US Bank Student Loan Alternatives

 July 11, 2019
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income driven repayment plan

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Private Student Loan rates starting at 0.94% APR

1.19% to 11.98% 1

Visit Lender

1.87% to 11.97% 2

Visit Lender

0.94% to 11.44% 3

Visit Lender

  • Variable APR

If you’re considering a private student loan at US Bank, perhaps you’re seeking the big bank experience. This usually includes in-person customer service that’s available on a national level, an easy-to-use mobile app and a variety of in-house products, from savings accounts and credit cards to home mortgages and wealth management services.

Unfortunately, there’s no such thing as a US Bank student loan, at least for new borrowers. The company stopped lending education debt in March 2012.

There are, however, plenty of viable alternatives to help you pay for college or graduate school.

Alternatives to a US Bank student loan

With a US Bank student loan out of the picture, you might think it could make sense to prioritize private loans from other lenders. Still, most students (and their parents) benefit from borrowing options from the federal government first.

Max out your federal student loan allotment

The Education Department is a great first stop because it offers loan perks and protections that other lenders don’t match. That list includes loan forgiveness programs, plus safeguards like income-driven repayment.

The Education Department limits borrowers to a certain amount of funds, however, both per school year and overall. You’re restricted to receiving between $5,500 to $12,500 annually in Direct Loans, for example, depending on your dependency status and class standing. The most common kind of borrower — a dependent undergraduate — wouldn’t be able to borrow more than $31,000 for the duration of their degree program.

Parents of undergrads — and graduate and professional students — could borrow beyond these thresholds in the form of PLUS Loans. That’s where the Education Department’s interest rates climb, however. A parent borrowing a PLUS Loan for the 2019-2020 school year, for example, must repay their debt at a 7.08% interest rate.

When willing to forgo the benefits of federal loans, students and parents could find a lower rate from a bank, credit union or online lender. Unlike borrowing from the Education Department, however, you need a strong credit score or a creditworthy cosigner to qualify for the low rates promoted by private lenders.

For private loans, consider banks that offer US Bank-like perks

If you sought US Bank — the fifth-largest bank in the country — as your lender, you might find similar big-bank features from the following lenders.

Each bank below provides an expansive menu of financial products and combines them with a national presence and competitive student loan features, including the no-fee loans for which US Bank was once known. At each of these alternative banks, you’ll also find a 0.25 to 0.50% rate reduction for enrolling in autopay via your in-house checking account, plus additional perks.

SunTrust Bank

  • Branches in 10 states, plus D.C.
  • No application, origination or prepayment fees
  • Fixed and variable interest rates
  • Receive a rate quote within 15 minutes
  • Borrow between $1,001 and $65,000 (for undergraduates)
  • Defer repayment while you’re enrolled, or make interest-only, partial or full in-school payments
  • Repayment terms available: 7, 10 and 15 years
  • Cosigner release within 36 to 48 months
  • Receive additional discounts for graduating and making on-time payments

Citizens Bank

  • 1,100 branches across 11 states
  • No application or origination fees
  • Fixed and variable interest rates
  • Open to parent borrowers as well as international students with a resident cosigner
  • Receive a rate quote within 15 minutes
  • Borrow between $1,000 and $150,000 (for undergraduates)
  • Defer repayment while you’re enrolled, or make interest-only or full payments
  • Repayment terms available: 5, 10 and 15 years
  • Cosigner release within 36 months
  • Qualify for multi-year approval for additional borrowing

Choose the best alternative to US Bank student loans for your needs

If you were set on a US Bank student loan because you’ve received good service from the lender in the past (or for another reason entirely), you might be disappointed to learn that it’s no longer in the education financing business.

As you shop around for a Plan B, ask yourself why you were attracted to US Bank in the first place. Then seek those features from similar lenders.

Say you live near a US Bank location and prefer receiving one-on-one service for your student loan needs. Well, you could match that benefit by borrowing from another nearby bank or credit union that offers in-person banking support.

If you instead prioritized borrowing from US Bank because it advertises low interest rates for other products, such as personal loans, consider that many lenders, large and small, online and off, offer competitive fixed and variable rates.

As you search for a suitable alternative to US Bank student loans that don’t exist, consider the lenders that best fulfill your needs. You might start by reviewing the best private student loans available.

Need a student loan?

Check out our top picks below or learn more about other ways to pay for college.
Variable APRDegrees That QualifyMore Info
1.19% – 11.98%1 Undergraduate

Visit College Ave

1.87% – 11.97%2 Undergraduate

Visit SallieMae

0.94% – 11.44%3 Undergraduate

Visit Earnest

1.64% – 11.45%4 Undergraduate

Visit Ascent

1.89% – 11.92%5 Undergraduate

Visit SoFi

N/A 6 Undergraduate