What is a Student Loan?
An education loan is a form of financial aid that must be repaid, with interest. When students receive a student loan, it is borrowing money to attend college. It is important to understand repayment options to repay student loans successfully.
Explore Student Loan Options
Grants, scholarships, work-study and other forms of gift aid don’t typically cover the full cost of a college. Many students find that they must close the gap with government and private loans.
The Federal education loan programs offer lower interest rates and more flexible repayment plans than most consumer loans, making them an attractive way to finance your education. The American Opportunity Tax Credit allows you to deduct up to $2,500 in student loan interest even if you don’t itemize deductions on your income tax return.
Featured Student Loan Providers
College Ave Student Loans – Undergraduate Student Loans
College Ave Student Loans offers loan options for undergrads, grad students and parents. Our loans are designed to give you great rates plus the most repayment options so you can create a loan that fits your monthly budget while paying as little interest as possible.
Our simple application process takes just 3 minutes to complete and get an instant credit decision. Not sure which repayment plan is right for you? Our student loan calculator and free credit pre-qualification tool can help.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 09/03/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
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Undergraduate Student Loan Help cover tuition and other education costs for students in associates and bachelors degree programs.2
You decide whether to make loan payments during school:
• Full Principal and interest payments
• Interest only payments
• $25 payments each month during school3
• Defer payments while in school
Limits
COA-Aid ($1,000 minimum)2
Rates
Variable Rates: 5.34%-17.99% APR (with auto-pay discount)1
Fixed Rates: 3.59% – 17.99% APR (with auto-pay discount)1
Fees and Terms
No application or origination fees and no penalties for paying early.
Choose between 5, 8, 10 or 15 year options.3
Student Loan Providers
Credible
Credible offers borrowers a “kayak-style” experience while shopping for personalized prequalified rates. Similar to the “Common App,” users (and co-signers) complete a single, brief form and receive personalized prequalified rates from multiple lenders. Checking rates on Credible is free and does not impact a user’s credit score to compare offers.
Credible’s marketplace includes:
- Ascent
- Citizens
- College Ave
- Custom Choice
- ELFI
- INvestEd
- MEFA
- Nelnet Bank
- Sallie Mae – UG
- Sofi
Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation may impact the location and order in which the companies (and/or their products) are presented.
Disclosure: Personalized Prequalified Rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you. Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
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Choose between personalized prequalified rates, as well as deferred and interest-only repayment options for your school loans.
Graduate and undergraduate loans for almost every degree type.
Repayment options range from immediate full repayment (principal and interest payments immediately after the loan is fully disbursed), interest only (interest-only payments while you are in school, and start making principal and interest payments after you leave school), full deferral while in school, flat payment while in-school, graduated repayment (payments increase over time).
Limits
COA-Aid (annual limit)
Borrow up to $170,000 through Credible’s marketplace.
Annual max (100% of school certified costs minus other financial aid received).
Lifetime aggregate loan amount 200K.
Rates
3.6% Fixed APR (with autopay)* and 5% Variable APR (with autopay) See Terms*.
*Read rates and terms at Credible.com.
Fees and Terms
No fees.
5, 7, 8, 10, 12, 15 and 20 year terms available.
Sallie Mae® – Undergraduate Student Loans
Get the money you need to pay for undergraduate, career training or trade school costs—bigger ones like tuition and housing, and smaller ones like books and a laptop.3
You have options:
- Apply once to get money for the whole year.
- Choose from multiple repayment options, including no payments while in school.1
- Borrow up to 100% of your school-certified expenses, whether you’re studying online or on-campus.3
- Add a cosigner. Last year, students were 4X more likely to be approved with a cosigner9 and it may help you get a better rate.
Choose the #1 Private Student Loan Lender in the Nation. Applying online is easy – you could receive a credit result in about 10 minutes.
More Sallie Mae Loan & Disclosure Information
Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply.
Information advertised valid as of 10/25/2024.
Index is the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.
