Today, there are plenty of small business loans New Yorkers can take advantage of to bring their business idea to life. Whether it’s a brick-and-mortar business or an online retailer, borrowers of all credit scores can enjoy low-interest rates, favorable repayment terms, and minimal fees.
Keep reading to learn more about small business loans in New York, including the current interest rate climate, types of business loans available, how to qualify, and recommendations on top lenders.
ElitePersonalFinance allows you to compare quotes from multiple lenders. Make a well-informed decision with insights from our top finance experts from ElitePersonalFinance.
Why Trust ElitePersonalFinance Guides?
Written by some of the most sought-after finance experts in the industry, ElitePersonalFinance conducts meticulous research on all of our student lenders. Our picks are validated based on APRs, loan repayment terms, fees, and miscellaneous nice-to-haves, such as consumer education and employment assistance. We also wrote our guide with international students across all credit scores in mind.
Have an opinion about a lender not listed here? Let our team at ElitePersonalFinance know about it with a quick email to info@elitepersonalfinance.com, and one of our team members will get back to you as soon as possible.
Best Student Loans in New York 2022 of May 2024: Key Findings
The best student loans in NY offer up to $500,000 with APRs as low as 1.55%.
NY students with good credit can enjoy APRs of 4.49% — 8.99% (SoFi) and 3.99% — 10.68% (LendKey).
Student loan borrowers can take advantage of alternative student lenders like Ascent and Edly, which offer longer grace periods (9 months) and no cosigner/credit history required.
To qualify for a good credit student loan in New York, you must have a credit score of at least 650.
Student loan APRs in NY rarely exceed 16.75% APR.
SuperMoney
Loan Amount:
Up to $500,000
APR:
0% – 36%
Min. Credit Score:
0
Approval:
Same day
Terms:
Up to 25 years
Fees:
Loan origination fees range between $100 and $500.
Late payment fees range between $5 and $50.
Most lenders don’t charge prepayment fees.
Ongoing maintenance fees vary by each lender.
Qualification Criteria:
Be at least 18 years of age.
A maximum D-T-I ratio of 50%.
An annual income of not less than $24,000.
Has less than 5 credit inquiries in the last 6 months.
No bankruptcies reported in the last 12 months.
Has three open credit lines.
Fill out your information through SuperMoney’s online portal.
Average Borrower Profile:
SuperMoney connects borrowers with personalized financial product offers from banks and other lenders.
Financing options are available if you have bad, fair, good, or excellent credit.
SuperMoney is a legit choice for good and bad credit New Yorkers looking for private student loans from an expansive network of lenders to complement their federal student loans.
Unlike direct lenders like SoFi and Sallie Mae, SuperMoney is an online lender marketplace, not a direct lender or loan servicer. It covers everything from personal to private student loans. It offers a healthy mix of student lenders offering loan amounts as little as $2,000 upwards of $500,000 with APRs as low as 1.55%. In addition, many offer no origination, prepayment, or late fees with optional cosigners for bad credit NY borrowers to enjoy better rates.
All in all, look to SuperMoney if you are looking to compare multiple lenders with one easy-to-view interface.
Pros:
Easy-to-use interface
APRs as low as 1.55%
Maximum loan amount of $500,000
Variable and fixed interest rates are available
Hundreds of reputable private student lenders
No origination or prepayment fees with some lenders
Cons:
Not a direct lender
Requires credit checks
Not all lenders are transparent with fees
The Impact of Covid-19:
SuperMoney is an online marketplace, so all forbearance and hardship options are handled by each direct lender. Please refer to each of them for more details.
SoFi
Loan Amount:
$5,000 – $100,000
APR:
5.74% – 20.28%
Min. Credit Score:
680
Approval:
1 – 7 Days
Terms:
2 – 7 Years
Fees:
There are no loan origination fees.
There are no late payment fees.
There are no closing fees.
There are no prepayment fees.
Qualification Criteria:
Be at least 18 years of age.
Have a credit score of at least 680.
