20 Private Colleges That Help You Afford Tuition — and Avoid Debt

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As a college-bound student putting together a college wish list, you’ve probably noticed that private colleges tend to have high price tags. Maybe you’ve even decided that any private college is too far outside your budget to consider.

Indeed, the average annual tuition at a private college was $33,480 in 2016-17, according to the College Board Annual Survey of Colleges. Considering the average annual tuition at a four-year public college was $9,650 for in-state students and $24,930 for out-of-state students, it’s clear most private college students paid more.

Many of them likely relied on private student loans for their private education. In fact, graduates of private colleges ended up with more student debt: $32,300 on average, compared to the average debt of $25,550 for graduates of public colleges.

However, according to new Student Loan Hero college rankings, some nonprofit private colleges are worth a second look — even for cost-conscious college applicants. If you’ve been dreaming of the private-college experience on a public-college budget, start your search with this list of the 20 most cost-effective private colleges.

20 most affordable private colleges

The Student Loan Hero rankings highlighted private colleges that were affordable exceptions thanks to low tuition, subsidies, scholarships, and financial aid.

Among the top 20 private colleges offering the best deals for undergraduates, average graduate indebtedness was low. Students who attended these private colleges could expect to borrow less than even the $25,550 average for graduates of public colleges.

Plus, private colleges on this list charged tuition and fees that were often on par with what in-state students paid at public colleges. And these 20 private colleges’ costs were well below the typical tuition public colleges charged out-of-state students.

Lastly, these private colleges offered substantial financial aid awards that helped many students offset their total costs of attendance, from tuition to room and board. These awards contributed to lower net prices of attendance at top private colleges.

Here’s a look at the annual tuition costs, annual net prices (cost of attendance after financial aid was applied), and average student debt graduates left with for the top 20 most affordable private colleges.

1. College of the Ozarks in Missouri

  • Annual tuition and fees: $18,730
  • Annual net price: $13,567
  • Average indebtedness of graduates: $5,339
  • Students with educational debt: 7 percent

2. Davis College in New York

  • Annual tuition and fees: $13,540
  • Annual net price: $12,690
  • Average indebtedness of graduates: $5,360
  • Students with educational debt: 22 percent

3. Brigham Young University in Utah

  • Annual tuition and fees: $5,150
  • Annual net price: $12,900
  • Average indebtedness of graduates: $15,720
  • Students with educational debt: 27 percent

4. Amridge University in Alabama

  • Annual tuition and fees: $6,900
  • Annual net price: $4,613
  • Average indebtedness of graduates: $10,500
  • Students with educational debt: 63 percent

5. Alice Lloyd College in Kentucky

  • Annual tuition and fees: $11,460
  • Annual net price: $13,405
  • Average indebtedness of graduates: $10,591
  • Students with educational debt: 42 percent

6. Berea College in Kentucky

  • Annual tuition and fees: $24,870
  • Annual net price: $3,125
  • Average indebtedness of graduates: $7,928
  • Students with educational debt: 68 percent

7. Barclay College in Kansas

  • Annual tuition and fees: $14,390
  • Annual net price: $17,392
  • Average indebtedness of graduates: $7,220
  • Students with educational debt: 72 percent

8. The Baptist College of Florida

  • Annual tuition and fees: $10,000
  • Annual net price: $10,360
  • Average indebtedness of graduates: $17,174
  • Students with educational debt: 63 percent

9. Calvary Bible College and Theological Seminary in Missouri

  • Annual tuition and fees: $11,320
  • Annual net price: $13,133
  • Average indebtedness of graduates: $15,498
  • Students with educational debt: 63 percent

10. Princeton University in New Jersey

  • Annual tuition and fees: $43,450
  • Annual net price: $17,901
  • Average indebtedness of graduates: $8,577
  • Students with educational debt: 16 percent

11. Alaska Pacific University in Alaska

  • Annual tuition and fees: $19,610
  • Annual net price: $19,536
  • Average indebtedness of graduates: $8,922
  • Students with educational debt: 63 percent

