Study: 10 Most Affordable Public and Private HBCUs in the US

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Historically black colleges and universities (HBCUs) provided students of color with access to higher education during a time of legal segregation.

It wasn’t until the Civil Rights Act of 1964 that segregation in public places was banned and employment discrimination on the basis of race, color, national origin, sex, and religion was outlawed.

Today, there are over 100 HBCUs across the U.S. granting degrees to students of all racial and ethnic backgrounds.

Many of these schools have managed to keep costs low despite having smaller endowments than historically white colleges, according to the Thurgood Marshall College Fund.

Annual tuition and fees at Spelman College, for instance, the most expensive school on this list, add up to $28,181. That’s several thousand dollars less than the national average of $32,410 for private four-year colleges.

To learn more about costs at HBCUs, Student Loan Hero examined data from the National Center for Education Statistics (NCES) on tuition and fees for the 2017-18 school year.

Here are the most affordable public, private, and community colleges and the full list of HBCUs from least to most expensive.

5 most affordable public HBCUs


When you research colleges, you’ll typically find the lowest tuition and fees at public colleges and universities in your state. Out-of-state students, however, might find that the costs aren’t much lower than they would be at a private college or university.

Remember that those costs are just the sticker price. You might qualify for grants, scholarships, and other forms of financial aid, all of which could decrease your net cost of attendance.

It’s also important to factor in cost of living, which can vary widely from, say, a rural town in Mississippi to downtown Houston.

Here are five public HBCUs with the lowest tuition costs for in-state students for the 2017-18 school year and some insight about the cost of living in each area.

1. Elizabeth City State University: Elizabeth City, North Carolina

In-state tuition and fees: $4,986
Out-of-state tuition and fees: $18,130
Total undergraduate enrollment: 1,310

North Carolina students will find low tuition prices at Elizabeth City State University, a public institution in the University of North Carolina system that admits 60% of students who apply every year.

Founded in 1891, the university offers bachelor’s and master’s degrees in a variety of subjects, the most popular of which include education, business administration and management, and criminal justice.

If you choose Elizabeth City State University, you’ll find that the cost of living in North Carolina is lower than the national average. The Cost of Living Index (COLI) by the Council for Community and Economic Research (C2ER) gives the state a cost-of-living score of 90.2 (with 100 being the national average).

Note that out-of-state students might not find Elizabeth City State University to be an economical option, as four years of tuition could add up to nearly $73,000. If you’re considering a state school, choosing one in your state of residency likely would be easier on your wallet.

2. Fayetteville State University: Fayetteville, North Carolina

In-state tuition and fees: $5,183
Out-of-state tuition and fees: $16,791
Undergraduate enrollment: 5,393

Fayetteville State University is another affordable option in the University of North Carolina system. This midsized university admits 68% of students who apply, and some of its most popular majors include biology, business, health care, psychology, and criminal justice.

Fayetteville State University’s student population is nearly five times larger than that of Elizabeth City State University, but its class sizes remain relatively small. According to NCES, the school has a student-to-faculty ratio of 18-to-1.

3. University of the Virgin Islands: Virgin Islands

In-state tuition and fees: $5,235
Out-of-state tuition and fees: $14,496
Undergraduate enrollment: 2,112

The University of the Virgin Islands in Charlotte Amalie on St. Thomas welcomes students from throughout the Caribbean, the U.S. mainland, and the rest of the world, but it reserves its lowest tuition rates for Virgin Islanders.

Some students might choose to attend the university’s Albert A. Sheen campus on St. Croix, which costs the same for residents but slightly less for nonresidents — $13,834 per year.

Both campuses offer degrees ranging from associate degrees to doctorates in a variety of subjects. That said, the cost of living can be high on St. Thomas and St. Croix, so prospective students will need to prepare accordingly.

4. Harris-Stowe State University: Saint Louis, Missouri

In-state tuition and fees: $5,340
Out-of-state tuition and fees: $9,973
Undergraduate enrollment: 1,442

Harris-Stowe State University is an all-undergraduate institution that offers certificates and bachelor’s degrees to a small student body. It offers 43 majors, minors, and certificate programs in STEM subjects, health care, public service, business, and education.

Along with reasonable yearly tuition rates, students will enjoy a cost of living that’s lower than average. According to COLI, Missouri’s cost-of-living score is 88.1.