Be employed, have an employment offer that starts in 60 days, or have recurring income from other sources.
Fill out your information through SoFi’s online portal.
SoFi is a legitimate choice for good credit with your course looking for loan refinancing and private student loans with additional perks such as job search assistance.
Like LendKey, SoFi is very well diversified. It offers fixed and variable APRs of 4.49% to 8.99% on loans starting at $5,000. Loan repayment plan terms can be 5,7,10,15, or 20 years. Regarding qualifying, NY student loan borrowers must be US citizens or permanent residents with a minimum credit score of 650 with no income requirements. However, typical SoFI borrowers have $100,000+ annual incomes.
Look to SoFi if you want to refinance a student loan with favorable rates and a well-run career planning/job search help.
Pros:
Excellent APRs (4.49% to 8.99%)
No application, origination, or prepayment penalties
Academic, military, and disability deferments are available
Extra benefits such as career planning and job search assistance
Does not offer forbearance periods greater than 12 months
The Impact of Covid-19:
SoFi offers several options for those experiencing financial hardship. Learn more about applying for economic hardship deferment by visiting SoFi Learn.
LendKey
Loan Amount:
$5,000 — $300,000
APR:
3.99% — 10.68% fixed; 3.27% and 6.87% variable
Min. Credit Score:
660
Approval:
1 – 7 Days
Terms:
5 to 20 years
Fees:
Late fees apply.
No origination fees.
No prepayment penalties.
Qualification Criteria:
Minimum 660 credit score.
Maximum DTI of 50%.
Minimum income of $24,000 (or $12,000 per year when enrolling with a cosigner).
Fill out your information through LendKey.
Average Borrower Profile:
LendKey doesn’t disclose average personal loan statistics.
LendKey is a solid choice for low-income New Yorkers looking for student loan refinancing.
Consider LendKey one of the more well-rounded student loan companies we’ve covered. Fixed APRs on loans from $5,000 to $300,000 range from 3.99 to 10.68%, and variable APRs fall between 3.27% and 6.87% with small point deductions in return for enrolling in auto-pay. Loans term go from 5 to 20 years.
There are also no origination and prepayment penalties.
To be eligible for a LendKey student loan, you must be a US citizen or permanent resident with a minimum 660 credit score, max debt-to-income ratio of 50%, and a minimum income of $24,000 a year (or $12,000 per year when enrolling with a cosigner).
Pros:
Can use a cosigner
Excellent customer service
Low minimum income requirement ($24,000)
No application, origination, or prepayment penalties
Fortunately. LendKey has several options when it comes to student loan forbearance. Feel free to give them a call at 888-966-9268 or email serving@lendkey.com.
Discover Student Loans
Loan Amount:
Undisclosed
APR:
4.74% to 15.59%
Min. Credit Score:
Undisclosed
Approval:
1 Day
Terms:
15 to 20 years
Fees:
Origination fees apply.
No prepayment fees.
Late payment fees apply.
No early termination penalties.
Qualification Criteria:
No minimum income.
No minimum credit score.
Fill out your information through Discover Student Loans’s online portal.
Average Borrower Profile:
Discover Student Loans doesn’t disclose average personal loan statistics.
Discover Student Loans is an excellent choice for New Yorkers with unstable incomes who prefer flexible terms with no late fees.
Discover Student Loans offers a $1,000 loan minimum with fixed APRs ranging from 5.49% to 15.99% and variable APRs ranging from 4.74% to 15.59%. However, unlike most of our other recommended lenders, Discover offers little repayment plan terms (only a single 15-year loan term is provided for undergraduate students versus a 20-year loan for graduate students).
To qualify for a Discover Student loan, you must be a US citizen/permanent resident enrolled in a financial aid-eligible school as a part or full-time student. There is no minimum income or credit score.
We like Discover Student Loans for its repayment plan flexibility, an excellent place for struggling New York student loan borrowers.
