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Santander Bank student loan alternatives
Consider these options for community-centered customer service and loan perks.
Santander Bank is known for having a number of personal-finance offerings, but doesn’t provide private student loans. There are plenty of lenders that do — ones known for community support and customer service.
Why doesn’t Santander Bank offer student loans?
Unfortunately, Santander Bank has never been in the private student loan game. Its stellar customer service and willingness to go the extra mile keeps customers coming back, but student loans are a product it has never offered. It does, however, have a number of checking and savings accounts, along with personal and business loans.
3 alternatives to Santander Bank student loans
To choose alternatives, we looked for student loan providers that embody what Santander Bank is known for — customer service and investing in the communities it works with. From there we compared overall quality, rates and fees.
SoFi Student Loans
SoFi is a lender known for its alternative underwriting, but it offers much more than that — including access to the SoFi online community of borrowers. Borrowing from SoFi unlocks opportunities to meet with a dedicated career coach, attend networking events, receive personalized financial advice and more. Its student loan offerings are well defined, too. Parent, undergraduate, graduate and law and MBA loans are available through this lender. And they don’t have fees — no origination, late, prepayment or nonsufficient funds fees.
Pros
- No fees
- Cosigner release
- Low variable rate cap
- No-risk prequalification
- Employment not required
- Membership perks
Cons
- New product
- For US citizens only
- No 20-year term.
| Minimum Loan Amount | $5,000 |
|---|---|
| Max. Loan Amount | Full cost of attendance |
| APR | 1.87% to 11.66% with autopay |
| Interest Rate Type | Variable |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 15 years |
| Requirements | 650+ credit score, employed or receive income from other sources, enrolled at least half time at an eligible degree-granting program, use funds for qualifying higher education expenses, maintain satisfactory academic progress, US citizen, age of majority in your state — or bring on a cosigner who’s a US citizen to help you meet age, credit and income requirements |
| APR | 1.87% to 11.66% with autopay |
|---|---|
| Loan amount | Starting at $5,000 |
| Min. Credit Score | 680 |
Sallie Mae® Smart Option Student Loan for Undergraduates
Sallie Mae has been in the business of student loans for almost 50 years. While it worked with the federal government until the end of 2004, it's well established in the student lending space. As such it has a number of offerings — some at incredibly low rates. It has a number of different student loan types to choose from — 13 in total. Among those choices are the standard undergraduate, graduate, parent, medical school and law school loans. Undergraduate loans come with four different repayment plans and no origination or prepayment fees. And you don't need to be going to school full time to qualify for a loan.
Pros
- Available for students studying less than half time
- Six-month grace period
- Autopay discount available
Cons
- Not transparent about credit requirements
- Potentially high late fees
- Preapproval unavailable
| Minimum Loan Amount | $1,000 |
|---|---|
| Max. Loan Amount | Cost of attendance less financial aid |
| APR | 1.13% to 11.23% |
| Interest Rate Type | Variable |
| Fixed rate | 4.25% to 12.59%, lowest rates reflect autopay discount |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 15 years |
| Requirements | US citizens, US permanent residents and international students residing in the US with a creditworthy cosigner who is a US citizen or permanent resident |
| APR | 1.13% to 11.23% |
|---|---|
| Loan amount | Starting at $1,000 |
| Min. Credit Score | Not stated |
Education Loan Finance Student Loan Refinancing
Education Loan Finance (ELFI) offers student loan and Parent PLUS refinancing, along with undergraduate and graduate loans. Its customer service is consistently praised on Trustpilot, where it has almost 1,100 reviews as of July 2020 and a 4.9 out of 5 star rating. Representatives are often thanked by name, and timeliness is one of the top praises given. Refinancing with ELFI comes with no application, origination or prepayment fees, which can make it easier to save even more. You can also prequalify before you fully apply, so your credit doesn't take a hit before you know what rates and terms you might be eligible for.
Pros
- Might match competitors’ rates
- Risk-free rate check
- ELFI referral program
- No application or origination fees
- Refinance federal consolidation loans
- Forbearance option available
Cons
- No cosigner release
- High minimum debt
- Requires graduation
- Strict eligibility requirements
| Minimum Loan Amount | $15,000 |
|---|---|
| Max. Loan Amount | None |
| APR | 2.39% to 6.01% |
| Interest Rate Type | Variable |
| Fixed rate | 2.58% to 5.99% |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 20 years |
| Requirements | Must have a bachelor's degree or higher, good credit, annual income of $35,000+, low debt-to-income ratio. |
| APR | 2.39% to 6.01% |
|---|---|
| Loan amount | Starting at $15,000 |
| Min. Credit Score | 680 |
Compare more student loan providers
Select one or more lenders using our table and compare APRs, terms and more to find even more options to fund your studies.
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Bottom line
While you can't get a student loan with Santander Bank, there are still many options out there — including those with stellar customer service. Get more information and compare even more lenders with our guide to student loans.
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