12 State Student Loans and Nonprofit Lenders

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Forbearance of 24 months is twice as long as most lenders.

• Loans are available if you’re enrolled less than half time.

Cons

• Loans may not be available depending on where you live or go to school.

• Fewer repayment terms than other lenders offer.

Qualifications

• Typical credit score of approved borrowers: Does not disclose.

• Minimum income: Does not disclose.

• Loan amounts: Minimum $1,000. Maximum depends on creditworthiness and debt-to-income ratio.

Available Term Lengths

10 years

Key facts

Pros

• Income-based repayment plan available, with forgiveness after 25 years.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.

Cons

• Fewer repayment terms available than other lenders.

Qualifications

• Typical credit score of approved borrowers: 768.

• Minimum income: $40,000.

• Loan amounts: $1,500 to $45,000.

Available Term Lengths

10 or 15 years

Key facts

Pros

• In-person support and counseling are available.

• Deferment/forbearance of 24 months is longer than many lenders.

Cons

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers or co-signers: 787.

• Minimum income: $30,000.

• Loan amounts: $1,000 up to your total cost of attendance.

Available Term Lengths

7, 10 or 15 years.

Disclaimer

APR or "annual percentage rate," projected monthly payments, and total cost of loan examples are based on a $10,000 loan disbursed in two equal disbursements with a 7, 10, or 15 year repayment. Lowest rates require immediate repayment. The examples assume a 0.50% interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account. Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic payment benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic payment. Borrowers enrolled in immediate or interest-only repayment are eligible to enroll in automatic payment once all disbursements on the loan have been made and the loan is considered fully disbursed. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. Variable APR rates may increase or decrease depending on fluctuations in the London Interbank Offered Rate (LIBOR) index. Monthly interest rate accrual is based on the published One-Month London Interbank Offered Rate (“LIBOR”) as of the last business day of the previous month plus your applicable margin. As of October 30, 2020 the One–Month LIBOR rate is 0.14%.

Key facts

Pros

• Forbearance of 24 months is longer than many lenders offer.

• No late fees.

Cons

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers or co-signers: 759.

• Minimum income: No minimum income.

• Loan amounts: $1,001 or $2,001, based on residency and school location, up to cost of attendance minus other aid received.

Available Term Lengths

10 or 15

Key facts

Pros

• No late fees.

Cons

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

• Only one repayment plan offers co-signer release.

Qualifications

• Typical credit score of approved borrowers: Did not disclose.

• Minimum income: $26,200

• Loan amounts: Minimum: $2,000 for a private college, $1,500 for a public college; maximum: total cost of attendance minus other financial aid.

Available Term Lengths

10 or 15 years

Key facts

Pros

• You can refinance without a degree.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• You cannot refinance parent PLUS loans in your name.

• Maximum loan amount is lower than most lenders offer.

Qualifications

• Typical credit score of approved borrowers or co-signers: 756.

• Minimum income: $30,000.

• Loan amounts: $7,500 to $200,000.

Available Term Lengths

5, 10, 15 or 20 years

Disclaimer

APR, projected monthly payments, and total cost of loan examples are based on a $10,000 loan disbursed in one disbursement with either 5–year, 10–year, 15–year or 20–year repayment. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically deduct your payments each month from your bank account. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. Variable APR rates may increase or decrease depending on fluctuations in the London Interbank Offered Rate (LIBOR) index. Monthly interest rate accrual is based on the published One–Month London Interbank Offered Rate ("LIBOR") as of the last business day of the previous month plus your applicable margin.

Key facts

Pros

• You can refinance without a degree.

• Forbearance of 24 months is twice as long as most lenders.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• Loans aren’t available in Alaska, Delaware, Idaho, Illinois, Iowa, Maine, Maryland, Michigan, Minnesota, Montana, Nevada, New Jersey, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington or Washington, DC.

• You cannot postpone repayment if you re-enroll in school.

Qualifications

• Typical credit score of approved borrowers: Does not disclose.

• Minimum income: Does not disclose.

• Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.

Available Term Lengths

10, 15 or 20 years

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• You can refinance without a degree.

• You can refinance while in school or during a medical residency.

