Study: Where Can Students Work Their Way Through College?

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When it comes to paying for college, many students turn to employment to work their way through school. Over three-quarters of college students worked to help cover their college costs, according to the 2017 “How America Pays for College” report from Sallie Mae.

Yet these earnings won’t always make much of a dent. In the past three decades, college costs have risen by 213%, according to our comparison of costs across generations. Since 1970, incomes grew by just 67%.

For example, a student working 15 hours a week at the $7.25 federal minimum wage would earn $5,655 a year, $4,315 less than the average college cost of $9,970 for in-state students at public colleges.

To find out if working your way through college is still possible — or just a myth — we conducted a study comparing local minimum wages to costs at over 1,500 U.S. colleges. Here are the cities where we found that college students can earn enough to pay for college tuition.

Key findings


  • Students can pay their way through just 2.8% of colleges. Only 44 colleges (in 41 cities or metropolitan areas) have low enough costs that students working for minimum wage can cover tuition and fees through their earnings alone.

  • Local minimum wage laws make a difference. Of the 20 top cities where students can pay their way through college, 4 out of 5 had laws that set wages above the federal minimum wage of $7.25.

  • College costs matter, too. Among the 44 colleges where students could pay their way through college, annual tuition and fees averaged $6,176 a year. That’s nearly $3,800 less than the national average of $9,970.

  • Washington and California college towns stand out. Washington and California each have four cities in the top 20, thanks to respective minimum wages of $11.50 and $11 an hour.

Top 20 cities where students can earn enough to pay for college


We wanted to figure out if there were cities and schools where students could work their way through college.

Specifically, could students work 15 hours a week (the number of hours most often recommended to work without undermining academic performance) and earn enough to cover college costs?

To do so, we sourced local minimum wage numbers through the Economic Policy Institute and local government sites. Then we compared these wages to the average tuition and fees students pay in each city, across 1,587 colleges in the U.S., as reported in the most recent survey of college costs from data collection firm Peterson’s.

Our survey reveals that minimum wages have fallen far behind college costs. Students can earn enough to pay for tuition and fees at just 2.8% of the U.S. colleges included in this study. That doesn’t account for room and board, as well as other expenses that students will need to cover as part of their enrollment in college.

Fortunately, 41 cities are home to affordable colleges with tuition that can be paid for while earning the local minimum wage. Here are the top 20 cities where college students can work their way through college.

1. Cheney, Washington

  • Annual tuition and fees: $7,110

  • Minimum hourly wage: $11.50

Home to Eastern Washington University, Cheney makes the list largely thanks to Washington state’s high minimum wage. It’s currently at $11.50 an hour in 2018 and is set to increase to $12 an hour next year.

Students earning even the minimum in this state can expect to earn $8,970 a year working 15 hours a week. That’s more than enough to cover Eastern Washington University’s tuition and fees of $7,110, with $1,860 left to help with room and board and other costs.

2. Adelphi, Maryland

  • Annual tuition and fees: $7,176
  • Minimum hourly wage: $11.50

While Maryland has a minimum wage of $10.10 an hour, Adelphi is in Prince George’s County, which has set a higher minimum of $11.50 an hour. College students here will gross the same $8,970 in part-time minimum wages as students in the No. 1 city, Cheney.

Adelphi’s four-year school, University of Maryland University College, also has similarly low tuition and fees. Students attending here and working part time would have $1,794 remaining after paying for college, just $66 less than their peers in Cheney.

3. Hays, Kansas

  • Annual tuition and fees: $4,007

  • Minimum hourly wage: $7.25

Next is Hays, a college town that matches the federal minimum wage. Students here face some of the lowest costs in the nation at Fort Hays State University.

The school’s tuition charges totaled $4,007 in 2017-18 for students, well under the $5,655 annual earnings of a student getting minimum wage in this city. In fact, such a student could pay tuition and still come out ahead of costs by $1,648.

4. Rexburg, Idaho

  • Annual tuition and fees: $4,018

  • Minimum hourly wage: $7.25

Rexburg matches its low minimum wage with rock-bottom tuition costs. Students attending Brigham Young University-Idaho, a private religious school and the only four-year college in town, paid $4,018 in tuition and fees for the 2017-18 school year.

