Private student loan volume grows when federal student loan limits remain stagnant.

Private student loan volume grew much more rapidly than federal student loan volume through mid-2008, in part because aggregate loan limits on the Stafford loan remained unchanged from 1992 to 2008. (The introduction of the Grad PLUS loan on July 1, 2006 and the increases in the annual but not aggregate limits had only a modest impact on the growth of private student loan volume. The subprime mortgage credit crisis of 2007-2010, however, limited lender access to the capital needed to make new loans, reining in growth of the private student loan marketplace.) The annual increase in private student loan volume was about 25% to 35% per year, compared with 8% per year for federal loan volume.

Then the Ensuring Continued Access to Student Loans Act of 2008 increased the annual and aggregate loan limits on the federal Stafford loan starting July 1, 2008. This shifted significant loan volume from private student loan programs to federal. Private student loan volume dropped in half in 2008-09, according to the College Board’s Trends in Student Aid 2009.

Private student loan volume is expected to return to the 25% annual growth rate unless there is another increase in federal loan limits or an expansion of the availability of federal student loans. For example, the proposal for expanding Perkins loan funding from $1 billion a year to $8.5 billion a year will cause a significant decline in private student loan volume. But so long as federal loan limits do not increase every year, private student loan volume will continue to grow at double-digit rates.

If current trends continue, annual private education loan volume will surpass federal student loan volume by around 2030. Accordingly, it is important that students have tools they can use to compare different private student loans.

Best Private Student Loans

As a general rule, students should only consider obtaining a private education loan if they have maxed out the Federal Stafford Loan. They should also file the Free Application for Federal Student Aid (FAFSA), which may qualify them for grants, work-study and other forms of student aid. Undergraduate students should also compare costs with the Federal PLUS Loan, as the PLUS loan is usually much less expensive and has better repayment terms.

The fees charged by some lenders can significantly increase the cost of the loan. A loan with a relatively low interest rate but high fees can ultimately cost more than a loan with a somewhat higher interest rate and no fees. (The lenders that do not charge fees often roll the difference into the interest rate.) A good rule of thumb is that 3% to 4% in fees is about the same as a 1% higher interest rate.

Be wary of comparing loans with different repayment terms according to APR, as a longer loan term reduces the APR despite increasing the total amount of interest paid. Finaid’s Loan Analyzer Calculator may be used to generate an apples-to-apples comparison of different loan programs.

The best private student loans will have interest rates of LIBOR + 2.0% or PRIME – 0.50% with no fees. Such loans will be competitive with the Federal PLUS Loan. Unfortunately, these rates often will be available only to borrowers with great credit who also have a creditworthy cosigner. It is unclear how many borrowers qualify for the best rates, although the top credit tier typically encompasses about 20% of borrowers.

Generally, borrowers should prefer loans that are pegged to the LIBOR index over loans that are pegged to the Prime Lending Rate, all else being equal, as the spread between the Prime Lending Rate and LIBOR has been increasing over time. Over the long term a loan with interest rates based on LIBOR will be less expensive than a loan based on the Prime Lending Rate. About half of lenders peg their private student loans to the LIBOR index and about 2/5 to the Prime lending rate.

Some lenders use the LIBOR rate because it reflects their cost of capital. Other lenders use the Prime Lending Rate because PRIME + 0.0% sounds better to consumers than LIBOR + 2.80% even when the rates are the same.

It is not uncommon for lenders to advertise a lower rate for the in-school and grace period, with a higher rate in effect when the loan enters repayment.

Federal student loans are not available for expenses incurred by law, medical and dental students after they graduate, such as expenses associated with study for the bar or finding a residency. There are two types of private student loans for these expenses:

A Bar Study Loan helps finance bar exam costs such as bar review course fees, bar exam fees, as well as living expenses while you are studying for the bar.

A Residency and Relocation Loan helps medical and dental students with the expenses associated with finding a residency, including interview travel expenses and relocation costs, as well as board exam expenses.

Comparing Private Student Loans

Key information to understand student loans includes being aware of the annual and cumulative loan limits, interest rates, fees, and loan term for the most popular private student loan programs. Often the interest rates, fees and loan limits depend on the credit history of the borrower and co-signer, if any, and on loan options chosen by the borrower such as in-school deferment and repayment schedule. Loan term often depends on the total amount of debt.

