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.
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 Important Disclosures for CollegeAve.
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.
2 Important Disclosures for Discover.
3 Important Disclosures for Ascent.
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) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. 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. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. Ascent is a federally registered trademark of TCM and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* 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 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.
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.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 Important Disclosures for CommonBond.
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.
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 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 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
|3.69% – 10.94%1||Undergraduate, Graduate, and Parents||Visit CollegeAve|
|3.99% – 12.99%2||Undergraduate and Graduate||Visit Discover|
|3.82% – 12.82%3||Undergraduate and Graduate||Visit Ascent|
|4.12% – 10.98%*,4||Undergraduate and Graduate||Visit SallieMae|
|5.03% – 11.23%5||Undergraduate and Graduate||Visit PNC|
|3.88% – 12.88%6||Undergraduate and Graduate||Visit SunTrust|
|4.68% – 9.77%7||Undergraduate and Graduate||Visit LendKey|
|3.72% – 9.68%8||Undergraduate, Graduate, and Parents||Visit CommonBond|
|4.04% – 12.01%9||Undergraduate, Graduate, and Parents||Visit Citizens|