Tuition-Free Colleges: They Exist, But Are They Worth It?

 September 24, 2021
How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

tuition free college
Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

Why should tuition-free colleges be on your radar? As of 2021, Americans owed more in student loans than they did in credit card debt — $739 billion more, to be exact. It’s easy to see how the cost of a college degree has become so daunting.

While financial aid in the form of grants and scholarships is available, it’s often not enough to cover study at a college or university. This is where tuition-free colleges could help ease the financial burden.

There are, however, both pros and cons to attending one of these specialized tuition-free colleges. Let’s answer the following questions to see whether they could be the right option for you:

What is a tuition-free college?

Tuition-free colleges are programs that do not charge students for courses, making the pursuit of continuing education more affordable. Schools with free tuition may carry certain stipulations in order to qualify, and are often funded at the local or state level.

About 20 states in the U.S. offer programs that could pay your college tuition for you. The concept has become so popular, even some Ivy League schools might let you attend for no tuition.

There are both state and city programs as well as options offered by individual colleges. For state or city programs, in order to qualify, most require that you are a resident of that state or city. With individual college programs, some do not require that you live in a certain area, however, they do typically require you demonstrate financial need as well as academic achievement. Many individual programs also require that students participate in work programs for a certain number of hours every week.

Tuition-free programs do not necessarily mean a school is completely free of charge. Typically, expenses such as room and board, certain fees and books are not covered by these programs.

Tuition-free colleges in the U.S.

These are just a handful of colleges that offer free tuition, usually in tandem with a work program:

Alice Lloyd College, Pippa Passes, Ky.

Work study is usually optional at most schools. But at this small, four-year private college full-time students work a minimum of 10 hours per week (or 160 hours per semester) either on campus or off campus in exchange for zero tuition.

The school’s founder, Alice Spencer Geddes Lloyd, served as publisher and editor of “The Cambridge Press,” the first newspaper in the U.S. staffed by all women. Lloyd wanted to ensure that the school was open to everyone, no matter their financial situation, and established a mandatory work program so all students could earn their tuition.

Antioch College, Ohio

To keep the cost of college affordable, Antioch College offers full-tuition scholarships to any students that also qualify for the Pell Grant. During the 2017-2018 school year alone, the college offered $4.08 million in financial aid to students in the form of scholarships or grants.

Through the program Antioch College Works, all students are also guaranteed a job either on-campus or off-campus.

Barclay College, Haviland, Kan.

Living on campus has its benefits at Barclay College, a private Christian college. Resident students can pursue their degrees free of tuition.

Barclay College automatically offers a full-tuition scholarship worth $17,000 for all resident students to help underclassmen avoid going into debt.

However, students are still responsible for their own room and board, estimated at $10,440 per year.

Berea College, Berea, Ky.

The people at Berea College like to say it’s “the best education money can’t buy” as every student at the college is offered the school’s No-Tuition Promise scholarship.

Most Berea students receive about $176,000 in tuition aid across their four year-career at the Kentucky college. To pay for expenses such as books or room and board, students can also take jobs around the campus, working a minimum of 10 hours a week.

Blackburn College, Carlinville, Ill.

If you’re a student who graduated from a high school in Macoupin County in Illinois, you may be eligible for free tuition through Blackburn College’s Macoupin Promise. Students must demonstrate need (household income can be no more than $60,000), be full time and participate in the school’s work program.

City College of San Francisco, San Francisco

City College of San Francisco, a community college, has a partnership with the city of San Francisco to ensure at least some of its students have access to free tuition.

If you live in San Francisco, the college will cover all tuition expenses through its Free City program. If you’re a California resident, City College of San Francisco also offers the California College Promise Grant (CCPG) — enrollment fees and tuition costs for California residents attending community college in the state.

As a community college, City College of San Francisco only offers two-year associate degrees. If you wish to eventually obtain a four-year degree, students have the option to transfer to a participating University of California or California State Universities through a Transfer Admission Guarantee (TAG) program.

Curtis Institute of Music, Philadelphia

While admission is limited at Curtis Institute of Music, no student is charged tuition at the school. Scholarships for undergraduates are estimated to be worth about $44,898 and $55,748 for graduate students.

While students at Curtis Institute can avoid tuition costs, you’ll still be required to pay fees while assistance with room and board is need-based. While attending Curtis Institute, your studies will be focused on music.

At this school, you can obtain your diploma, post-baccalaureate diploma, bachelor’s, master’s, and professional studies certificate.

Deep Springs College, Deep Springs, Calif.

