How to Pay for Texas A&M University: Financial Aid and Student Loan Options

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How to pay for Texas A&M University
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Hoping to become an Aggie? Anyone looking to attend Texas A&M University, at its main College Station campus, should have a solid idea of what they can expect to pay. The estimated in-state cost of attendance for the 2018-19 academic year is $27,888 — an approximation that includes tuition, fees, housing, meals, books, supplies, travel, and personal expenses.

Coming up with the money you need to accomplish your higher education goals can be challenging, especially if you started saving late in the game. However, you can figure out how to pay for Texas A&M University with the help of financial aid.

There are a number of funding options, including grants and scholarships, that don’t need to be paid back. Additionally, you can use federal and private loans to bridge college funding gaps you might have.

Let’s review the different sources of student aid you might be eligible for if you attend Texas A&M University.

Costs of attending Texas A&M University
Annual in-state tuition and fees $10,252
Annual room and board $10,436
Total cost $27,888
Net cost (after aid) $13,426
Average debt after graduation $24,072
All info current as of 8/23/2018
Sources:
Texas A&M University
College Scorecard
TICAS.org

The FAFSA: Unlocking financing options

Whether you’re learning how to pay for Texas A&M University or you end up going to another school, you need to fill out your Free Application for Federal Student Aid (FAFSA).

This application is used by schools to determine what types of federal aid packages you qualify for. Not only do you need to fill out the FAFSA to access to federal student loans and grants, but some schools also require it if you want access to institutional scholarships. Realize, though, that the FAFSA needs to be filled out each year.

In addition, if you want access to state-level financial aid in Texas and you’re not a U.S. citizen, you’ll need to fill out the TASFA. This is a Texas-specific form used for non-citizen Texas residents when determining access to state-level financial aid at Texas A&M University.

Grants for Texas A&M University students

A grant is money that doesn’t have to be repaid. In many cases, a grant is awarded based on financial need.

In order to qualify for federal and state education grants, you’ll need to fill out your FAFSA. Grants from private organizations or individual schools might also have additional requirements. In many cases, your application must demonstrate financial need, and you might need to provide additional documentation that you meet other requirements.

Some of the grants you might be eligible for include:

  • Federal Pell Grants: If you’re an undergrad and demonstrate financial need, you might be eligible for up to $6,095 for the 2018-19 school year.
  • Federal Supplemental Educational Opportunity Grants: Receive up to $4,000 a year based on financial need.
  • TEACH Grant: This grant is aimed at undergrads who plan to teach high-need subjects at schools that serve low-income students.
  • Texas Public Education Grant: Demonstrate financial need, based on your student aid applications. However, funding is limited, so you might not receive the grant, even if you qualify.
  • TEXAS Grant: This is another need-based grant program in Texas. However, there are specific requirements related to high school graduation or the way you transfer, in order to qualify.

You can also check with the state of Texas, the federal Department of Education, and the school’s financial aid site for more information on specific grant programs that you could use to fund your education at Texas A&M University.

Scholarships for Texas A&M University students

Like grants, scholarships don’t have to be repaid. However, unlike grants, some scholarships aren’t based on financial need. Instead, there are merit-based scholarships that focus on your adherence to certain qualifications like good grades, participation in extracurricular activities, or membership in an organization.

Need-based scholarships exist as well, and are awarded similarly to grants, taking into account your family’s financial situation and other circumstances that might put you at a disadvantage.

If you’re looking for a scholarship at Texas A&M University, here are a few programs to consider:

  • Century Scholarship: If you’re a graduate of a Century Scholar school, you may be eligible for $5,000 per year for four years — as long as you maintain an overall GPA of 2.75.
  • Craig and Galen Brown Foundation Scholarship: For high academic achievers, this scholarship offers a chance to have costs covered at Texas A&M. However, you’ll need to be a National Merit Semifinalist, have a high SAT or ACT score, and plan to follow a STEM or business path.
  • Greater Texas Foundation Aggie Scholars Program: If you’re a graduate of an early college high school program in Texas, you may be eligible to receive a three-year award.
  • Phillip 66 SHIELD Scholars: If you’re pursuing a degree in areas related to the energy industry and you’ve already completed at least 60 semester credit hours with an overall GPA of 3.25, you might be eligible for $3,500 per year for your remaining time in college.
  • Regents’ Scholars Program: For first-generation college students attending Texas A&M University, you could be in the running for up to $5,000 per year.

