Let’s say you’ve got a Capital One credit card in your wallet and your paychecks are deposited into a Capital One 360 checking account. When the time comes to borrow for college, you’re probably interested in applying for Capital One student loans as well.
Unfortunately, Capital One student loans aren’t among the bank’s offerings. Capital One does not offer student loans or any other credit for college financing.
With Capital One student loans off of the table, here are some other options for getting the money you need to pay for college.
Capital One student loans don’t exist: 7 alternatives you can check out
If you’re disappointed to learn that Capital One student loans don’t exist, don’t worry. Federal student loans might still be an option, and some of the best private student loans come from other national lenders.
Here are our top picks for alternatives to Capital One student loans.
1. Federal student loans
There are two main options for getting student loans: federal student loans and private student loans. Federal student loans are offered through the Department of Education, with the same rates and terms for each borrower each year.
To apply for federal student loans, students and their parents can complete and submit the Free Application for Federal Student Aid (FAFSA). Once this application is processed, students and parents will be offered student aid, including federal student loans.
Here are the types of student loans the government offers:
- Direct Subsidized and Unsubsidized Loans for undergraduate students
- Direct Unsubsidized Loans for students in graduate or professional programs
- Grad PLUS Loans for students in graduate or professional programs
- Parent PLUS Loans available to parents of undergraduate students
Make sure you compare the terms and rates of each federal student loan option with private student loans, too. This will help you find the best student loan for your situation.
2. Citizens Bank student loans
As a private student lender, Citizens Bank offers undergraduate, graduate, and parent student loans. Student loan borrowers can:
- Borrow up to the cost of attendance or $295,000, whichever is lower.
- Choose from loan terms of five, 10, or 15 years.
- Apply for a student loan with a cosigner with the option to release the cosigner in repayment.
3. College Ave student loans
College Ave also offers undergraduate, graduate, and parent student loans. Applicants can:
- Borrow up to the full cost of attendance.
- Choose from student loan terms of eight, 10, 12, or 15 years.
- Apply with a cosigner if you can’t qualify on your own.
- Choose from several repayment options while enrolled in college, such as full deferment, interest-only, or flat $25 monthly payments.
4. LendKey student loans
LendKey offers a single student loan application that it uses to generate offers from its network of credit unions and community banks.
These student loan quotes are customized to meet your financial situation, and can include a wide range of student loan terms and features.
5. Connext student loans
Similar to LendKey, Connext works with several student loan providers to help borrowers find the best fit. You can easily:
- Apply for undergraduate and graduate student loans from multiple lenders in the Connext network at once.
- Borrow up to 100 percent of your school’s certified cost of attendance.
- Choose between variable-rate and fixed-rate student loans, with terms of 10 or 15 years.
6. Sallie Mae
Sallie Mae offers a range of student loans, including undergraduate, graduate, and parent student loans. Sallie Mae borrowers can:
- Shop from specialized products such as MBA loans, parent student loans, and career training loans.
- Fund up to 100 percent of school-certified program costs with Sallie Mae student loans.
- Choose from various repayment options that include full in-school deferment, as well as smaller in-school payments.
CommonBond now offers private student loans to undergraduate, graduate, and MBA students. With these student loan options borrowers can:
- Choose to fully defer student loan payments while enrolled in college, or start making payments while still in school.
- Apply with a cosigner, a requirement for all CommonBond undergraduate and graduate student loans.
- Take advantage of cosigner release in repayment.
Other Capital One products for students and parents
Although Capital One student loans are not available, the bank still offers a range of products that could benefit college students and their parents.
Overall, these products have low fees and benefits that make them a competitive option. Here are some options from Capital One to consider:
- Capital One Journey Student Credit Card offers 1 percent cash back on all purchases made with the card. Cash-back rewards bump up to 1.25 percent with on-time payments. Credit cards for college students like this one can also help young adults start building credit.
- Capital One 360 Checking has no fees and no minimum balance requirements. This checking account is perfect for the college student who’s unlikely to keep much cash on hand. Account holders also get free access to a network of 39,000 ATMs, a nice perk for college students living away from their home bank.
- Capital One 360 Money Market offers a higher 1.40% annual percentage yield (APY) on balances over $10,000. With a higher return and easy access to funds, a 360 Money Market account can be a smart place for parents to stash college savings while their child is in school.
- Capital One’s CreditWise Mobile App is a credit monitoring tool open to anyone, not just Capital One customers. It offers a preview of your credit score along with explanations of what factors are affecting it. It’s a smart tool to help a college student start learning about and managing their credit.
Even though Capital One student loans are not among the bank’s offerings, there are still plenty of low-cost, smart tools to help college students manage their money and learn about personal finance. By utilizing these tools and researching various student loan options, students and parents can set themselves up for successfully funding a college education.
Need a student loan?Here are our top student loan lenders of 2018!
1 = Citizens Disclaimer.
2 = CollegeAve Autopay Disclaimer: 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.
* 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.
3 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
|4.04% - 12.66%2||Undergraduate, Graduate, and Parents||Visit CollegeAve|
|4.11% - 12.19%||Undergraduate and Graduate||Visit Ascent|
|3.87% - 11.85%*3||Undergraduate and Graduate||Visit SallieMae|
|2.93% - 9.67%||Undergraduate, Graduate, and Parents||Visit CommonBond|
|3.78% - 11.99%1||Undergraduate, Graduate, and Parents||Visit Citizens|
|4.51% - 9.69%||Undergraduate and Graduate||Visit LendKey|
|3.91% - 11.45%||Undergraduate and Graduate||Visit Connext|