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 four 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. 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 2020!
    LenderVariable APREligibility 
    1.24% – 11.98%1Undergraduate, Graduate, and Parents

    Visit College Ave

    1.25% – 11.10%*,2Undergraduate and Graduate

    Visit SallieMae

    1.12% – 12.37%3Undergraduate and Graduate

    Visit Discover

    1.24% – 11.44%4Undergraduate, Graduate, and Parents

    Visit Earnest

    1.77% – 11.89%5Undergraduate and Graduate

    Visit SoFi

    2.69% – 12.98%6Undergraduate and Graduate

    Visit Ascent

    3.52% – 9.50%7Undergraduate and Graduate

    Visit CommonBond

    * 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. Rates shown are for the College Ave Undergraduate Loan product and include autopay 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. This informational repayment example uses typical loan terms for a first year graduate student 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 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

    Information advertised valid as of 9/24/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.


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

    3 Important Disclosures for Discover.

    Discover Disclosures

    1. Aggregate loan limits apply.
    2. 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.
    3. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and Auto Debit Reward. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including undergraduate and graduate 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. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Discover Student Loans may 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. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
    4. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include an Auto Debit Reward. 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. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Discover Student Loans may 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. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
    Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.

    4 Important Disclosures for Earnest.

    Earnest Disclosures

    1. Rates include 0.25% Auto Pay Discount
       
    2. Explanation of Rates “With Autopay” (APD)
      Rates shown include 0.25% APR discount when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

      Available Terms
      For Cosigned loans – 5, 7, 10, 12, 15 years. 
      Primary Only – 10, 12, 15 years

      In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA).


    5 Important Disclosures for SoFi.

    sofiDisclosures

    UNDERGRADUATE LOANS: Fixed rates from 4.23% to 11.26% annual percentage rate (“APR”) (with autopay), variable rates from 1.87% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.37% APR (with autopay), variable rates from 1.77% to 11.73% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.30% to 11.52% APR (with autopay), variable rates from 1.94% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 10.76% APR (with autopay), variable rates from 1.87% to 11.16% APR (with autopay). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin and your APR may increase after origination if the LIBOR increases. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 10/20/2020. Enrolling in autopay is not required to receive a loan from SoFi. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).


    6 Important Disclosures for Ascent.

    Ascent Disclosures

    Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.

    1. Competitive variable rates calculated monthly at the time of loan approval based on a margin plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent. The current LIBOR is 0.152%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes. Rates are effective as of 10/01/2020 and reflect an Automatic Payment Discount. Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month.(See Automatic Payment Discount Terms & Conditions.)
      1. Undergraduate Loans: Your variable interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 2.69% and 12.98%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 3.53% and 14.50%. Rates reflect an Automatic Payment Discount of 0.25% on the lowest offered rate and a 2.00% discount on the highest offered rate. The following table shows a 48 month in-school period plus 9 months of grace prior to a full repayment term of either: 60-months (lowest fixed/variable rate), 144-months (highest fixed rate) or 180-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options.(See Undergraduate Loan repayment examples.)
      2. Graduate Loans (Graduate, MBA & Law): Your variable interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 3.65% and 12.40%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 4.56% and 13.42%. Rates reflect an Automatic Payment Discount of 0.25%. The following table shows a 36 month in-school period plus 9 months of grace prior to a full repayment term of either: 84-months (lowest fixed/variable rate), 144-months (highest fixed rate), or 180-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options. (See Graduate Loan repayment examples.)
      3. Medical: Your variable interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 3.67% and 12.42%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 4.57% and 13.44%. Rates reflect an Automatic Payment Discount of 0.25%. The following table shows a 48 month in-school period plus 36 months of grace prior to a full repayment term of either: 84-months (lowest fixed/variable rate), 144-months (highest fixed rate), or 240-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options. (See Medical Loan repayment examples.)
    2. Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.
    3. Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and $25 minimum repayment. (See Undergraduate Loan repayment examples.)
    4. Flexible repayment plans may be offered up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school. Minimum loan amount is $2,000.
    5. Interest rate reduction of either 0.25% (for Credit-Based Loans) or 2.00% (for Undergraduate Future Income-Based Loans) applies only when the borrower and/or cosigner sign up for automatic payments and the payment amount is successfully deducted from the designated bank account each month. The amount of the discount is dependent upon the loan product and credit history of the borrower at the time of application. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of in-school, deferment, grace or forbearance, unless a regular payment amount has been arranged with the servicer. If you have two (2) consecutive returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the interest rate reduction.(See Automatic Payment Discount Terms & Conditions.)
    6. All applicants (individual and cosigner) are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.
    7. Eligibility, loan amount and other loan terms are dependent on several factors, which may include: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.
    8. The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.
    9. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. In order to be eligible for the 1% Cash Back Graduation Reward, borrower must meet the following criteria after graduation:
      • The student borrower has graduated from the degree program that the loan was used to fund.
      • The student borrower may change majors and/or transfer to a different school, but must obtain the same level of degree (e.g. – undergraduate or graduate)
      • The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement.
      • Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.
    10. Students can apply to release their cosigner and continue with the loan in only their name after making the first 24 consecutive regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner.

    * Application times vary depending on the applicant’s ability to supply the necessary information for submission.


    7 Important Disclosures for CommonBond.

    CommonBond Disclosures

    Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.17% effective Sep 1, 2020 and may increase after consummation.


    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