See the 20 Cheapest US Cities for College Students

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When comparing colleges, many students focus on the cost of tuition and fees. But room and board can cost just as much — or more — than your actual education. The cost of room and board averages $10,800 a year at in-state public four-year colleges and $12,210 at four-year private nonprofit schools, according to College Board.

As a student, choosing a college in an area with a low cost of living can help you keep expenses low. Below, we highlight 20 U.S. cities that offer college students affordable prices on essential living expenses.

Key findings

  • The Midwest and South are the top regions for affordable living, especially for college students. Of the top 20 college cities, half are in the South and seven are in the Midwest.
  • In cities with low costs of living, colleges usually charge less for room and board. Of the 50 colleges and universities in the top-20 list, 40 of the schools had annual room and board costs below the national average for in-state public four-year colleges of $10,800.
  • Opting for a college in a low-cost city could save you $6,600 over four years. The average room and board prices of the colleges we surveyed was $9,150 per year. That’s $1,650 less a year than the $10,800 average, or $6,600 less over the four years needed to earn an undergraduate degree.

Top 20 cheapest cities for college students

In our study, we wanted to identify college towns where students benefit from low room and board costs both on and off campus.

We used cost-of-living data from Numbeo, an online pricing database, to find the 20 U.S. cities where college students will face some of the lowest living costs. We also highlighted the room and board costs at colleges in these cities to see how on-campus prices stack up against off-campus expenses.

Here’s our list of the cheapest cities for college students in the U.S., along with the annual room and board prices at local four-year colleges that grant bachelor’s degrees.

1. Springfield, Missouri

  • Annual room and board at Drury University: $7,316
  • Annual room and board at Baptist Bible College: $7,500
  • Annual room and board at Evangel University: $8,522
  • Annual room and board at Missouri State University: $8,755

A Midwest city home to several colleges, Springfield takes the No. 1 spot thanks to its low rent and housing costs. For example, the Council for Community and Economic Research (C2ER) estimated in its 2017 Cost of Living Index that the city’s housing costs were 28.6% lower than the national average.

This makes it easier for both on- and off-campus students to find affordable housing. Springfield’s colleges charge well below the national average for room and board. And a one-bedroom apartment in town costs just $556 a month, per Numbeo.

2. Mobile, Alabama

  • Annual room and board at University of South Alabama: $7,490
  • Annual room and board at University of Mobile: $9,100
  • Annual room and board at Spring Hill College: $13,462

College students should still be able to find affordable lodging in this port city that sits on the Gulf of Mexico. Mobile’s housing prices were about 25% lower than the national average, according to C2ER.

Two of Mobile’s colleges offer room and board at below-average prices. A one-bedroom apartment in the heart of Mobile will be slightly pricier, at $802 a month.

3. Toledo, Ohio

  • Annual room and board at University of Toledo: $11,434

Coming in at No. 3, Toledo is another city with low housing costs. A one-bedroom apartment in the center of this Ohio city costs just $661 per month, according to Numbeo.

The University of Toledo, however, charges room and board that’s slightly above average for colleges nationwide. Students might be able to cut costs by finding affordable off-campus housing in the city.

4. Tucson, Arizona

  • Annual room and board at University of Arizona: $12,550

The University of Arizona is another school that charges above-average prices for room and board, though not by much. Incoming freshmen can expect to pay $12,550 for housing and a meal plan at the college.

But with local housing costs at 21.1% below the national average, per C2ER, Tucson is another city where students might save by living off campus. The average one-bedroom apartment in Tucson, for example, costs just $649 per month, or $5,841 for a nine-month school year.

5. Oklahoma City

  • Annual room and board at Mid-America Christian University: $7,782
  • Annual room and board at Oklahoma Christian University: $8,190
  • Annual room and board at Oklahoma City University: $9,142

All three major colleges in Oklahoma City charge low prices for room and board, reflecting the city’s overall low cost of living. Off campus, housing costs 26.5% below the national average.

A one-bedroom apartment in the city’s center isn’t the cheapest on this list, however, at $812 a month. So college students in Oklahoma City should carefully compare on- and off-campus living to see which is a better fit for their budgets.

6. Lubbock, Texas

  • Annual room and board at Lubbock Christian University: $6,500
  • Annual room and board at Texas Tech University: $9,384

Home to both a public school and private religious university with low housing and meal costs, Lubbock is an affordable place for college students to live and study.

Living off campus costs an average of $713 a month for a one-bedroom apartment, per Numbeo, or $6,417 for a school year. This makes Lubbock a city in which on-campus living could be the cheaper choice for many students.