That’s low enough that a student can pay tuition out of pocket with a minimum wage job and still have $1,637 left for other expenses.

5. Olympia, Washington

  • Annual tuition and fees: $7,416

  • Minimum hourly wage: $11.50

Next is another city in Washington — the state’s capital, in fact. Olympia is home to Evergreen State College, where tuition and fees total $7,416 a year.

Earning Washington’s generous minimum wage of $11.50 an hour, students in Olympia would get $8,970 in gross wages each year working 15 hours a week. This is more than enough to cover the school’s tuition costs out of pocket and provide a $1,554 surplus.

6. Turlock, California

  • Annual tuition and fees: $7,038

  • Minimum hourly wage: $11

Turlock’s college students can work 15 hours a week at a minimum wage job to gross $8,580 a year, thanks to the California minimum wage set at $11 an hour.

This amount comfortably covers a resident student’s annual tuition and fees of $7,038 in the city’s four-year school, California State University, Stanislaus. In fact, a student doing so can expect to have a little over $1,542 left to budget with after covering educational costs.

7. Dalton, Georgia

  • Annual tuition and fees: $4,116

  • Minimum hourly wage: $7.25

This city in Georgia is home to Dalton State College, an affordable option for students in the state pursuing a degree. The college’s tuition and fees total $4,116 a year. Students earning the federal minimum wage can pay their way through school.

With typical annual wages of $5,655 for working 15 hours a week, students here would have $1,539 remaining after paying tuition and fees.

8. Seaside, California

  • Annual tuition and fees: $7,043

  • Minimum hourly wage: $11

Another California city, Seaside comes in at No. 7, thanks to the state’s high $11-an-hour minimum wage and the low college costs at California State University, Monterey Bay. Tuition and fees total $7,043 a year for resident students at the state college.

Meanwhile, students earning the minimum wage for 15 hours a week would bring in $8,580 a year. After applying their income to tuition and fees, a typical student would have a surplus of $1,537 to use as they wish.

9. St. Clairsville, Ohio

  • Annual tuition and fees: $5,050

  • Minimum hourly wage: $8.30

Home to the Ohio University Eastern campus, St. Clairsville can be an affordable option for local college students looking to work their way through school. Tuition totaled $2,403 a semester for resident students in 2017-18, according to the college’s site, or $5,050 a year with fees included.

Meanwhile, Ohio students earn a minimum wage of $8.30, $1.05 more an hour than the federal minimum. Working 15 hours a week, a student would earn $6,474 in a year. With tuition and fees for Ohio University Eastern paid, that leaves $1,424 for students to cover other expenses.

10. Zanesville, Ohio

  • Annual tuition and fees: $5,076

  • Minimum hourly wage: $8.30

Students at Ohio University Zanesville get a similar steal on college costs, paying just $5,076 a year in tuition and fees. They earn the same wage but pay $26 more a year for college, resulting in a slightly lower surplus of $1,398 after paying for their schooling.

11. Durango, Colorado

  • Annual tuition and fees: $6,720

  • Minimum hourly wage: $10.20

Students can easily cover tuition and fees at the city’s four-year school, Fort Lewis College, with a minimum wage job. That’s thanks in part to the college’s low tuition costs, which totaled $6,720 for resident students in 2017-18.

But it’s also because of Colorado’s higher minimum wage. It’s $10.20 and is set to increase to $11.10 in 2019. Working 15 hours a week, a student could gross $7,956 annually — enough to cover tuition and still have $1,236 left for other college costs.

12. Brunswick, Georgia

  • Annual tuition and fees: $4,496

  • Minimum hourly wage: $7.25

College students in Brunswick can expect to be paid based on the federal minimum wage of $7.25. But that’s more than enough to cover tuition and fees at the city’s College of Coastal Georgia.

After paying their $4,496 in annual tuition and fees, students working 15 hours a week would have $1,159 remaining for other expenses.

