Student Loans for Community College: Compare Options for 2019

Qualifications

• No credit check or minimum income is needed to borrow.
• Loan amounts: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000

Available Term Lengths

10 to 25 years once repayment begins, depending on the repayment plan.

Qualifications

• MPOWER considers future income potential but does not factor in credit scores.
• Loan amounts: Minimum $2,001. Maximum loan is $50,000, limited to $25,000 per academic period.

Available Term Lengths

10 years

Qualifications

• Typical credit score of approved borrowers: 748.
• Minimum income: $40,000.
• Loan amounts: $7,500 to $250,000, depending on the highest degree earned.

Available Term Lengths

5, 10 or 15 years

Qualifications

• Typical credit score of approved borrowers: 660+.
• Minimum income: Did not disclose.
• Loan amounts: $1,000 up to your total cost of attendance, minus other financial aid.

Available Term Lengths

15 years

Disclaimer: Includes rates for undergraduate and graduate loans. Lowest rates shown include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate, Graduate, Health Professions, Law and MBA Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.63% as of April 1, 2019. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the "interest rate change date"), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please click here for more information about interest rates.

Qualifications

• Typical credit score of approved borrowers or co-signers: 748.
• Minimum income: Did not disclose.
• Loan amounts: $1,000 up to 100% of the school-certified expenses.

Available Term Lengths

5 to 15 years

Disclaimer: 1 Lowest rates shown include the auto debit discount. Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school, during your separation/grace period, and until the loan is paid in full. The repayment option that is selected will apply during the in-school and separation/grace periods. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs are valid as of 05/28/2019 and assume a $10,000 loan to a freshman with no other Sallie Mae loans. Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. This benefit may be suspended during periods of forbearance or deferment, if available for the loan. 2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. 3 This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.88% fixed APR. It works out to 51 payments of $25.00, 119 payments of $162.06 and one payment of $120.23, for a Total Loan Cost of $20,680.37.

Qualifications

• Typical credit score of approved borrowers: Did not disclose.
• Minimum income: $35,000.
• Loan amounts: $1,000 up to your total cost of attendance.

Available Term Lengths

5, 7, 10, 12 or 15 years

Qualifications

• Typical credit score of approved borrowers or co-signers: 700+.
• Minimum income: No minimum.
• Loan amounts: $5,000 minimum.

Available Term Lengths

5, 10 or 15 years