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HSBC student loan alternatives
Compare three other lenders with low starting rates, high borrowing amounts and more.
Why doesn’t HSBC offer student loans?
HSBC doesn’t offer student loans to its American customers — although residents of other countries may be able to use an HSBC student loan for school in the US. Instead, in the US, HSBC focuses primarily on mortgages, home equity loans and small business loans. And it also offers quite a few credit cards as well as a personal line of credit. Because of this — and the complex regulations surrounding student loans — HSBC has opted out of the market.
3 alternatives to HSBC student loans
Since HSBC student loans are off the table, you might want to consider one of these alternatives instead.
Best for financing expensive programs: SunTrust
SunTrust stands out by allowing some of the highest maximum limits out there: up to $150,000 for its two standard undergraduate and graduate student loans and up to $175,000 for its MBA and Graduate Business loans.
Interest rates aren’t the lowest around — capping out at around 4.75% — and are only available in variable rates. But SunTrust does offer quite a few rate discounts, as well as a 1% principal reduction once you graduate. You’ll need to make sure you live in one of the states it services to qualify, however.
- How much you can borrow. $1,001 to $150,000
- APRs. 4.75% to 9.41%
- Terms. 84 to 180 months
- Eligibility requirements. Enrolled at least half time at eligible school, 17+ years old, US citizen or permanent resident, strong credit, regular income, not a resident of Iowa or Wisconsin
Best for comparing lenders with a low starting APR: LendingTree
LendingTree allows borrowers to compare student loan offers from different lenders by filling out just one online form. This can be a huge time saver, especially if you’re juggling scholarship and grant applications in addition to finding a student loan.
While APRs start as low as 3%, you’ll typically need to have good to excellent credit or an eligible cosigner to qualify for the lowest rates. And you’ll likely have to field phone calls and emails from the lenders in its network — even after you’ve taken out 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 at a low rate: SoFi
If you have at least $5,000 in student loan debt and good to excellent credit, you might want to turn to SoFi for refinancing. It offers some of the lowest rates out there, ranging from placeholder.
It also has special refinancing for medical and dental school graduates that allows you to take advantage of a low monthly payment while completing a residency. Plus, its loans come with a slew of membership perks, including a potential 0.125% rate discount, career advice, unemployment protection and wealth advisers to help you with your finances.
- How much you can borrow. From $5,000
- APRs. 2.25% to 6.43%
- 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 HSBC offer similar loans?
Parents may be able to use HSBC’s home equity line of credit to finance their child’s college tuition, but this comes with the risk of losing your home if you’re unable to make repayments. For smaller costs like books and other supplies, you can also consider one of HSBC’s many credit card options.
Compare more student loan providers
Even though you can’t borrow a student loan with HSBC, there are other options available. These three alternatives provide a variety of services for students at every stage of the borrowing process.
Not sure these lenders are right for you? Compare other options with our guide to student loans.
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