13. Tempe, Arizona

  • Annual tuition and fees: $7,061

  • Minimum hourly wage: $10.50

Tempe is home to two colleges. Arizona State University tuition and fees total $10,522 a year, while Harrison Middleton University charges $3,600 annually. Between the two, college costs in Tempe average $7,061.

Students at both colleges will enjoy the state’s higher minimum wage of $10.50 per hour. With $8,190 in annual earnings, a student in Tempe will have $1,129 remaining after paying the average tuition in the city.

14. Ellensburg, Washington

  • Annual tuition and fees: $7,849

  • Minimum hourly wage: $11.50

The third Washington city on this list, students in Ellensburg can earn the state’s minimum wage that’s $4.25 more an hour than the federal minimum.

This is high enough to pay the $7,849 annual tuition and fees at Central Washington University, with $1,121 remaining to cover other college and living expenses.

15. Arcata, California

  • Annual tuition and fees: $7,492

  • Minimum hourly wage: $11

A student who works 15 hours a week earning the $11 minimum wage in California would bring in $8,580 after a year.

This is enough to cover annual in-state tuition and fees at Humboldt State University, with a surplus of $1,088.

16. Bellingham, Washington

  • Annual tuition and fees: $7,933

  • Minimum hourly wage: $11.50

Another Washington city makes the list, thanks in part to the $11.50 minimum wage that would result in $8,970 a year working 15 hours a week.

After paying the $7,933 in annual tuition and fees for Western Washington University, a resident student would have $1,037 left to cover remaining college and living expenses.

17. Havre, Montana

  • Annual tuition and fees: $5,480

  • Minimum hourly wage: $8.30

Montana’s minimum wage is $8.30, giving its students a leg up on paying their way through college.

Those who work 15 hours a week will gross $6,474 in annual earnings, which can more than cover the costs at Montana State University-Northern. In fact, students could do so and pocket $994 for other costs.

18. Dillon, Montana

  • Annual tuition and fees: $5,502

  • Minimum hourly wage: $8.30

Students in Dillon benefit from a similar situation to Havre, as the minimum wage is also $8.30.

When using earnings to pay for tuition at The University of Montana Western, a typical student could do so with a surplus of $972.

19. Bowie, Maryland

  • Annual tuition and fees: $8,063

  • Minimum hourly wage: $11.50

Bowie is another city where students can earn the higher $11.50 minimum wage set in Prince George’s County.

This boost in pay means a minimum wage worker in Bowie would net $8,970 a year working 15 hours a week. That’s enough to cover tuition at Bowie State University and have $907 left in funds.

20. Rohnert Park, California

  • Annual tuition and fees: $7,724

  • Minimum hourly wage: $11

Last on this list is Rohnert Park, home to Sonoma State University. The college’s lower tuition and fees total $7,724 a year for in-state students.

That’s $856 below what a student would earn in a year by working 15 hours a week while earning California’s $11 minimum wage.

41 U.S. cities where student wages cover college costs


Overall, these rankings underline the importance of considering costs and local wages when choosing an affordable college.

When combined with lower tuition costs, earning a higher minimum wage or finding a well-paying college job can make a huge difference for students. It can help students pay more of their costs out of pocket and rely less on student loans.

The top 20 cities aren’t the only places where college students can cover college costs with a minimum wage part-time job. Here is the full list of the 41 U.S. cities where a student’s income from such a job would exceed their total tuition and fees.

