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College is expensive. Even though the federal government provides student loans to help people pay for college, this isn’t always sufficient. In such circumstances, students may depend on private lenders to pay for their remaining costs. Many national banks offer student loans with low interest rates and customizable terms that may make them a good place to start when looking for private loans for education, even though some private lenders offer less than ideal terms.
Best banks for student loans
Before submitting an application, it’s a good idea to shop around and compare loan offers from several lenders. You can reduce the number of options on your list by using the list below.
Best for: Students who need support for multiple years
Despite having branches in just 14 states, Citizens Bank provides private student loans across the country. The bank provides loans to parents who want to support their child’s education as well as to undergraduate and graduate students. Parent loans have terms of five to ten years, and student loans range from five to fifteen years.
The lender provides a 0 percent loan and has both variable and fixed interest rates. Customers who have a checking account, savings account, money market account, certificate of deposit, auto loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loan owned by Citizens Bank are eligible for a 25 percent interest rate loyalty discount. If you have a co-signer, this discount also applies to them. The bank also offers a 0. 25 percent interest rate discount for automatic payments.
Citizens Bank also offers the chance to get multiyear approval. This feature allows you to submit a hard inquiry once for your needs related to student loans over a number of years. You won’t have to bother with reapplying every year because a soft credit check will be performed when you request future disbursements.
Best for: Students without a co-signer
There is only one physical branch of the online bank Discover. The bank provides a large range of private student loans, such as loans for parents, graduates, MBAs, health professions, law, residency, bar exam, and undergraduate studies. Undergraduate loans have 15-year terms, while graduate loans have 20-year terms.
The lender provides fixed and variable interest rates, as well as the opportunity to receive rate breaks, such as a zero percent rate. If you set up automatic payments from a checking or savings account, you will receive a 25 percent discount.
Discover further sweetens the pot by offering cash rewards for high grades. If your GPA is 3 during the loan term, you will receive a reward of 1% of the disbursed loan balance. 0 or higher. Additionally, if your high school GPA was 3.0, you can receive a 1% cash reward on your first bank loan as an incoming freshman. 0 or higher.
Best for: Students with good credit
The Tennessee-based SouthEast Bank’s online student loan division is called Education Loan Finance, or ELFI. The lender provides loans to parents, graduate students, and undergraduate students. Parents have repayment terms of five to ten years, and students have terms of five to fifteen years.
ELFI differs from other lenders in that you will be paired with a student loan advisor who will support you every step of the way. ELFI claims that you don’t need to take any additional steps to receive its best rates, so it doesn’t provide an autopay discount like other banks do.
Best for: Health and medical students
Undergraduate and graduate students can apply for private student loans from Pennsylvania-based PNC Bank. Additionally, it provides specialized loans for bar study, health professions residency, and medical and health professions.
The lender offers both fixed and variable interest rates. PNC provides an interest rate discount, similar to some other banks, but it’s double the typical discount at 0 5 percent. PNC Bank private student loan repayment terms vary from five to fifteen years.
One distinctive feature of PNC is that it provides a $2,000 scholarship twice a year, and you can apply without even having a PNC student loan. You can enter and be eligible for two drawings over the course of the next twelve months if you meet the requirements.
Best for: Covering full cost of education
Another online bank without any physical locations is Sallie Mae. The bank provides loans for graduate school, undergraduate study, and career training.
MBA loans, medical school loans, medical residency loans, dental school loans, dental residency loans, health professions loans, law school loans, and bar study loans are the different types of graduate loan options. Repayment terms range from 10 to 20 years.
The bank provides fixed and variable interest rates, with the opportunity to receive a zero percent loan. 25 percent discount if you set up automatic payments. Because Sallie Mae does not require you to attend school full-time in order to be approved, unlike most student loan companies, it can be a great option for part-time students.
Do banks offer student loans without a co-signer?
Without a co-signer, obtaining approval for a private student loan can be difficult for college students, particularly if they have little to no income and credit history.
In order to increase your chances of being approved and being eligible for a competitive interest rate, if you intend to apply for a private student loan, think about having a parent co-sign the loan application. Banks operate in the same manner as other lenders.
Having said that, you should be able to locate a bank that will approve your loan application without a co-signer if you do have some credit history. This is particularly true for graduate school loans.
Student loans from banks vs. online lenders
In general, banks that provide student loans are comparable to online lenders. Although every bank has distinctive qualities of its own, there aren’t many differences between the two categories of lenders.
Nevertheless, a few of the top banks for student loans provide their current clients with loyalty discounts. If you or your co-signer have an account with a bank that is qualified to offer private student loans, this can be helpful. If there’s a bank branch nearby and you prefer in-person assistance, that might also be a good choice.
Make sure you get the best deal for you by taking the time to shop around and compare interest rates, repayment terms, and other features with several lenders before applying for any loans.
How to apply for a student loan with a bank
The procedure for applying for a bank’s private student loan is largely similar to that of other lenders. Here’s what to expect:
- Shop around: To find the best deal, compare rate quotes from several banks, credit unions, and online lenders, even if your bank offers a loyalty discount. You might also want to compare rates with other key features like co-signer release options, repayment plans, forbearance and deferment plans, and others.
- Apply directly to the lender: Usually, you can apply directly via the bank’s website after deciding which bank to work with. While some might also let you apply over the phone or in person, submitting an online application is the most expedient method. Usually, you’ll have to give information about your identity, your school, the amount you wish to borrow, and other pertinent facts.
- Present proof of income: The bank may request proof of income, a government-issued ID, and other pertinent data regarding your application. The underwriting process will move more swiftly the sooner you share your documents.
- Accept the final offer: You will receive a final offer from the lender after they have thoroughly reviewed your application, including your credit history. This offer may or may not be the same as the one you were given when you first asked for a quote. Read the loan agreement and any other documents the lender provides, and if you accept the terms, sign the documents electronically.
- Await disbursement: Private student loans are usually paid to your school first in order to pay for tuition, fees, and other pertinent costs. If there’s money left over, you should receive it directly. You can then use the money from your loan to pay for any additional qualified educational costs.
Also, make sure you know when payments start. In general, students can postpone making payments until after they graduate from high school. However, if you’re a parent who’s borrowing money to support your kid in school, you might have to start making payments right now. Contact your lender if you have any questions.
Consider comparing the interest rates offered by national banks and other major lenders if you need private loans to help pay for college. Many can cover all or a portion of your educational costs, with fair repayment terms. Find the lender that works best for your needs.
FAQ
Which bank is best for student loan?
Name of BankInterest Rate (p. a. )Processing FeesAxis Bank13. 70% p. a. to 15. 20% p. a. 2. 00% of the loan plus GSTHDFC Bank9. 50% p. a. 0% for studies in India 1% for studies overseas Kotak Mahindra Bank Up to 2016%%20p a. NilFederal Bank12. 55% onwardsContact the bank.
How long does it take to get a student loan from a bank?
Approval times for private student loans range from a few hours to two weeks. After approval, it usually takes 1-2 weeks to receive the funds, but it could take longer based on the lender and the loan type you select.
How easy is it to get a student loan?
Credit score: When you apply, your credit will be checked, and it must be at least the minimum required by the lender. That minimum can vary, but it’s usually in the mid-600s. Keep in mind that while some lenders might provide private student loans without requiring a credit check, their interest rates might be expensive.
Read More :
https://www.credible.com/blog/student-loans/bank-loans/
https://www.bankrate.com/loans/student-loans/student-loans-from-banks/