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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:

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 Providers

Citizens

Citizens offers loan options for undergrads, 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 undergrads choose from competitive fixed 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

Fixed rates as low as 3.48% APR* including all available discounts.

Fees and Terms

Multiple repayment options and terms available.

College Ave Student Loans

A private student loan designed for you. Take the stress out of paying for college by creating a private student loan that fits your budget and your goals. With a simple application, helpful tools, and great customer service, we’re here to help you breathe easy.


Loan

Our student loans can cover up to 100% of your cost of attendance (1), including tuition, fees, books, housing, and other college costs. We’ll match you with a loan you can live with – from repayment options that fit your monthly budget to competitive interest rates. It takes just three minutes to apply and get an instant credit decision.

Limits

Choose between four different repayment options (Full P&I, Interest Only, Flat, or Deferred) and multiple loan terms (5, 8, 10, and 15 years). (3)

Rates

Fixed: 3.99% – 14.96% (2) Variable: 3.99% – 14.86% (2)

Fees and Terms

No fees to apply.

o 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.

o 1. As certified by your school and less any other financial aid you might receive. Minimum $1,000.

o 2. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

o 3. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

o Information advertised valid as of 8/1/2022. 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 full principal and interest payments with the shortest available loan term.

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 3/27/2023.

Index is the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.



Loan

Smart Option Student 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

Find more information on Sallie Mae student loans.

Limits

COA-Aid ($1,000 minimum)*

Rates

• Variable Rates: 30-day SOFR + 5.87% (5.62% APR) to 30-day SOFR + 17.00% (15.95%APR)*

• Fixed Rates: 4.75% (4.50% APR) to 15.88% (14.83% 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.

*Sallie Mae Disclosures

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

Citizens offers loan options for undergrads, 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 Student Loan™ for Parents offers the unique opportunity for parents 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

Fixed rates as low as 4.80% APR* including all available discounts.

Fees and Terms

No application or origination fees.

5 or 10 year options available.

Rate and Repayment Examples.

College Ave Student Loans

You raised the student; we raised the bar on parent student loans to help pay for school. With your strong credit, private parent loans for college tuition can help pay for your child’s education and prepare them for a bright future. Like our other loans, we never charge origination fees and provide repayment flexibility built for parents.


Loan

Private parent student loans come from private entities such as a bank or credit union. They are available to parents or guardians who want to take on the full responsibility for paying for any gaps in covering the expense of their child’s education after financial aid, scholarships, and federal student loans.

Limits

Choose between four different repayment options (Full P&I, Interest Only, Flat, or Deferred) and multiple loan terms (5, 8, 10, and 15 years). (2)

Rates

Fixed: 3.99% – 14.96% (1) Variable: 3.99% – 14.91% (1)

Fees and Terms

No fees to apply.

o 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.

o 1. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

o 2. This informational repayment example uses typical loan terms for a parent borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 6.49% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $113.50 while in the repayment period, for a total amount of payments of $13,620.00. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

o Information advertised valid as of 8/1/2022. 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 full principal and interest payments with the shortest available loan term.

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
  • College Ave
  • Custom Choice
  • EDvestinU
  • INvestEd
  • MEFA
  • Sallie Mae

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: Requesting 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.

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

4.49% Fixed APR (with autopay)* and 4.49% 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.

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