The Ultimate Guide to State Financial Aid Grants

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state grants for college

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About 47 percent of families used at least one grant to help pay for college during the 2016-2017 academic year, according to Sallie Mae’s 2017 report.

Whether they come from the federal government, your school, or another organization, grants are important because they decrease (or even erase) the need for loans.

Although state grants for college are typically need-based and determined by your FAFSA, they’re another great way to save you money.

How to find state grants for college

The federal government’s four grants for college and graduate students can all be found under the same roof: the Department of Education (DOE). But there are a few different ways to find state grants for college.

As with scholarship opportunities, you’ll want to be aware of grant application deadlines and eligibility rules. These programs are typically (but not always) restricted to residents attending qualifying in-state schools, for example.

In some cases, you might apply to the state’s education department; in others, directly with your school or by listing the school on your completed FAFSA. Almost all state grants require filling out the FAFSA.

Additionally, many states exclude applicants who have defaulted on a student loan.

Whether you’re an adult going back to college or looking for financial aid to start graduate school, here’s a rundown on state grants for college. Click your state to jump to the info you need.

District of Columbia
New Jersey
New Mexico
New York
North Carolina
North Dakota
Rhode Island
South Carolina
South Dakota
West Virginia


There are two grants available via the Alabama Commission on Higher Education. Both require residency, while one is awarded based on financial need. The Alabama Student Assistance Program Grant hands out between $300 and $5,000 per student, and the Alabama Student Grant comes with a reward of up to $1,200 per year.


Awards ranging between $500 and $4,000 are given to undergraduates via the Alaska Education Grant. The state’s legislature prioritizes students with the most financial need first, then works its way down to less-needy students until exhausting available funds.

Recipients could receive as much as $16,000 during their college education.


The Arizona Commission for Postsecondary Education offers a grant for needy students. Through the Arizona Leveraging Educational Assistance Partnership, participating state schools can offer needy undergraduates as much as $2,500 per year. The average award is closer to $1,000.


The state’s Education Department has three grants available:

  • Arkansas Future Grant: For students seeking in-state certification or associate degrees in high-demand fields such as science, technology, engineering, and math from qualifying programs
  • Arkansas Health Education Grant:  For medical students pursuing professional training from one of 77 eligible out-of-state schools
  • Teacher Opportunity Program: For teachers furthering their education; up to $3,000 in reimbursements per year


California awards more grant aid to low-income students than most states and the federal government, according to a 2017 study performed by the University of California, Berkeley.

Aside from Cal Grant programs, a collection of awards for undergraduates, the state also offers the California Chafee Grant program for foster youth. Additionally, the state provides funds for financially needy students via the California Dream Act.

Read more about California financial aid grants here.


Beyond offering tuition assistance to the families of military members and public servants, Colorado has two grants for undergraduate and graduate students who demonstrate financial need via the FAFSA.


Although it doesn’t offer any grants in name, the state has the Roberta B. Willis Scholarship, which functions as one. Based on merit and financial need, high school seniors and graduates could receive up to $5,250 (at a four-year school) or $4,650 (at a two-year school) per academic year.

To qualify, Connecticut residents must be in the top 20% of their high school junior class, register an SAT score of 1,210 or more, or record at least a 27 on the ACT. Applications are completed through high school guidance offices.


The state’s Higher Education Office offers the Scholarship Incentive Program. It gifts $1,000 awards to financially needy, high-performing undergraduate and graduate students. There is a minimum GPA requirement of 2.5.

District of Columbia

The nation’s capital offers the DC Tuition Assistance Grant. It offers two types of annual awards:

  • Up to $10,000 toward the difference between in-state and out-of-state tuition at public schools
  • Up to $2,500 toward tuition at private schools in D.C. and private historically black colleges and universities throughout the country

The grants are restricted to undergraduates 26 or younger who are attending qualifying schools.


Students seeking grants from the state of Florida are instructed to complete both the FAFSA and the Florida Financial Aid Application (FFAA). Although the FFAA isn’t required for all grants, it keeps these options open:

Read more about Florida financial aid grants here.


