If you’re in need of student loans to finance your college expenses There are a lot of choices available. Although it’s recommended to begin by taking a federal loan, there’s limitations in the amount you are able to take out each year and the total amount. If you’ve maxed out your allowance it’s possible to take individual student loans in order to to bridge the gap.
The best banks for loans to students
It’s always wise to research and look at loan offers from different lenders prior to making an application. This list below will assist you in narrowing the options available to you.
Citizens Bank has branches in just 14 states, however it also offers loans for private students across the country. The bank provides loans to students in the undergraduate and graduate levels and also for parents hoping to aid their child in getting through the school system. The loan terms vary between five and 15 years for students, and five or 10 years for the parents.
The bank offers both fixed and variable rates. They also offer a 0.25 per cent interest loyalty discount for existing customers . This discount includes your co-signer if you have one . It is available with the following accounts: checking account savings account, savings account or money market account certificates of deposit or auto loans home equity line of credit credit card account or other student loans that are owned from Citizens Bank. Citizens Bank also provides an 0.25 percent discount on interest rates on automatic payments.
Citizens Bank also offers the possibility of obtaining a multiyear loan. With this option, you’ll have to go through one hard inquiry for a number of years of student loan demands. If you apply for future loans then you’ll only have to go through a credit check that is soft without the effort of applying each year.
Discover is an online bank with only one branch in physical. The bank offers a vast array of private student loans that include student loans for undergraduates, graduate loans, MBA loans and health professions loans. They also offer residency loans, law loans as well as bar exam loans, and parent loans. The loan terms can be as long as 15 years in the case of loans for students, and twenty years in the case of graduate loans.
The lender provides both fixed and variable interest rates. You have the opportunity to receive two discount rates on your rate. First, you can get a 0.35 percent discount when you choose to make the interest-only payment while in school or during grace period. Another is an 0.25 percent discount by setting automated payments through your savings or checking account.
To sweeten the pot to make it more delicious, Discover offers cash rewards for students who score high scores. You could earn a bonus in the amount of 1 percent of the disbursed loan balance if your grade point average for the period of the loan is 3.0 or greater. If you’re an incoming freshman, you could receive an 1 percent cash bonus for your first loan with the bank in the event that your high school grade point average was 3.0 or greater.
Education Loan Finance
Education Loan Finance also known as ELFI is the web-based student loans division within SouthEast Bank, which is located in Tennessee. The lender provides loans to undergraduates and graduate students as well as parents. The repayment terms vary between five to fifteen years for students and from five to 10 years for parents.
What sets ELFI different from other lending institutions is the fact that you’ll be assigned an expert on student loans who will assist you throughout the entire process. But, ELFI isn’t offering an automatic pay discount, like some banks, stating that it does not require something extra to receive the most competitive rates.
PNC Bank, located in Pennsylvania and offers student loans for undergraduate as well as graduate students. They also offer loans that are specialized for medical and health professions as well as health professions residency and bar studies.
The lender has variable and fixed interest rates. As with different banks PNC provides a discount on interest rates, however it’s twice the normal discount, which is 0.5 percent. The repayment terms for PNC Bank private student loans vary from five to fifteen years.
One of the ways PNC stands out is that it provides an annual $2,000 scholarship each year. You don’t need an existing PNC student loan to be eligible. If you sign up and meet the criteria for eligibility, you’ll be qualified for two draws in the next twelve months.
Sallie Mae is another bank online that doesn’t have brick and mortar branches. The bank provides undergraduate loans along with graduate and career-training loans.
Graduate loans are divided into MBA loans, medical school loans, medical residency loans, dental school loans dental residency loans health professions loans, law school loans, and bars study loans. The repayment terms vary between five and 20 years.
The bank has variable and fixed interest rates, and the possibility of getting an 0.25 percent discount when you establish automated payments. Sallie Mae is an excellent option for students with a part-time schedule as, unlike other student loan firms, it doesn’t need that you attend the school for at least half-time for approval.
Online lenders vs. bank loans
Most of the time the banks that offer student loans are remarkably like online lenders. Although each has distinctive attributes, there’s no significant difference between these two kinds of lenders.
Some of the top banks that offer student loans provide loyalty rewards to existing customers. This is a great benefit when you or your co-signer have an account at a bank that provides private student loans. Banks can also be an alternative if your preference is for in-person customer service, and there’s branches near to your home.