Best Student Loans – Which Banks Provide the Best Options

When it comes to student loans, the one that you can successfully pay off and with out a huge interest rate is a good option. Most people start by searching for federal lending solutions, but in most cases, that is not enough to get all the financing.

As for the private lenders, banks do offer the best interest rates but that does come with higher requirements. 

We did a review of different student loan options in order to help you make an educated decision. Have a look.

Best Student Loans - Which Banks Provide the Best Options

Best Student Loans

To determine whether one bank does offer a viable loan solution for your case, there are various factors to consider. This includes the interest rate, repayment, application process, as well as your annual income and credit score. 

Most banks try to make sure that you will be able to repay the debt before they go ahead and allow you a student loan. Through our research, we have come across a few that seem to offer great options both when compared to Federal and other private lenders.

Citizens Bank (Great for Parent Loans)

There are a number of reasons why this bank ranks among the best when it comes to student loans. One important feature of Citizens Bank is that while it does stand as a regional bank, anyone in the US can apply both for their refinancing plans as well as private student loans

This, along with the fact that the application process is extremely easy and that you only need to apply once, makes Citizens Bank a viable choice. Not to forget, you can get up to a 0.5% interest rate discount as long as you set up autopay and make sure that your payments do come from a Citizens Bank account. 

Taking everything into consideration, we can say with confidence that it is a choice you won’t regret (both as a parent and a student).

Discover (Good for Students)

The Discover bank does have a few innovative features that are not as common for private bank lenders. This includes bar and residency loans, as well as a couple of different repayment options. 

The variable APR is set between 1.87% – 11.62%, which is again quite friendly compared to what most other private lenders offer. The BBB score is set at A+.

Among the coolest things of the program that they offer is an incentive to keep a GPA at 3.0 or above. If you maintain this GPA, there is a 1% cash reward you are eligible for. It also offers deferment and forbearance, as well as an early assistance program that should make the repayment process more comfortable. 

SunTrust (Best for Graduate and MBAs)

With competitive fixed and variable interest rates, SunTrust does seem to offer a viable solution to almost any student. The best thing about it? International students can also apply. Also, there is a reward for graduation, which should further motivate the students into getting their degree (1% discount on principal). 

Note that your exact interest rate will be determined with your application, but the following discounts can apply. You will get to enjoy a discount of 0.25% on interest rate with autopay, and another 0.25% as long as you pay through a SunTrust account. 

Credible (Lending Service)

  • APR from 2.92% to 8.63%
  • 5-20 year repayment period
  • Many different lenders

Sallie Mae

  • Variable APR from 1.25% APR to 9.44% APR2
  • Fixed APR from 4.74% to 11.85%
  • Cosigner release

Who is Eligible?

Most banks and private lenders do require that you are a US citizen. However, there are certain lenders, including SunTrust, that allow international students to apply for the loan as well. 

While you don’t necessarily have to own an account with the bank that is financing your loan, it will give you a discount

How to Apply

When it comes to applying for a federal government loan, you should fill out the FAFSA application. When it comes to asking for a loan from private lenders and banks, it is also a multi-step process. 

So log on to the official website of your potential lender, find an application form, and submit all the requested documents.

Best Student Loans - Which Banks Provide the Best Options

Summary

A student loan can go a long way when it comes to financing your college. In order to be as comfortable as you possibly can, we do suggest you apply for a loan from some of the aforementioned banks, including Citizen, SunTrust, and Discover.

Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.