Most lenders that require school certification (approval) will cap the annual loan amount at cost of education less aid received (COA-Aid). They may also have an annual dollar limit as well.

Lenders rarely give complete details of the terms of the private student loan until after the student submits an application, in part because this helps prevent comparisons based on cost. For example, many lenders will only advertise the lowest interest rate they charge (for good credit borrowers). Borrowers with bad credit can expect interest rates that are as much as 6% higher, loan fees that are as much as 9% higher, and loan limits that are two- thirds lower than the advertised figures.

The APRs for variable rate loans, if listed, are only the current APRs and are likely to change over the term of the loan. Borrowers should be careful about comparing loans based on the APR, as the APR may be calculated under different assumptions, such as a different number of years in repayment. All else being equal, a longer repayment term will have a lower APR even though the borrower will pay more in interest.

This page provides a basic comparison chart that highlights the key characteristics of the major private education loans. FinAid also provides a separate list of private consolidation loans. In addition to the private student loan programs, there are several websites like Credible and other student loan comparison sites that provide tools for comparing private student loans which help identify the loans that match your criteria.

The information presented below is based on lender provided information. Actual rates and fees may differ.

Featured Student Loan Providers

Credible Credible offers borrowers a “kayak-style” experience while shopping for student loans. Similar to the “Common App,” users (and co-signers) complete a single, brief form and receive personalized offers from multiple lenders. The process is free and does not impact a user’s credit score to compare offers.

Credible’s marketplace includes: Ascent

Citizens Bank

CollegeAve

Discover Student Loans

EDvestinU

INvested

Mefa

Sallie Mae

SunTrust Apply Now >> Loan Choose between fixed and variable rate loans, as well as deferred and interest-only repayment options for your school loans. Graduate and undergraduate loans for almost every degree type. Repayment options range from immediate full repayment (principal and interest payments immediately after the loan is fully disbursed), interest only (interest-only payments while you are in school, and start making principal and interest payments after you leave school), full deferral while in school, flat payment while in-school, graduated repayment (payments increase over time). Limits COA-Aid (annual limit) Borrow up to $170,000 through Credible’s marketplace. Annual max (100% of school certified costs minus other financial aid received). Lifetime aggregate loan amount 200K. Rates Fixed rates as low as 3.53% APR (with autopay)* and variable rates as low as 1.24% APR (with autopay)*. Access special discounts from some lenders. *Read rates and terms at Credible.com. Fees and Terms No fees. 5, 7, 8, 10, 12, 15 and 20 year terms available

Student Loan Providers

Citizens Bank Citizens Bank offers loan options for undergrad, grad students and parents with competitive rates, flexible terms and interest rate discounts.

Multi-year approval option available for qualified applicants. Multi-Year approval provides an easy way to secure funding for additional years in school without completing a full application and impacting your credit score each year.





https://studentloans.citizensbank.com/student Apply Now >> Loan Choose between our student or parent loan options with competitive interest rates and flexible payment terms. Limits Loans from $1,000 to $295,000 depending on education level Rates Variable rates as low as 1.24% APR* and fixed rates as low as 4.25% APR* including all available discounts Fees and Terms No application fees or origination fees 5, 10, or 15 year options available Rate and Repayment Examples

Citizens One Citizens One, the national lending division of Citizens Bank, offers loan options for undergrad, grad students and parents with competitive rates, flexible terms and interest rate discounts.

