10 Best Checking Accounts for College Students

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College is an exciting time. You’re leaving the house and making more decisions for yourself. At the same time, it may mean you have to start managing your finances.

As you head out on your own, you might decide it’s time to find your own bank, rather than rely on the one your parents use. That can be an important step toward making your own financial decisions, and should be approached with care.

When deciding on a bank, the savvy college student needs to pay attention to items such as fees, interest rates, and minimum balance requirements. Small bank charges can add up. For a struggling college student, that can mean missed meals.

We’ve done the legwork for you, so you can see which banks offer the best checking accounts for college students. Here’s what you need to know:

Top 10 checking accounts for college students
Bank Checking account Interest rate Minimum balance requirement Online banking Mobile banking
Ally Bank Interest Checking Account 0.10% APY – 0.60% APY No Yes Yes
Capital One 360 Checking 0.20% APY – 1.00% APY No Yes Yes
BBVA Compass Simple Checking 0.01% APY No Yes Yes
USAA College Checking 0.01% APY No Yes Yes
Regions Bank LifeGreen Checking for Students N/A No Yes Yes
Chase College Checking N/A No Yes Yes
Bank of America Core Checking N/A No Yes Yes
KeyBank Student Checking N/A No Yes Yes
U.S. Bank Student Checking N/A No Yes Yes
PNC Virtual Wallet Student Check for latest rates No Yes Yes

Rates as of: Aug. 30 2018

1. Ally Bank: Interest Checking Account

Ally has long been a leader in online banking. This completely online bank offers a variety of products, including its Interest Checking Account, which is ideal for students.

Interest rates

  • 0.10% APY for a daily minimum balance of less than $15,000
  • 0.60% APY for a daily minimum balance of $15,000 or more

Other features

  • No monthly maintenance fees
  • No minimum balance
  • Online bill pay
  • Remote check deposit
  • 24/7 live customer service
  • Transfer funds to others using Zelle

Ally also offers fee-free use of Allpoint ATMs in the U.S. If you use another ATM in the U.S., you can receive up to a $10 reimbursement per statement cycle.

Ally’s Interest Checking Account can be a good choice because you don’t have to worry over a minimum balance, an initial minimum opening deposit, or monthly fee. You can’t deposit cash into an Ally account, since it’s entirely online, but you can open an account by having money from an existing account transferred. If you have a job, your paycheck can be directly deposited.

Common fees you can expect to pay include:

  • Overdraft: $25 (limit one per day)
  • Returned deposit item: $7.50
  • Overnight bill pay (by mail): $14.95
  • Same-day bill pay (electronic): $9.95

As long as you plan ahead and don’t overdraw your account, you should be able to easily avoid fees from Ally’s Interest Checking Account.

Because of its no-fee, no-minimum approach to checking, Ally can be a great choice for college students. It’s designed for online access, and the app is easy to use, allowing you to bank from anywhere with your phone.

Visit Ally Bank

2. Capital One: 360 Checking

Capital One might be known for its credit cards, but it also has other banking offerings, including a no-fee checking account. This is an account that you can keep with you as your net worth grows, since the tiered interest grows as your account balance does.

Interest rates

  • 0.20% APY for a daily minimum balance of less than $50,000
  • 0.75% APY for a daily minimum balance of $50,000 – $99,999.99
  • 1.00% APY for a daily minimum balance of $100,000 or more

Other features

  • No monthly maintenance fees
  • No minimum balance
  • Remote check deposit
  • Online bill pay
  • Multiple overdraft options
  • Zelle-compatible for person-to-person transfers

Capital One also offers fee-free use of its ATMs in the U.S. You can also use Allpoint ATMS free of charge.

Because we all make mistakes, one of the benefits of the Capital One 360 Checking account is the various overdraft options. You can choose from the following:

  • Auto-decline of purchases that would overdraw your account
  • Next-day grace period (you get one business day to get the funds into the account)
  • An overdraft line of credit that charges you interest
  • Free savings transfer that allows you to move money from your 360 Savings account.