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For undergraduate and career training students. (School Certified)
Pay now or later – choose an in-school repayment option or deferment option1:
• Make monthly interest-only payments while in school
• Make monthly fixed $25 payment while in school8
• Defer payment until after you finish school
Limits
Borrow up to 100% of school-certified expenses ($1,000 minimum)3
Rates
• Variable Rates: 30-day SOFR + 5.30% (5.04% APR) to 30-day SOFR + 16.25% (15.21% APR)1
• Fixed Rates: 3.74% (3.49% APR) to 16.53% (15.49% APR)1
• Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments by auto debit. Lowest APRs shown include the auto debit discount.1
Fees and Terms
• 10-15 years based on cumulative Sallie Mae loan balance, repayment option and year in school.8
• No prepayment penalty or origination fees. You can pay off your undergraduate student loan as early as you’d like to reduce your total loan cost.5
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Sallie Mae® – Graduate Student Loans
Get the money you need to pay for your graduate degree or post-graduate studies.
- Apply once to get money for the whole year.
- Choose from multiple repayment options, including no payments while in school.6
- Add a cosigner. Last year, students were 4X more likely to be approved with a cosigner0 and it may help you get a better rate.
Choose the #1 Private Student Loan Lender in the Nation. Applying online is easy – you could receive a credit result in about 10 minutes.
More Sallie Mae Loan & Disclosure Information
Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply.
Information advertised valid as of 10/25/2024.
Index is the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.
0Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2022 to September 30, 2023.
Loan
Sallie Mae® Graduate Student Loan Suite
For Graduate and Professional School Students attending degree-granting institutions only.
Depending on the professional field that you’re planning to enter, you may have different needs for a graduate student loan. That’s why Sallie Mae offers graduate student loans designed for specific degrees. Our suite of school-certified graduate loans include:
- MBA Loan
- Medical School Loan
- Law School Loan
- Dental School Loan
- Graduate School Loan
- Health Professions Graduate Loan
Choose from multiple repayment options.
Limits
Most of Sallie Mae’s graduate student loans let you borrow from $1,000 up to 100% of the school-certified expenses.
Visit SallieMae.com for details on individual graduate loans.
Rates
Rates vary by graduate loan type. Visit SallieMae.com for details on individual graduate loans.
Get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.6
Fees and Terms
No prepayment penalty or origination fee. You can pay off your graduate student loan as early as you’d like to reduce your total loan cost.*
*Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note – first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented.
Understanding Types of Student Loans
- Federal Loans: Student loans (Direct loans) Parent loans (PLUS loans) – Federal student loans and federal parent loans are funded by the federal government
- Private Loans: Private student loans are non-federal loans, made by a lender such as a bank, credit union, state agency, or a school.
- Consolidation Loans: Consolidation loans are a combination of several student or parent loans into one bigger loan from a single lender.
Comparing Student Loans
Comparing your student loan options is the best way to save money on the cost of borrowing. Before you borrow, research loan interest rates, terms and conditions to pick the student loan that works best for you.
Is it better to have Federal or Private Student Loans?
Federal student loans tend to have better interest rates than private student loans. However, many students and families find they still need funds to pay for college, even after exhausting their federal student loan options.
What are the pros and cons of Federal Student Loans?
To be eligible for a federal student loan you must:
- Be a U.S. citizen or an eligible noncitizen
- Have a valid social security number
- Be enrolled or accepted as a regular student in eligible degree or certification programs
- Complete the FAFSA
- Show financial need for need-based aid
Federal Student Loan Pros: Some federal loans qualify for the Public Service Loan Forgiveness program (PSLF). Most federal loans offer a six- to nine-month grace period before you must begin making payments. Terms and interest rates are determined by the government, so you will not need to compare loan offers.
Federal Student Loan Cons: There really are no cons to federal student loans. It is important to remember that it’s an interest-based loan and you will be expected to pay it back.
What at the pros and cons of Private Student Loans?
It’s important to research student loan lenders to find a financial plan that works best for you and/or your family.
Private Student Loan Pros: There are many private student loan lender options available, giving you the ability to pick and choose the best private student loan for you.
Private Student Loan Pros: Co-signers are often required to take out a private student loan. Some private loans for students require payment while still in school. Interest rates, fees, and loan terms vary by private student loan lenders. Private student loans cannot be forgiven. Unlike federal student loans, public service employees do not qualify for loan forgiveness with private student loans.
