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Santander Bank student loan alternatives

Consider these options for community-centered customer service and loan perks.

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Fact checked

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 logo

Check eligibility

on SoFi Student Loans's secure site

Best for community connection: SoFi Student Loans

680
Min. Credit Score
1.9%
Starting APR
Full cost of attendance
Loan Amount

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.
Min. Loan Amount $5,000
APR 1.90% to 11.76% with autopay
Interest Rate Type Variable
Min. Credit Score 680
Minimum Loan Term 60 months
Maximum Loan Term 180 months

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Best for low interest rates: Sallie Mae Student Loans

Not stated
Min. Credit Score
4.25%
Starting APR
Cost of attendance
Loan Amount

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
Min. Loan Amount $1,000
Minimum Loan Term 60 months
Maximum Loan Term 180 months
Turnaround Time 10 days on average

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Education Loan Finance Student Loan Refinancing logo

Check eligibility

on Education Loan Finance Student Loan Refinancing's secure site

Best for refinancing: Education Loan Finance Student Loan Refinancing

680
Min. Credit Score
6.01
Starting APR
Starting at $15,000
Loan Amount

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
  • Parent PLUS refinancing
  • Risk-free rate check
  • ELFI referral program
  • No application or origination fees
  • Forbearance option available

Cons

  • No cosigner release
  • High minimum debt
  • Requires graduation
  • Strict eligibility requirements
Min. Loan Amount $15,000
APR 2.79% to 6.01%
Interest Rate Type Fixed
Min. Credit Score 680
Minimum Loan Term 60 months
Maximum Loan Term 240 months

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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.

Data indicated here is updated regularly

Name Product Min. Credit Score Max. Loan Amount APR
Ascent private student loans
540
$200,000
2.71% to 12.99%
EDvestinU Private Student Loans
675
$200,000
4.07% to 9%
Straightforward student loans for undergraduate and graduate students.
LendKey Private Student Loans
Varies by lender
4.99% to 11.06%
This connection service partners with Sallie Mae and WSFS Bank to offer competitive rates.
 Advantage Education Loan Refinance Loan
670
Starting at 3.74%
Refinance to a more flexible repayment plan with this nonprofit lender.
Alliant Credit Union Traditional Student Loan
680
$60,000
Starting at 4.56%
All-purpose personal loans from @pl_product_min_loan_amount@ to @pl_product_max_loan_amount@ with rates that stop at @pl_product_var_rate@.
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Compare up to 4 providers

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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