U.S. Bank student loan alternatives

This large bank may no longer offer student loans, but you can still find competitive options.

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U.S. Bank customers looking to pay for college may be disappointed to find that it no longer offers student loans. Fortunately, there are other banks and private lenders out there that may be able to help — provided you have decent credit or a cosigner.

Why doesn’t U.S. Bank offer student loans?

U.S. Bank chose to stop offering student loans back in 2012 after a change in federal regulation. In 2010, the federal government stopped guaranteeing private student loans, leading many lenders to opt out of the industry. In a letter to participating colleges and universities, U.S. Bank explained that student loans made up a small part of its business and that it decided to shift resources to focus on other products.

3 alternatives to U.S. Bank student loans

Whether you’re looking to compare multiple lenders in one fell swoop or refinance for a more competitive rate, one of these private student loan providers may be able to help.

1. Best for financing a variety of programs: Discover

Discover is one of the few major banks that offers student loans — and fortunately for student borrowers, its program is robust. You can borrow a variety of loans to cover both undergraduate and graduate costs, including funds for your medical residency or the bar exam.

Though its repayment plans aren’t as flexible as federal loans, it offers more options than many private student loan providers out there. And it also stands out from the competition for its generous 1% cashback reward if you maintain a 3.0 GPA or higher. It can only be used once, though, and any money you receive back may be treated as taxable income.

  • How much you can borrow. $1,000 and Up to 100% of the cost of attendance
  • APRs. 4.74% to 12.49%
  • Terms. 20 years
  • Eligibility requirements. Must be enrolled at least half-time at an eligible school with satisfactory academic progress and seeking a degree. Must be a US citizen, permanent resident or international student.

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2. Best for comparing multiple lenders: Credible

Credible is a connection service that allows you to fill out one online form to potentially get matched with eight different student loan providers. This can be especially helpful if you’re new to student loans and aren’t sure what rates or terms you might qualify for.

The service is free to use, and none of the lenders in its network charge origination fees or prepayment penalties. However, how much you can borrow, rates, terms and repayment options will vary depending on what lender you’re connected with.

  • How much you can borrow. $1,000 and the maximum amount Varies by lender (typically, total certified costs of education minus financial aid already received)
  • APRs. 4.2%
  • Terms. 5 years to 20 years
  • Eligibility requirements. Enrolled at least half time in qualifying US educational program, ages 18+ or apply with cosigner

3. Best for refinancing at a low APR: SoFi

If you’re looking to refinance your federal or private student loans, SoFi offers competitive rates for borrowers who have at least $5,000 in student loan debt. And while you’ll need a decent income and good to excellent credit to qualify, the savings you may be able to score could make losing your federal loan benefits worth it.

SoFi also offers a variety of perks to borrowers who refinance, including rate discounts, unemployment protection, career support and access to financial advisers to help you thrive after leaving school.

  • How much you can borrow. Starting from $5,000
  • APRs. 2.14% to 7.94%
  • Terms. 5 years to 20 years
  • Eligibility requirements. Must be an employed US citizen with a minimum loan balance of at least $5,000.

Does U.S. Bank offer similar loans?

Parents could potentially use a U.S. Bank home equity line of credit to pay for their children’s college tuition. And you could also rely on a U.S. Bank credit card for smaller expenses, like books and supplies, while you’re in school.

U.S. Bank’s other loans are earmarked for specific purposes, like buying a car or funding a business. And its personal loans aren’t allowed to be used for postsecondary education.

Compare more student loan providers

Updated October 14th, 2019
Name Product Min. Credit Score Max. Loan Amount APR
660
None
Starting at 2.43%
Save on your student loans with this market-leading newcomer.
Good to excellent credit
None
Starting at 2.8%
Get prequalified offers from top student loan refinancing providers in one place.
680
None
3.29% to 6.69%
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
650
None
2.05% to 6.49%
Get a tailored interest rate and repayment plan with no hidden fees.
650
Full balance of your qualified education loans
2.14% to 7.94%
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
620
$300,000
3.01% to 8.61%
Refinance all types of student loans — including federal and parent PLUS loans.

Compare up to 4 providers

Bottom line

Although U.S. Bank no longer offers private student loans, you still have options when you’re ready to finance your college education. You can compare other providers and learn more about how borrowing for school works with our guide to student loans.

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