10 Best Banks for College Students

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If managing money were a video game, doing so while in college would be like having the difficulty level turned up to “extreme.” College students need to cover a lot of costs — tuition, rent, groceries, social events — on what often feels like practically no funds. On top of that, college students often don’t have the life experience needed to build important financial skills and wisely spend and save money.

As a college student, I did have one thing working in my favor: my bank. By the time I headed to college, my parents had already set me up with one of the best banks for college students. My low-fee accounts helped me put more of my money toward educational expenses, and limited the financial fallout of my occasional college budgeting snafu.

Choosing a bank that offers a solid student checking account could mean limiting the fees you pay and gaining access to financial education programs.

Here’s your guide to finding and comparing the best banks for college students.

What college students should look for in a bank


College students are at a unique time in their lives and should choose a bank with their situation in mind. Here are the top features that make banking easier while you’re in college:

  • Accounts and products for students: Many banks offer checking accounts, savings accounts, or even credit cards designed for students. These accounts usually offer the basic features you need, but at little to no cost.
  • Wide range of products: You’ll probably need to open a checking account to manage money in college, but what other products might you need? Investigate each bank’s offerings. You may find products from student credit cards to private student loans.
  • No monthly costs: One of the biggest things to watch out for is bank fees — or what it’ll cost you to be a customer of this bank. The best banks for college students won’t charge you a monthly fee on checking accounts, for example, without needing to meet minimum balance requirements. Pay attention to monthly or annual fees on savings accounts and credit cards, too.
  • Low fees: You’ll also want to compare overdraft fees and policies to make sure a budgeting oversight doesn’t cost you big time. Many banks charge ATM fees, too, so you’ll want to inspect those policies if you expect to use these machines.
  • Interest rates: When it comes to interest rates, you’ll want to look for banks that pay high annual percentage yields (APYs) on deposit accounts so you earn more on your bank funds. Watch for lower APRs on credit accounts or loans, too, as this is a sign you’ll pay less to borrow with this bank.
  • Credit and financial literacy programs: If you’re new to banking and budgeting, or could simply use some extra support as you’re building credit or managing money on your own, a bank can help. Many offer personal finance courses, articles, seminars, or other resources to help you learn about money basics and beyond.
  • Accessibility: Students are often living far from home or might need to access accounts on campus. This can make it important to choose a bank with branches and ATMs nearby.

Besides considering these factors, think about your own situation, needs, and money habits. Each feature will matter more to some students than others.

If you never use ATMs, for example, you might care less about ATM access and fees. Or if you have a large fund saved for college, you might want to find a high-interest account that will keep it growing until you need it.

Thinking about what’s important to you in a bank can help you evaluate and compare banks more effectively to find one that’s a great fit for you.

The 10 best banks for college students


Trying to find the best banks for college students can feel as overwhelming as trying to navigate a new college campus for the first time. But you don’t need to start your search from scratch. To help map out your search for a bank, or at least get it started, we surveyed banks to find those that offer many of the features outlined above.

The result is this list of the 10 best banks for college students. These banks all offer a no-fee checking option to college students, along with some other important benefits. Read on to find out what we liked (or didn’t) about each one.

  1. PNC Bank
  2. Ally Bank
  3. Discover Bank
  4. Capital One 360
  5. U.S. Bank
  6. USAA
  7. BB&T
  8. TD Bank
  9. Bank of America
  10. Chase Bank

1. PNC Bank

  • No monthly maintenance fees for students, for up to six years
  • $25 minimum opening deposit
  • No overdraft transfer fees
  • $36 overdraft fee, and first overdraft fee waived if incurred within 12 months of account opening

PNC Bank offers the Virtual Wallet Student as a complete collection of deposit accounts: everyday checking called the “Spend” fund, as well as a short-term savings fund (“Reserve”) that allows students to save for upcoming expenses and provides a buffer against overdraft fees. The Virtual Wallet Student also includes a long-term savings fund (“Growth”).

Some other beneficial features can help students who are learning how to budget and manage expenses. A “Money Bar” helps students quickly see how much is in their account — and what they can afford to spend. They can also break transactions down by categories, such as gas or groceries, and set targets and alerts so they’ll know if they’re close to overspending.