Pros:
Instant approval
Solid variable APRs (4.74% to 15.59%)
Generous fixed APRs (5.49% to 15.99%)
International students welcome with a cosigner
No late, prepayment, application, or origination fees
Cons:
Hard inquiries
No cosigner release program
Up to two weeks for loan approval
Limited loan terms (15 or 20 years)
No disclosed minimum income or credit score
The Impact of Covid-19:
Discover’s Repayment Assistance team does offer deferment and forbearance programs to provide temporary relief to those experiencing financial hardship or illness. Other programs include Early Repayment Assistance (3-month deferral for payments) and payment extension programs on loans delinquent for 60 days or more. For more information, call Discover’s Repayment Assistance team at 800-STUDENT.
Ascent
Loan Amount:
$2,000 to $200,000
APR:
10.50% to 16.75% fixed; 8.33% to 14.40% variable
Min. Credit Score:
Mid-500s
Approval:
1 day
Terms:
5, 7, 10, 12, or 15 years
Fees:
No application fees.
No prepayment penalties.
Late fees apply.
Qualification Criteria:
Be at least 18 years of age.
Have a credit score of at least 550.
U.S. citizen/permanent resident /Deferred Action for Childhood Arrival (DACA) status (non co-signer).
Non-U.S. citizen or permanent resident (with co-signer who is a U.S. citizen/permanent resident.
Fill out your information through Ascent’s online portal.
Average Borrower Profile:
Ascent doesn’t disclose average personal loan statistics.
Ascent is a solid choice for New Yorkers with excellent credit looking for longer-than-average grace periods (9 months!) and payment flexibility with five different repayment plan terms.
APRs on Ascent student loans are suitable for fixed APRs from 10.50% to 16.75% and variable APRs from 8.33% to 14.40%. Loan amounts range from as little as $2,000 upwards of $200,000 with repayment plan terms of 5, 7, 10, 12, or 15 years. Kudos for a baked-in 0.25% rate reduction with automatic payment enrollment.
To qualify for an Ascent student loan, you must be a US citizen or permanent resident (or international student with a qualifying cosigner) enrolled in a part-time or full-time academic program from an eligible School. There is no disclosed minimum income or credit score requirement.
Pros:
Soft inquiry
Flexible and easy payment terms
Grace period of 9 months
Excellent customer service ratings
Loan amounts from $2,000 to $200,000
Five different repayment terms (5, 7, 10, 12, or 15 years)
Supported at more than 1,700 schools with more than $75MM dollars of tuition loan funds disbursed, Edly is an excellent choice for New York students looking for a lender/servicer with no cosigner or credit history who would prefer an income share agreement.
We like Edly’s well-rounded terms, starting with an average 5.3% income share on incomes exceeding $30,000 with total payments capped at 2.25 times the loan amount. Loan amounts range from $5,000 to $25,000 with no application, origination, or repayment plan penalties. Late fees of 6% of the past due balance or $25 (whichever is less) apply.
Loans are repaid out of your future paycheck within two years after graduation with a four-month grace period.
To qualify for an Edly student loan, you must be a US citizen or permanent resident enrolled part-time or full-time in an approved school.
Pros:
Soft inquiry
No interest rate
Instant approval
Fast application to approval time
Maximum debt-to-income ratio of 36%
Unemployment deferment option available
Average 5.8% income-based repayment rate
Cons:
No military deferment option
Bankruptcy filers cannot qualify
Lower than average maximum loan amount ($25,000)
The Impact of Covid-19:
Although Edly does not explicitly talk about forbearance or hardship options on its website, it does offer a dedicated service number. Call them at 914-775-8299 Monday through Friday from 8 a.m. to 7 p.m. ET.
Sallie Mae
Loan Amount:
Starts at $1,000
APR:
4.50% —14.83%
Min. Credit Score:
Undisclosed
Approval:
Up to 7 Days
Terms:
5, 10, or 15 years
Fees:
No application fees.
No repayment fees.
Late fee 5% of the amount of past due payment up to a $25 max.
Qualification Criteria:
US citizen or permanent resident.
Enrollment in an eligible school.
No minimum disclosed income/credit score.
