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 successfully repay student loans.
Understanding the 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 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 Providers
Sallie Mae – Undergraduate Student Loans
Special Features/Benefits:
- Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments by auto debit.*
- You can get the money you need to cover 100% of your school-certified expenses whether you’re studying online or on campus.*
- Choose from multiple repayment options, including no payments while in school.*
Application Process:
Borrower can initiate the application process at SallieMae.com. It only takes about 15 minutes to apply online and get a credit result.
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.
*More Sallie Mae Loan Information.
Information advertised valid as of 8/25/2023.
Index is the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.
Loan
For undergraduate and career training students. (School Certified)
Pay now or later – choose an in-school repayment option that fits your needs or defer your payments until after school.*
• Make interest payments each month
• Pay $25* per month
• Defer payments
Limits
COA-Aid ($1,000 minimum)*
Rates
• Variable Rates: 30-day SOFR + 6.63% (6.37% APR) to 30-day SOFR + 17.75% (16.70% APR)*
• Fixed Rates: 4.75% (4.50% APR) to 16.53% (15.49% APR)*
• Lowest APRs shown include the auto debit discount.
Fees and Terms
• 10-15 years based on cumulative Sallie Mae loan balance, repayment option and year in school.*
• No origination fee or prepayment penalty.
• 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.
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Student Loan Providers
Citizens – Undergraduate Student Loans
Citizens offers student loan options for undergrad, grad students and parents with competitive rates and flexible terms. You can even get a personalized rate quote in about 2 mins with no impact to your credit score!*
We offer these interest rate discounts, too:
- Loyalty Discount* of 0.25 percentage point interest rate discount if you have a qualifying account with Citizens.
- Automatic Payment Discount* of 0.25 percentage point interest rate discount.
Our Multi-Year Approval* option makes the whole process easier by providing qualified applicants with one easy application that could secure funding for the entire undergraduate program.
With Citizens Student Credit Builder*, you can start building credit sooner by making payments while you’re in school, lowering the total cost of your student loan and benefit from a lower rate.
Get on the right path to funding your education. With more than 40 years’ experience, we’re here to help guide you to the student loan that fits you best.
*https://www.citizensbank.com/promo/student.aspx
Loan
A Citizens Student Loan™ lets you choose from competitive rates, and repayment options that give you the freedom to pay back your loan on your schedule.
Limits
Annual Minimum: $1,000
Annual Maximum: Cost of education less financial aid (maximum aggregate limit: $150,000)
Rates
Fixed rates: 4.43%-12.57% APR (Lowest fixed rate is inclusive of all available discounts)*
Variable rates: 5.80%-13.95% APR (Lowest variable rate is inclusive of all available discounts)*
Fees and Terms
No application, origination, or disbursement fees. No prepayment penalty.
Multiple repayment options such as immediate or interest-only payments with Citizens Student Credit Builder* or deferred repayments.
Flexible terms available ranging from: 5, 10, 15-year options.
Citizens – Graduate Student Loans
Citizens offers student loan options for undergrad, grad students and parents with competitive rates and flexible terms. You can even get a personalized rate quote in about 2 mins with no impact to your credit score!*
We offer these interest rate discounts, too:
- Loyalty Discount* of 0.25 percentage point interest rate discount if you have a qualifying account with Citizens.
- Automatic Payment Discount* of 0.25 percentage point interest rate discount.
Our Multi-Year Approval* option makes the whole process easier by providing qualified applicants with one easy application that could secure funding for the entire graduate program. A new application is needed if pursing additional degrees.
With Citizens Student Credit Builder*, you can start building credit sooner by making payments while you’re in school, lowering the total cost of your student loan and benefit from a lower rate.
Get on the right path to funding your education. With more than 40 years’ experience, we’re here to help guide you to the student loan that fits you best.
*https://www.citizensbank.com/promo/gradstudent.aspx
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
Annual Minimum: $1,000
Annual Maximum: Cost of education less financial aid (maximum aggregate limit:) $150,000- $350,000 depending on program)
Rates
Fixed rates: 4.99%-11.42% APR (Lowest fixed rate is inclusive of all available discounts)*
Variable rates: 6.26%-12.99% APR (Lowest variable rate is inclusive of all available discounts)*
Fees and Terms
No application, origination, or disbursement fees. No prepayment penalty.
Multiple repayment options such as immediate or interest-only payments with Citizens Student Credit Builder* or deferred repayments.
Flexible terms available ranging from: 5, 10, 15-year options.
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
- INvestEd
- MEFA
- Sallie Mae – UG
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.
Loan
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
4.41% Fixed APR (with autopay)* and 5.49% 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.
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.