5. Albany State University: Albany, Georgia

In-state tuition and fees: $5,675
Out-of-state tuition and fees: $16,136
Undergraduate enrollment: 6,262

Rounding out our list of public HBCUs with the lowest tuition costs for in-state students is Albany State University in Albany, Georgia. This medium-sized school offers degrees across disciplines, including health professions, arts and humanities, business, education, and science and technology.

While you earn your degree, you also might enjoy the fact that Albany has a relatively low cost-of-living score of 90.8, according to COLI. Housing costs are especially low, with a COLI score of 71.9.

5 private 4-year HBCUs with the lowest tuition costs


While public institutions tend to offer lower prices to in-state students, private ones typically charge residents and nonresidents the same rates. Believe it or not, attending a private college on the list below could be more affordable than attending a state school as a nonresident.

If you’re considering a private HBCU, the following schools offer the lowest annual tuition costs.

1. Simmons College of Kentucky: Louisville, Kentucky

Tuition and fees: $5,310
Undergraduate enrollment: 216

Simmons College of Kentucky is a small “institution of biblical higher education” in a big city of more than 620,000 people.

It has a long history that dates back to 1879. In the 1950s, the college primarily offered theological courses, but more recently, it has expanded its offerings to include business entrepreneurship, cross-cultural communication, and sociology.

Along with low tuition costs, students can enjoy Louisville’s lower-than-average cost of living. COLI gives the city a score of 92.5.

2. Selma University: Selma, Alabama

Tuition and fees: $7,115
Undergraduate enrollment: 311

Selma University is a Christian Bible college founded in 1878 that prepares students for Christian ministry. It offers bachelor’s and master’s degrees in fields such as Bible and pastoral ministry and Bible and Christian education.

Alabama has a lower cost of living than the national average. According to COLI, the state’s cost-of-living score is 87.

3. Clinton College: Rock Hill, South Carolina

Tuition and fees: $7,949
Undergraduate enrollment: 170

Founded in 1894, Clinton College is a small liberal arts institution with a mission to “help all students lead moral, spiritual, and productive lives.” It offers programs in liberal arts, business administration, religious studies, early childhood development, and natural sciences.

Not only are tuition and fees low, but living costs in South Carolina are reasonable as well. COLI gives the state a cost-of-living score of 92.9.

4. Southwestern Christian College: Terrell, Texas

Tuition and fees: $8,136
Undergraduate enrollment: 159

Southwestern Christian College in Terrell, Texas, offers associate degrees in liberal arts and bachelor’s degrees in Bible and religious education. Students might be able to lower costs further with grants or scholarships for Texas students.

5. Paul Quinn College: Dallas, Texas

Tuition and fees: $8,495
Undergraduate enrollment: 519

Paul Quinn College admits 54% of students who apply, making it one of the more selective schools on this list.

It’s also one of the few schools on this list located in a major city. But students don’t have to worry about high prices in this urban area. COLI gives Dallas a cost-of-living score of 100.8, which is on par with the national average.

Among the college’s offerings are programs in business administration, health and wellness, legal studies, liberal arts, and religious studies. This accredited school has been serving students since 1872.

Consider 2 years at a community college to save money


You can find public and private HBCUs with low tuition costs, but your most affordable option might be a community college.

To save money, some students spend two years at a community college before transferring to a four-year school to earn a bachelor’s degree.

If that plan appeals to you, consider the following community colleges that charge state residents less than $4,500 and nonresidents less than $8,000 in tuition and fees per year.

1. Coahoma Community College: Clarksdale, Mississippi

In-state annual tuition costs: $2,803
Out-of-state annual tuition costs: $2,803

2. Gadsden State Community College: Gadsden, Alabama

In-state annual tuition costs: $3,600
Out-of-state annual tuition costs: $6,456

3.Southern University at Shreveport: Shreveport, Louisiana

In-state annual tuition costs: $4,184
Out-of-state annual tuition costs: $7,432

4. Shelton State Community College: Tuscaloosa, Alabama

In-state annual tuition costs: $4,189
Out-of-state annual tuition costs: $7,759

5. Trenholm State Community College: Montgomery, Alabama

In-state annual tuition costs: $4,350
Out-of-state annual tuition costs: $7,920

Full list of HBCUs: Ranked from least to most expensive


Here’s the full list of HBCUs in the U.S. and their tuition and fees for in-state and out-of-state students for the 2017-18 school year. Note that this list includes only schools that offer undergraduate degrees; it doesn’t include HBCUs that offer only graduate degrees, such as master’s degrees and doctorates.