Fill out your information through Sallie Mae’s online portal.
Average Borrower Profile:
Sallie Mae doesn’t disclose average personal loan statistics
The most popular student loan lender/servicer, Sallie Mae is an excellent choice for NY students looking for low fixed/variable rates and short cosigner release periods.
Rounding out Sallie Mae’s offerings include a minimum loan amount of $1,000 with 5, 10, or 15-year installment repayment terms. APRs are solid (4.50% – 14.83% fixed; 4.62%-14.96%) variable with a six-month grace period and a forbearance option up to 12 months (in 3-month increments).
One of Sallie Mae’s biggest benefits is its quick cosigner release period. Allowing cosigners to be released from a loan after 12 consecutive on-time monthly payments made. Other benefits include a free Chegg subscription and a Multi-Year Advantage, which boasts a 90% approval rate for students that request a loan each year.
Eligibility requirements for a Sallie Mae loan include US citizen or permanent residency, enrollment in an eligible school, and no open bankruptcies. In addition, there is no minimum disclosed income or credit score needed.
Pros:
Excellent APRs
Short cosigner release
Grace period of six months
Up to 12 months forbearance
Repayment terms from 5 to 15 years
Credit decision in 15 minutes or less
Free Chegg subscription and Multi-Year Advantage
Cons:
Hard inquiries
No pre-qualification process
Only 5, 10, or 15-year loan terms
5% of past-due payments or a maximum of $25 late fee
Best Private Student Loans in New York of May 2024
The best private installment student loans in New York offer excellent APRs as low as 1.55% and flexible repayment terms.
Here are our picks for the best private student loans in New York:
Ascent
Sallie Mae
SoFi
Discover Student Loans
MPOWER
To see a complete list of our recommended private student loans, please visit our Marketplace.
Best Private Student Loan for Refinance in New York of May 2024
The best private student installment loans for refinance offer tremendous benefits, including loans up to $500,000 from lenders like PenFed offering fixed 2.99 – 5.15% APRs and 2.19 – 4.49% variable APRs. To qualify, these lenders typically look for credit scores in the mid to upper 600s with stable income and a DTI of 50% or less.
Here are our picks for the best private student loan for refinancing in New York:
PenFed
SoFi
Wells Fargo
Discover
LendKey
To see a complete list of our recommended private student loans for refinancing, please visit our Marketplace.
Best Private Student Loan Rates With No Cosigner (New and Refinance) in New York of [Month] 2024
The best private student loan rates with no cosigner offer flexible APRs (think 10.20-16.75% fixed APRs from lenders like Ascent) and repayment terms. Like federal student loans, these lenders do not need a co-signer.
Here are our picks for the best private student loan rates with no cosigner (new and refinance) in New York:
Edly
Ascent
Funding U
To see a complete list of our recommended best private student loan rates with no cosigner, please visit our Marketplace.
Best Private Student Loan Rates for Bad Credit (New and Refinance) in New York of [Month] 2024
Bad credit NY student loan borrowers should not fret about predatory APRs and terms. Today, bad credit New York borrowers can benefit from lower rates through a cosigner with a good credit score.
Here are our picks for the best private student loan rates for bad credit (new and refinance) in New York:
Avenify
MPOWER
A.M. Money
Funding U
To see a complete list of our recommended private student loan rates for bad credit, please visit our Marketplace.
Best Private International Student Loan Rates (New and Refinance) in New York of [Month] 2024
Although international students have fewer options than domestic students, they may still be eligible for private lending opportunities through banks, credit, unions, and online lenders.You will need a U.S. citizen/permanent resident cosigner with good credit above 620 or take advantage of private student loans with elevated fixed APRs in the 7.52-13.63% range.
Here are our picks for the best private international student loan rates in New York:
Ascent
MPOWER
Sallie Mae
Earnest
Discover Student Loans
LendKey
To see a complete list of our recommended private international student loan rates, please visit our Marketplace.
