Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Charles Schwab student loan alternatives
This bank may not offer financing to pay for school, but you still have options.
Charles Schwab doesn’t offer student loans, but that doesn’t mean you don’t have options. Between other banks, comparison services and private student loan providers, you may be able to find a different lender that fits your budget and needs.
Why doesn’t Charles Schwab offer student loans?
Rather than offering a variety of loans, Charles Schwab is focused on providing investment products and financial advice to customers. So while it lacks a student loan option, it does have specialized accounts that can be used to help pay for college in a different way — provided you have the money to invest.
3 alternatives to Charles Schwab student loans
These alternatives provide a variety of services to help meet your needs at every stage of the borrowing process.
Best for borrowing from a bank: Wells Fargo
Wells Fargo is one of the few larger banks that actually offers student loans. And it has a variety of options, including loans for graduate school and community college on top of traditional undergraduate financing. It has fairly low rates — stretching up to just 11.26% — and multiple discounts that can take up to 0.5% off your loan’s APR. You can also apply with a cosigner if you don’t meet Wells Fargo’s credit or income requirements on your own.
However, some of its options limit how much you can borrow to $25,000 — making it less than ideal if you’re attending an expensive school.
- How much you can borrow. Up to $120,000
- APRs.4.8% to 11.26%
- Terms. N/A
- Eligibility requirements. Good to excellent credit or creditworthy cosigner, ages 18+, US citizen or permanent resident
Best for making quick comparisons: LendingTree
If you’re not attached to borrowing from a bank and aren’t sure where to start with a private lender, you may want to consider LendingTree. You can compare a slew of private lenders at one time without having to fill out multiple applications. And its rates start at 3%, though you’ll need to have excellent credit and a strong income to qualify for the lowest rates.
However, other borrowers have complained about fielding multiple emails and phone calls from lenders in its network— even after they’ve accepted a loan.
- How much you can borrow. Not stated
- APRs. As low as 3%
- Terms. Varies by lender
- Eligibility requirements. Eligible expenses from accredited school, US citizen, good to excellent credit or creditworthy cosigner
Best for refinancing: SoFi
SoFi is one of the top options for graduates looking to refinance their student loans, and it’s not just because of the low APR. It offers a number of other membership perks that banks lack, like access to wealth advisers and unemployment protection. There’s also special financing available for medical and dental residents who are currently enrolled in a residency program.
While you can apply with a cosigner if you don’t have the best credit, it doesn’t offer cosigner release. This means you’ll have to refinance your student loan again if you want to take your cosigner off the loan later on.
- How much you can borrow. From $5,000
- APRs. 2.25% to 6.39%
- Terms. 60 to 240 months
- Eligibility requirements. Must be an employed US citizen not living in Vermont with a minimum loan balance of at least $5,000.
Does Charles Schwab offer similar loans?
No, Charles Schwab doesn’t offer many loans. The only one parents might be able to use to pay for schooling is its secured Pledged Asset Line (PAL). However, with amounts starting at $100,000, this won’t be helpful if they don’t have the collateral to back it. It also has two credit card options that could be used for smaller expenses, like books and supplies, while you’re in school.
On top of this, Charles Schwab offers 529 plans and education savings accounts (ESAs) that can help parents build up savings to pay for their children’s education. But this won’t be much help if you’re planning on attending college in the next year or two.
Compare more student loan providers
Bottom line
Unless you’re a parent looking to fund your child’s education years down the road, the investment products and savings accounts offered by Charles Schwab likely won’t be helpful. Instead, you might want to compare your student loan options to find the one that best meets your needs.
Frequently asked questions
More guides on Finder
-
How to separate your finances during divorce
Ways to protect your assets and what you need to know about marital debt.
-
Nelnet student loan refinancing review
This new online bank offers the kind of low rates you’d normally have to apply for in person.
-
How to refinance international student loans
You might qualify for a better deal even if you don’t have a green card — or a cosigner.
-
MBA student loan refinancing options
Compare our top 6 picks for getting a better deal after you graduate B-school.
-
Get a $50 loan by tomorrow
From pay advance apps to payday loans, you have a few options to choose from.
-
14 ways to get help with your student loans
You usually don’t have to pay for assistance — no matter where you are in the process.
-
Compare student loans for certificate programs
7 options to help you jumpstart your career.
-
Best student loan refinancing offers
Find a lender that can help you save, get ahead in your career or both.
-
What happens to your student loans if you die?
Most lenders offer death discharge, but your family might have to pay state taxes on the forgiven portion.
-
Georgia Tech scholarships, student loans and grants
This Atlanta-based school offers both need- and merit- based options.
Ask an Expert
