Student loan options can be overwhelming at first glance. But when it comes to federal student loans, there are just a few options.
The first step in getting one of the federal student loans listed below is to fill out the Free Application for Federal Student Aid, or FAFSA. While the FAFSA does determine eligibility for need-based aid, it also acts as an application for student loan options, both for need-based and non-need-based loans. It supplies students who need financial aid with that help as well as provides financing options for those students that would like to borrow with low-interest federal loans but don’t necessarily qualify for need-based aid.
Types of Federal Student Loans
Direct Subsidized Loan – This subsidized loan, sometimes referred to as the Stafford Loan, is available to students who qualify for need as determined by the FAFSA. Students must be a U.S. citizen or eligible non-citizen as well as have a high school diploma or GED. Interest does not accrue while the student is in school. If students qualify for a Direct Subsidized Loan, it will be stated on their award letter notification along with the amount for which they can borrow.
Direct Unsubsidized Loan – This unsubsidized loan, sometimes referred to as the Unsubsidized Stafford Loan, is a little different from the other federal loans. For subsidized loans, students must qualify for need as determined by the FAFSA. However, the Direct Unsubsidized Loan is available to any student, regardless of need. Interest accrues while the student is attending school. If students want to apply for the Direct Unsubsidized Loan, they must complete the FAFSA. Students can also qualify for a federal student loan consolidation after graduating from college or graduate school.
Important Note: Difference between unsubsidized and subsidized loans is interest. Specifically, the allocation of money, known as a subsidy, to cover interest on subsidized loans while the borrower is an active student.
Perkins Loan – The Perkins Loan is a discontinued federal loan option. The authority for schools to make new Federal Perkins Loans ended on Sept. 30, 2017.
Featured Student Loan Provider
Student Loan Providers
Citizens – Undergraduate Student Loans
Citizens offers student loan options for undergrad, grad students and parents with competitive rates and flexible terms. We also offer these interest rate discounts:
- 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.
After applying for a Citizens Student Loan™, you may qualify for Multi-Year Approval. If eligible, prior to each academic year, simply log in to your account and request funds with no application and no hit to your credit score.*
Plus, adding a qualified cosigner could increase your likelihood of loan approval and help you borrow more money or get a lower interest rate – meaning lower monthly payments and less interest paid over the life of the loan.*
Our easy application could help get you on the path to funding your education and with more than 40 years’ experience, we’re here to help guide you to the student loan that fits you best. Plus, get your rate in about 2 minutes with no impact to your credit score.*
*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 – along with a team of Student Lending Advisors to help you through the process.
Limits
Minimum: $1,000
Maximum: Maximum qualified loan amount or the total cost of education, whichever is lower (Maximum loan limit: $225,000 and Aggregate limit: $225,000 applies)
Rates
Fixed rates: 3.99%-15.59% APR (Including all available discounts)*
Variable rates: 5.99%-16.59% APR (Including 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.
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 9/10/2024.
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 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 + 5.80% (5.54% APR) to 30-day SOFR + 16.75% (15.70% APR)1
• Fixed Rates: 3.94% (3.69% 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 9/10/2024.
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.
