The following overview summarizes key features of three private student loan providers so you can evaluate interest rates, discounts, and repayment structures. Each lender funds loans through partner banks and applies eligibility and jurisdictional limits; for example, Ascent’s loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC, while Earnest loans are made through One American Bank or FinWise Bank (addresses and NMLS numbers are included below). This guide keeps the original numeric details intact — including APRs effective dates, discount tiers, sample amortizations, and program rules — while presenting the material in a restructured, reader-friendly format. Where applicable, definitions such as grace period and deferment are highlighted to clarify terminology for borrowers.
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Ascent: funding partners, discounts, and sample amortizations
Ascent’s undergraduate and graduate loan products are funded through partner banks (Bank of Lake Mills or DR Bank), and availability varies by jurisdiction; specific restrictions and full details are provided in Ascent’s terms. The advertised Annual Percentage Rates (APRs) are effective as of 4/1/2026 and assume enrollment in automatic payments (ACH). The ACH discount structure is tiered: 0.25% for credit-based loans submitted prior to 6/1/2026, 0.5% for credit-based loans submitted on or after 6/1/2026, and 1.00% for outcomes-based loans when you enroll in automatic payments. Loan approval is subject to credit review, verification of school-certified cost of attendance, and other conditions. Borrowers with the strongest credit profiles (and cosigners with high average credit scores) who choose the shortest terms and make immediate principal and interest payments generally qualify for the lowest advertised rates. Ascent also offers a 1% Cash Back Graduation Reward and access to the AscentUP platform for applicants who accept platform terms.
Ascent repayment examples — shorter repayment scenario
To illustrate cost differences, Ascent provides examples for a $10,000 loan assuming a 48-month in-school period plus a 9-month grace before repayment begins, followed by a 60-month repayment term (variable rate). The four repayment profiles show how payment structure affects total cost: Interest Only at 5.68% APR requires 57 in-school/grace payments of $47.33 followed by 60 payments of $191.86, totaling $14,210.36. A $25 minimum payment option at 6.34% APR yields 57 in-school payments of $25.00, 60 payments of $230.84, and a total of $15,275.51. The deferred profile at 6.53% APR has no in-school payments, 60 payments of $266.69, and a total cost of $15,974.38. The lowest-cost immediate repayment option is 3.68% APR with 60 payments of $182.73, totaling $10,963.90.
Ascent repayment examples — extended repayment scenario
Using the same initial schooling assumptions but extending the repayment term to 180 months and assuming the highest variable rates, the cost increases markedly. The Interest Only example shows 15.34% APR with 57 in-school payments of $127.75, then 180 payments of $142.26, for a total of $32,891.85. A $25 minimum profile at 13.90% APR produces 57 in-school payments of $25.00, 180 payments of $229.01, and a total cost of $42,647.76. The deferred option at 14.31% APR requires no in-school payments, then 180 payments of $271.14 for a total of $45,162.88. The immediate repayment line at 15.09% APR results in 180 payments of $140.56 and a total cost of $25,301.47.
Earnest: funding sources, rate mechanics, and program details
Earnest Private student Loans are issued by One American Bank (515 S. Minnesota Ave, Sioux Falls, SD 57104) or FinWise Bank (756 East Winchester, Suite 100, Murray, UT 84107), with servicing handled by Earnest Operations LLC (300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612). NMLS identifiers include #1204917 (Earnest) and support from MOHELA (NMLS# 1442770). Fixed APR ranges are posted between 3.09% and 16.74% (or 2.84%–16.49% with the Auto Pay discount). Variable APR ranges span 5.24% to 17.10% (or 4.99%–16.85% with Auto Pay). Variable rates are tied to the publicly available 30-day Average SOFR from the Federal Reserve Bank of New York; the rate uses the value published on the 25th (or next business day) of the prior month, rounded to the nearest hundredth of a percent plus a margin, and adjusts on the 1st of each month. Although the rate cannot increase more than once per month, there is no cap on the size of a single monthly change. The lowest Earnest rates are reserved for the most credit-qualified borrowers who pick the shortest term, make full principal and interest payments while in school, and opt into the 0.25% Auto Pay discount—enrollment in Auto Pay is optional and not a condition for approval. Interest rates remain subject to change. © 2026 Earnest LLC. All rights reserved.
Sallie Mae: rate notes, example costs, and relief options
Sallie Mae publishes rates for multiple loan types, including medical school products; displayed rates include an auto debit discount and some advertised APRs become effective on 3/02/2026. Variable rates use the 30-day Average SOFR, rounded up to the nearest one-eighth of one percent; advertised ranges reflect starting values and may move outside those ranges over the loan life. Interest accrues when funds are sent to the school; under Fixed and Deferred repayment options, the initial interest rate can be higher and unpaid interest may be added to the loan’s current principal at the end of a separation or grace period. To receive a 0.25 percentage point interest rate reduction, the borrower or cosigner must enroll in Sallie Mae’s auto debit and maintain successful monthly withdrawals during active repayment.
Sallie Mae sample costs and deferment details
Typical examples for a $10,000 Smart Option Student Loan illustrate how prior borrowing and time in school affect cost. For a borrower with no prior loans and a 4-year in-school period (two disbursements), the example calculates a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67, one payment of $121.71, and a total loan cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, the example shows a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53, one payment of $40.35, and a total loan cost of $24,438.22. Sallie Mae permits certain deferments (for internships, clerkships, fellowships, or residencies) if a form is submitted and approved; deferments may be granted in up to 12-month increments for a maximum of four such periods, during which interest continues to accrue and unpaid interest may be capitalized. The GRP feature allows interest-only payments for an initial 12-month repayment window under specific timing rules; GRP does not extend the loan term and will increase the subsequent monthly payment and total loan cost if approved.
Each lender presents trade-offs between lower initial payments and higher lifetime cost, variable versus fixed pricing, and program perks such as enrollment discounts or graduation rewards. Prospective borrowers should compare the stated APRs, review how deferment and grace periods are handled, and confirm eligibility requirements—such as cosigner needs and certified cost of attendance—before applying. For full, legally binding details, consult the lenders’ official terms and disclosures and the borrower benefit pages referenced by each provider.