Students can also get support from parents to manage their Virtual Wallet funds by setting up parents to receive low-balance alerts and account statements.

PNC Virtual Wallet Student is free of monthly maintenance fees for up to six years to students who provide proof of enrollment. It takes a deposit of $25 to open a Virtual Wallet. Additionally, students can use over 9,000 PNC ATMs to avoid out-of-network ATM fees, and will be reimbursed the $3 non-PNC ATM fee twice per statement period.

Visit PNC Bank

2. Ally Bank

  • No monthly maintenance fees
  • No minimum opening deposit requirements
  • No overdraft transfer fees
  • $25 overdraft item, limited to one per day

Next up is Ally Bank, an online bank that provides several features perfect for college students — despite not having bank accounts specifically designed for students.

The Ally Interest Checking Account and Online Savings Account stand out for their lack of fees. Ally has no monthly fees on these accounts and charges some of the lowest overdraft fees of any bank on this list.

Perhaps the biggest benefit of banking with Ally is the potential to earn interest on your account funds. The Interest Checking Account carries an APY of 0.60% on balances above $15,000, or 0.10% APY for lower balances as of Sept. 14, 2018. Ally’s Online Savings Account has an even higher rate, paying out 1.85% APY on all balances — with no minimums.

For students who are paying for college out of a large pool of savings or even student loan funds, keeping this money in an Ally account could keep it accessible while giving it a chance to grow.

The fact that Ally is an online back could be a drawback for some students, since they won’t have the option to visit a brick-and-mortar bank branch to get help with their accounts. But the bank does offer 24/7 customer support by phone. Plus, Ally account holders get access to over 43,000 Allpoint ATMs, as well as reimbursement for up to $10 per statement cycle in fees for using non-network ATMs.

If you’re interested, head to our full Ally Bank review for more details on what this bank offers.

Visit Ally Bank

3. Discover Bank

  • No monthly maintenance fees
  • No minimum deposit requirements
  • No overdraft transfer fee
  • $30 nonsufficient funds fee, limit one per day (first fee each year is waived)

Discover Bank is another smart option for students looking to earn interest on college savings thanks to the 1.80% APY (as of Sept. 14, 2018) on its Online Savings Account.

The Discover Bank checking option is just as attractive with the opportunity to earn 1% cash back on the first $3,000 in purchases made each month with the Cashback Debit account.

Rounding out this online bank’s offerings are two Discover student credit cards that can help you build credit and practice sound borrowing habits while you’re still in college:

  • The Discover it® Student chrome card provides 2% cash back on gas and restaurant purchases up to $1,000 per quarter – no sign-ups needed, and 1% cash back on all other purchases.
  • The Discover it® Student Cash Back card offers 5% cash back on rotating spending categories each quarter when you activate, up to $1,500. Cardholders must activate spending categories to get cash-back rewards.

Neither Discover student credit card carries an annual fee. In fact, both will double the cash-back rewards you earn in the first year and provide a $20 statement credit for each school year your GPA is 3.0 or higher for up to 5 years.

Since Discover is an online bank, you won’t be able to visit a branch to do your banking. But you will have access to over 60,000 ATMs nationwide that you can use fee-free, and Discover never charges any fees for out-of-network ATM use.

Check out our Discover bank review for more details on this bank and its offerings.

Visit Discover Bank

4. Capital One 360

  • No monthly maintenance fees
  • No minimum opening deposit requirements
  • No overdraft transfer fees
  • $35 overdraft fee per item, charged only after the account has been overdrawn for one business day

The next best bank for college students is another online institution, Capital One 360. While this is primarily an online bank, Capital One still has several hundred branches throughout select states. Checking account holders also get free access to over 39,000 Capital One and Allpoint ATMs and won’t incur fees from Capital One for either in- or out-of-network ATM use.

This bank offers high-interest checking and savings accounts free of monthly fees that can fit a wide range of needs, including those of college students. As of Sept. 14, 2018, the APY on the 360 Checking account starts at 0.20% for balances under $50,000, while any balance in a 360 Savings account will earn interest at a 1.00% APY.