Review Texas A&M’s scholarship page for more details about these and other scholarship awards.

There are also various scholarship programs available through various organizations in Texas, as well as national scholarship competitions. Scholarships for diverse populations, including LGBTQ, African-American, and Latino students, are also available.

Websites like FastWeb and Scholly can help you identify and apply for scholarships to go toward the cost of attending Texas A&M University.

Federal work-study

The federal work-study program provides funds that can be used to encourage student employment. Federal money set aside though the program pays a portion of your wages so employers can afford to hire more students.

In addition to federal work-study, the state of Texas has a work-study program that you might qualify for. You’ll need to fill out a FAFSA to apply for all possible work-study funds. If you qualify for work-study programs, it will be listed in the financial aid letter you recieve from the school.

Texas A&M offers work-study jobs through its student career portal. In order to show your qualification, you can print off your certificate through the university’s financial aid website. Most work-study students work between 10 and 20 hours a week.

Federal student loans

Even with other forms of financial aid, many college students still need help closing the college funding gap. In fact, in Texas, more than half of grads carry student loan debt, with the average amount sitting at $26,292 for those attending a public four-year institution.

Federal student loans come with a number of perks, including:

  • Income-driven repayment: If you have a low income after graduation, you might qualify for a repayment plan based on your earnings, allowing you to make manageable payments without falling behind.
  • Deferment and forbearance: With federal student loans, you might qualify for deferment and forbearance if you run into economic hardship.
  • Fixed interest rates: Federal loan interest rates are set each year, and remain fixed for the term of the loan.
  • No credit check: For most federal loans, you don’t have to go through a credit check to qualify.
  • Potential for federal loan forgiveness: Programs like Public Service Loan Forgiveness and forgiveness while on income-driven repayment, as well as access to state-level forgiveness programs, can provide a way to get some of your debt discharged.

There are three main types of federal student loans available to undergraduate students and their parents. You can use this handy chart to see what’s available, and what you can expect.

Types of undergraduate federal student loans
Interest covered during deferment? Interest rate Origination fee Credit check?
Direct Subsidized Loans Yes 5.05% 1.066% No
Direct Unsubsidized Loans No 5.05% 1.066% No
Parent PLUS Loans No 7.6% 4.264% Yes
All info current as of 8/23/2018
Source: U.S. Department of Education

Subsidized student loans are available to students who demonstrate financial need. With subsidized loans, the government pays your interest for you while you’re in school and for the six months following your graduation. Unsubsidized loans begin accruing interest the moment they are disbursed. One way to reduce your total cost is to pay the interest on unsubsidized loans while you’re in school.

It’s also possible for your parents to help you pay for school by getting a Parent PLUS loan. Instead of you borrowing money, your parent actually borrows the money in their name and uses it on your behalf. These loans come with higher interest and other costs than loans taken out by students.

Texas A&M University student loans

If you still need help getting funding for your education, it’s possible to apply for student loans from the university itself.

Texas A&M offers emergency loans to students whose federal aid has been delayed or whose paychecks might not come in time. It’s possible to borrow up to the amount of tuition and fees for 90 days.

You can also get short-term Texas A&M University loans to pay for any school-related expenses. However, these loans have terms of between one and 12 months, so it’s important to be prepared to repay your debt as quickly as you can. Contact the Student Business Services office for more information about either of these loans.

The State of Texas also offers its own loans for in-state students attending college in Texas, including at Texas A&M University.

Private student loans

Once you’ve exhausted your other options when paying for Texas A&M University, consider applying for private student loans. You can find them at banks, credit unions, and online lenders.

Private student loans don’t come with as many borrower protections as federal loans, however. Some private lenders might offer perks, such as hardship programs or lower interest rates for well-qualified borrowers, but you should specifically look for those programs when researching your options.

On top of that, you need to meet the lender’s credit requirements if you want to get a private student loan; if you don’t meet the criteria, you can find a cosigner to help you qualify. It’s also possible for parents to get private student loans to help you pay for school.

Before choosing a lender, compare the best private student loans to see which lenders offer the best terms for your financial situation. In many cases, though, it’s important to max out your federal student aid before you turn to private loans to fund your education at Texas A&M University.

The bottom line: Paying for Texas A&M University

There are a number of options to turn to when figuring out how to pay for a Texas A&M education. In fact, it’s often beneficial to combine different strategies to successfully afford your higher education.

