Alternatives to BB&T Student Loans

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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BB&T Bank is a solid choice for college students who need to store and access their money. Unfortunately, there’s no such thing as BB&T student loans, so this lender isn’t an option for students looking to fund their education.

But if you were seeking BB&T student loans, know that there are many other options, both in terms of federal loans, as well as private lenders with competitive interest rates. Here’s a look at some of the possibilities.

Alternatives to BB&T student loans

Borrowing should only be necessary if you still need funding after you’ve already applied for scholarships, state grants and other gift aid that doesn’t need to be repaid. You could also diminish your school’s cost of attendance by crowdfunding, working a summer job and tapping savings.

Once you do turn to loans, you have two types of debt to choose from: You can borrow from the Department of Education or you can seek out a private entity such as a bank, credit union, online company or state agency.

Federal student loans

It’s generally best to favor federal student loans, since they come with protections that private student loans lack. They also don’t require extensive credit checks, with every federal loan borrower receiving the same interest rate.

You main federal loan choices are:

  • Direct Subsidized Loans: Undergraduate students with demonstrated financial need can receive this loan type, which is interest-free while you’re in school, during your grace period, and anytime you enter deferment.
  • Direct Unsubsidized Loans: Undergraduate and graduate students can borrow this type of loan regardless of financial need. Unlike Subsidized loans, these begin to accrue interest as soon as you get the money.
  • Direct PLUS Loans: Graduate and professional students, as well as parents borrowing on behalf of their child, can access PLUS Loans. Unlike the other types above, they can cover up to the entire cost of attendance, but borrowers can’t have an adverse credit history.

Private student loans from BB&T-like lenders

Unlike federal student loans, private student loan interest rates depend on you or your cosigner’s credit history. In some cases, especially with a creditworthy cosigner, you might be able to score a lower interest rate with your local bank than you could via Uncle Sam.

Just remember that private loans generally don’t offer government-exclusive protections, such as income-driven repayment and clear paths to payment postponements and loan forgiveness. With that in mind, you might wait to borrow a private loan until you hit your federal loan borrowing limit.

If you’re seeking a BB&T-like bank for a private student loan, consider what drew you to BB&T in the first place. It’s a one-stop-shop for other financial products, it includes online education tools, and it has 1,700 branches across 15 states and Washington, D.C.

Here are five more lenders with similar features:

1. SunTrust

BB&T announced plans to merge with student loan lender SunTrust Bank in February 2019. The merger is pending regulatory approval, so it’s currently unclear whether BB&T customers would receive any special perks for borrowing for college via SunTrust.

Still, SunTrust could be appealing in and of itself. It offers student-centric checking and up to 0.50% in interest rate discounts on its student loans.

  • Borrow from $1,001 to $65,000 (for undergraduates)
  • Repayment term options: 7, 10 and 15 years
  • Cosigner release available after three to four years of timely payments

2. PNC

Some big banks have a reputation for excessive fees. But although PNC is a major financial institution, it charges no extra costs to apply for, receive or repay student loans.

  • Borrow from $1,000 to $50,000 (for undergraduates)
  • Repayment terms options: 5, 10 and 15 years
  • Cosigner release available after four years of timely payments

3. Citizens Bank

Citizens stands out for its accessible eligibility rules. Even international students with U.S. resident cosigners can borrow. If you’re a parent comparing banks for students, keep in mind that moms and dads are also eligible. The bank also offers multi-year approval to ease the application process for additional years of borrowing.

  • Borrow from $1,000 to $150,000 (for undergraduates)
  • Repayment terms options: 5, 10 and 15 years
  • Cosigner release available after three years of timely payments

4. Wells Fargo

In addition to having all of the same financial products that BB&T and other bigger banks offer, Wells Fargo’s student loans have some special features. For instance, you can borrow to pay for community college or for a career or trade school, including flight training.

  • Borrow from $1,000 up to 100% of the school-certified cost of attendance, up to an aggregate federal and private loan limit of $120,000
  • Repayment terms options: 15 or 20 years
  • Cosigner release available after two years of timely payments

5. Discover

If borrowing from a bank that also offers student-oriented credit cards is a priority, consider Discover. The nationally-accessible bank provides separate loans for undergraduate, graduate and professional students.

  • Borrow from $1,000 up to 100% of your cost of attendance (for undergraduates)
  • Repayment term option: 15 years
  • No cosigner release available

Find the best alternative for BB&T loans

Although BB&T student loans don’t exist, plenty of suitable alternatives do.

When borrowing for your education, it’s usually wise to choose a federal loan first. If you hit your borrowing limits or could score a lower interest rate elsewhere (and don’t mind giving up government-exclusive safeguards), then a private loan could be a good choice.

As you shop around, consider more than the interest rate. Ensure the lender’s repayment term options, cosigner release policy and customer service performance all meet your preferences. To start, you could check out the list of our favorite private student loans available.

Need a student loan?

Here are our top student loan lenders of 2019!
LenderVariable APREligibility 
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)All rates shown include the auto-pay discount.  The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

(2)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 11/4/2019. Variable interest rates may increase after consummation.


2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

3 Important Disclosures for Discover.

Discover Disclosures

  1. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Auto Reward Debit Reward Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.
  3. Aggregate loan limits apply.
  4. Lowest rates shown are for the undergraduate loan and 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 interest rate offered on the Discover Undergraduate Loan 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 2.50% as of July 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 visit discover.com/student-loans/interest-rates for more information about interest rates.
Discover's lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.

4 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restrictions. Loans are offered through CommonBond Lending, LLC (NMLS #1175900).

  1.  Rates are as of July 1, 2019 and include auto-pay discount. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment. Variable rates may increase after consummation.

5 Important Disclosures for Citizens.

Citizens Disclosures

Undergraduate Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of November 1, 2019, the one-month LIBOR rate is 1.80%. Variable interest rates range from 2.90% – 11.16% (2.90% – 11.01% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.72% – 12.19% (4.72% – 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank Student Loan Eligibility: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower/eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank- participating school. 

Please Note: International Students are not eligible for the multi-year approval feature.

2.84%
10.97%
1
Undergraduate, Graduate, and Parents

Visit College Ave

3.12% – 10.54%*,2Undergraduate and Graduate

Visit SallieMae

3.37%
11.87%
3
Undergraduate and Graduate

Visit Discover

3.52% – 9.50%4Undergraduate and Graduate

Visit CommonBond

2.90% – 11.16%5Undergraduate and Graduate

VISIT CITIZENS

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Published in Review, Student Loans

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