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. Student Loan Hero by Lending Tree has 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 Lenders
Citizens Bank
Citizens Bank 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.
https://studentloans.citizensbank.com/student
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 1.24% APR* and fixed rates as low as 4.25% APR* including all available discounts
Fees and Terms
No application fees or origination fees. 5, 10, or 15 year options available.
Citizens One
Citizens One, the national lending division of Citizens Bank, 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.
https://studentloans.citizensone.com/student
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 1.24% APR* and fixed rates as low as 4.25% APR* including all available discounts
Fees and Terms
No application fees or origination fees. 5, 10, or 15 year options available.
Student Loan Providers
ASCENT STUDENT LOAN OPTIONS WITH OR WITHOUT A COSIGNER
Ascent offers benefits that put students first:
- Check your rates within minutes without impacting your credit score.
- Ascent $1,000 Scholarship Giveaway
- 1% CASH BACK Graduation Reward*
- NON-COSIGNED option for eligible students*
- COSIGNER RELEASE option*
- DISCOUNT for enrolling in auto payments*
- AFFORDABLE fixed or variable rates
- 100% US-BASED Customer Service
- FREE financial Tools
Check your rate without impacting
your credit score.
*Rates displayed above are effective as of 08/01/2020 and reflect an Automatic Payment Discount. Borrowers can get either a 0.25% (for Credit-Based Loans) or 2.00% (for Undergraduate Future Income-Based Loans for Juniors and Seniors) interest rate reduction if payments are made by automatic payment. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions.
1% Cash Back Graduation Reward subject to terms and conditions, click here for details.
Loan
Ascent’s private student loan options give students more opportunities to get money to pay for school with or without a cosigner. Ascent offers loan products to help undergraduate and graduate students pay for higher education.
• Undergraduate students have the option to apply for a Cosigned Credit-Based Loan, Non-Cosigned Credit-Based Loan or Non-Cosigned Future Income-Based Loan (for eligible juniors and seniors*).
• Graduate students have the option to apply for a Cosigned Credit-Based Loan or Non-Cosigned Credit-Based Loan. Ascent created customized repayment terms for:
– Business School (MBA)
– Dental School (DMD, DDS)
– Law School (JD, LLM)
– Medical School (MD, DO, DVM, VMD, DPM)
– General Graduate School (Health Professionals, Nursing, Pharmacy, MA, MS, PhD), etc.)
Limits
COVER UP TO 100% college tuition and living expenses with a minimum loan amount of $1,000 and up to $200,000 (or total cost of attendance less aid received).
Rates
AFFORDABLE RATES
Undergraduate Rates:
• Fixed: 3.53% – 14.50%*
• Variable: 2.72% – 13.00%*
Graduate Rates:
• Fixed APR with ACH: 4.92% – 13.42%*
• Variable APR with ACH: 3.93% – 12.43%*
Check your rate without impacting your credit score.
Fees and Terms
AVOID FEES
∙ No application, origination or disbursement fees.
∙ NO PENALTY FEE if you pay off your loan early.
FLEXIBLE PLANS (depending on loan type)
∙ In-School Interest-Only Repayment
∙ $25 Minimum Payment
∙ Deferred Repayment – Start payments up to 9 months after graduation
REPAYMENT TERMS (depending on loan type)
∙ Undergraduate: 5-year, 10-year or 15-year repayment terms*
∙ Graduate: 10-year, 15-year or 20-year repayment terms*