There are no minimum balance requirements to open an account and you don’t have to worry about monthly maintenance fees — even if your balance is zero.

There are some fees to consider, however:

  • Overdraft (next-day grace): $35 per item
  • Overdraft (line of credit) incurs interest charges

The easiest way to avoid charges on your account is to make sure you don’t overdraw your account. And if you do, having a connected savings account can help you avoid overdraft fees with a free transfer.

Capital One 360 Checking is easy to use online and via the mobile app, but you can also go and bank in person if you live near a brick-and-mortar branch. With all of the fee-free services and how easy it is to use, this is a checking account most students can benefit from.

Visit Capital One

3. BBVA Compass: Simple Checking

Simple offers just what the name says: simplicity in banking transactions. There are literally no costs to this account because there’s nothing for you to do but track your spending.

BBVA Compass bought Simple back in 2014, and has been promoting it as a no-frills account that helps you develop better spending habits.

Interest rate

  • 0.01% APY

Other features

  • No monthly maintenance fees
  • No minimum balance
  • Fee-free use at BBVA Compass ATMs
  • Remote check deposit
  • Online bill pay

BBVA Compass ATMs are free to use nationwide. The bank also offers financial goal-setting tools. You can track spending and budgeting to better manage your money.

There are no fees for this account. You don’t even have to worry about overdraft fees because Simple doesn’t offer overdraft service. Instead, your transaction would be declined.

While the account is interest-bearing, it’s a small amount. However, this account can be a good place for students to start because of its money management tools and beautiful mobile app design.

Visit BBVA Compass

4. USAA: College Checking

USAA offers a checking account specifically aimed at college students. However, you need to be a member of the military or have a family member who has served in the military to open an account with USAA.

Although you might not earn a ton of interest on your balance with a USAA College Checking account, the financial institution offers a variety of products and features. You may consider its rewards credit card to take advantage of other services offered through the institution.

Interest rate

  • 0.01% APY for a daily minimum balance of more than $1,000

Other features

  • No monthly maintenance fees
  • No minimum balance
  • Remote check deposit
  • Online bill pay
  • Mobile wallet
  • Text alerts

USAA offers fee-free ATMs nationwide. But if you can’t find an ATM, you could use one that’s out of network and receive a reimbursement of up to $15.

You do need a minimum deposit of $25 to open a checking account at USAA. However, you don’t have to worry about maintaining a minimum balance after that.

If you qualify and open an account, here are some of the fees you need to be aware of:

  • Overdraft: $25 per transaction (limit two per day)
  • NSF item: $29
  • Returned deposit: $5 per item
  • ATM service fee: $2 after the first 10 out-of-network transactions each month, which are free

It’s possible to avoid fees by making sure you don’t overdraw your account, and by planning your ATM usage to limit the number of times you get money from the bank each month.

For those who qualify for USAA, the benefits of the service might outweigh the low interest paid on your checking account, especially since you can access a wide variety of banking products once you finish school.

Visit USAA

5. Regions Bank: LifeGreen Checking for Students

Regions Bank offers student checking to those who are 25 or younger. You can get a fee-free checking account until you turn 26. On top of that, you can also earn rewards with the LifeGreen Checking for Students account.

Interest rate

  • Not an interest-bearing account

Other features

  • No monthly maintenance fees
  • No minimum balance
  • Relationship Rewards program
  • Online bill pay
  • Mobile banking

Like many other banks, Regions Bank offers fee-free use of its ATMs nationwide.

While you don’t need to maintain a minimum balance, you do need $50 to open an account. You can open an account online or at one of the brick-and-mortar locations.

Even though this account isn’t interest-bearing, you can take advantage of unique perks. Earn rewards for actions such as using online bill pay, making ATM deposits, and engaging in other banking activities. Points can be redeemed for cash, gift cards, merchandise, and travel.