12. Blue Mountain College in Mississippi

  • Annual tuition and fees: $10,852
  • Annual net price: $11,182
  • Average indebtedness of graduates: $18,307
  • Students with educational debt: 70 percent

13. Webb Institute in New York

  • Annual tuition and fees: $46,000
  • Annual net price: $18,149
  • Average indebtedness of graduates: $10,000
  • Students with educational debt: 20 percent

14. Piedmont International University in North Carolina

  • Annual tuition and fees: $9,580
  • Annual net price: $14,981
  • Average indebtedness of graduates: $19,784
  • Students with educational debt: 69 percent

15. Columbia College in Missouri

  • Annual tuition and fees: $8,240
  • Annual net price: $17,891
  • Average indebtedness of graduates: $23,515
  • Students with educational debt: 53 percent

16. Gallaudet University in Washington, D.C.

  • Annual tuition and fees: $15,604
  • Annual net price: $15,196
  • Average indebtedness of graduates: $18,643
  • Students with educational debt: 64 percent

17. Mercy College of Ohio

  • Annual tuition and fees: $12,530
  • Annual net price: $16,744
  • Average indebtedness of graduates: $18,652
  • Students with educational debt: 69 percent

18. Columbia International University in South Carolina

  • Annual tuition and fees: $20,430
  • Annual net price: $17,942
  • Average indebtedness of graduates: $18,786
  • Students with educational debt: 51 percent

19. Heritage Bible College

  • Annual tuition and fees: $9,168
  • Annual net price: $13,412
  • Average indebtedness of graduates: $15,000
  • Students with educational debt: 100 percent

20. Watkins College of Art, Design & Film in Tennessee

  • Annual tuition and fees: $20,790
  • Annual net price: $28,632
  • Average indebtedness of graduates: $15,000
  • Students with educational debt: 47 percent

5 strategies for finding the best affordable private colleges

The cost of attending a private college can keep away students who are on a budget. Still, as a student, you might dream of attending a private college for a variety of reasons, such as:

If you know a private college more closely matches the college experience you hope to have, don’t overlook it as an option. Follow these tips so you can find an affordable private college and avoid leaving with a large amount of student debt.

1. Search for affordable private colleges that are a good fit

As you think about which college you want to attend, keep the whole picture in view. Although it’s important to consider tuition costs, make sure you consider other factors as well.

For example, a religious private college might not be a great fit for a nonbeliever, no matter the price tag. On the other hand, a studious or conservative student might prefer to avoid private universities with reputations as party schools.

Visiting colleges can be a great way to see campuses in person and get face-to-face time with students and university officials.

2. Widen your search to private colleges outside your state

As you consider colleges, it’s smart to include in-state public universities in your search. They can help you lower costs by allowing you to live closer to home — or even with family if there’s a college in your hometown.

But you might prefer to attend college farther afield, perhaps to assert your independence or because in-state choices are a poor fit for your academic and professional goals.

When you’re facing out-of-state tuition costs, the prices of private colleges seem more reasonable. Unlike public schools, private colleges don’t have different tuition rates based on residency. So whether a private college is in your state or across the country, its location won’t affect your costs.

As you search for colleges, widen your survey to include private colleges farther away.

3. Check graduation rates and career outcomes

Private colleges can improve your chances of academic and career success. Six-year graduation rates were 66 percent at private colleges in 2016, compared to 59 percent at public colleges, according to data from the National Center for Educational Statistics.

But just like you shouldn’t assume a private college is too expensive, you also shouldn’t assume it has rigorous academic standards or high-performing programs.

Ask colleges you’re interested in attending for statistics on the performance and success of the student body, including graduation rates, job placements, and average starting salaries. This information will give you a clearer picture of which college is most likely to set you on your desired career path.

Also, it’s probably best to steer clear of for-profit private colleges altogether. These colleges focus on making a buck, not offering the best educational experience to students. For-profit colleges often land students deep in debt and deliver poor job outcomes and decreased earning potential.