Cons

• Interest rates vary by refi product.

Qualifications

• Typical credit score of approved borrowers or co-signers: Approximately 750.

• Loan amounts: $5,000 to $300,000. (Minimum for California residents is $10,000.)

• Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20

Key facts

Pros

• Income-based repayment plan available, with forgiveness after 25 years.

Cons

• No co-signer release available.

• Students cannot refinance a parent PLUS loan in their name.

Qualifications

• Typical credit score of approved borrowers: 748.

• Loan amounts: $7,500 to $250,000, depending on the highest degree earned.

• Must have a degree: No.

Available Term Lengths

5, 10 or 15 years

Key facts

Pros

• No late fees.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• No formal deferment/forbearance options.

• No co-signer release.

Qualifications

• Typical credit score of approved borrowers or co-signers: Did not disclose.

• Loan amounts: $10,000 minimum.

• Must have a degree: No.

Available Term Lengths

7, 10 or 15 years.

Key facts

Pros

• Borrowers can finance undergraduate and graduate degree programs.

• Students do not have to attend college in Texas to qualify.

Cons

• Available only to parent borrowers in Texas.

Qualifications

• Typical credit score of approved borrowers: N/A

• Minimum income: $60,000 for co-signer or primary borrower, or $30,000 for primary borrower if applying with a co-signer.

• Loan amounts: $10,000 up to $400,000.

Available Term Lengths

5, 7, 10, 15, or 20 years

Disclaimer

Rates as of 10/01/2021. Lowest rate shown is for eligible, creditworthy applicants, requires a 5 year repayment term and assumes the current 1 month LIBOR rate of 0.15% plus a margin of 3.5% minus the .25% Auto-Pay Discount. Your actual interest rate and repayment terms may be different depending upon the terms you choose and your financial and credit history. Not all borrowers receive the lowest rate. In addition, the variable rate is subject to change monthly, based upon the 1-month LIBOR index, and, as such may increase (or decrease) monthly, even after consummation. This means that your payment may increase, or decrease, after disbursement. The variable rate is capped and will never exceed 9.90%. The rate is expressed as an APR. Since there are no fees associated with this loan, the APR is the same as the actual interest rate for the loan. While the APR, once you proceed, may differ slightly depending upon the calculation methods and certain assumptions, the base rate and margin that you are charged will remain as stated. Auto-Pay Discount includes a .25% interest rate reduction when either the borrower or cosigner authorizes ACH payments of full principal and interest from any bank account. Certain other terms and conditions apply.

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Offers greater-than-minimum payments via autopay.

Cons

• Only available to borrowers in Texas.

• Does not offer co-signer release.

Qualifications

• Typical credit score of approved borrowers: 781 for primary borrower or 794 for co-signer (and 690 for primary borrower).

• Minimum income: $60,000 for co-signer or primary borrower, or $30,000 for primary borrower if applying with a co-signer.

• Loan amounts: $10,000 up to $150,000 for bachelors degree holders; $250,000 for graduate or professional degree holders.

Available Term Lengths

5, 7, 10, 15, or 20 years

Disclaimer

Rates as of 10/01/2021. Lowest rate shown is for eligible, creditworthy applicants, requires a 5 year repayment term and assumes the current 1 month LIBOR rate of 0.15% plus a margin of 3.5% minus the .25% Auto-Pay Discount. Your actual interest rate and repayment terms may be different depending upon the terms you choose and your financial and credit history. Not all borrowers receive the lowest rate. In addition, the variable rate is subject to change monthly, based upon the 1-month LIBOR index, and, as such may increase (or decrease) monthly, even after consummation. This means that your payment may increase, or decrease, after disbursement. The variable rate is capped and will never exceed 9.90%. The rate is expressed as an APR. Since there are no fees associated with this loan, the APR is the same as the actual interest rate for the loan. While the APR, once you proceed, may differ slightly depending upon the calculation methods and certain assumptions, the base rate and margin that you are charged will remain as stated. Auto-Pay Discount includes a .25% interest rate reduction when either the borrower or cosigner authorizes ACH payments of full principal and interest from any bank account. Certain other terms and conditions apply.