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 three more lenders with similar features:
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
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
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
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 2022!
|2.49% – 13.85%1||Undergraduate|
|2.55% – 11.44%2||Undergraduate|
|3.25% – 13.59%3||Undergraduate|
|0.00% – 23.00%4||Undergraduate|
|3.25% – 9.69%6||Undergraduate|
|* 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.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community 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.
Information advertised valid as of 9/15/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.47% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 2.80% APR to 11.69% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
3 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
4 Important Disclosures for Edly.
1. Loan Example:
About this example
The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.
2. Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.
5 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
6 Important Disclosures for Funding U.
Funding U Disclosures
Offered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.