4. Pursue financial aid, grants, and scholarships

It pays off to maintain a focus on financial aid throughout the college admissions and acceptance process. To narrow down your private-college search, check for financial aid policies and programs that match your situation and needs.

Students from low-income families might seek out private colleges with policies that match 100 percent of demonstrated need. Berea College, for example, offers a Tuition Promise Scholarship that covers 100 percent of any tuition that is unpaid after applying other financial aid and scholarships.

Attending one of these schools can give you the peace of mind that, between financial and institutional aid, all costs will be covered.

Perhaps you come from a middle-income family and are unlikely to receive many need-based grants but have above-average academic records and test scores. In this case, private colleges can be the smarter choice. They have greater discretion (and larger budgets) to offer merit-based aid than public colleges, making it easier for you to bank on your academic performance to finance your education.

5. Compare your real costs at each college

Lastly, you won’t know for sure which college is the most affordable until you receive your financial aid award letter from each college you’re considering.

If you’ve filed a FAFSA (Free Application for Federal Student Aid) and received acceptance letters from colleges, the next step is to wait for financial award letters. These documents outline the financial aid packages colleges are offering you.

Each college will list grants and scholarships as well as other forms of aid, including work-study and student loans. Comparing these offers lets you figure out the net cost of attending each college, which can help you decide which one offers the best value.

Financial aid award letters typically arrive in plenty of time for students to compare offers, make their choice, and secure a spot by the college’s enrollment deadline. Take some time to understand each offer, including which aid is “free” and which aid will need to be repaid. Then you can see how the financial aid award letters match up and which colleges offer the best value without breaking your budget.

Give private colleges a chance

If you end up writing off an entire category of colleges, you could miss out on a unique experience and the generous financial aid packages many private colleges offer.

These new college rankings proved that private colleges can be a cost-effective option. Students can afford to attend a private college and still graduate with less student debt.

Any well-rounded college search should include private universities. These schools offer unique experiences, individualized assistance, and forms of financial aid many students would struggle to find at public colleges.

You won’t know if a private college could be a smart and cost-savvy fit until you investigate and compare costs for yourself.

Methodology: Student Loan Hero surveyed data for 670 private colleges and ranked institutions based on the factors of affordability and student debt.

Private colleges were ranked based on four factors: (1) tuition and fees for 2015-16 and (2) the 2014-15 estimates of net price, which is the cost of attendance after the average financial aid package is applied to costs, both sourced from the most recent data available from the National Center of Educational Statistics, and (3) the average indebtedness of a 2015 graduate from the college and (4) the proportion of students graduating with any student debt, both sourced from the most recent data from the Institute for College Access & Success Project on Student Debt.

Tuition and fees, net price, and proportion of students graduating with student debt were weighted equally (at one-fifth of the ranking score). The average indebtedness was weighted twice as heavily (at two-fifths of the ranking score). The top-ranked 100 private colleges are listed below.