Multi-year approval option available for qualified applicants. Multi-Year approval provides an easy way to secure funding for additional years in school without completing a full application and impacting your credit score each year.



https://studentloans.citizensone.com/student Apply Now >> Loan Choose between our student or parent loan options with competitive interest rates and flexible payment terms. Limits Loans from $1,000 to $295,000 depending on education level Rates Variable rates as low as 1.24% APR* and fixed rates as low as 4.25% APR* including all available discounts Fees and Terms No application fees or origination fees 5, 10, or 15 year options available Rate and Repayment Examples

College Ave Student Loans – Undergraduate Student Loans College Ave Student Loans offers loan options for undergrads, grad students and parents. Our loans are designed to give you great rates plus the most repayment options so you can create a loan that fits your monthly budget while paying as little interest as possible. Our simple application process takes just 3 minutes to complete and get an instant credit decision. Not sure which repayment plan is right for you? Our student loan calculator and free credit pre-qualification tool can help. Apply Now >> For footnotes, please refer to the links for product specifics (undergraduate, graduate or parent). Loan Undergraduate Student Loan Help cover tuition and other education costs for students in associates and bachelors degree programs.2 You decide whether to make loan payments during school: • Full Principal and interest payments • Interest only payments • $25 payments each month during school3 • Defer payments while in school Limits COA-Aid ($1,000 minimum)2 Rates Variable Rates: 1.24%-11.98% APR (with auto-pay discount)1 Fixed Rates: 3.54%-12.99% APR (with auto-pay discount)1 Fees and Terms No application or origination fees and no penalties for paying early. Choose between 5, 8, 10 or 15 year options.3

College Ave Student Loans – Graduate Student Loans College Ave Student Loans offers loan options for undergrads, grad students and parents. Our loans are designed to give you great rates plus the most repayment options so you can create a loan that fits your monthly budget while paying as little interest as possible. Our simple application process takes just 3 minutes to complete and get an instant credit decision. Not sure which repayment plan is right for you? Our student loan calculator and free credit pre-qualification tool can help. Apply Now >> For footnotes, please refer to the links for product specifics (undergraduate, graduate or parent). Loan Graduate Student Loan Cover the costs of school for students pursuing a masters, doctoral or professional degree.2 Graduate students should also check out our other graduate loan products… • Dental Loan • Medical Loan • Law School Loan • MBA Loan Find out more You can also choose from 4 different repayment options Limits COA-Aid ($1,000 minimum)2 Rates Variable Rates: 1.39%-10.97% APR (with auto-pay discount)1 Fixed Rates: 4.14%-11.98% APR (with auto-pay discount)1 Fees and Terms No application or origination fees and no penalties for paying early. Choose between 5, 8, 10 or 15 year options.3

College Ave Student Loans – Parent Loans College Ave Student Loans offers loan options for undergrads, grad students and parents. Our loans are designed to give you great rates plus the most repayment options so you can create a loan that fits your monthly budget while paying as little interest as possible. Our simple application process takes just 3 minutes to complete and get an instant credit decision. Not sure which repayment plan is right for you? Our student loan calculator and free credit pre-qualification tool can help. Apply Now >> For footnotes, please refer to the links for product specifics (undergraduate, graduate or parent). Loan Parent Loan Help pay for your child’s education with a customized loan. Choose how quickly to pay back the loan: • Full Principal and interest payments • Interest plus payment • Interest only payments Limits COA-Aid ($1,000 minimum)2 Rates Variable Rates: 1.24%-11.93% APR (with auto-pay discount)1 Fixed Rates: 3.54%-12.97% APR (with auto-pay discount)1 Fees and Terms No application or origination fees and no penalties for paying early. Choose to pay back the loan in as little as 5 years or take up to 12 years (or pick something in between).3

Discover Student Loans – Undergraduate Student Loans At Discover® Student Loans, we can help cover your college costs, including tuition, housing, books and more. We don’t charge you fees, and even give you cash rewards for good grades when you get a 3.0 GPA or higher on an undergraduate or graduate student loan. We also offer parent, residency, bar exam and consolidation loans. Limitations apply.

Loan Types: Undergraduate

Parent

Graduate

MBA

Health Professions

Law Application Process



Applying online is quick and easy and our knowledgeable Student Loan Specialists are ready to help you 24/7.

Rates and information as of 8/2/2020.

