3 Banks That Offer Student Loans
Few traditional banks offer student loans, but private loans are available from online lenders.
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Which banks offer student loans? Not many. Traditional brick-and-mortar banks used to be a student lending staple, but only a handful still have private loan programs.
If you already use one of these banks, they may offer you a lower interest rate. But compare that offer with rates from other lenders, and exhaust available federal loans before turning to any private option.
Here’s a look at banks that do and don’t offer student loans, plus information on getting a private student loan from a bank.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Banks That Offer Student Loans
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | Mid-600s | 3.54-15.99% | 5.54-15.99% | Check rate on SoFi's website | |
4.0 /5 | 680 | 3.99-12.61% | 5.98-13.74% | Check rate on LendKey's website | |
4.0 /5 | Does not disclose | 6.69-13.89% | 8.44-11.54% |
SoFi Undergraduate Student Loan
Mid-600s
3.54-15.99%
5.54-15.99%
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.
- Does not offer bi-weekly payments via autopay.
- Typical credit score of approved borrowers or co-signers: 700+.
- Minimum income: No minimum.
- Loan amounts: $1,000 minimum.
LendKey Private Student Loan
680
3.99-12.61%
5.98-13.74%
LendKey partners with community banks, as well as credit unions, to offer private student loans.
- Forbearance of 18 months is longer than many lenders offer.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
- Payment required while in school.
- Typical credit score of approved borrowers: 748.
- Minimum income: $24,000 per year.
- Loan amounts: $1,000 up to cost of attendance, minus other aid received.
PNC Private Student Loan
Does not disclose
6.69-13.89%
8.44-11.54%
PNC doesn’t offer an additional interest rate discount if you already have an account with the bank.
- Interest rate discount for autopay is larger than most lenders offer.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
- Typical credit score of approved borrowers: Did not disclose.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 to $50,000.
Banks that offer student loans
Only a few national banks offer private student loans. These include:
PNC.
Some community banks provide private loans through third-party services, such as LendKey. State banks — for example, the Bank of North Dakota — may have loan programs for students who are from or attending college in that state.
Many of the biggest and most well-known banks and financial institutions in the United States don’t offer private student loans, including:
Citibank.
HSBC.
TD Bank.
Wells Fargo.
How to get a student loan from a bank
If you’ve found a bank that offers student loans, follow these steps before you borrow:
Exhaust federal student loans. Banks only offer private student loans. Before borrowing those, max out unsubsidized and subsidized federal student loans because of their low fixed rates and consumer protections. You can qualify for federal student aid by completing the Free Application for Federal Student Aid, or FAFSA.
Compare offers. If federal loans won’t cover all your costs, compare private student loans to get the best rate possible.
Check your qualifications. Banks can be tight-lipped about their financial requirements. But private lenders typically want you to have a credit score above 670 and enough income to afford all your debts and expenses. Banks may have additional requirements.
Apply with the bank. You’ll likely be able to complete the application process on the bank’s website. If a smaller or local bank has not partnered with a lending platform like LendKey, find out the steps you’ll need to complete your paperwork.
Which bank has the best student loan?
The best student loan is generally the one that costs you the least. That may come from a bank, especially if it offers a loyalty discount that lowers your interest rate.
But if your bank doesn’t have a student loan program, evaluate all your options.
Online lenders may lack the brand recognition of some banks, but there are reputable options that offer quick preapproval and match other features you might value in a bank. For example:
One-stop shopping. Online lender SoFi provides multiple products in addition to student loans, including mortgages and investment accounts. This matches the convenience banks offer of working with a single financial institution.
Long-term experience. Education Loan Finance, or ELFI, is not a bank itself, but it is an offshoot of SouthEast Bank in Tennessee. ELFI is a nonprofit organization that has worked with student borrowers for 25 years.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Last updated on July 30, 2024
NerdWallet's Banks That Offer Student Loans
- SoFi Undergraduate Student Loan: Best for Borrowing from an online bank
- LendKey Private Student Loan: Best for Borrowing from a community bank
- PNC Private Student Loan: Best for Students who plan to start repayment immediately