At Deep Springs College, there are no majors. Instead, students at this two-year college typically take two to three classes a semester and put in 20 hours of work a week at the school’s farm and ranch. In exchange for the students’ labor, each student is provided a full scholarship to Deep Springs which covers both tuition and room and board.

Deep Springs College is competitive to get into — the school only admits 12 to 15 students a year. Students may also participate in a student body governance where they work with the college staff and faculty to make decisions on how to best run the operations at the school.

Fort Lewis College, Durango, Colo.

If you are a member of a Native American tribe or Alaska Native village, you may be eligible for free tuition at Fort Lewis College through the school’s Native American Tuition Waiver program. Keep in mind, however, that this waiver does not cover room and board, fees or books.

About 41% of Fort Lewis’s student body is made up of Native American or Alaska Native students, coming from about 177 Indigenous nations, tribes, and villages.

The Apprentice School, Newport News, Va.

The Apprentice School is more like a job than a college. Students, or apprentices as the school refers to them, must complete 1,000 in the school’s Trade Related Education Curriculum and World Class Shipbuilder Curriculum. Apprentices can choose between four-, five- and eight-year apprenticeships.

At The Apprentice School, students start off by making $18.87 at the start of their first term. By the end of the program, students earn a wage of $29.73. Aside from being paid for their education, apprentices also receive benefits that they would find at a job outside of school including a 401(k) savings plan, health insurance and paid time off.

United States Air Force Academy, Colorado Springs, Colo.

An education at the United States Air Force Academy is worth well over $400,000, but it comes completely tuition free for all students. Like other U.S. military academies, once you graduate, you’ll have to serve in the military once you graduate. For the Air Force Academy, that means students will have to serve as officers in the Air and Space Forces.

United States Coast Guard Academy, New London, Conn.

At the United States Coast Guard Academy, your tuition as well as your room and board is valued at $280,000, but you won’t have to pay a dime for it. On top of free tuition, students, or cadets, also receive a monthly salary. Once you graduate from the Coast Guard academy, you’ll be required to serve for five years as a Coast Guard officer.

United States Merchant Marine Academy, Kings Point, N.Y.

Students, or midshipmen as they’re referred to, are not charged for tuition, textbooks or room and board at the United States Merchant Marine Academy. However, they are responsible for fees and other school-related supplies. Unlike other military academies, students at this school do not receive monthly stipends or salaries.

United States Military Academy, West Point, N.Y.

One of the most prestigious military schools in the country, at the United States Military Academy, tuition comes completely free of charge. Aside from tuition, students at West Point don’t have to worry about room and board expenses and will receive medical and dental insurance as well as a monthly stipend.

With a four-year education, students will be able to get their bachelor of science degree in a variety of fields. Students also must be enrolled with a sport each semester.

United States Naval Academy, Annapolis, Md.

Not only can students at the United States Naval Academy avoid paying tuition and room and board, but all medical and dental care costs are covered as well. Students also receive $1,087.80 per month to cover any extra expenses and fees as well as $100 in cash each month.

Applicants must be U.S. citizens, between the ages of 17 and 23, not married or pregnant, and must not have any dependents. Once you graduate from the Naval Academy, you will be required to serve five years of active duty.

University of the People, Online

A school that takes place completely online, University of the People is tuition free and does not charge students for expenses like books. While the school does charge student fees, there are also scholarships available if you can’t afford them.

At University of the People, students can get their associate, bachelor’s and master’s degrees; however, the college only offers a handful of programs.

Webb Institute, Glen Cove, N.Y.

This marine engineering school off of Long Island, New York offers a full tuition scholarship to all enrolled full-time students who are U.S. citizens or permanent residents.

This tuition scholarship is valued at $53,470 for the 2021-2022 academic year. However, undergraduates may still need to apply for some student loans to pay for room and board.

There is one catch, though. The school only offers one course of study: dual Bachelor of Science degrees in Naval Architecture and Marine Engineering.

Warren Wilson College, Asheville, N.C.

As of 2018, any undergraduate that demonstrates financial need and is a North Carolina resident is eligible to attend Warren Wilson College without worrying about tuition. This is granted through the state’s North Carolina Free Tuition Plan.

These students must also live on campus and participate in a work program. During a student’s first year, you’ll need to participate at least eight hours a week. Through this program, students can earn up to $2,176 a year toward tuition.

Why should college tuition be free?