7. Huntsville, Alabama

  • Annual room and board at Alabama A&M University: $7,302
  • Annual room and board at Oakwood University: $9,374
  • Annual room and board at University of Alabama in Huntsville: $9,748

Huntsville residents benefit from housing costs that are 26.6% cheaper than the national average.

This Alabama city’s universities charge room and board costs well below the national average of $10,800 for public colleges. This could make on-campus living a financially smart choice in Huntsville, considering that a one-bedroom apartment averages $833 a month, or around $7,500 for a school year.

8. Little Rock, Arkansas

  • Annual room and board at Arkansas Baptist College: $8,190
  • Annual room and board at Philander Smith College: $8,250
  • Annual room and board at University of Arkansas at Little Rock: $9,000

Next up is Little Rock, which is home to three colleges that all provide affordable housing and meal plans. The city itself boasts a 10% savings on housing costs compared to the national average, according to C2ER. But even off-campus students won’t face astronomical costs, with one-bedroom rents averaging $738 per month, or just over $6,600 for a school year.

9. Fort Wayne, Indiana

  • Annual room and board at Indiana University-Purdue University Fort Wayne: $6,982
  • Annual room and board at University of Saint Francis: $9,840
  • Annual room and board at Indiana Tech: $10,020

College students in Fort Wayne can keep living costs relatively low, thanks to housing costs that are 27.7% lower than the national average.

In real dollars, this means average rent expenses of just $600 per month, per Numbeo, or $5,400 for a school year. On-campus students will also face below-average costs for room and board, thanks to affordable pricing from Fort Wayne’s universities.

10. Redding, California

  • Annual room and board at Simpson University: $8,724

This city offers surprisingly affordable housing, considering California is one of the most expensive spots in the country. Numbeo reports average rents of $745 per month for single-bedroom apartments.

Simpson University students also pay significantly less for room and board than students at other private colleges. The college’s costs beat the $12,210 annual average for private colleges by about $3,500.

11. Dayton, Ohio

  • Annual room and board at Wright State University: $9,292
  • Annual room and board at University of Dayton: $13,180

Another Midwest city, Dayton might offer some of the lowest housing costs on this list. Numbeo puts the average rent for one-bedroom apartments at $696 per month. Plus, Dayton residents paid 31.5% less than the average American for housing in 2017, reported C2ER.

College students attending one of Dayton’s universities might find off-campus living more financially feasible, thanks to these low housing prices. This is especially true at the University of Dayton, which charges above-average prices for room and board.

12. Louisville, Kentucky

  • Annual room and board at Simmons College of Kentucky: $6,328
  • Annual room and board at Spalding University: $7,400
  • Annual room and board at University of Louisville: $8,130
  • Annual room and board at Bellarmine University: $12,030

Home to several four-year colleges and universities, Louisville provides plenty of opportunities to earn a bachelor’s degree at a bargain. But some of its schools offer much cheaper on-campus room and board than others, with a $5,700 difference between the lowest and highest pricing.

Still, finding affordable housing shouldn’t be too difficult, thanks to costs that are 21.8% lower than the national average. Students should expect to pay around $823 a month for an average one-bedroom apartment in downtown Louisville.

13. Lexington, Kentucky

  • Annual room and board at University of Kentucky: $10,450
  • Annual room and board at Transylvania University: $10,820

Overall, Lexington’s costs of living are on the higher end for cities on this list. College students in this city will want to consider if on-campus living might be the better deal, considering both Lexington schools have competitive pricing on room and board.

The area still offers relatively affordable housing at $840 a month, or $7,560 for a school year, for a one-bedroom, off-campus apartment.

14. Wichita, Kansas

  • Annual room and board at Friends University: $7,740
  • Annual room and board at Newman University: $8,022
  • Annual room and board at Wichita State University: $8,740

One-bedroom apartments in Wichita are affordable at $795 a month, or nearly $7,200 for a school year.

But college students will be hard-pressed to find off-campus prices that beat what they’d pay for room and board at Wichita universities. These local schools each offer savings of $2,000 or more compared to the $10,800 national average for public four-year colleges.

15. Boise, Idaho

  • Annual room and board at Boise Bible College: $6,200
  • Annual room and board at Boise State University: $11,539

These two colleges have a wide gap in pricing, with Boise State charging $5,300 more per year than Boise Bible College.

Even so, on-campus living might be the better choice for students in this city, despite housing costs that are 13.2% below the national average. A one-bedroom apartment would cost just under $900 a month, or $8,100 for a school year, which is one of the higher averages of any city on this list.