You do need to watch out for some of the fees you’ll see with this student checking account, though:

  • Overdraft: $36 per transaction
  • Returned item: $36 per item
  • Returned deposit: $15 per item
  • ATM service fee: $2.50 at ATMs not owned or operated by Regions Bank

As with most other checking accounts, the best way to avoid many of the fees is to make sure you track your spending carefully. If you want to avoid ATM fees, you’ll need to get money from Regions Bank machines.

Finally, be aware that once you turn 26, your LifeGreen Checking for Students account will be automatically switched to a “regular” LifeGreen Checking account — and that comes with fees.

This can be one of the best checking accounts for college students if you’re looking for rewards and a no-fee account, but you might need to switch it up later.

Visit Regions Bank

6. Chase: College Checking

If you’re hoping to bank with an institution with branches all over the country, Chase might be the right move for you. Chase College Checking is available to students between the ages of 17 and 24. Plus, if you’re a new Chase customer, you might qualify for a bonus of $100 when you open an account.

Interest rate

  • Not an interest-bearing account

Other features

  • No monthly maintenance fees, as long as you’re a college student (up to five years) and have a direct deposit made on this account each month, or an average daily balance of $5,000+
  • No minimum balance
  • Remote check deposit
  • Online bill pay
  • Compatible with Zelle for person-to-person money transfers

Chase has ATMs nationwide which you can use fee-free. However, to open an account, you’ll need to make a $25 minimum opening deposit. There are no account minimums after that.

If you can’t verify your student status or meet other requirements, though, you’ll pay a $6 monthly fee. When you turn 24, or if you’ve had your monthly fee waived for five years, you’ll revert to the monthly fee.

Other fees you might pay with the Chase College Checking account include:

  • Overdraft: $34 per transaction (up to three per day)
  • Returned item: $34 per item
  • Extended overdraft: $15 additional fee each time your account is overdrawn for five or more consecutive days
  • Returned deposit: $12 per item
  • ATM service fee: $2.50 at ATMs not owned or operated by Chase

In order to avoid most of these fees, you can plan ahead to make sure you remain within budget and don’t spend more than is in your account. Chase has 16,000 ATMs, so you should be able to avoid ATM fees by using a machine near you.

Chase offers the ability to bank in person as well as online and through mobile, and you can find a branch or ATM almost anywhere. So even though you might not earn rewards or interest, this can be a good choice if you’re looking for convenience.

Visit Chase

7. Bank of America: Core Checking

Bank of America is another big institution offering banking perks for students. For qualifying students under the age of 24, you won’t pay a monthly maintenance fee on your Core Checking account.

With this bank, you gain access to the Keep the Change savings program, which allows you to save money using roundups from your checking account transactions.

Interest rate

  • Not an interest-bearing account

Other features

  • No monthly maintenance fees, as long as you’re a college student under 24 years of age
  • No minimum balance
  • Keep the Change savings program
  • Online bill pay
  • Remote check deposit
  • Compatible with Zelle for person-to-person money transfers

You can open a Core Checking account with a $25 minimum deposit, and you won’t have to worry about minimum balance requirements after that — as long as you’re a student and under 24. Otherwise, the monthly fee is $12, unless you meet other requirements.

Other fees you might incur with the Bank of America Core Checking account include:

  • Overdraft (when transferred from linked Bank of America account): $12 per transaction
  • Overdraft: $35 per item over $1.00
  • Returned item: $35 per item over $1.00
  • Returned deposit: $12 per item
  • ATM service fee: $2.50 at ATMs not owned or operated by Bank of America

In order to avoid overdraft fees, it makes sense to ensure you have money in the account. You can reduce the fees you pay by opening a linked account or line of credit.

Bank of America doesn’t offer a lot of perks, or interest, but you can access thousands of ATMs and branches across the country. That could make banking more convenient for you.

