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 successfully repay student loans.
Education loans come in three major categories:
- Federal Loans: student loans (Direct loans) parent loans (PLUS loans)
- Private Loans: private student loans
- Consolidation Loans: consolidation loan
Understanding Loan Types
- Federal student loans and federal parent loans are funded by the federal government.
- Private student loans are non-federal loans, made by a lender such as a bank, credit union, state agency, or a school.
- Consolidation Loans are a combination of several student or parent loans into one bigger loan from a single lender.
Comparing your student loan options is the best way to save money on the cost of borrowing. Fastweb and Student Loan Hero by Lending Tree have reviewed the top private student loan lenders to help you make an informed decision.
Grants, scholarships, work-study and other forms of gift aid just do not cover the full cost of a college education. Many students find that they must supplement their savings 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. You can also deduct up to $2,500 in student loan interest even if you don’t itemize deductions on your income tax return.
Featured Student Loan Provider
Citizens
Citizens offers loan options for undergrad, grad students and parents with competitive rates, flexible terms and interest rate discounts.
Multi-year approval option available for qualified applicants. Multi-Year approval provides an easy way to secure funding for additional years in school without completing a full application and impacting your credit score each year.
Loan
Choose between our student or parent loan options with competitive interest rates and flexible payment terms.
Limits
Loans from $1,000 to $295,000 depending on education level.
Rates
Variable rates as low as 1.15% APR* and fixed rates as low as 4.18% APR* including all available discounts.
Fees and Terms
No application or origination fees. 5, 10, or 15 year options available. Rate and Repayment Examples.
Student Loan Providers
Citizens
Citizens offers loan options for undergrad, grad students and parents with competitive rates, flexible terms and interest rate discounts.
Multi-Year Approval* option available for qualified applicants, which provides an easy way to secure funding for all years in school without completing a full application or impacting your credit score each year.
Loan
A Citizens Student Loan™ lets you choose from competitive fixed and variable rates, and repayment options that give you the freedom to pay back your loan on your schedule.
Limits
Loans from $1,000 to $150,000
Rates
Variable rates as low as 1.15% APR* and fixed rates as low as 4.18% APR* including all available discounts.
Fees and Terms
No application or origination fees.
Multiple repayment options and terms available.
Citizens
Citizens offers loan options for undergrad, grad students and parents with competitive rates, flexible terms and interest rate discounts.
Multi-Year Approval* option available for qualified applicants, which provides an easy way to secure funding for all years in school without completing a full application or impacting your credit score each year.
Loan
Citizens provides parents with the unique opportunity to take out their own loan to supplement their child’s college education costs as an investment in their future.
Parents can save with no application, origination or disbursement fees and discounts for automatic payments and loyalty.
Limits
Loans from $1,000 to $350,000
Rates
Variable rates as low as 1.97% APR* and fixed rates as low as 4.55% APR* including all available discounts.
Fees and Terms
No prepayment penalty.
Multiple repayment options and terms available.
Citizens
Citizens offers loan options for undergrad, grad students and parents with competitive rates, flexible terms and interest rate discounts.
Multi-Year Approval* option available for qualified applicants, which provides an easy way to secure funding for all years in school without completing a full application or impacting your credit score each year.
Loan
With graduate loans from Citizens Student Loans™, you’ll get the rate options and repayment flexibility you’re looking for — along with a team of Student Lending Advisors to help you through the process.
So whether you’re enrolled in medical, dental or law school, or want to get an MBA or other advanced degree, find out how we could help make it happen.
Limits
Loans from $1,000 up to $350,000
Rates
Variable rates as low as 1.89% APR* and fixed rates as low as 4.64% APR* including all available discounts.
Fees and Terms
No origination, application or disbursement fees or prepayment penalty.
Multiple repayment options and terms available.
Credible
Credible offers borrowers a “kayak-style” experience while shopping for student loans. Similar to the “Common App,” users (and co-signers) complete a single, brief form and receive personalized offers 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 Bank
- CollegeAve
- Discover Student Loans
- EDvestinU
- INvested
- Mefa
- Sallie Mae
- SunTrust
Loan
Choose between fixed and variable rate loans, 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
Fixed rates as low as 3.34% APR (with autopay)* and variable rates as low as 1.04% APR (with autopay)*. Access special discounts from some lenders.
*Read rates and terms at Credible.com.
Fees and Terms
No fees.
5, 7, 8, 10, 12, 15 and 20 year terms available.
MPOWER Financing
A student loan based on your future potential.
By international students, for international students.
MPOWER offers student loans that don’t require cosigners, collateral, or a credit history to international and DACA students attending over 350 universities in the U.S. and Canada.
To apply, you must be:
- An undergraduate or graduate student within 2-years of graduating or about to begin a 1- or 2-year program.
- An international student, DACA recipient, a U.S. citizen, refugee, or asylum seeker.
- Admitted to or attending one of over 350+ universities in the U.S. or Canada we partner with
Check your loan eligibility in 30 seconds. Our application process is fully online and seamless.
Loan
Student loan options without cosigner, collateral, or credit history. We offer fixed-rate student loans based on your future potential to international and DACA students in 150+ countries studying in the U.S. or Canada.
Limits
Loans from $2,001 to $50,000
Rates
Fixed rates from 6.49% (7.52% APR) to 12.49% (13.63% APR), including 1.50% in available discounts.
Fees and Terms
No prepayment penalty.
Interest-only payments in school and for 6 months after graduation. 10-year repayment of interest and principal starting 6 months after graduation.
Private Student Loans
Compare multiple lenders instantly with Private Student Loans
Find the best interest rates and benefits
Student loans available for students, parents, and professional degree seekers
Competitive terms and benefits available–including cosigner release
Expert tips on borrowing you won’t find anywhere else.
Loan
The lenders we work with offer loans for undergraduate, graduate, parents and professional students. We also provide loans options to compare for income share agreements. Borrowers have several repayment options to choose from with our lenders, including interest-only payments while in school, full deferral while in school, immediate full repayment, and even the ability to repay based on a fixed percentage of future income.
Limits
Borrow up to the Cost of Attendance (COA) minus Student Aid annually.
Aggregate loan limits apply and vary by lender.
Rates
Variable rates as low as 1.04% APR (with autopay)*
Fixed rates as low as 3.34% APR (with autopay)*
Some lenders may offer interest-rate discounts not offered by other lenders.
Fees and Terms
Many lenders offer no fees for loan origination or paying off your loan early.
Choose between a variety of terms ranging from 5 to 15 years.
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