Rank Name of institution State 2015-16 tuition and fees 2014-15 net price Average indebtedness Portion of students with debt
1 College of the Ozarks MO $18,730 $13,567 $5,339 7%
2 Davis College NY $13,540 $12,690 $5,360 22%
3 Brigham Young University-Provo UT $5,150 $12,900 $15,720 27%
4 Amridge University AL $6,900 $4,613 $10,500 63%
5 Alice Lloyd College KY $11,460 $13,405 $10,591 42%
6 Berea College KY $24,870 $3,125 $7,928 68%
7 Barclay College KS $14,390 $17,392 $7,220 72%
8 The Baptist College of Florida FL $10,000 $10,360 $17,174 63%
9 Calvary Bible College and Theological Seminary MO $11,320 $13,133 $15,498 63%
10 Princeton University NJ $43,450 $17,901 $8,577 16%
11 Alaska Pacific University AK $19,610 $19,536 $8,922 63%
12 Blue Mountain College MS $10,852 $11,182 $18,307 70%
13 Webb Institute NY $46,000 $18,149 $10,000 20%
14 Piedmont International University NC $9,580 $14,981 $19,784 69%
15 Columbia College MO $8,240 $17,891 $23,515 53%
16 Gallaudet University DC $15,604 $15,196 $18,643 64%
17 Mercy College of Ohio OH $12,530 $16,744 $18,652 69%
18 Columbia International University SC $20,430 $17,942 $18,786 51%
19 Heritage Bible College NC $9,168 $13,412 $15,000 100%
20 Watkins College of Art, Design & Film TN $20,790 $28,632 $15,000 47%
21 Maranatha Baptist University WI $13,940 $18,767 $20,461 63%
22 Yale University CT $47,600 $18,164 $15,521 17%
23 Harvard University MA $45,278 $15,742 $16,723 24%
24 Louisiana College LA $15,070 $14,002 $22,969 66%
25 Hodges University FL $13,220 $17,920 $17,775 84%
26 Martin Luther College MN $13,570 $17,676 $23,636 62%
27 Montreat College NC $24,220 $18,721 $21,238 52%
28 Williams Baptist College AR $16,430 $14,955 $21,121 76%
29 Amherst College MA $50,562 $16,861 $15,756 25%
30 Pomona College CA $47,620 $18,423 $13,381 39%
31 Haverford College PA $49,098 $21,056 $14,750 28%
32 Tennessee Wesleyan College TN $22,900 $10,754 $21,644 76%
33 Thomas More College of Liberal Arts NH $20,400 $15,489 $23,452 65%
34 Life University GA $10,860 $22,619 $36,200 20%
35 Campbellsville University KY $23,828 $16,576 $19,420 72%
36 Soka University of America CA $30,642 $12,295 $18,954 70%
37 Liberty University VA $20,109 $23,468 $21,067 62%
38 Cardinal Stritch University WI $27,540 $18,417 $12,888 90%
39 Ave Maria University FL $18,479 $18,800 $25,702 59%
40 Mississippi College MS $16,064 $16,017 $29,189 56%
41 Thomas Aquinas College CA $24,500 $19,736 $16,901 80%
42 Wellesley College MA $46,836 $22,138 $12,455 49%
43 Oklahoma Baptist University OK $24,000 $17,320 $24,451 58%
44 Stanford University CA $46,320 $19,245 $21,238 22%
45 Calumet College of Saint Joseph IN $17,000 $11,218 $23,465 90%
46 Bryan College — Dayton TN $23,300 $16,153 $16,992 93%
47 Saint Joseph’s College — New York NY $24,113 $15,702 $26,595 57%
48 Goddard College VT $15,476 $19,758 $25,883 69%
49 Villa Maria College NY $20,260 $10,522 $22,658 91%
50 Trinity College of Florida FL $15,690 $18,731 $29,231 58%
51 John Brown University AR $24,468 $19,943 $23,695 60%
52 Harding University AR $17,805 $17,578 $25,295 72%
53 Ouachita Baptist University AR $24,120 $19,102 $26,648 51%
54 Vanderbilt University TN $44,712 $22,937 $21,506 22%
55 LeMoyne-Owen College TN $10,680 $9,114 $27,441 96%
56 Swarthmore College PA $47,442 $21,580 $18,262 33%
57 Samford University AL $28,370 $28,578 $23,772 37%
58 San Diego Christian College CA $28,470 $27,243 $19,212 58%
59 Davidson College NC $46,966 $22,865 $19,929 27%
60 Truett-McConnell College GA $18,000 $17,725 $25,251 76%
61 Hilbert College NY $20,700 $16,019 $21,830 88%
62 Middlebury College VT $47,828 $20,197 $17,797 41%
63 Saint Augustine’s University NC $17,890 $21,503 $19,500 93%
64 Oklahoma Christian University OK $19,890 $18,758 $28,142 61%
65 University of Mount Olive NC $18,400 $14,654 $23,766 90%
66 University of the Cumberlands KY $21,000 $16,515 $25,198 76%
67 Friends University KS $25,965 $18,662 $19,008 86%
68 Young Harris College GA $28,012 $16,193 $23,733 69%
69 Lyon College AR $25,280 $17,213 $22,321 78%
70 Duke University NC $49,241 $21,295 $19,104 35%
71 Hamilton College NY $49,500 $21,907 $17,654 39%
72 Williams College MA $50,070 $21,546 $16,593 43%
73 Mercy College NY $18,076 $16,363 $26,100 81%
74 Bethune-Cookman University FL $14,410 $16,645 $24,430 95%
75 Drury University MO $24,905 $21,506 $26,451 57%
76 Washington and Lee University VA $46,417 $21,379 $21,683 34%
77 Lee University TN $15,000 $18,139 $32,016 64%
78 Aquinas College MI $28,820 $17,551 $22,396 76%
79 Fontbonne University MO $23,790 $18,514 $24,281 77%
80 University of Pikeville KY $18,840 $17,653 $27,645 76%
81 Chaminade University of Honolulu HI $21,780 $21,077 $27,439 64%
82 Flagler College — St. Augustine FL $16,830 $21,804 $28,897 67%
83 Cooper Union for the Advancement of Science and Art NY $42,650 $40,617 $17,338 22%
84 California Institute of Technology CA $45,390 $23,213 $20,677 39%
85 The Master’s College and Seminary CA $30,920 $24,397 $22,417 59%
86 Marymount California University CA $34,680 $25,886 $17,705 67%
87 Mount Carmel College of Nursing OH $12,180 $14,524 $32,455 78%
88 Webber International University FL $24,792 $23,783 $23,421 69%
89 Lancaster Bible College PA $19,980 $21,300 $24,681 79%
90 Rice University TX $42,253 $22,462 $25,528 29%
91 Bowdoin College ME $48,212 $23,156 $20,883 34%
92 Carson-Newman University TN $25,360 $16,662 $26,851 70%
93 Lindsey Wilson College KY $23,162 $16,100 $26,249 78%
94 Wingate University NC $27,930 $18,821 $30,145 48%
95 Colgate University NY $49,970 $21,741 $20,859 34%
96 Colby College ME $49,120 $18,908 $23,342 32%
97 Dartmouth College NH $49,506 $21,348 $19,135 43%
98 King University TN $26,480 $18,504 $22,607 82%
99 Xavier University of Louisiana LA $22,349 $16,385 $24,570 87%
100 University of Great Falls MT $22,170 $18,336 $26,328 77%