Capital One 360 also has a credit card option for college students, the Journey® Student Rewards from Capital One®. This credit card has no annual fee and gives you the chance to earn 1% cash back on all purchases — and earn a 25% bonus on cash back if you make on-time credit payments.

For more details on this bank, check out our Capital One 360 review.

Visit Capital One

5. U.S. Bank

  • No monthly maintenance fees
  • $25 minimum opening deposit
  • $12.50 overdraft protection transfer fee
  • $36 overdraft fee, maximum of four per day

U.S. Bank is the next major bank to make this list, and it’s a smart low-cost choice for students who want to be able to take care of their banking in-person. It has over 3,000 U.S. Bank branches and 5,000 ATMs.

Student Checking Account holders can use any of these U.S. Bank ATMs and MoneyPass network ATMs without incurring a surcharge, and the first four non-network ATM use fees are waived each month. Students will also get their first box of checks for free after opening their U.S. Bank checking account.

The bank also recommends its U.S. Bank Goal Savings Account as a smart option for students. This account prompts you to set a savings goals and figure out how much you’ll need to save each month to reach it. The Goal Savings Account has no monthly maintenance fee, though you must transfer $25 or more from a U.S. Bank checking account into savings each month.

The U.S. Bank Secured Visa is designed for consumers who are building credit, which could make it a smart option for many college students who have this goal. The Student Checking Account also provides access to free credit score estimates, along with tips to build credit.

Visit U.S. Bank

6. USAA

  • No monthly maintenance fees
  • No minimum opening deposit requirements on USAA Classic Checking, $25 opening deposit for a USAA Savings account
  • No overdraft transfer fees
  • $25 overdraft fee, limit two per day

USAA is a military online bank that offers membership to military members and their families. If you’re eligible for membership (USAA has a quiz to help you find out if you are), USAA can be a great option for college banking. USAA offers some products to nonmilitary customers, too, so check it out before assuming you’re ineligible.

A big reason for this is USAA’s low costs on its core checking and savings account offerings. Not only does it have no account maintenance fees, but it also doesn’t charge fees for the first 10 ATM transactions each month. And if a bank charges you to use its ATM, USAA will reimburse you for that fee, up to $15 a month.

USAA was the bank I used while enrolled in college (I was eligible thanks to my grandfather’s service in the U.S. Air Force). The fee-free experience made a big difference in my budget, helping me get access to my funds from an ATM when needed without worrying about the costs. This bank has also earned a stellar reputation for customer service, which I definitely experienced when banking with USAA as well.

Visit USAA

7. BB&T

  • No monthly maintenance fees
  • No minimum opening deposit requirements
  • $12.50 overdraft transfer fee, limited to one per day
  • $36 overdraft fee per item paid up to six per day, and an additional $36 fee if the account is overdrawn for seven days

BB&T Student Checking is a free, no-frills option that’s open to college students 23 or younger. You can use a Student Checking and linked eSavings account without worrying about fees or minimum balances.

Student Checking members can use over 3,100 BB&T ATMs for free. Use of a non-BB&T ATM will incur a $3 fee from the bank, but this is waived for the first two transactions you make each statement.

Watch out for overdraft fees on your BB&T student account — at $36 each, students could quickly rack up more of these fees than they can afford. The Student Checking account is also only open to young college students, so consider other options if you’re 24 or older.

Visit BB&T

8. TD Bank

  • No monthly maintenance fees
  • No minimum opening deposit requirements
  • No overdraft transfer fees
  • $35 overdraft item fee, limited to five fees per day

TD Bank offers its free TD Student Checking account with no monthly maintenance fee to full-time college students who are 23 or younger. Students who hold this account can also qualify to have the monthly maintenance fee waived on a linked TD Simple Savings account.

To get the most out of this account, watch out for overdraft fees — at $35 each, they can definitely set back your budget. Consider opting out of overdraft protection or setting up Savings Overdraft Protection to avoid getting hit with these fees. It’d be wise to find the nearest TD ATM to you as well, since TD Bank charges a $3 fee for using non-TD ATMs.