The Georgia Student Finance Commission manages six state-funded scholarships and grants. In addition to grants with ties to the military and the families of public servants, the Georgia Tuition Equalization Grant program helps all students, regardless of need, afford the cost of attending private schools in the state.

The REACH Georgia program, meanwhile, is a needs-based scholarship that might be a better fit for low-income students attending eligible schools in the state. Beyond a maximum four-year scholarship of $10,000, the program also provides on-campus mentoring.

Read more about Georgia financial aid grants here.


Low-income residents can apply through their schools for Hawaii-funded Opportunity grants, which help to cover tuition.

Native Hawaiians seeking a bachelor’s degree from the University of Hawaii-West O‘ahu have another option for grant aid. The state-funded Native Hawaiian Tuition Scholarship requires an application and proof of ancestry.


The Idaho State Board of Education awards seven state-funded scholarships. Although none of them is a grant by name, several of the scholarships are need-based. That said, they do still have requirements.

The Idaho Opportunity Scholarship (2.7 GPA) and Tschudy Family Scholarship (2.6 GPA) have academic performance requirements.


Illinois offers grants for students with connections to veterans, National Guardsmen, and dependents of police, fire, and correctional officers. If you don’t fall into those groups, you might receive aid through these two grant programs:

Read more about Illinois financial aid grants here.


Among the state’s many aid options, EARN Indiana is a work-study program for students from low-income families. The students earn paid internships.

Needy students also have these grant opportunities at their disposal:

  • Adult Student Grant: Adults can receive a $2,000 grant toward starting or continuing their education. The program was created in 2015 to meet the needs of over 750,000 Indiana residents with some college experience but no degree.
  • Frank O’Bannon Grant: Undergra duates with financial need can earn awards tied to their expected family contribution (EFC). A student with an EFC of $0 in 2017 could receive between $2,900 and $9,000 depending on their school choice.
  • Workforce Ready Grant: This program covers the tuition and some fees for working-age residents pursuing a certificate at Ivy Tech Community College or Vincennes University.


The Iowa College Student Aid Commission manages a handful of assistance programs for residents, including four grants with varying purposes:


Beyond its scholarships, Kansas has two grants available:

  • Kansas Career Technical Workforce Grant: This grant offers up to $1,000 and is available to in-state students pursuing a technical certificate or an associate of applied science degree. Preference is given to the financially needy.
  • Kansas Comprehensive Grant: Financially needy, in-state students can receive between $100 and $3,500 depending on their school type and income level. The state estimates that only 1 in 3 eligible applicants will receive aid.


Kentucky’s Higher Education Assistance Authority provides three grant opportunities with varying maximum awards: the College Access Program Grant ($1,900), the Kentucky Tuition Grant ($3,000), and the Go Higher Grant ($1,000).

All three grants prioritize financial need for resident undergraduates. The Go Higher Grant has a unique qualification: Recipients must be 24 or older.


Among its many forms of support for higher education, Louisiana has one grant opportunity for its residents. The Go Grant aims to support nontraditional students with low to moderate income.

The individual grant awards range from $300 to $3,000 per year. Students must receive a Federal Pell Grant to be eligible.


Maine’s financial aid for residents includes scholarships, loan forgiveness programs, and tuition waivers. It’s also highlighted by the State of Maine Grant Program, which provides low-income students attending a qualifying in-state school with up to $1,500 in aid.


Aside from its menu of need-based scholarships and a grant program for part-time students, Maryland has three grants as part of its Howard P. Rawlings Program of Educational Excellence Awards:

  • Campus-Based Educational Assistance Grant: Financially needy students who are ineligible for the Educational Assistance Grant because they didn’t file the FAFSA by March 1 can receive up to a $3,000 award through their school.
  • Educational Assistance Grant: Financially needy undergraduate students can receive between $400 and $3,000 per year.
  • Guaranteed Access Grant: High school seniors applying for the first time must come from a family that makes less than 130 percent of the state’s poverty-level income. The renewable grant has a maximum award of $19,000.