Ranking City Annual tuition and fees Minimum wage Annual wages (15 hours a week)
Income remaining after tuition
1 Cheney, Wash. $7,110 $11.50 $8,970 $1,860
2 Adelphi, Md. $7,176 $11.50 $8,970 $1,794
3 Hays, Kan. $4,007 $7.25 $5,655 $1,648
4 Rexburg, Idaho $4,018 $7.25 $5,655 $1,637
5 Olympia, Wash. $7,416 $11.50 $8,970 $1,554
6 Turlock, Calif. $7,038 $11.00 $8,580 $1,542
7 Dalton, Ga. $4,116 $7.25 $5,655 $1,539
8 Seaside, Calif. $7,043 $11.00 $8,580 $1,537
9 St. Clairsville, Ohio $5,050 $8.30 $6,474 $1,424
10 Zanesville, Ohio $5,076 $8.30 $6,474 $1,398
11 Durango, Colo. $6,720 $10.20 $7,956 $1,236
12 Brunswick, Ga. $4,496 $7.25 $5,655 $1,159
13 Tempe, Ariz. $7,061 $10.50 $8,190 $1,129
14 Ellensburg, Wash. $7,849 $11.50 $8,970 $1,121
15 Arcata, Calif. $7,492 $11.00 $8,580 $1,088
16 Bellingham, Wash. $7,933 $11.50 $8,970 $1,037
17 Havre, Mont. $5,480 $8.30 $6,474 $994
18 Dillon, Mont. $5,502 $8.30 $6,474 $972
19 Bowie, Md. $8,063 $11.50 $8,970 $907
20 Rohnert Park, Calif. $7,724 $11.00 $8,580 $856
21 Burton, Ohio $5,664 $8.30 $6,474 $810
22 Las Cruces, N.M. $6,461 $9.20 $7,176 $715
23 Celina, Ohio $5,842 $8.30 $6,474 $632
24 St. George, Utah $5,080 $7.25 $5,655 $575
25 Jordanville, N.Y. $7,550 $10.40 $8,112 $562
26 Durham, N.C. $5,100 $7.25 $5,655 $555
27 Laurel, Miss. $5,115 $7.25 $5,655 $540
28 Elizabeth City, N.C. $5,140 $7.25 $5,655 $515
29 Fayetteville, N.C. $5,208 $7.25 $5,655 $447
30 Laramie, Wyo. $5,217 $7.25 $5,655 $438
31 Joplin, Mo. $5,700 $7.85 $6,123 $423
32 Orange Beach, Ala. $5,280 $7.25 $5,655 $375
33 Tallahassee, Fla. $6,146 $8.25 $6,435 $289
34 Wilberforce, Ohio $6,246 $8.30 $6,474 $228
35 Wayne, Neb. $6,824 $9.00 $7,020 $196
36 Buzzards Bay, Mass. $8,398 $11.00 $8,580 $182
37 Provo-Orem, Utah $5,556 $7.25 $5,655 $99
38 Pensacola, Fla. $6,359 $8.25 $6,435 $76
39 Machias, Maine $7,726 $10.00 $7,800 $74
40 Gainesville, Fla. $6,381 $8.25 $6,435 $54
41 Lawrenceville, Ga. $5,634 $7.25 $5,655 $21

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CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

  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 valid as of 11/1/2018. 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.
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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). 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. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.

  1. Ascent rates are effective as of 11/01/2018 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. Competitive rates calculated monthly at the time of loan approval.
    Ascent Tuition Cosigned Loan: 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 2.290%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 4.04% – 13.04%. Fixed rate loans have an APR range between 5.81% – 14.87%. For Ascent Tuition loan current rates and repayment examples visit www.AscentTuition.com/APR.
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  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.
  4. Flexible repayment plans may be offered 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 is $2,000.
  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 to receive the 0.25% interest rate reduction.
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  1. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.
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PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.


6 Important Disclosures for SunTrust.

SunTrust Disclosures

Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.

Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.

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 11/01/2018. The current variable APRs for the program range from 4.123% APR to 13.126% 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 2.375% on 11/01/2018. 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 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 November 1, 2018, the one-month LIBOR rate is 2.29%. Variable interest rates range from 4.26% – 12.23% (4.26% – 12.13% 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.
3.94%
12.78%
1
Undergraduate, Graduate, and Parents

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4.04% – 13.04%3Undergraduate and Graduate

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4.34%
12.99%
2
Undergraduate and Graduate

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4.25% – 11.10%*,4Undergraduate and Graduate

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5.03% – 11.23%5Undergraduate and Graduate

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4.12% – 13.13%6Undergraduate and Graduate

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4.92% – 10.01%7Undergraduate and Graduate

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3.72%
9.68%
8
Undergraduate, Graduate, and Parents

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4.26%
12.13%
9
Undergraduate, Graduate, and Parents

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