Best Student Loans in New York of September 2024
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.
| Lender: | Loan Amount: | APR: | Min. Credit Score: | Best For: |
|---|---|---|---|---|
| SuperMoney | Up to $500,000 | As low as 1.55% | Undisclosed | People who want to see multiple options |
| SoFi | Starts at $5,000 | 4.49% — 8.99% | 650 | Good credit |
| LendKey | $5,000 — $300,000 | 3.99% — 10.68% | 660 | Good credit |
| Discover Student Loans | Undisclosed | 4.74% — 15.59% | Undisclosed | Repayment flexibility and fair credit |
| Ascent | $2,000 — $200,000 | 10.50%—16.75% | Undisclosed | Those who desire longer grace periods |
| Edly | $5,000 — $25,000 | 5.3% income share | Undisclosed | No cosigner or credit history |
| Sallie Mae | Starts at $1,000 | 4.50% —14.83% | Undisclosed | Short cosigner release periods |
Our Marketplace
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 September 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
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| Loan Amount: | Up to $500,000 |
| APR: | 0% – 36% |
| Min. Credit Score: | 0 |
| Approval: | Same day |
| Terms: | Up to 25 years |
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| Best For: | Comparing various lenders |
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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
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| Loan Amount: | $5,000 – $100,000 |
| APR: | 5.74% – 20.28% |
| Min. Credit Score: | 680 |
| Approval: | 1 – 7 Days |
| Terms: | 2 – 7 Years |
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| Best For: | Good credit |
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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
Cons:
- Late fees apply
- No cosigner release
- Minimum loan amount starts at $5,000
- Higher-than-average minimum credit score required (650)
- 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
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| 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 |
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| Average Borrower Profile: | LendKey doesn’t disclose average personal loan statistics. |
| Best For: | Good credit |
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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
- Generous APRs (3.99%-10.68% fixed; 3.27%-6.87% variable)
- 18-month forbearance option for 15 and 20-year loan terms
Cons:
- Late fees apply
- No academic or military deferment
- Higher-than-average minimum credit score required (660)
The Impact of Covid-19:
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
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| Loan Amount: | Undisclosed |
| APR: | 4.74% to 15.59% |
| Min. Credit Score: | Undisclosed |
| Approval: | 1 Day |
| Terms: | 15 to 20 years |
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| Average Borrower Profile: | Discover Student Loans doesn’t disclose average personal loan statistics. |
| Best For: | Repayment flexibility and fair credit |
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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
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| 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 |
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| Best For: | Those who desire longer grace periods |
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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)
Cons:
- No disclosed minimum credit score
- International students cannot use a cosigner
- Not the lowest fixed-rate APRs (10.50% to 16.75%)
The Impact of Covid-19:
Ascent offers a Temporary Hardship Forbearance Program that helps students if they need to pause payments. Forbearance can be extended to Ascent student loan borrowers in 1 to 3-month increments. For more information, visit Ascent – What is Student Loan Forbearance.
Edly
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| Loan Amount: | $5,000 — $25,000 |
| APR: | 5.3% income share |
| Min. Credit Score: | Undisclosed |
| Approval: | Up to 7 Days |