List of top educational loans lenders in the USA

Here is a list of educational lenders in the USA. The USA students now get educational loans on easy terms and conditions. The following loans givers give educational loans to the USA students on a vast scale and in all the states. There is a huge list of eligible colleges and universities where the student must be enrolled to be eligible for the loan.

The list includes the following lenders based in the USA

Also Read: 5 ways the students can make money during their studies

Educational lenders in USA

1. Discover

Variable Rate Loans

Cover up to 100% of your school-certified costs with a great rate. Cash rewards for good grades. Simple application-you could get a response in minutes.

Other highlights on Discover loans include:

• Rewards for good grades

• Cover up to 100% of school-certified college and graduate school costs

• Zero fees

• Choose between in-school or deferred repayment options

2. College Ave

Get the money you need for college or grad school with a fast application & instant credit decision. Great rates and multiple repayment options.

Apply in as little as 3 minutes and get an instant credit decision

Multiple repayment options from deferred to immediate principal and interest

Choice of how long you take to repay the loan – 8, 10, 12, or 15 years

No origination fees

Borrow up to 100% of your cost of attendance (minimum $2,000)

3. Ascent

Ascent is built around one guiding principle: Student loans should expand your possibilities, not limit them. Every student's situation is different, so we created the Ascent Tuition cosigned loan to help you get the additional money you need to cover your tuition and eligible living expenses.

Loans for undergraduate and graduate students

No application, origination or disbursement fees

After making 24 consecutive on-time payments, you may be able to release your cosigner

4. Sallie Mai

Sallie Mae offers the Smart Option Student Loan for both US and international students. Read more about the Smart Option Loan and begin the application process. This student loan offers:

Your choice of a fixed or variable interest rate

Three repayment options

No application or origination fees

No prepayment penalties

US citizens/permanent residents can apply right online, while international students will be required to fill out a paper application form. You will need to contact Sallie Mae directly to obtain the paper application.

5. US Department of Education

US state department provides loans for domestic and foreign study programs. Please visit their website for eligibility and terms and conditions. They have various types of loans and grants.

6. Connext

Connext connects borrowers to its network of community and regional banks, credit unions and alternative lenders. The loans are issued, insured and serviced by ReliaMax, which owns Connext. 

Best features:

Connext offers loan terms up to 20 years. Borrowers may be eligible to receive a 1 percent cash reward after meeting qualifying criteria.

Drawbacks: 

A minimum 680 FICO credit score and at least two years of credit history are required for approval, which may be a challenge for some students.

Best for people who

Have at least a 580 FICO credit score

Want a loan term of up to 20 years

Highlights 

Loan types: Undergraduate and graduate loans

Rate types: Fixed and variable rates for undergraduate loans with 0.25 percent autopay discount

Loan terms: 5, 10, 15 or 20 years

Minimum loan: $2,000

Application or origination fees: No

Autopay discount: 0.25 percent

7. Discover Student Loans

Discover is an online-only lender that has many traditional bank offerings, such as credit cards and checking accounts. It offers a wide range of private student loan types, including undergraduate, graduate, MBA, law school and health professions, as well as student loan refinancing. 

Best features: 

You can get a one-time reward worth 1 percent of your loan amount if you maintain at least a 3.0 GPA during a school term covered by the loan. You’ll need to verify your grades and apply for the reward within six months of the term’s end. 

8. LendKey

LendKey connects borrowers with its network of community and regional banks and credit unions. It manages the application, support, and servicing of student loans, while the capital for the loan comes from the financial institution. 

Best features: 

You may be able to get an especially low-interest rate. 

LendKey borrowers are encouraged to make payments while you’re in school. You can make interest-only or $25-a-month payments as soon as you take out your loan. That could be a burden for some, but if you can afford it, getting started right away could save you thousands in the long run. You won’t need to make full payments until six months after you graduate or leave school. 

9. SunTrust

A traditional bank with branches in the Southeastern parts of the U.S., SunTrust has a wide range of student loan products. It offers more opportunities for discounts than some other lenders. 

Best features: 

SunTrust private student loans offer a 0.50 percent APR discount if you use autopay with a SunTrust deposit account. You can earn a graduation reward with some loan programs. For example, SunTrust’s Custom Choice Student Loan offers a 2 percent principal reduction upon graduation. With the Union Federal Private Student Loan, you can get a 0.25 percent interest rate reduction for consistently on-time payments..

You can choose from three loan terms and four repayment plans. If you can afford to make interest-only payments or full payments, you could graduate with less debt than you took out. 

10. UpStart

Loan amounts

• $1,000 up to $50,000

Eligibility

• Must be a U.S. Citizen or Permanent Resident with a verifiable Social Security number

• Must have a bank account at a U.S. financial institution with a routing transit number

• Must have a full time job, full time job offer starting in six months, or another source of regular income

Discover More about Student Loans and Scholarships

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