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USAA used to have a student loan referral program with Wells Fargo, which offered a 0.25% rate discount to USAA members. But it stopped this program back in December 2016 due to a lack of demand. Instead, it’s focusing on other products and services that can benefit all members, rather than just a small group.
It still offers several college-related products, such as student checking accounts, secured credit cards and college savings investment accounts.
Since you can’t get a student loan through USAA anymore, you might want to consider these three lenders instead.
Best for: When you don’t know where to start.
Credible is an online marketplace that allows you to quickly prequalify for student loans from multiple lenders to see what your options are. It’s a great tool if you’re not sure what rates and terms you might be eligible for.
If you find a loan that works for you, you can easily continue on with the application. But keep in mind that your initial offer might not reflect the rates and terms you actually get once you submit the full application.
Best for: Borrowing from a community lender.
LendKey is another connection service that works with credit unions and local banks in your area. These tend to offer more favorable rates and terms than your typical bank or online lender, so it could be a great option if you and your cosigner struggle to qualify elsewhere.
You might have to join a credit union in order to apply, and you’ll need to have a cosigner if you make less than $24,000 a year. But if you’re looking for a more personalized borrowing experience, LendKey makes it a lot easier to compare your options from local lenders.
Best for: The closest student loan to USAA’s offer.
If you really liked what USAA had to offer, the next best thing is applying directly through Wells Fargo. While you won’t get the extra 0.25% rate discount that it previously gave to USAA members, other features of the loan remain the same.
One of the major draws for some USAA members is that it offers financing to members that are earning a degree while stationed abroad. However, its website doesn’t provide much information about how it works, so you might have to rely on customer service more than other lenders.
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If you’re an active-duty service member, you might be eligible for the US Army’s Loan Repayment Program (LRP). Through the LRP, you can apply to have part of your qualifying loan balances forgiven each year you’re on active duty for up to three years. Most common federal loans qualify, though private student loans are ineligible. You can sign up through the US Army’s benefits website.
To learn about similar programs, read our article on repaying military student loans.
While USAA doesn’t offer any other education-related loans, you might be able to use one of these options to pay for your expenses while in school:
While USAA no longer offers a 0.25% discount on Wells Fargo student loans, there are other options available. Borrowing from Wells Fargo directly is the closest alternative, though you also might want to compare offers from online or community student loan providers.
Check out our guide to learn more about how student loans work.
Picture: Shutterstock
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