16. Knoxville, Tennessee

  • Annual room and board at Johnson University: $6,350
  • Annual room and board at University of Tennessee, Knoxville: $10,130

Up next is Knoxville, which beats out Boise to charge the highest rent prices of any city on this list. A one-bedroom place in the heart of the city costs $913 a month, or $8,217 for a school year.

To pay less, college students in Knoxville might consider living on campus — especially if they’re paying the lower costs of Johnson University. Another option could be living further out, as apartments outside of the city’s center are just $631 per month, according to Numbeo.

17. Sioux Falls, South Dakota

  • Annual room and board at University of Sioux Falls: $7,350
  • Annual room and board at Augustana University: $7,706

Sioux Falls’ universities offer a great deal for college students, both charging less than $8,000 a school year for room and board. Meanwhile, off-campus housing averages $813 a month for a one-bedroom apartment, or more than $7,300 for a school year.

When food costs are figured in, on-campus housing and meal plans are a clear winner for college students in this low-cost city.

18. Winston-Salem, North Carolina

  • Annual room and board at University of North Carolina School of the Arts: $8,977
  • Annual room and board at Winston-Salem State University: $10,029
  • Annual room and board at Salem College: $11,850
  • Annual room and board at Wake Forest University: $14,394

This North Carolina city has housing and rent costs that are a third less than the national average, according to the C2ER Cost of Living Index.

Yet this isn’t necessarily reflected in the local colleges’ room and board pricing. Salem College and Wake Forest University students might pay less by living off campus, with one-bedroom rents at $821 per month, according to Numbeo.

19. Lincoln, Nebraska

  • Annual room and board at Union College: $7,070
  • Annual room and board at Nebraska Wesleyan University: $9,252
  • Annual room and board at University of Nebraska-Lincoln: $9,380

Home to three colleges that all have below-average room and board prices, Lincoln students can save whether they live on or off campus. Local housing costs are 18.7% less than the national average. For one-bedroom apartments, this means average rents around $750 a month, or $6,750 for a school year.

20. Tulsa, Oklahoma

  • Annual room and board at Oral Roberts University: $9,450
  • Annual room and board at The University of Tulsa: $11,116

Rounding out the list is Tulsa, which touts housing costs that are 35.2% less than the national average. Local colleges also have affordable room and board costs, but you could find lower costs off campus where the average price for a one-bedroom place is $787 a month.

Consider room and board when comparing college costs

Overall, this ranking shows that the local living costs where a college is located can have a huge impact on student budgets. Low off-campus costs often result in lower on-campus living costs. And if it doesn’t, students will have a better chance at paying less if the area offers affordable prices on housing, groceries, and other key expenses.

Students searching for a college can take these steps to limit their costs from room and board:

  • Compare more than just tuition and fees at each college. Research and compare housing and meal plans, too.
  • Research local costs of living for each college you’re considering. You’ll have more options and a better ability to keep living costs low if both on- and off-campus expenses are affordable.
  • Choose low-cost options when possible. For example, you might choose a college close enough to home that you can live with parents or another relative rent-free. Splitting rent with a roommate will also cut costs whether you live on or off campus.
  • Compare prices of on-campus room and board against off-campus living. Many colleges’ on-campus prices are far above what a student would pay to live off campus with roommates. Or, you might pay less by doing your own grocery shopping and meal prep than paying for a full on-campus meal plan.

The lower your costs, the less you’ll need to rely on federal or private student loans. Every dollar you save now will help you maintain financial freedom once you graduate.

With some research and careful consideration, you can choose a college with living costs that match your budget — the top 20 cities on this list are a great place to start.

Methodology: To generate these rankings, Student Loan Hero surveyed cost of living in 135 U.S. cities using rankings from Numbeo, sourced on April 2, 2018. It cross-referenced cities with the lowest combined living and housing costs against a list of colleges from Peterson’s to find the cheapest cities that were hosts to one or more four-year colleges or universities.

Student Loan Hero also surveyed three additional figures, which did not affect rankings but were included to inform results: (1) rent figures from Numbeo, (2) cost-of-living figures for cities from C2ER, and (3) annual room and board costs as reported on the websites of colleges in these cities. Colleges were not included in these rankings or article if room and board pricing were not listed on their sites.

Need a student loan?

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 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 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 as valid as of 07/1/2018. 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) 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%.
    Ascent Independent: 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 2.069%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 5.49% and 12.77%. Fixed rate loans have an APR range between 7.06% and 13.72%.
  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. Click here for a Tuition repayment example.
  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.
  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 in order 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 a number of factors, including: 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.
  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 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
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.