The state’s Department of Higher Education offers seven grants through its office of student financial assistance:

  • Cash Grant: Students already receiving tuition assistance because of financial need can qualify for this grant to cover additional educational expenses.
  • Foster Child Grant: Students under the age of 25 can receive up to $6,000 toward the tuition of any U.S. school.
  • Gilbert Matching Student Grant Program: Nursing students with financial need can earn between $200 and $2,500 per year.
  • MASSGrant: Students with an EFC between $0 and $5,328 can qualify for aid to attend approved schools in Massachusetts, Vermont, Pennsylvania, and Washington, D.C.
  • Paraprofessional Teacher Preparation Grant: Paraprofessionals seeking their teacher’s license could receive between $4,000 and $7,500 per year.
  • Part-Time Grant: Financially needy students returning to school on a part-time basis can receive at least $200 in aid.
  • Public Service Grant: Not based on financial need, this program covers the full tuition charges of children and spouses of deceased public servants.


In addition to its grants for children of veterans and spouses or children of deceased police officers and firefighters, Michigan offers a Tuition Grant to needy students. The program offers a maximum award of $2,000 to students attending nonprofit schools in Michigan.


Using the Minnesota State Grant, financially needy undergraduate students can receive an average award of $1,857. You can apply for it by filling out the FAFSA. Undocumented students ineligible to fill out the FAFSA are instructed to instead fill out the state’s Dream Act application.

Here are two more Minnesota-funded grants for more specific situations:

  • Child Care Grant: Residents going to school who have children 12 or younger could receive up to $3,000 per year per child.
  • MnSCU Two-Year Occupational Grant Pilot ProgramMnSCU students preparing for careers in high-demand fields can get their tuition and some fees covered after federal and state grants have been applied.


The state offers two grants for undergraduate students attending school in the state. Unlike grants in other states, they’re partly merit-based.

Mississippi’s grants include:

  • Mississippi Eminent Scholars Grant: Requires applying students to record a high school GPA of at least 3.5 and an ACT score of at least 29 to receive up to $2,500 in aid per year
  • Mississippi Tuition Assistance Grant: Requires applying students to record a high school GPA of at least 2.5 and an ACT score of at least 15 to receive $500 or $1,000 per year


The state offers financial aid for military and public service families, as well as scholarships for minorities and other groups.

The state’s two other grant programs each serve a unique purpose. The Advanced Placement Incentive Grant offers $500 to high school students who score well on Advanced Placement tests in math and science.

The Access Missouri Financial Assistance Program, meanwhile, was designed for public school undergraduates who register an EFC of less than $12,000. Students attending a four-year school could receive between $1,500 and $2,850 in aid.


The Nebraska Opportunity Grant is funded by the state but paid out by its schools. Priority is determined by the EFC calculated from your FAFSA. The average award during the 2015-2016 school year was $1,225.27.

New Jersey

To qualify for the state’s Tuition Aid Grant (TAG), students must meet traditional grant requirements, including residing in the state for at least a year. The award varies depending on your school. During the 2017-2018 academic year, students could receive $7,236 at state colleges and universities, for example.

The state also offers NJ STARS and NJ STARS II, which help cover the tuition costs of high-ranking students.

Read more about New Jersey financial aid grants here.

New Mexico

New Mexico offers two annually renewable grants for residents attending public schools in the state:

Read more about New Mexico financial aid grants here.

New York

In 2017, New York became the first state to offer free college tuition via its Excelsior Scholarship program. Even if you qualify for that form of gift aid, it won’t cover room and board.

The state encourages you to visit your school’s financial aid office to learn about its Educational Opportunity Program. To qualify for the grant, a student’s household income is taken into account. A family of four, for example, must earn less than $45,510 to be eligible.

The Aid for Part-Time Study program could be a better fit if you’re going to school with a light course load. It offers up to $2,000 in aid.

Read more about New York financial aid grants here.

North Carolina

The state’s College Foundation of North Carolina instructs resident students to fill out the FAFSA, list out their preferred in-state schools, and wait to hear back. There are no formal applications necessary for its grant offerings.