1The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125%). This may cause the monthly payments to increase, the number of payments to increase or both. Learn more about Discover Student Loans interest rates. Apply Now >> Loan Discover Undergraduate Loans For students enrolled at least half-time in a Bachelor’s or Associate’s degree program at an eligible school. Customize your loan with rate and repayment options. Eligible borrowers may also be pre-qualified for future loans with our Multi-Year Option. Aggregate loan limits and limitations apply. Limits COA-Aid ($1,000 minimum)2 Rates Variable Rates: 1.24%-10.99% APR Fixed Rates: 4.24%-12.39% APR Lowest APRs are for the most creditworthy applicants and include an interest only repayment discount and Auto Debit Reward. 1 Fees and Terms No fees, including no loan application, origination or late fees. No prepayment penalties. 15-year repayment term. Choose your repayment option: • In-School Interest-Only • In-School Fixed • Deferred

Discover Student Loans – Graduate Student Loans At Discover® Student Loans, we can help cover your college costs, including tuition, housing, books and more. We don’t charge you fees, and even give you cash rewards for good grades when you get a 3.0 GPA or higher on an undergraduate or graduate student loan. We also offer parent, residency, bar exam and consolidation loans. Limitations apply.

Loan Types: Undergraduate

Parent

Graduate

MBA

Health Professions

Law Application Process



Applying online is quick and easy and our knowledgeable Student Loan Specialists are ready to help you 24/7.

Rates and information as of 8/2/2020.

1The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125%). This may cause the monthly payments to increase, the number of payments to increase or both. Learn more about Discover Student Loans interest rates. Apply Now >> Loan Discover Graduate Loans For graduate students enrolled at least half-time in a masters or doctoral degree at an eligible school. Customize your loan with rate and repayment options. Limits COA-Aid ($1,000 minimum)2 Rates Variable Rates: 1.99%-12.49% APR Fixed Rates: 4.49%-12.99% APR Lowest APRs are for the most creditworthy applicants and include an interest only repayment discount and Auto Debit Reward. 1 Fees and Terms No fees, including no loan application, origination or late fees. No prepayment penalties. 20-year repayment term. Choose your repayment option: • In-School Interest-Only • In-School Fixed • Deferred

Discover Student Loans – MBA Loans At Discover® Student Loans, we can help cover your college costs, including tuition, housing, books and more. We don’t charge you fees, and even give you cash rewards for good grades when you get a 3.0 GPA or higher on an undergraduate or graduate student loan. We also offer parent, residency, bar exam and consolidation loans. Limitations apply.

Loan Types: Undergraduate

Parent

Graduate

MBA

Health Professions

Law Application Process



Applying online is quick and easy and our knowledgeable Student Loan Specialists are ready to help you 24/7.

Rates and information as of 8/2/2020.

1The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125%). This may cause the monthly payments to increase, the number of payments to increase or both. Learn more about Discover Student Loans interest rates. Apply Now >> Loan Discover MBA Loans For students enrolled at least half-time in a graduate program at an eligible business school. Customize your loan with rate and repayment options. Limits COA-Aid ($1,000 minimum)2 Rates Variable Rates: 1.99%-9.99% APR Fixed Rates: 4.49%-10.74% APR Lowest APRs are for the most creditworthy applicants and include an interest only repayment discount and Auto Debit Reward. 1 Fees and Terms No fees, including no loan application, origination or late fees. No prepayment penalties. 20-year repayment term. Choose your repayment option: • In-School Interest-Only • In-School Fixed • Deferred

Discover Student Loans – Health Professions Loans At Discover® Student Loans, we can help cover your college costs, including tuition, housing, books and more. We don’t charge you fees, and even give you cash rewards for good grades when you get a 3.0 GPA or higher on an undergraduate or graduate student loan. We also offer parent, residency, bar exam and consolidation loans. Limitations apply.

Loan Types: Undergraduate

Parent

Graduate

MBA

Health Professions

Law Application Process



Applying online is quick and easy and our knowledgeable Student Loan Specialists are ready to help you 24/7. Rates and information as of 8/2/2020. 1The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125%). This may cause the monthly payments to increase, the number of payments to increase or both. Learn more about Discover Student Loans interest rates. Apply Now >> Loan Discover Health Professions Loans For students enrolled at least half-time in a health professions program at an eligible school. Programs include: Allopathy, Dentistry, Nursing, Occupational Therapy, Optometry, Osteopathy, Pharmacy, Physical Therapy, Physician Assistant, Podiatry, or Veterinary Medicine. Customize your loan with rate and repayment options. Limits COA-Aid ($1,000 minimum)2 Rates Variable Rates: 1.99%-7.14% APR Fixed Rates: 4.49%-7.99% APR Lowest APRs are for the most creditworthy applicants and include an interest only repayment discount and Auto Debit Reward. 1 Fees and Terms No fees, including no loan application, origination or late fees. No prepayment penalties. 20-year repayment term. Choose your repayment option: • In-School Interest-Only • In-School Fixed • Deferred

