How to Get a Student Loan From a Bank: Huge College Aid Opportunities

student signing loan application after learning how to get a student loan from a bank

Here’s How to Get a Student Loan From a Bank

Looking for options other than traditional federal financial aid? Wondering if you can really apply for school loans at a bank?  Well we may have some some valuable suggestions for you on how to get a student loan from a bank.

About four-in-ten adults under age 30 have student loan debt.

student apply for loan online

Going to apply for school loans can be stressful. Especially since those decisions will determine your debt for years to come. But with the right research and loans, you’ll be able to pay off your debt a lot faster than most.

One thing students don’t consider is that banks often offer student loans. They even have some pretty great options. Read on to discover what they’re like.

Banks That Offer School Loans

Luckily, there are a ton of options for banks that will let you apply for school loans. But to get the best interest rates, you’ll want to shop around. We’ve helped you narrow it down by providing you some of the best.

Citizen Bank

Citizen bank offers help with student lending. This includes refinancing student loans. There’s the option for multi-year approval.

This will help save you time if you’re looking for loans long-term. They also offer student loans for parents and loans for graduate school.

Wells Fargo

Wells Fargo offers student loan options for both undergraduate and graduate students. They also lend borrowers loans for community colleges and career training programs.

This is a nice option for students who don’t go to a traditional college or university. The bank also offers options to merge loans.

PNC

PNC also has many options for student loans. This bank narrows down your search with loans that are customized to what you are studying. Of course, they offer the general undergraduate and graduate student loans.

But they also offer loans for health and medical professions. There’s even a loan to help students pay for the cost of bar exams.

How to Apply for School Loans

When you go to apply for school loans at a bank, there’s going to be some factors playing into you getting approved. These factors help the bank determine if you’ll be able to pay back the money you’re wanting to borrow.

Student filling out application

Good Credit Score

A credit score is a number that’s taken from your past experiences with credit. It shows how credible you are when paying back money or bills in the past. This number is used for a lot of things, like when buying a car or a house.

When applying for a loan, your credit score will help the bank decide how much interest the loan should have.

Income and Employment

Banks will want to see some evidence that you have a steady job and/or income. This lets them know that you have money coming in and are able to pay back your loan.

Other Debt

How much debt you already have matters to banks. If you already have a large amount of debt, it might show that you aren’t good at paying back other loans.

Refinancing

If you already have many loans with private lenders, it’s not too late! Have a bank help out by refinancing your student loans.

This will take all your loans and combine them into one big one. Refinancing can also help lower the interest rate you already have.

Learn More About School Loans

Finding new options for financing your education will help you find ways to cut debt. Whether that be through finding lower interest rates or refinancing.

Investing time in these little details will help you save a lot. Find out more about how to get a student loan from a bank and other financing options by checking out our blog.

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6 Comments

  1. I am about to finish paying off my student loan. These have been long years but I was lucky enough to get a low-interest rate. However, too many school-mates are struggling to pay off their debts.

    When I applied for my student loan, I must admit that I did no investigation on the interest rate or anything. I just went to a bank and it was a bit of luck that I got one of the best offers.

    Only now – after years of seeing the struggles of my school-mates, I understand the importance of proper investigation.

    It is really important to make the well-informed decision when getting any loan as it will influence you in a long-term.

    Thanks for the great article.

    • Congratulations on paying off your student loan! The news is littered with stories of graduates that can’t payoff their student loans.  So you are certainly one of the success stories.

      In my opinion, many young people chose a degree program that doesn’t translate well into the real world and then over paid for it. That’s unfortunate and I think we should find a way to help them out.

      Defaulting on a student loan can be devastating to your credit report and credit score. So, finding a way to get it paid is extremely important.

      I would suggest to those considering a college education and paying for it using debt should be very careful before they make that decision.

      Just like any investment portfolio, one should diversify.  First consider getting a student loan from a bank.  In addition look at federal loan programs like a Federal Direct Plus loan or a Stafford loan.

      Here is some additional information on the different loan programs available.

      Where To Apply For A Student Loan

  2. Thanks for your post!

    I still have a bit of student debt myself, though with only $25,000 I’m one of the lucky ones.

    I’ve been really interested in refinancing! I’ve heard it can really save you a lot in interest in the long run. 

    I actually didn’t realize that refinancing was a consolidation of the different loans.

    I tried out Credible but I don’t think I used it very well. I didn’t find any interest rates that competed with the one I already had but… I also have various student loans instead of one.

    Is student loan debt consolidation the right way to go? 

    Thanks!

    • Jordan,

      $25,000 seems like a reasonable amount of student loan debt.  You should be able to knock that out in a few years.

      I’m not sure about Credible, as I am not very familiar with it. However, there has got to be a way for you to consolidate your student loan debt.

      Try some other sources and I’m sure you can find a way to be successful.  It’s definitely the right way to go.

      Best of luck!

  3. As a former mortgage broker; I often witnessed first time buyers struggle to buy a house only because of student loan debt.

    One of the most important pieces that you touched on is the “pre-planning”. For the most part, I think we fail to properly educate our youth about money.

    They only realize the pain of paying a loan back when it’s too late. It is especially painful if their chosen career does not generate income proportionate to the debt they acquired to earn that degree.

    Do you know any good resources to determine what you might expect to earn in the future at any particular career?

    • We see the same thing at our financial services company.  Many folks are denied financing due to derogatory remarks on their credit report related to student loan debt.  Late payments and charge offs kill their credit score leaving the bank or finance company not other option than to deny the loan.

      Pre-planning is crucial to any debt decision.  If your going to get at student loan from a bank, there should be some level of training and education provided by the financial institution before the loan is made.

      Many young people don’t really understand the commitment they are making and are just excited to be going off to school.

      Once graduation arrives their greeted with a big surprise, trying to figure out how they are going to service their student loans.

      Here is a link to an article that discusses the average graduate earnings for the most common degree programs.

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