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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.
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3 Important Disclosures for Ascent.

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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.

  1. Competitive rates calculated monthly at the time of loan approval. (Rates are effective as of 8/01/2018 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account.)
    Ascent Tuition: 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 2.069%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 3.82% – 12.82%. Fixed rate loans have an APR range between 5.54% and 14.59%.
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  4. Flexible repayment plans may be offered with 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 of $2,000. Ascent borrowers who choose a fixed rate option may ONLY select a loan term of five (5) or twelve (12) years (60 or 144 months, respectively). For certain loans with low balances the minimum monthly payment amount may cause the loan amortization schedule to be less than the selected term. Click here for Ascent Tuition cosigned loan current rates and repayment examples.
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  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.
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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.

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  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 8/01/2018. The current variable APRs for the program range from 3.876% APR to 12.875% 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 2.125% on 8/01/2018. 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 DisclosureVariable 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 August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 4.04%-12.01% (4.04%-11.91% 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.
3.69%
10.94%
1
Undergraduate, Graduate, and ParentsVisit CollegeAve
3.82% – 12.82%3Undergraduate and GraduateVisit Ascent
4.34%
12.99%
2
Undergraduate and GraduateVisit Discover
4.12% – 10.98%*,4Undergraduate and GraduateVisit SallieMae
5.03% – 11.23%5Undergraduate and GraduateVisit PNC
3.88% – 12.88%6Undergraduate and GraduateVisit SunTrust
4.72% – 9.81%7Undergraduate and GraduateVisit LendKey
3.72%
9.68%
8
Undergraduate, Graduate, and ParentsVisit CommonBond
4.04%
12.01%
9
Undergraduate, Graduate, and ParentsVisit Citizens
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