College or university Location Annual in-state tuition and fees Annual out-of-state tuition and fees
Coahoma Community College Clarksdale, Mississippi $2,803 $2,803
Gadsden State Community College Gadsden, Alabama $3,600 $6,456
Southern University at Shreveport Shreveport, Louisiana $4,184 $7,432
Shelton State Community College Tuscaloosa, Alabama $4,189 $7,759
Trenholm State Community College Montgomery, Alabama $4,350 $7,920
J. F. Drake State Community and Technical College Huntsville, Alabama $4,410 $7,980
Bishop State Community College Mobile, Alabama $4,440 $8,010
Lawson State Community College — Birmingham Campus Birmingham, Alabama $4,440 $8,010
Shorter College North Little Rock, Arkansas $4,904 $4,904
Elizabeth City State University Elizabeth City, North Carolina $4,986 $18,130
Fayetteville State University Fayetteville, North Carolina $5,183 $16,791
University of the Virgin Islands Charlotte Amalie, Virgin Islands $5,235 $14,496
University of the Virgin Islands — Albert A. Sheen St. Croix, Virgin Islands $5,235 $13,834
Simmons College of Kentucky Louisville, Kentucky $5,310 $5,310
Harris-Stowe State University Saint Louis, Missouri $5,340 $9,973
Albany State University Albany, Georgia $5,675 $16,136
Denmark Technical College Denmark, South Carolina $5,700 $9,450
Savannah State University Savannah, Georgia $5,743 $16,204
University of the District of Columbia Washington, D.C. $5,756 $12,092
Florida Agricultural and Mechanical University Tallahassee, Florida $5,785 $17,725
Langston University Langston, Oklahoma $5,936 $13,286
Winston-Salem State University Winston-Salem, North Carolina $5,941 $16,188
Central State University Wilberforce, Ohio $6,246 $8,096
North Carolina Central University Durham, North Carolina $6,399 $19,106
Southern University at New Orleans New Orleans, Louisiana $6,421 $15,322
Mississippi Valley State University Itta Bena, Mississippi $6,422 $6,422
North Carolina A&T State University Greensboro, North Carolina $6,526 $19,416
Fort Valley State University Fort Valley, Georgia $6,658 $19,738
Bluefield State College Bluefield, West Virginia $6,728 $13,032
Alcorn State University Lorman, Mississippi $6,888 $6,888
Selma University Selma, Alabama $7,115 $7,115
St. Philip’s College San Antonio, Texas $7,170 $13,770
University of Arkansas at Pine Bluff Pine Bluff, Arkansas $7,408 $13,738
Grambling State University Grambling, Louisiana $7,435 $16,733
Coppin State University Baltimore, Maryland $7,474 $13,622
West Virginia State University Institute, West Virginia $7,546 $16,550
Jackson State University Jackson, Mississippi $7,621 $18,314
Lincoln University Jefferson City, Missouri $7,632 $14,172
Morgan State University Baltimore, Maryland $7,766 $17,832
Tennessee State University Nashville, Tennessee $7,776 $21,132
Delaware State University Dover, Delaware $7,868 $16,904
Clinton College Rock Hill, South Carolina $7,949 $7,949
University of Maryland Eastern Shore Princess Anne, Maryland $8,042 $18,048
Bowie State University Bowie, Maryland $8,064 $18,653
Southwestern Christian College Terrell, Texas $8,136 $8,136
Kentucky State University Frankfort, Kentucky $8,184 $19,638
Paul Quinn College Dallas, Texas $8,495 $8,495
Southern University and A&M College Baton Rouge, Louisiana $8,666 $18,080
Virginia State University Petersburg, Virginia $8,726 $19,572
Arkansas Baptist College Little Rock, Arkansas $8,760 $8,760
Norfolk State University Norfolk, Virginia $9,036 $20,478
Texas Southern University Houston, Texas $9,173 $21,623
Rust College Holly Springs, Mississippi $9,700 $9,700
Virginia University of Lynchburg Lynchburg, Virginia $9,800 $9,800
Alabama A&M University Normal, Alabama $9,857 $18,236
Prairie View A&M University Prairie View, Texas $9,959 $23,488
Texas College Tyler, Texas $10,008 $10,008
American Baptist College Nashville, Tennessee $10,074 $10,074
Tougaloo College Tougaloo, Mississippi $10,600 $10,600
Lane College Jackson, Tennessee $10,690 $10,690
South Carolina State University Orangeburg, South Carolina $10,740 $21,120
Stillman College Tuscaloosa, Alabama $10,792 $10,792
Alabama State University Montgomery, Alabama $11,068 $19,396
LeMoyne-Owen College Memphis, Tennessee $11,196 $11,196
Lincoln University Lincoln University, Pennsylvania $11,379 $17,151
Jarvis Christian College Hawkins, Texas $11,720 $11,720
Miles College Fairfield, Alabama $11,794 $11,794
Cheyney University of Pennsylvania Cheyney, Pennsylvania $12,104 $18,386
Wiley College Marshall, Texas $12,306 $12,306
Talladega College Talladega, Alabama $12,340 $12,340
Voorhees College Denmark, South Carolina $12,630 $12,630
Philander Smith College Little Rock, Arkansas $12,714 $12,714
Allen University Columbia, South Carolina $13,140 $13,140
Wilberforce University Wilberforce, Ohio $13,250 $13,250
Morris College Sumter, South Carolina $13,458 $13,458
Edward Waters College Jacksonville, Florida $13,525 $13,525
Paine College Augusta, Georgia $14,226 $14,226
Huston-Tillotson University Austin, Texas $14,346 $14,346
Bethune-Cookman University Daytona Beach, Florida $14,410 $14,410
Florida Memorial University Miami Gardens, Florida $15,536 $15,536
Claflin University Orangeburg, South Carolina $16,480 $16,480
Shaw University Raleigh, North Carolina $16,480 $16,480
Oakwood University Huntsville, Alabama $16,720 $16,720
Virginia Union University Richmond, Virginia $17,448 $17,448
Livingstone College Salisbury, North Carolina $17,763 $17,763
Saint Augustine’s University Raleigh, North Carolina $17,890 $17,890
Dillard University New Orleans, Louisiana $17,917 $17,917
Johnson C. Smith University Charlotte, North Carolina $18,236 $18,236
Bennett College Greensboro, North Carolina $18,513 $18,513
Benedict College Columbia, South Carolina $19,958 $19,958
Fisk University Nashville, Tennessee $21,480 $21,480
Clark Atlanta University Atlanta, Georgia $21,892 $21,892
Tuskegee University Tuskegee, Alabama $22,170 $22,170
Xavier University of Louisiana New Orleans, Louisiana $23,606 $23,606
Hampton University Hampton, Virginia $25,441 $25,441
Howard University Washington, D.C. $25,697 $25,697
Morehouse College Atlanta, Georgia $27,278 $27,278
Spelman College Atlanta, Georgia $28,181 $28,181

