lifetime Learning Credit, which allows you to claim up to $2,000 per year for costs paid toward tuition, fees, books, supplies, and equipment

These credits have phase-out limits, which may reduce the amount of credit you claim. 

You cannot claim both credits for the same expenses in the same year. You can learn more in our guide to student loans and taxes.

---

Our findings from families nationwide who took out private student loans

A new survey from LendEDU reveals something that you may find surprising.

71% of borrowers said their private student loan was worth it.

LendEDU surveyed borrowers to better understand how they navigated the decision to take out private student loans, what challenges they faced, and what they wish they knew before signing.

1. Many borrowers had no federal options

For some borrowers, private loans weren’t a choice but rather a necessity. When asked why they didn’t use federal aid, borrowers cited various eligibility barriers, including:

• Enrolled less than half-time (31.46%)
• Already had a bachelor’s or graduate degree (30.34%)
• Pursuing non-degree, certificate, or bootcamp programs (20.22%)
• Citizenship or residency issues (16.85%)
• Missed the FAFSA deadline (15.73%)

In these cases, borrowers weren’t passing over federal loans—they simply didn’t qualify. One respondent put it plainly:

“In my case, it made more sense to go this way, and I didn’t have to deal with a lengthy application process and endless red tape, so I would recommend it.”

Survey respondent in the Midwest U.S.

2. More than half of borrowers hesitated over interest rates, but many find the trade-off worthwhile

It’s no secret that private student loans can be expensive. Over half (52.17%) of borrowers said high interest rates were their top hesitation, followed by not knowing which lenders to trust (26.47%), eligibility criteria (25.33%), and the overall complexity of the process (24.20%).

Yet despite those concerns, 70.7% of borrowers said they would recommend a private student loan to someone in a similar situation.

That doesn’t mean they weren’t nervous, just that they found the return on investment worthwhile. As one respondent said:

As long as you obtain a degree that will get you a job after school, student loans are just fine.

Survey respondent in the Southern U.S.

3. Low interest rates were the top concern for three-quarters of respondents

When asked what mattered most in choosing a lender, borrowers zeroed in on the fundamentals. For 74.29% of respondents, a low interest rate was very important, followed by:

• Good company reputation (59.92% said “very important”)
• Flexible repayment plans (55.20% said “very important”)
• Good customer reviews (48.77% said “very important”)

If you want to secure a lower interest rate, borrowers recommend comparing multiple lenders, improving your credit score, and applying with a cosigner if possible. One borrower added:

With a reputable lender, the terms are spelled out, and there are no surprises.

Survey respondent in the Southern U.S.

4. More than half of borrowers weren’t confident about loan terms

Understanding loan terms is critical because it helps you avoid costly surprises and ensures you know exactly what you’re committing to. But more than half of respondents (57.28%) weren’t fully confident they understood theirs.

Confidence varied by income, gender, and race:

• High-income borrowers were the most confident (52.13%), while lower-middle earners were the least (35.42%).
• White borrowers had the highest confidence (44.35%), followed by Black and multiracial borrowers. Chinese and Indian borrowers were the least confident (22.22% and 25%, respectively).
• Men were slightly more confident than women (45.4% vs. 42.2%).

For anyone considering a private student loan, it’s crucial that you read the fine print and ask questions about anything you don’t understand.

5. Demographics help shape perceptions

While 71% of borrowers overall recommend private loans, support varies based on where you live, your background, and your lender.

By region

According to survey results, 75.56% of private loan borrowers in the West recommended private student loans, followed by 73.33% of borrowers in the South, 66.67% in the Northeast, and 62.71% in the Midwest.

Interestingly, those rankings also line up with how confident borrowers in each region were in understanding their loan terms.

By race

Asian borrowers were the most likely to recommend private student loans, despite being the least confident of any racial group in understanding loan terms. Here’s how the different groups break down:

• Asian: 76.67%
• White: 72.89%
• Black: 67.53%
• Multiracial: 65.38%
• Other: 48.15%

By household income

Borrowers in higher income brackets were more likely to recommend private loans and show confidence in understanding their loan terms.

But while 188 students from high-income families said they took out private loans compared to 104 students from upper-middle income families, the latter had a higher recommend rate.

A full 75% of upper-middle income students recommend private loans, followed by 72.34% of high-income students. After that, it’s lower-middle income students (69.79%), low-income students (69.51%) and very-low income students (62.75%).

By gender

We did not observe a significant difference between genders when it comes to recommendations. Female borrowers (70.91%) were only slightly more likely than male borrowers (70.69%) to advocate for private loan use.

By generation

Gen Z borrowers (74.36%) were the most likely to recommend private student loans, followed by Gen X (73.47%), Baby Boomers (72.31%), and the Silent Generation (71.43%). Then, there’s a steep dropoff among Millennials, with only 64.97% recommending private loans.

Confidence about understanding loan terms was also the lowest among Millennials, with 38.85% said they were fully confident compared to 48.72% of Gen Z borrowers.

This may suggest that the youngest generation is better prepared for college financing, or may simply be better at researching unfamiliar terms .

By lender

The lender you choose can have a significant impact on your overall experience and whether or not you’d recommend others follow in your footsteps.

According to survey respondents, College Ave appeared to provide the best customer experience, as 86.96% of its borrowers recommended private student loans.

SoFi (79.31%), Discover (78.26%), and Sallie Mae (74.03%) also had high recommend rates.

PNC Bank (66.67%) and Citizens Bank (60%) were the only lenders below the average recommend rate.

See the complete survey here.

Recap of the best private MBA student loans