With which bank or group can I collect an education loan?
In the United States, private education loans are available from lenders such as Sallie Mae Bank, Citizens Bank, PNC Bank, SoFi, College Ave Student Loans, Earnest, and credit unions like Navy Federal. Maximise federal student aid, grants and scholarships first before turning to any private lender for the remaining cost.
Your best starting point is federal student aid, grants and scholarships if you are studying in the United States, since these usually offer better terms than private lenders. Once those are used up, several established banks and financial groups offer private education loans to cover the remaining cost.
Private Education Loan Providers to Consider
| Lender | What They Offer |
|---|---|
| Sallie Mae Bank | Undergraduate, graduate and career training loans with customisable repayment |
| Citizens Bank | Private undergraduate, graduate and parent loans with no application or origination fees |
| PNC Bank | The PNC Solution Loan, bridging the gap between financial aid and cost of attendance |
| SoFi | Private and refinanced student loans with competitive rates and no fees |
| College Ave Student Loans | Loans issued in partnership with FDIC-insured banks such as Firstrust Bank and M.Y. Safra Bank |
| Earnest | Flexible terms and personalised repayment plans |
| Navy Federal Credit Union and other credit unions | Competitive education loan products for their members |
What You Need Before You Apply
- Confirm whether you need the loan for study within the United States or for an international programme, since providers differ by destination
- Check whether your programme is undergraduate, graduate, or vocational and career training, since eligibility varies by lender
- Line up a creditworthy co-signer where possible, since many private student loans require or strongly favour one
My Advice
Get quotes from at least three lenders on this list before committing, since interest rates and fees genuinely differ between them. If you can arrange a strong co-signer, do it before you apply, since it usually gets you a meaningfully lower interest rate over the life of the loan.
Will you qualify for a US education loan?
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