Best Private Parent Loan Rates (New and Refinance) in New York of [Month] 2024
The best private parent loans are issued to parents, not students. It’s a good choice for students who have already maxed out their federal student loan options. The best private parent loans are good for APRs as low as 2.80% (~720 credit scores) or a more typical 3.999%-14.96% range for parents with mid-600 credit scores.
Here are our picks for the best parent loan rates (new and refinance) in New York:
Federal Parent PLUS Loan
SoFi
College Ave
Advantage Education Loan
ISL Private Student Loan
To see a complete list of our recommended private parent loan rates, please visit our Marketplace.
Best Private Part-time Student Loan Rates (New and Refinance) in New York of [Month] 2024
Part time college students still qualify for federal student installment loans. However, private part-time student loans work if you have maxed out your federal lending options, good for APRs in the 3.99-14.86% range (like College Ave)
Here are our picks for the best private part-time student loan rates (new and refinance) in New York:
College Ave
Sallie Mae
MPower
A.M. Money
To see a complete list of our recommended private part-time student loan rates, please visit our Marketplace.
Best Income Share Loan Rates (New and Refinance) in New York of [Month] 2024
Income share agreements allow students to repay school loans using a portion of their future paycheck up to two years after graduation. It’s an excellent option for students with no cosigner or credit history.
Here are our picks for the best income share loan rates (new and refinance) in New York:
Edly
Stride Funding
To see a complete list of our recommended income share loan rates, please visit our Marketplace.
Best Graduate School Loan Rates in New York of [Month] 2024
The best installment loans for graduate school offer excellent APRs and repayment terms. Well established lending companies like College Ave and Ascent are good for fixed APRs up to 16.85% and variable APRs up to 14.98% in exchange for a mid-600 credit score.
Here are our picks for the best graduate school loan rates in New York:
College Ave
Ascent
Federal Subsidized/Unsubsidized School Loans
Federal Grad PLUS Loan
Edly
To see a complete list of our recommended graduate school loan rates, please visit our Marketplace.
Best Subsidized Loan Rates in New York of [Month] 2024
The best subsidized student loans in NY come directly from the government, offering excellent repayment options and lower interest rates than private lenders. Fees are also marginal with only origination and late fees assessed.
Here are our picks for the best subsidized loan rates in New York:
Federal Subsidized Loan
To see a complete list of our recommended subsidized loan rates, please visit our Marketplace.
Best Unsubsidized Loans in New York of [Month] 2024
The best unsubsidized student loans in NY generally come from banks and credit unions, offering fixed APRs as low as 3.74% (Wells Fargo) and variable APRs as low as 1.24% (Citizens)
Here are our picks for the best unsubsidized loans in New York:
Wells Fargo
Discover
Citizens
To see a complete list of our recommended unsubsidized loans, please visit our Marketplace.
How to Find the Best Student Loan in New York 2022 of May 2024
Here are our recommendations for finding the best, most legit school loan in New York:
Max Our Federal Options. Before considering private student lenders, look to direct federal loans. Federal Direct Loans generally access lower fees/lower interest rates, flexible repayment options, and do not require cosigners or credit checks. However, loan amounts are limited (up to $5,500 for first-year students and $7,500 for juniors and seniors).
Shop Around. Looking for a mix of banks, credit unions, and online lenders for student loans. Assess them based on APRs, term limits, repayment flexibility, and hardship options. The higher your credit score/income and the lower your debt-to-income ratio, the more likely you will be approved for a low APR private school loan.
Note, NY students with bad credit can still take advantage of low-interest rate private student loans by enlisting a cosigner. However, with nearly 90% of all undergraduate private student loans using a cosigner, it’s a foregone conclusion.
When shopping around, look for a minimum of three lenders. Online marketplaces like SuperMoney or direct lenders like SoFi and Edly are all excellent sources.
How to Qualify for a Student Loan in New York 2022 of May 2024
Unlike government-backed federal student loans, private student loans are funded by banks, credit unions, and other private entities with their eligibility requirements.
Here is what is needed to qualify for a legitimate private school loan in NY.
