Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Student Loans American Express Student Loan Alternatives Updated Feb 01, 2024 5-min read Written by Zina Kumok Written by Zina Kumok Expertise: Student loans, credit scores, personal loans, banking, education planning Zina Kumok is a personal finance writer dedicated to explaining complex financial topics so real people can understand them. As a former newspaper reporter, she has covered everything from murder trials to the Final Four. Learn more about Zina Kumok American Express is one of the most popular credit card issuers in the market. The company has a wide variety of cards and other loan products, but it does not offer student loans. Instead, you can choose federal or private student loans if you need to borrow money for college. While federal student loans should be your first choice because of their low rates, loan forgiveness programs, and repayment options, private lenders can help you cover costs if you’ve maxed out your federal loans. 4 American Express student loan alternatives Since American Express doesn’t offer student loans, you’ll have to look elsewhere for a private loan. Check out our guide to the best private student loan lenders for a comprehensive comparison. We’ve also reviewed some of the lenders below. If you want to refinance existing student loans, you can check out our guide to the best student loan refinance companies. College Ave View Rates Editorial Selection: Best Overall Student loans for undergraduates, graduates, parents, and career trainingYou choose your repayment plan and termGet a decision in just 3 minutes College Ave is our top-rated private student loan lender, and they offer a wide range of student loan products. While most College Ave loans require a cosigner, you can remove the cosigner halfway through the repayment term and after 24 on-time monthly payments. The lender has limited options for deferment and forbearance. As with all private loans, the interest rate will depend on your credit score and other criteria. Fixed rates (APR): Between 3.24% and 13.95% APRVariable rates (APR): Between 0.94% and 12.99% APRLoan amounts: $1,000 to 100% of the certified costsRepayment Terms: 5, 8, 10, or 15 yearsIn-school repayment options: Deferred payments, $25 monthly payments, interest-only payments, and full principal and interest paymentsGrace Period: 6 monthsCosigner Release: Yes; after 24 on-time monthly payments and when you’re halfway through the repayment termUnique benefits: You can apply and receive a credit decision within 3 minutes College Ave student loan benefits Borrowers who select College Ave can pick from a variety of in-school repayment options and repayment terms, so students can find a monthly payment that works for them. Also, College Ave has partnered with Payce Rewards, which lets you earn cash back when you shop at certain retailers. You could put the cash back toward your student loans, save for an emergency, or treat yourself. Sallie Mae View Rates Editorial Selection: Best for Cosigners Student loans for undergraduates, graduates, and career trainingCosigners can be released after 12 consecutive, on-time monthly payments Sallie Mae is one of the most well-known private lenders. They offer low interest rates and several in-school repayment options. Students can take out loans for undergraduate, graduate, and career training programs. Fixed rates (APR): Between 3.75% and 13.72% APRVariable rates (APR): Between 2.62% and 12.97% APRLoan amounts: $1,000 to 100% of school-certified costsRepayment Terms: 5 – 15 yearsIn-school repayment options: Interest-only payments, $25 payments, and deferred paymentsGrace Period: 6 monthsCosigner Release: After 12 on-time payments and if you meet credit requirements Sallie Mae student loan benefits Borrowers only have to make 12 consecutive on-time payments and meet credit requirements before they can remove the cosigner. Earnest View Rates Editorial Selection: Best for No Fees Ability to skip one payment per yearNo feesCheck your rate without impacting your credit Earnest offers student loans and student loan refinancing to undergraduate students, graduate students, and parents. Their interest rates are low, and they have a variety of in-school repayment options and loan repayment terms. Fixed rates (APR): Between 3.22% and 13.86% APRVariable rates (APR): Between 3.22% and 13.86% APRLoan amounts: $1,000 to 100% of the cost of attendanceRepayment Terms: 5, 7, 10, 12, or 15 yearsIn-school repayment options: $25 monthly payments, interest-only payments, deferred payments, and full principal and interest paymentsGrace Period: 9 monthsCosigner Release: Not availableUnique benefits: Can set up biweekly payments Earnest student loan benefits Earnest offers a nine-month grace period, while most other lenders only offer a six-month grace period. Another Earnest perk is the option to skip one payment each year. This will push back your payoff date but may help if you’re struggling financially and need a temporary break from student loan payments. Ascent View Rates Editorial Selection: Best for Eligibility Student loans for undergraduates, graduates, and career training1% cash back upon proof of graduationCheck your rate without impacting your credit Ascent offers cosigned and non-cosigned loans to student borrowers. Non-cosigned loans let students qualify for a loan without their parents, and Ascent is the only lender on this list that targets undergraduate students who don’t have a cosigner. Fixed rates (APR): Between 3.22% and 13.86% for cosigned loans and between 8.83% and 14.75% APR for non-cosigned loans1Variable rates (APR): Between 0.98% and 10.29% APR for cosigned loans and between 6.00% and 11.79% APR for non-cosigned loans1Loan amounts: $2,001 to $200,000Rate reduction: 1% discount for automatic payments for non-cosigned loans and 0.25% discount for automatic payments for credit-based loansRepayment Terms: 5, 7, 10, 12, or 15 yearsIn-school repayment options: Interest-only payments, $25 fixed payments, and deferred paymentsGrace Period: 9 monthsCosigner Release: 12 consecutive on-time payments and must meet credit requirementsUnique benefits: Students can get a 1% cash-back bonus after graduation Ascent student loan benefits Ascent has a nine-month grace period, while most lenders only offer six months. Also, Ascent provides a 1% cash-back bonus after graduation. Students can use this money to start a savings account, put toward their loans, or cover other expenses. 1 Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 10/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.