Visit Bank of America

8. KeyBank: Student Checking

If you’re between 16 and 24, this account can help you learn the basics of money management. KeyBank offers a financial wellness tool, on top of providing you with access to a number of features:

Interest rates

  • Not an interest-bearing account

Other features

  • Monthly maintenance fee: $5
  • No minimum balance
  • Remote check deposit
  • Online bill pay
  • Compatible with Zelle for person-to-person money transfers

KeyBank has ATMs you can use fee-free, plus a $6 monthly reimbursement for fees you incur at other ATMs.

In order to open this account, you need a minimum deposit of $50. After that, there’s no minimum balance requirement. There’s a monthly fee, but you can easily avoid it by making five transactions a month, or depositing at least $200 a month into the account.

Some of the other fees include:

  • Overdraft: $34 per transaction (up to five per day)
  • NSF item: $32 per item
  • Returned deposit: $15 per item

You can avoid the steep overdraft fees by connecting a savings account or line of credit to your checking account. You’ll have to pay a $10 transfer fee, but it’s a much smaller cost than paying the regular overdraft.

For students looking for a basic account with some flexibility and access to a fairly extensive network with brick-and-mortar locations, this might be a good choice.

Visit Keybank

9. U.S. Bank: Student Checking

Another nationwide bank with access to in-person banking and online banking is U.S. Bank. This is one of the best checking accounts for college students because it’s flexible and offers a few perks for first-time bank account holders.

Interest rate

  • Not an interest-bearing account

Other features

  • No monthly maintenance fees
  • No minimum balance
  • Remote check deposit
  • Online bill pay
  • First box of checks is free
  • Compatible with Zelle for person-to-person money transfers

You won’t pay a fee at U.S. Bank ATMs or ATMs that are part of the MoneyPass network.

You do need a $25 minimum deposit to open your U.S. Bank Student Checking account. Once you’ve opened your account, though, you don’t have to worry about a minimum balance.

Fees you might have to pay include:

  • Overdraft: $12.50 per transaction from a linked account
  • Overdraft: $36 per item over $5
  • Returned item: $36 per item over $5
  • Returned deposit: $19 per item
  • ATM service fee: $2.50 at out-of-network ATMs

Overdraft fees are best avoided by tracking your spending and making sure you have money in your account. U.S. Bank allows you to set low-balance text alerts so you can see when you get close to overdrawing your account.

With U.S. Bank, you can access branches across the country, which is a plus if you want to be able to go in and talk to someone face-to-face.

Visit U.S. Bank

10. PNC: Virtual Wallet Student

You can get access to the PNC Virtual Wallet Student, which can help you manage your money more effectively. Virtual Wallet Student is heavy on financial education tools and even comes with a parent alert system.

If you open and use a new PNC Virtual Wallet product, you might be eligible for a cash bonus.

Interest rate

  • Not an interest-bearing account

Other features

  • No monthly maintenance fees, as long as you’re a student (up to six years)
  • No minimum balance
  • Remote check deposit
  • Compatible with Zelle for person-to-person money transfers
  • Online bill pay

You also get free use of PNC ATMs, plus access to other perks.

If you’re opening an account online, you don’t need to worry about a minimum deposit. However, when you open an account at a brick-and-mortar branch, you need $25 to make it happen.

Each PNC Virtual Wallet Student comes with three accounts: Spend, Reserve, Growth. While you won’t earn interest on the Spend portion, you might get interest on the Reserve and Growth portions.

Potential fees include:

  • Overdraft: $36 per item
  • Returned item: $36 per item
  • ATM service fee: $3 at non-PNC Bank ATMs

When money is automatically transferred from a Growth or Reserve account, you don’t need to worry about overdraft fees. Plus, you get one courtesy overdraft fee refund when on your first overdraft within 12 months of opening. This can give you a bit of breathing room while you’re learning to manage your money.

PNC Virtual Wallet Student offers educational tools and a few perks, making it one of the best checking accounts for college students, especially if you’re looking for a little flexibility.

