5 Banks Offering Student Loans in April 2021
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There are a few types of lenders that offer private student loans, including banks, credit unions, and online lenders. In some cases, getting a student loan from a bank might be the right choice for you — especially if you already have a bank account and can qualify for loyalty discounts on a student loan.
Here’s what you should know about bank student loans:
5 banks that offer student loans
Banks sometimes offer competitive rates and discounts on student loans. However, they also tend to have stringent eligibility requirements, which might make it hard to qualify if you have less-than-perfect credit.
Here are a few banks that offer student loans. Note that Citizens Bank and Sallie Mae are both Credible partner lenders while the other lenders listed are not.
| Bank | Fixed rates from (APR) | Variable rates from (APR) | Loan terms | Discounts | Cosigner release offered? |
|---|---|---|---|---|---|
| Citizens | 4.24%+1 | 1.68%+1 | 5 to 15 years |
| Yes, after 36 months of consecutive, on-time payments |
| Discover | Check with lender | Check with lender | 15 years |
| No |
| ELFI | Check with lender | Check with lender | 5 to 15 years | None (autopay discount already reflected in approved interest rates) | No |
| PNC Bank | Check with lender | Check with lender | 5 to 15 years | Autopay discount: 0.50% | Yes, after 48 months of consecutive, on-time payments |
| Sallie Mae | 4.25% – 12.59%9 | 1.13% – 11.23%9 | 5 to 15 years |
| Yes, after 12 consecutive on-time payments |
| Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures | |||||
Not all banks offer student loans
While some banks offer private student loans, many do not. There are also some major banks — such as Bank of America and Wells Fargo — that used to provide private student loans but no longer do.
No matter which type of lender you choose for a private student loan, it’s important to consider how much that loan will cost you in the future. This way, you can prepare for any added expenses.
You can find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.
Enter your loan information to calculate how much you could pay
Total Payment
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Total Interest
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Monthly Payment
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With a
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loan, you will pay
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monthly and a total of
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in interest over the life of your loan. You will pay a total of
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over the life of the
loan, assuming you’re making full payments while in school.
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Learn More: Best Graduate Student Loans
Banks vs. other student loan lenders
While banks tend to be similar to other types of student loan lenders, here are a few differences to consider:
- Fewer options for bad credit: You’ll generally need good to excellent credit to get approved for a private student loan. However, you could find that some banks have more stringent credit qualifications. This might make it hard to qualify if you have poor or fair credit.
- Might perform a hard credit pull: Some banks, such as Sallie Mae, perform a hard credit check before you can see your personalized rates. This hard credit pull can have a slightly negative impact on your credit score. Online lenders, on the other hand, tend to…
Read More: 5 Banks Offering Student Loans in April 2021