Planning ahead and saving up by using a 529 or another type of account can help you reduce the outside help you need to pay for school. However, for many people, federal and state aid are needed to create a college funding solution — fill out the FAFSA and see what your options are.

When looking for money to pay for college, it’s best to start with scholarships and grants, which don’t have to be paid back. Next, see if state and federal student loans and work-study programs can close the gap. Once everything else has been tried, private student loans can be the final piece of the puzzle.

Borrow the minimum you need to get through school, and you’ll be more likely to avoid unmanageable debt when you finish.

Need a student loan?

Here are our top student loan lenders of 2018!
LenderVariable APREligibility 
1 Important Disclosures for CollegeAve.

CollegeAve Disclosures

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

  1. All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
  2. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7% variable Annual Percentage Rate (“APR”): 96 monthly payments of $179.28 while in the repayment period, for a total amount of payments of $17,211.20. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
  3. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Information advertised as valid as of 07/1/2018. Variable interest rates may increase after consummation.

2 Important Disclosures for Discover.

Discover Disclosures

  1. At least a 3.0 GPA or equivalent qualifies for a one-time cash-reward of 1% of the loan amount of each new Discover student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.

3 Important Disclosures for Ascent.

Ascent Disclosures

Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. Ascent is a federally registered trademark of TCM and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.

  1. Competitive rates calculated monthly at the time of loan approval. (Rates are effective as of 8/01/2018 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account.)
    Ascent Tuition: Variable rate loans are based on a margin between 2.00% and 11.00% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.069%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 3.82% – 12.82%. Fixed rate loans have an APR range between 5.54% and 14.59%.
    Ascent Independent: Variable rate loans are based on a margin between 4.00% and 12.50% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.069%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 5.49% and 12.77%. Fixed rate loans have an APR range between 7.06% and 13.72%.
  2. Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.
  3. Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and $25 minimum repayment. Click here for a Tuition repayment example.
  4. Flexible repayment plans may be offered with up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school. Minimum loan amount of $2,000. Ascent borrowers who choose a fixed rate option may ONLY select a loan term of five (5) or twelve (12) years (60 or 144 months, respectively). For certain loans with low balances the minimum monthly payment amount may cause the loan amortization schedule to be less than the selected term. Click here for Ascent Tuition cosigned loan current rates and repayment examples.
  5. Interest rate reduction of 0.25% for enrollment in automatic debit applies only when the borrower and/or cosigner signs up for automatic payments and the regularly scheduled, current amount due (including full, flat, or interest only payments, as applicable) is successfully deducted from the designated bank account each month. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of In-School, Deferment, Grace or Forbearance. If you have two (2) returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the 0.25% interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments in order to receive the 0.25% interest rate reduction.
  6. All applicants (individual and cosigner) are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.
  7. Eligibility, loan amount and other loan terms are dependent on a number of factors, including: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.
  8. The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.
  9. 1% Cash Back Graduation Reward subject to terms and conditions, click here for details.
  10. Students can apply to release their cosigner and continue with the loan in only their name after making the first 24 consecutive regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner.

* Application times vary depending on the applicants ability to supply the necessary information for submission.


* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

5 Important Disclosures for PNC.

PNC Disclosures

  1. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.
  2. If automatic payment is discontinued, you will no longer receive an automatic payment discount. A federal regulation limits the number of transfers that may be made from a savings or money market account. Please contact your financial institution for more information on transfer limitations on savings accounts.
  3. A request to release a co-signer requires that you have made forty-eight (48) consecutive timely payments with no periods of forbearance or deferment within the forty-eight (48) month timeframe. “Timely payment” means each payment is made no later than the 15th day after the scheduled due date of the payment. “Consecutive payment” means the minimum monthly payment must be made for forty-eight (48) months straight without any interruption. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.

PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.


6 Important Disclosures for SunTrust.

SunTrust Disclosures

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

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

SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.

  1. Interest rates and APRs (Annual Percentage Rates) depend upon (a) the student’s and cosigner’s (if applicable) credit histories, (b) the repayment option and repayment term selected, (c) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms effective for applications received on or after 10/01/2018. The current variable APRs for the program range from 4.001% APR to 13.001% 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 2.250% on 10/01/2018. 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 October 1, 2018, the one-month LIBOR rate is 2.22%. Variable interest rates range from 4.19%-12.16% (4.19%-12.06% 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
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4.34%
12.99%
2
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3.72%
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4.19%
12.06%
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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.