TD Bank

9. Bank of America

  • Monthly checking account maintenance fee waived for students younger than 24
  • $25 minimum opening deposit
  • $12 overdraft transfer fee
  • $35 overdraft fee, limit of four per day

Bank of America wouldn’t be my first recommendation to a typical consumer since the bank ended its free checking program. But it will waive its usual $12 monthly fee on its Core Checking account for students, which makes it a free and convenient way for many young people to bank.

Bank of America doesn’t have a free savings account option for students, but you might still want to consider its Rewards Savings Account. Its “Keep the Change” feature rounds amounts on purchases made in a linked checking account up to the nearest dollar and transfers them into the savings account. You can open an account with an opening deposit of $100, and the $8 monthly fee is waived for the first six months and can be waived after that by maintaining a balance of at least $500.

Another product students might want to check out is the BankAmericard® Credit Card for Students. This accessible card is perfect for students looking to build credit, with monthly FICO Score updates so you can track your progress. It’s a low-cost card, too, with no annual fee, no balance transfer fee for the first 60 days, and a 0% introductory APR for the first 15 months, then a variable 14.74% – 24.74% APR, as of Sept. 14, 2018.

Another big benefit of banking with Bank of America is that it has thousands of branches and ATMs around the U.S. Chances are good you can find one on or near your college campus, which can help you avoid the $2.50 fee incurred for each non-Bank of America ATM transaction.

Visit Bank of America

10. Chase Bank

  • No checking account maintenance fees for college students ages 17 to 24
  • $25 minimum opening deposit
  • No overdraft transfer fees
  • $34 overdraft fee limited to three per day, and $15 extended overdraft fee for every five days the account balance is negative

If your top concern is having access to in-person help with your bank accounts, Chase Bank might edge out your other options for top banks for college students. It has 5,100 branches around the U.S., as well as 16,000 Chase-branded ATMs — making it easy to get help when you need it (and dodge the $2.50 fee levied for using non-Chase ATMs).

Chase Bank’s usual monthly service fee on its Chase College Checking account is $6, but college students ages 17 to 24 can open and use this account for up to five years while enrolled.

Chase often runs promotions offering checking account bonuses for new customers who complete certain actions, such as setting up direct deposit of their paychecks, enrolling in paperless statements, or completing a certain number of transactions with a debit card. Before opening a Chase checking account, see if you could take advantage of such an offer.

Lastly, college students should know that Chase doesn’t provide a free savings account option to them. The Chase Savings account has a $5 monthly fee that may be waived if you have a balance of $300 or more, or if you set up an automatic monthly transfer of at least $25 from checking to savings.

Find out more about this option in our complete Chase Bank review.

Visit Chase

Don’t overlook accounts at credit unions


The above online and traditional banks provide some awesome options for college students. But we would be remiss if we didn’t mention another option for banking in college: credit unions.

Local and college credit unions are co-operative, nonprofit institutions that work just like a bank — except when it comes to setting priorities. While banks are for-profit and focused on making money, credit unions are designed to reinvest funds back into services, low costs, and features that benefit members.

The result is that many credit unions have terms, features, and interest rates that beat what you’d be offered by a bank. Some colleges even have their own credit unions you can join, or you can look for one in your area that you’re eligible to join.

To find the best banks for college students, consider a wide range of options while prioritizing the features that matter most to you. Doing so will help you find the right bank for college, and possibly help you build a relationship with a bank you’ll trust for life.

Student Loan Hero has independently collected the above information related to these financial products. These financial Institutions have neither provided nor reviewed the information shared in this article prior to publication.

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
LenderVariable APREligible Degrees 
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1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on ourstudent loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.

Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.


3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance:
    Fixed rates from 3.899% APR to 7.979% APR (with AutoPay). Variable rates from 2.470% APR to 6.990% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.470% APR assumes current 1 month LIBOR rate of 2.30% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
  2. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

4 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). 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 2.28% effective October 10, 2018.


6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan 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, 2018, the one-month LIBOR rate is 2.29%. Variable interest rates range from 2.79%-8.39% (2.79%-8.39% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. 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 their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a cosigner who is a U.S. citizen or permanent resident. The cosigner (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a cosigner will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.

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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 and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.