You Can’t Get Capital One Student Loans — Try These 6 Options Instead

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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: 6 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. 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.

6. CommonBond

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 2019!
LenderVariable APREligibility 
* 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.
** Discover's lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.

1 Important Disclosures for Earnest.

Earnest Disclosures

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

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

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


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

3 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)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 a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 7/1/2019. Variable interest rates may increase after consummation.


4 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.


5 Important Disclosures for Discover.

Discover Disclosures

  1. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Auto Reward Debit Reward Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.
  3. Aggregate loan limits apply.
  4. Lowest rates shown ARE FOR THE UNDERGRADUATE LOAN AND include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest INTEREST RATE OFFERED ON THE DISCOVER UNDERGRADUATE LOAN and highest interest rates offered on Discover student loans, including Undergraduate, Graduate, Health Professions, Law and MBA Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.50% as of July 1, 2019. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit https://www.discover.com/student-loans/interest-rates.html for more information about interest rates.
3.99% – 11.44%1Undergraduate and Graduate

Visit Earnest

3.98% – 11.35%*,2Undergraduate and Graduate

Visit SallieMae

3.96%
11.98%
3
Undergraduate, Graduate, and Parents

Visit College Ave

3.66% – 9.64%4Undergraduate and Graduate

Visit CommonBond

3.87%
11.87%
**,5
Undergraduate and Graduate

Visit Discover

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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