US Citizen or Permanent Residency. Almost all private school loans require NY borrowers and/or cosigners to be social security card-carrying US citizens or permanent residents 18 years or older.
Program Eligibility. Enrollment in a part-time or full-time academic program at a financial aid-eligible school is a must.
Credit, Income, and Debt-to-Income Criteria. Each private lender has set minimum credit score, income, and debt-to-income requirements. Expect a minimum required credit score of 600 with proof of recurring income (as little as $24,000 annually) and a DTI of 50% or less unless you apply with a cosigner with good credit to excellent credit. Cosigners can be parents, guardians, or close relatives.
How to Apply for a Student Loan in New York 2022 of May 2024
To apply for a federal student loan, NY borrowers must complete the Free Application for Federal Student Aid (FAFSA). Types of federal student loans include direct subsidized loans, direct unsubsidized loans, Grad PLUS loans, and Parent PLUS loans with limits set based on the loan type, school year, and dependent status.
Once you have completed FAFSA, expect a legitimate financial aid offer from your College University shortly after that, indicating the percentage of tuition funds covered by your loan. Before receiving loan funds, some colleges may require entrance counseling and sign a Master Promissory Note indicating your acceptance of all loan terms.
For more information on applying for federal student loans, contact your school’s financial aid office.
To apply for legitimate private student loans, banks, credit unions, and online lenders have their processes. Apply directly on each lender’s website. All applications require basic personal/financial information, desired interest rate/repayment option, and cosigner information.
Many private student loan applications can offer credit results in as little as 20 minutes.
Tips to Get a Student Loan in New York 2022 of May 2024
Here are our top recommendations for getting a private student loan in New York.
Boost Your Credit Score. With many student lenders requiring a 640+ credit score, keeping it in top shape is necessary. Quick fixes for credit scores include disputing credit report errors, making on-time payments, and lowering your credit utilization ratio to 35% or less.
Retrieve your credit score quickly and easily by pulling free credit reports from each of the three credit bureaus (Equifax, Experian, and TransUnion) through annualcreditreport.com. All NY borrowers are entitled to a free credit report every 12 months.
Use a Cosigner. If you have no limited or bad credit, enlist the help of a cosigner or lower interest rates—cosigners with high credit scores sign on to share joint responsibility for loan payoff.
Shop Around. Shop around and compare terms from a minimum of three private student lenders. Rates may vary wildly between lenders. For example, one lender commonly may offer an APR two percentage points lower than a competing lender.
About Student Loans in New York
To help pay for college, NY borrowers have the option of federal or private student loans.
The federal government manages federal student loans. These legitimate sources of financing include direct subsidized loans, direct unsubsidized loans, and Direct PLUS Loans for upper-level students like master’s and doctorate students, paid for by parents.
In turn, private student loans are funded by banks, credit unions, and online lenders with no ties with the federal government. They generally have more rigid eligibility criteria with higher rates and fees. Thanks to not being subsidized, borrowers are on the hook for all interest, although some may be tax deductible.
Average Student Loan Debt in New York 2022 of May 2024
According to Lending Tree, more than 2.7 million New York borrowers owe an average federal and private student loan debt of $35,638, along with a otal outstanding debt + 99.8 billion dollars with an average monthly payment of $301.
This $35,638 figure places New York in 9th place nationwide.
For perspective, the District of Columbia leads an average federal and private student loan debt with $52,049, followed by Maryland ($39,505) and Georgia ($39,272).
The states with the lowest average federal and private student loan debt are Nebraska ($28,684), North Dakota ($29,246), and Wyoming ($29,315).
Current Average Student Loan Interest Rates in New York 2022 of May 2024
Generally, federal student loan rates in New York hover in the 4.99% to 7.54% range. Private lenders in NY come in a bit higher, topping out around 14.96%.
Given inflation and the ongoing actions of the Federal Reserve, student loan interest rates change daily, even hourly. For the latest student loan interest rates, please visit each lender’s respective page.