Visit PNC

Student Loan Hero has independently collected the above information related to these banking products. None of the financial institutions mentioned have provided or reviewed the information shared in this article. Listed fees are subject to change over time and across different locations. All information is accurate as of Aug. 30, 2018.

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Here are our top student loan lenders of 2018!
LenderVariable APREligibility 
1 Important Disclosures for CollegeAve.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, 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 an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7% variable Annual Percentage Rate (“APR”): 96 monthly payments of $179.28 while in the repayment period, for a total amount of payments of $17,211.20. 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 11/1/2018. Variable interest rates may increase after consummation.


2 Important Disclosures for Discover.

Discover Disclosures

  1. At least a 3.0 GPA or equivalent qualifies for a one-time cash-reward of 1% of the loan amount of each new Discover student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.

3 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. Ascent rates are effective as of 11/01/2018 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. Competitive rates calculated monthly at the time of loan approval.
    Ascent Tuition Cosigned Loan: Variable rate loans are based on a margin between 2.00% and 11.00% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.290%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 4.04% – 13.04%. Fixed rate loans have an APR range between 5.81% – 14.87%. For Ascent Tuition loan current rates and repayment examples visit www.AscentTuition.com/APR.
    Ascent Independent Non-Cosigned Loan: Variable rate loans are based on a margin between 4.00% and 12.50% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.290%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 5.70% – 13.00%. Fixed rate loans have an APR range between 7.32% – 14.00%. For Ascent Independent non-cosigned loan current rates and repayment examples visit www.AscentIndependent.com/APR.
  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.
  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 0.25% for enrollment in automatic debit applies only when the borrower and/or cosigner signs up for automatic payments and the regularly scheduled, current amount due (including full, flat, or interest only payments, as applicable) is successfully deducted from the designated bank account each month. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of In-School, Deferment, Grace or Forbearance. If you have two (2) returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the 0.25% interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the 0.25% interest rate reduction.
  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 applicants ability to supply the necessary information for submission.


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

5 Important Disclosures for PNC.

PNC Disclosures

  1. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.
  2. If automatic payment is discontinued, you will no longer receive an automatic payment discount. A federal regulation limits the number of transfers that may be made from a savings or money market account. Please contact your financial institution for more information on transfer limitations on savings accounts.
  3. A request to release a co-signer requires that you have made forty-eight (48) consecutive timely payments with no periods of forbearance or deferment within the forty-eight (48) month timeframe. “Timely payment” means each payment is made no later than the 15th day after the scheduled due date of the payment. “Consecutive payment” means the minimum monthly payment must be made for forty-eight (48) months straight without any interruption. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.

PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.


6 Important Disclosures for SunTrust.

SunTrust Disclosures

Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.

Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.

SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.