Colleges that allow students to bypass hefty tuition costs offer both the community and future workforce a variety of benefits. Here’s a rundown why free college tuition could help society more broadly:

To reduce student loan debt

In the U.S., Americans share a collective debt of $1.71 trillion in student loans. In some cases, the number or size of loans a student must take on in order to get their degree can lead them to decades-worth of accumulated debt. Below are student loan debt statistics by loan program:

Direct Loans $1.32 trillion 35.9 million borrowers
FFEL Loans $245.9 billion 11.0 million borrowers
Perkins Loans $5.2 billion 1.7 million borrowers
Total (All Federal) $1.57 trillion 42.9 million borrowers

By helping students avoid paying steep tuition costs, these types of programs can help students avoid, if not reduce, at least some of the student loan debt they may have to take on. The money you save can be used towards future life expenses, such as a home down payment or interest-bearing savings fund.

“There’s a clear message that at least some of the costs are covered, and tuition is one of those costs,” says Laura Perna, executive director of the Alliance for Higher Education and Democracy (AHEAD) at the University of Pennsylvania. “Having mechanisms that make it easier for folks to understand that at least some of these costs are covered could help encourage more people to think about going to college.”

Keep in mind that you may still need to borrow student loans to cover other expenses that go into your cost of attendance.

To provide more access to higher education

Many students can’t afford to attend a popular public or private university, even with financial aid or scholarships. These types of students can benefit from a college that charges no tuition.

“I think the main benefit of tuition-free colleges is that it will present affordable college opportunities,” says Tom Harnisch, vice president for government relations for the State Higher Education Executive Officers Association (SHEEO). “This does not mean students won’t have expenses. Non-tuition expenses are formidable, but it removes at least one barrier to college access. That can help students move on to higher education and give them a sense that affordable college opportunities are out there.”

To help build the workforce

Since some tuition-free colleges mandate working in exchange for tuition, attending one may help develop a student’s sense of responsibility, leadership and professionalism.

Many students who work during college also find they are better prepared for entering the workforce after graduating — compared to attending a public school where part-time work is optional.

And with the burden of student loans mostly off the mind of a student borrower, you can focus more on your academic and job performance, as well as cultivate real-world skills without encumbering debt.

Some tuition-free college programs, like New York’s Excelsior Scholarship, also help to build a stronger and more educated workforce in particular areas. With The Excelsior Scholarship, recipients must live in New York for the length of time they were enrolled in the program.

“There’s an interest not only in improving educational attainment, but also trying to improve the economic vitality of a community,” says Perna. “I think that kind of approach where you’re recognizing what’s happening in a particular community around college opportunity, as well as the connections between college and the economy, is promising.”

When is tuition-free college not such a good idea?

Attending a college with free tuition may offer financial relief for some, but for others, it might not be the best option for them.

If you have a narrow academic focus

Some tuition-free colleges allow you to take courses for free, but your choice of college majors may be limited. For example, at the Webb Institute in Glen Cove, N.Y., the college provides scholarships to all students to cover tuition costs. However, students can only take one course of study: dual Bachelor of Science degrees in Naval Architecture and Marine Engineering.

If you’re unsure of what you’d like to get your degree in or want to have the option to change it just in case, it may not be worth majoring in a field you dislike or are unsure of just to save on tuition.

“Students really need to shop around and look at the program that is the best fit for their academic and career goals,” says Harnisch. “There are other programs that may not be tuition-free, but offer scholarships and financial aid that might be a better deal. It’s important to look beyond just a tuition-free college and look at your options and financial aid. Students should really look for the program that works for them.”

If you can’t meet strict eligibility requirements

Some tuition-free colleges have strict eligibility guidelines. These could be only admitting students who are residents of the state or applicants may need to demonstrate high financial need.

For example, Barclay College, a private Christian college, gives out full tuition scholarships to all resident students worth about $17,000. However, in order to be admitted to Barclay College, students must be committed to a Christian lifestyle and demonstrate that commitment during the admissions process.

When applying to tuition-free colleges, always be sure to carefully look over the eligibility requirements for a program. Whether that program requires a religious commitment, certain high school GPA or residency in a particular state, you’ll want to make sure you meet and can continue to meet the program’s eligibility requirements.

Which states have tuition-free colleges for residents?

There are a number of states that offer free-tuition programs. Here are a few examples, but this list is not comprehensive; it’s worth checking with your state of residence to see what it offers in terms of free-tuition programs and scholarship opportunities.

Michigan

Beginning in fall 2021, state legislators initiated Michigan’s biggest step toward tuition-free college accessibility. All University of Michigan schools — Ann Arbor, Dearborn and Flint — now offer free tuition for students who demonstrate academic achievement and are residents of Michigan for up to four years. The student must be a full-time undergraduate student whose family’s income is under $65,000.

New York

In order to qualify for New York’s Excelsior Scholarship, students must be residents of New York, get their degree from a two- or four-year State University of New York or City University of New York college program, be a full-time student and plan to live in New York after graduating for the duration they were in the Excelsior Scholarship program.