Biden Forgiveness Debt Relief Program Updates in New York 2022 of May 2024
Thanks to COVID-19 and another economic challenge, the Biden administration extended referendums on federal student loans, allowing borrowers from low and middle-income families to receive debt relief.
NY households eligible for up to $10,000 in debt relief include individuals earning less than $125,000 annually and families receiving less than $250,000 annually.
As of this writing, the pause has been extended through December 31st, 2022, with payments scheduled to start again in January 2023. Be sure to check with ElitePersonalFinance regularly for the latest updates.
What Are 529 Plans And How Do They Affect NY Borrowers?
529 plans are investment accounts offering tax benefits for qualifying educational expenses by NY students. They fall under two categories — college savings and prepaid tuition plans.
College saving plans operate similarly to a 401K, requiring NY borrowers to invest after-tax contributions across several asset classes, such as index or mutual funds. There are no annual contribution limits, but there is an aggregate contribution limit anywhere from $235,000 to $550,000, depending on the state.
In turn, prepaid tuition plans allow NY borrowers and their parents or guardians to prepaid tuition at today’s tuition rates at participating colleges and universities. This provides a hedge against rising tuition costs.
Benefits to enrolling in 529 College savings plans include tax-deferred growth and tax-free withdrawals if the money is used to pay for education-related expenses.One of New York’s most popular 529 programs is the 529 College Savings Program. For more information on opening an account, call an education savings specialist at 877-697-2837 Monday to Friday from 8 a.m. to 8 p.m. ET or visit NY 529 Direct Plan – Highlights.
A Word on Student Loans New York Taxes
In August 2022, President Joe Biden announced up to $20,000 in federal student loan forgiveness for borrowers, which would not be counted against the federal income tax (despite taxes on canceled student debt still applicable).
This led the NYS Department of Taxation and Finance to declare it would not treat student loan forgiveness as taxable income.
To pick the best student loans in New York, we meticulously researched more than 30 lending institutions, comprising banks, credit unions, and online lenders. All of them were compared based on APRs, repayment terms, cash availability, government subsidies, online reputation, and other criteria to determine their worthiness.
We also paid close attention to third-party review sites like Trustpilot to grade each lender’s reputation. Private lenders with an unfavorable ratio of negative to positive feedback were not considered.
Remember, the team at ElitePersonalFinance reviews our guide information on a weekly/monthly basis, ensuring only the latest rates and terms are posted.
If you have any feedback or suggestions on lenders not listed here, email our team at info@elitepersonalfinance.com. We promise to get back to you within the next several business days.
Frequently Asked Questions
What is the difference between student loan refinance and consolidation?
The difference between student loan refinance and consolidation lies mainly in the type of lender that is involved. Consolidating bundles multiple federal loans into a single monthly payment, whereas refinancing can mix both federal and private student loans into a single, lower interest rate loan.
What are subsidized and unsubsidized loans?
Subsidized and unsubsidized loans are offered by the federal government. Subsidized loans incur a standardized interest rate, which the government is responsible for paying the interest for as long as you are in school. In turn, unsubsidized loans start occurring interest the day you take out the loan, even if payments on your principal amount is deferred.
Can I get a student loan with bad credit or no credit?
Yes, there are plenty of lending companies for NY student borrowers to obtain a loan with bad credit or no credit. One of the most popular options is to seek alternative student loans like Edly (income share agreement) or enlist the help of a cosigner through lenders like Sallie Mae, as long as they have a good credit score.
Conclusion
All in all, there is no shortage of lending companies when it comes to federal and private student loans with low APRs, flexible repayment terms, and co-signer rules for domestic and international students. Thanks for allowing ElitePersonalFinance to become your go-to resource for student loans to fund the next chapter in your academic journey.
Ray Prince is a finance writer for Elite Personal Finance. He specializes in writing long-form content and product descriptions for websites across multiple industries, including automotive and consumer technology. His work appears on sites such as Freeway Insurance, Auto Guide, Turn5, and Compare.com, with past and current roles as a digital operations manager at Pandora Media and iHeartMedia.
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