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When choosing the best banks for student loans, we first confirmed each lender’s legitimacy, business practices and website security. We also looked at borrower reviews from Trustpilot and the Better Business Bureau.
We then analyzed and considered how the rates, fees, terms and loan amounts compared to both federal loans after Congress raised interest rates and other private student loan providers. We also took the application process, repayment options and borrower perks into account as well.
Citizens Bank may be a regional bank, but it offers both private student loans and refinancing to anyone in the US. The application is relatively easy and can be done entirely online. And you only need to apply once to be qualified for funding for your entire degree.
If you already have a Citizens Bank account, you’ll want to look at this option closely. While it offers a 0.25% rate discount to all borrowers who sign up for autopay, you can get an additional 0.25% off your interest rate if payments come from a Citizens Bank account.
Discover is the only lender out there that actually offers rewards for good grades — many just require you to maintain a C average to stay eligible. With Discover, you can get a 1% cash reward if you maintain a 3.0 GPA during the time your loan covered.
Both Discover’s student loans and refinancing options come with unusually flexible repayment options, including an early repayment assistance program that lets you hold off on repayments during the first three months of your loan term. It also offers in-school deferment and forbearance if you get laid off or have other unexpected financial problems.
SunTrust offers a catch-all student loan that borrowers can use to pay for school or refinance an existing student loan. You can even refinance student loans before you graduate thanks to its in-school refinancing option — though federal loans aren’t eligible. It’s also one of the few lenders that works with international students, provided they apply with a cosigner who is a US citizen or permanent resident.
Like Citizens Bank, SunTrust rewards loyalty. While anyone can get a 0.25% discount for signing up for automatic payments, you can knock off an additional 0.25% if you pay from a SunTrust account. After you graduate, SunTrust will reduce your loan principal by 1% if you send in a copy of your degree or final transcript.
While banks might not be as fast as online lenders, you can often get a better deal — and know exactly who you’re working with. Here are a few reasons why you might want to consider a student loan from a bank:
Watch out for these potential pitfalls when applying for a student loan from a bank:
It can be more difficult to qualify for student loans or refinancing from a bank, but they offer some of the most competitive interest rates around. If you’re not used to dealing with lending, it can be comforting to keep all of your finances in one place — plus, you could get a discount.
Interested in learning about more options? Ready to compare lenders? Check out our guide to student loans to see what else is out there when it comes to financing your education.
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President Biden said he supports offering $10,000 in forgiveness for federal loans, plus a few other options. Here’s what to expect.
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Most federal student loan borrowers now have eight more months of the interest-free payment freeze.Â
President-elect Joe Biden plans to extend the pause on federal student loan payments and interest past January 31st — and may cancel some debt.
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This West Coast bank offers term loans and a lending program for underrepresented business owners.
BCB Bank offers a substantial package of business financing in NJ and NY.
Biden doesn’t have an official plan to eliminate student debt. But his platform could make forgiveness more attainable for low-income borrowers.