Depending on your family’s income level and school, you might find yourself receiving aid from these programs:

  • NC Community College Grant
  • NC Education Lottery Scholarship
  • NC Need-Based Grant
  • NC Need-Based Scholarship

North Dakota

The North Dakota State Student Incentive Grant delivers up to $975 per semester or $650 per quarter for undergraduate students studying locally. Qualifying students will be notified as long as they completed the FAFSA.


Among its many forms of financial aid, the Ohio College Opportunity Grant is open to undergraduate students with an EFC below $2,190 and a household income under $96,000.

More recently, Ohio’s Department of Natural Resources started its Geological Survey Grant Program. It awards a pair of $1,200 grants to earth science students performing graduate-level research at state schools.


In addition to offering 10 scholarships, the state touts its Oklahoma’s Promise initiative. Formerly known as the Oklahoma Higher Learning Access Program, it offers need-based scholarships for families with income of $55,000 or less. The program helped 17,749 students afford college during the 2016-17 academic year.


The state’s Office of Student Access and Completion has five grant opportunities, including programs for foster children, children of deceased or disabled public safety officers, and students who are parents.

The office’s other grants include:

  • Oregon Opportunity GrantStudents with a sub-$3,500 EFC could receive as much as $3,200 per year. Awards are reserved for the neediest applicants, not the fastest to apply.
  • Oregon Promise GrantStudents could receive between $1,000 and $3,540 toward community college tuition. The student must leave high school with at least a 2.5 GPA.

Each grant requires filling out the FAFSA, but the state also set up the Oregon Student Aid Application for undocumented immigrant students living in the state.


Pennsylvania’s grant program offers aid to students based on their family income and choice of school. During the 2017-2018 academic year, recipients could expect to receive between $1,503 and $4,209 per year in aid.

Rhode Island

In January 2017, the smallest state in America expanded its RI Promise program to offer all graduating high school students the choice between a free community college education or two years of free education at one of its four-year schools.

Known as a last-dollar scholarship, this program fills in the gap after other gift aid has been tallied.

South Carolina

Aside from its scholarship and tuition assistance programs, the state’s Commission on Higher Education set up its need-based grant program for undergraduates. Participating public schools determine each recipient’s award after accounting for all other gift aid.

Full-time students could receive as much as $2,500 per year. Part-time students are eligible for up to $1,250.

South Dakota

South Dakota’s Need-Based Grant Program gives 16 schools a share of about $60,000 per year. Each school could award between $500 and $2,000 to low-income students.


There are six unique grant programs among the 20-plus financial aid initiatives run by the Tennessee Student Assistance Corporation. The half-dozen programs include grants for foster children and military veterans. Here are the remaining four grant opportunities:

  • Dual Enrollment Grant: High school juniors and seniors taking college courses for credit can receive between $100 and $500 per hour of class.
  • Tennessee HOPE Access Grant: Incoming freshman with a minimum 2.75 GPA and an ACT score of at least 18 to 20 are eligible for per-semester amounts of $1,250 (at four-year schools) and $875 (two-year schools).
  • Tennessee Student Assistance Award: Undergraduates with an EFC below $2,100 could receive up to $4,000 to attend eligible schools.
  • Wilder-Naifeh Technical Skills Grant: Students at the Tennessee College of Applied Technology can receive an award of $2,000.


Besides offering need-based scholarships, the state’s Higher Education Coordinating Board highlights four grant opportunities on its College for All Texans website.

Three of the grants require students maintain a 2.5 GPA in college. The Texas Public Educational Grant Program is managed by participating schools, and each school has its own requirements and awards.

Read more about Texas financial aid grants here.


With three grant options for three academic paths, Vermont asks needy applicants to fill out online applications for its awards. Each candidate is considered on a rolling basis, so it’s wise to apply as early as possible.

  • Vermont Incentive Grant: Undergraduates (and medical school students) could receive between $850 to $12,050 in aid.
  • Vermont Non-Degree Grant: Non-high school students seeking to further their education or prepare for a career can receive aid.
  • Vermont Part-Time Grant: Undergraduates (and medical school students) taking fewer than 12 credits per term could receive between $425 and $9,040, depending in part on their course load.