Don’t forget to factor in living expenses


Although these figures reflect tuition and fees, they don’t take into account additional costs of going to college, such as books, room and board, and food.

Plus, living expenses can vary widely from one location to another. Rent and groceries cost more in the Virgin Islands than they do in Alabama, for instance, which could make Selma University a less expensive option overall than the University of the Virgin Islands despite the fact that Selma University has higher tuition costs.

Most colleges offer estimates of your net cost of attendance on their websites, so make sure you look for that data as you research your options.

Remember that you can always take steps to reduce costs, such as buying books secondhand and living at home instead of in a dorm. You also can earn money by finding a part-time job.

Explore your financial aid options


If, like most people, you can’t afford to pay tuition and fees upfront, chances are you won’t have to. A variety of need-based and non-need-based financial aid can help you cover costs.

According to the Thurgood Marshall College Fund, over 75% of students at HBCUs rely on Pell Grants and almost 13% take out PLUS Loans to pay for college.

By submitting the Free Application for Federal Student Aid, you could qualify for grants, work-study, and federal student loans with low interest rates. Many schools and private organizations also offer scholarships.

Once you’ve exhausted your options for gift aid (aid you don’t have to pay back), you might consider a private student loan. But make sure you understand the terms of your loan and what repayment will look like.

By making a thoughtful choice about borrowing, you can avoid taking on too much debt for school. And by staying on top of deadlines for financial aid, you’ll be prepared to pay for your education at one of the country’s historically black colleges or universities.

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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.