  1. Interest rates and APRs (Annual Percentage Rates) depend upon (a) the student’s and cosigner’s (if applicable) credit histories, (b) the repayment option and repayment term selected, (c) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms effective for applications received on or after 11/01/2018. The current variable APRs for the program range from 4.123% APR to 13.126% APR and the current fixed APRs for the program range from 5.351% APR to 14.051% APR (the low APRs within these ranges assume a 7-year $10,000 loan, with two disbursements and no deferment; the high APRs within these ranges assume a 15-year $10,000 loan with two disbursements). The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index to your margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the Money Rates section of The Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One-month LIBOR index is 2.375% on 11/01/2018. The variable interest rate will increase or decrease if the One-month LIBOR index changes. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount.
  2. Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school. With the Full Deferment option, payments may be deferred while the student is enrolled at least half-time at an approved school and during the six month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. The Partial Interest Repayment option (paying $25 per month during in-school deferment) is only available on loans of $5,000 or more. For payment examples, see footnote 7. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment is $50.00. There are no prepayment penalties.
  3. The 15-year term and Partial Interest Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. Making interest only or partial interest payments while in school deferment (including the grace period) will not reduce the principal balance of the loan. Payment examples within this footnote assume a 45-month deferment period, a six-month grace period before entering repayment and the Partial Interest Repayment option. 7 year term: $10,000 loan disbursed over two transactions with a 7 year repayment term (84 months) and a 8.468% APR would result in a monthly principal and interest payment of $199.90. 10 year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and an 8.938% APR would result in a monthly principal and interest payment of $162.92. 15 year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and a 9.423% APR would result in a monthly principal and interest payment of $136.90.
  4. The 2% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation (e.g. copy of diploma, final transcript or letter on school letterhead) must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
  5. Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”). Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings, or money market account. The auto pay discount will continue until (1) automatic deduction of payments is stopped (including during any deferment or forbearance) or (2) three automatic deductions are returned for insufficient funds during the life of the loan. The extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank account will be applied after the first automatic payment is successfully deducted and will be removed for the reasons stated above. In the event the auto pay discount is removed, the loan will accrue interest at the rate stated in your Credit Agreement. The auto pay discount is not available when payments are deferred or when the loan is in forbearance, even if payments are being made.
  6. A cosigner may be released from the loan upon request to the servicer provided that the student borrower is a U.S. citizen or permanent resident alien, has met credit criteria and met either one of the following payment conditions: (a) the first 36 consecutive monthly principal and interest payments have been made on-time (received by the servicer within 10 calendar days after their due date) or (b) the loan has not had any late payments and has been prepaid prior to the end of the first 36 months of scheduled principal and interest payments in an amount equal to the first 36 months of scheduled principal and interest payments (based on the monthly payment amount in effect when you make the most recent payment). As an example, if you have made 30 months of consecutive on-time payments, and then, based on the monthly payment amount in effect on the due date of your 31st consecutive monthly payment, you pay a lump sum equal to 6 months of payments, you will have satisfied the payment condition. Cosigner release may not be available if a loan is in forbearance.
  7. If the student dies after any part of the loan has been disbursed, and the loan has not been charged off due to non-payment or bankruptcy, then the outstanding balance will be forgiven if the servicer is informed of the student’s death and receives acceptable proof of death. If the student becomes totally and permanently disabled after any part of the loan has been disbursed and the loan has not been charged off due to non-payment or bankruptcy, the loan will be forgiven upon the servicer’s receipt and approval of a completed discharge application. If the student borrower dies or becomes totally and permanently disabled prior to the full disbursement of the loan, and the loan is forgiven, all future disbursements will be cancelled. Loan forgiveness for student death or disability is available at any point throughout the life of the loan.

7 Important Disclosures for LendKey.

LendKey Disclosures

Additional terms and conditions apply. For more details see LendKey


8 Important Disclosures for CommonBond.

CommonBond Disclosures

A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.

Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.

Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
If you are unable to pay your government loan, the government can refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.

A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty service member, your new loan will not be eligible for service member benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.

If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.

If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.

Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.


9 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Student 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 4.26% – 12.23% (4.26% – 12.13% 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 cosigner. Fixed interest rates range from 5.25% – 12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, 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.
  2. Multi-year approval funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, we may refuse to allow you to take out additional loans under the multi-year approval feature, terms and conditions will be outlined in your promissory note. Please Note: International students are not eligible to receive an offer for multi-year approval. Please Note: International Students are not eligible for the multi-year approval feature.
  3. 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.
  4. 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.
  5. 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.
3.94%
12.78%
1
Undergraduate, Graduate, and Parents

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4.04% – 13.04%3Undergraduate and Graduate

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4.34%
12.99%
2
Undergraduate and Graduate

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4.25% – 11.10%*,4Undergraduate and Graduate

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5.03% – 11.23%5Undergraduate and Graduate

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4.12% – 13.13%6Undergraduate and Graduate

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4.92% – 10.01%7Undergraduate and Graduate

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3.72%
9.68%
8
Undergraduate, Graduate, and Parents

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4.26%
12.13%
9
Undergraduate, Graduate, and Parents

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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.