Among the state’s student aid programs, the Virginia Tuition Assistance Grant is notable for residents attending a private school. Undergraduate and graduate students can submit an application to receive as much as $3,300 and $1,650, respectively.

Other grant programs include:

  • New Economy Workforce Credential Grant: Students attending a non-credit training program can have up to two-thirds of their tuition covered.
  • Optometry Grant Loan Program: Virginia residents enrolled in an optometry program at any approved school nationwide could receive $5,000 per year.
  • Two-Year College Transfer Grant: Students with an associate degree can qualify for as much as $1,000 to $2,000 when transitioning to qualifying four-year schools.


The State Need Grant available in Washington aims to help the lowest-income students. To be eligible, students must meet certain income requirements. A family of four, for example, must earn $60,500 or less.

The grant award depends on the school you attend. University of Washington and Washington State students could receive up to $9,553 for the 2017-2018 school year, for example.

Read more about Washington financial aid grants here.

West Virginia

In addition to six scholarships, West Virginia houses two grant programs:

  • West Virginia Higher Education Grant: Although it’s a need-based award, applicants must demonstrate academic promise. The grant, which maxed out at $2,700 in 2017, can be used at approved schools in West Virginia or Pennslyvania.
  • Higher Education Adult Part-Time Student Grant: Award amounts vary depending on the student’s course load. Adults returning to a four-year school or seeking a certificate or credential for a new career are encouraged to apply.


The state offers a handful of grants that all come with traditional requirements, including being a resident. Not all grants are available at all state schools, however.

Although award amounts are set annually by the state, here are more details about each of the grants:

  • Wisconsin Grant: Divided between students attending public and private nonprofit schools, these grants offer between $250 and $3,000 in aid per year.
  • Talent Incentive Program (TIP) Grant: Meant for “the most financially needy and educationally disadvantaged Wisconsin resident students,” this grant is worth between $600 and $1,800.
  • Indian Student Assistance Grant: Undergraduate and graduate students who are at least a quarter Native American can receive between $250 and $1,100.
  • Minority Undergraduate Retention Grant: Minority undergraduates can score between $250 and $2,500.
  • Hearing & Visually Handicapped Student Grant: Undergraduate students with significant hearing or visual impairment can qualify for between $250 and $1,800.


The state itself does not offer grants by name. But a program funded by lawmakers and named for former Gov. Stanley Hathaway offers one need-based scholarship for community college and University of Wyoming students.

The scholarship amount is calculated by subtracting your EFC and other awards.

Applying for state grants for college

If you scanned this far, you might have missed your state. The following four states don’t currently have active, publicly funded grant programs:

  • Montana
  • Nevada
  • New Hampshire
  • Utah

That’s not to say these states don’t offer resources. Nevada, for example, helps parents save up for their younger children’s college costs by providing matching funds through the Silver State Matching Grant.

But wherever you live, review your state’s aid options. For full details, you could click on the DOE’s map of contact information for each state’s department of education.

You can also go directly to your prospective school. If you are looking for Texas grants for college and are enrolled at Texas State University, for example, you’ll find the financial aid office’s listing of available grants.

Applying for state grants for college is an important step in paying for your education without falling into debt.

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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.

(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.

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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

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.

©2019 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 (d) 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 5/1/2019. The current variable APRs for the program range from 4.251% APR to 11.300% APR and the current fixed APRs for the program range from 5.251% APR to 12.00% 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 2.500% on 5/1/2019. 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 8.382% APR would result in a monthly principal and interest payment of $198.61. 10-year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and an 8.851% APR would result in a monthly principal and interest payment of $161.70. 15-year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and a 9.335% APR would result in a monthly principal and interest payment of $135.68.
  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.

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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.

8 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Student Loan Rate Disclosure: Variable 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 May 1, 2019, the one-month LIBOR rate is 2.48%. Variable interest rates range from 4.45%-12.42% (4.45% – 12.32% 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 co-signer. 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 co-signer. Lowest rates shown requires application with a co-signer, 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. Citizens Bank Student Loan Eligibility: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower/eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank- participating school.  
  3. 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. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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