Tennessee

The Tennessee Promise scholarship program offers students a two-year, last-dollar scholarship, a type of scholarship that only funds any tuition costs or fees that are not provided by a Pell grant, HOPE scholarship or the Tennessee Student Assistance Award. Students must be high school students, attend either a Tennessee community or technical college and complete eight hours of community service per semester or enrollment term.

Paul Sisolak contributed to this report.

Need a student loan?

Here are our top student loan lenders of 2021!
LenderVariable APREligibility 
0.99% – 11.98%1Undergraduate
Graduate

Visit College Ave

1.13% – 11.23%*,2Undergraduate
Graduate

Visit SallieMae

0.99% – 11.44%3Undergraduate
Graduate

Visit Earnest

1.50% – 11.33%4Undergraduate
Graduate

Visit Ascent

1.12% – 11.23%5Undergraduate
Graduate

Visit SoFi

1.15% – 11.01%6Undergraduate
Graduate

VISIT CITIZENS

N/A7Undergraduate
Graduate

Visit FundingU

3.80% – 9.36%8Undergraduate
Graduate

Visit CommonBond

* 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.

1 Important Disclosures for College Ave.

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.

Rates shown are for the College Ave Undergraduate Loan product and include autopay 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.

This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 8/9/2021. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.


2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

3 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

  1. Rates include 0.25% Auto Pay Discount
     
  2. Explanation of Rates “With Autopay” (APD)
    Rates shown include 0.25% APR discount when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

    Available Terms
    For Cosigned loans – 5, 7, 10, 12, 15 years. 
    Primary Only – 10, 12, 15 years

    In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA).


4 Important Disclosures for Ascent.

Ascent Disclosures

Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: AscentFunding.com/Ts&Cs.

Rates are effective as of 10/01/2021 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates.

1% Cash Back Graduation Reward subject to terms and conditions, please visit AscentFunding.com/Cashback. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs are available for the most creditworthy applicants and may require a cosigner.


5 Important Disclosures for SoFi.

Sofi Disclosures

UNDERGRADUATE LOANS: Fixed rates from 4.13% to 10.66% annual percentage rate (“APR”) (with autopay), variable rates from 1.12% to 11.23% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 10.90% APR (with autopay), variable rates from 1.10% to 11.34% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.08% to 10.86% APR (with autopay), variable rates from 1.05% to 11.29% APR (with autopay). PARENT LOANS: Fixed rates from 4.23% to 10.66% APR (with autopay), variable rates from 1.20% to 11.23% APR (with autopay). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin and your APR may increase after origination if the LIBOR increases. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 4/1/2021. Enrolling in autopay is not required to receive a loan from SoFi. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (>www.nmlsconsumeraccess.org).


6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

Undergraduate Rate Disclosure: Variable interest rates range from 1.15% – 11.01% (1.15% – 10.24 APR)Fixed interest rates range from 4.18% – 11.70% (4.18% – 10.83% APR).

Graduate Rate Disclosure: Variable interest rates range from 1.89% – 10.66% (1.89% – 10.41% APR). Fixed interest rates range from 4.64% – 11.23%% (4.64% – 10.95% APR).

Business/Law Rate Disclosure: Variable interest rates range from 1.89% – 9.22% (1.89% – 8.50% APR). Fixed interest rates range from 4.38% – 10.44% (4.38% – 9.72% APR).

Medical/Dental Rate Disclosure: Variable interest rates range from 1.89% – 8.02% (1.89% – 7.72% APR). Fixed interest rates range from 4.28% – 9.24% (4.28% – 8.94% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 1.97% – 7.06% (1.97% – 7.06% APR). Fixed interest rates range from 4.94% – 8.58% (4.94% – 8.58% APR).

Bar Study Rate Disclosure: Variable interest rates range from 4.44% – 9.58% (4.44% – 9.52% APR). Fixed interest rates range from 7.39% – 12.94% (7.40% – 12.83% APR).

Medical Residency Rate Disclosure: Variable interest rates range from 3.53% – 7.03% (3.53% – 6.76% APR). Fixed interest rates range from 6.99% – 10.49% (6.98% – 10.09% APR).

Variable Rate Disclosure: Variable Rates are 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 June 1, 2021, the one-month LIBOR rate is 0.09%. Variable interest rates will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable rate is the greater of 21.00% or Prime Rate plus 9.00%. 

Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.

Lowest Rate Disclosure: Lowest rates require a 5-year repayment term, immediate repayment, a graduate degree (where applicable), 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. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer.  Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school.

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.

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.


7 Important Disclosures for Funding U.

Funding U Disclosures

Offered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.


8 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.  If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.