Discover Student Loans – Law Loans At Discover® Student Loans, we can help cover your college costs, including tuition, housing, books and more. We don’t charge you fees, and even give you cash rewards for good grades when you get a 3.0 GPA or higher on an undergraduate or graduate student loan. We also offer parent, residency, bar exam and consolidation loans. Limitations apply.

Loan Types: Undergraduate

Parent

Graduate

MBA

Health Professions

Law Application Process



Applying online is quick and easy and our knowledgeable Student Loan Specialists are ready to help you 24/7.

Rates and information as of 8/2/2020. 1The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125%). This may cause the monthly payments to increase, the number of payments to increase or both. Learn more about Discover Student Loans interest rates. Apply Now >> Loan Discover Law Loans For students enrolled at least half-time in a graduate program at an eligible law school. Customize your loan with rate and repayment options. Limits COA-Aid ($1,000 minimum) Rates Variable Rates: 1.99%-8.37% APR Fixed Rates: 4.49%-9.49% APR Lowest APRs are for the most creditworthy applicants and include an interest only repayment discount and Auto Debit Reward. 1 Fees and Terms No fees, including no loan application, origination or late fees. No prepayment penalties. 20-year repayment term. Choose your repayment option: • In-School Interest-Only • In-School Fixed • Deferred

Discover Student Loans – Parent Loans At Discover® Student Loans, we can help cover your college costs, including tuition, housing, books and more. We don’t charge you fees, and even give you cash rewards for good grades when you get a 3.0 GPA or higher on an undergraduate or graduate student loan. We also offer parent, residency, bar exam and consolidation loans. Limitations apply.

Loan Types: Undergraduate

Parent

Graduate

MBA

Health Professions

Law Application Process



Applying online is quick and easy and our knowledgeable Student Loan Specialists are ready to help you 24/7.

Rates and information as of 8/2/2020. 1The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125%). This may cause the monthly payments to increase, the number of payments to increase or both. Learn more about Discover Student Loans interest rates. Apply Now >> Loan Discover Parent Loans For parents or other creditworthy individuals of students enrolled at least half-time in a Bachelor’s, Associate’s or graduate degree program at an eligible school. Customize your loan with rate options. Limits COA-Aid ($1,000 minimum)2 Rates Variable Rates: 4.49%-13.87% APR Fixed Rates: 5.74%-14.74% APR Lowest APRs are for the most creditworthy applicants and include an Auto Debit Reward. 1 Fees and Terms No fees, including no loan application, origination or late fees. No prepayment penalties. 15-year repayment term. Repayment begins after the loan’s final disbursement.

Earnest Earnest believes it’s time to change the way people borrow and pay off college loans. With flexible repayment options – save interest by making small in-school payments, or opt for an extended 9-month grace period* to start repayment after graduation. You can fill out the application on a mobile phone, and upload all of your documents. And, if you need a cosigner, Earnest will help you invite one. Most borrowers finish the application in just 15 minutes and receive a decision in less than 72 hours.

Apply Now >> Loan Flexible low-rate Earnest private student loans are a great way to cover up to 100% of your college costs. Whether you’re a student or a cosigner, you can start the application. Once you get your rate, you can pick from 3 in-school repayment options or defer payments for 9 months after graduation – 3 months longer than most lenders! Check your eligibility in just 2 minutes with no impact on your credit score. Limits Cover up to 100% of school’s certified cost of attendance, including tuition, room and board, and books. Rates As low as 1.24% Variable APR or 4.00% Fixed APR (including 0.25% AutoPay discount*) *See our website for more information – ​www.earnest.com/student-loans Fees and Terms No fees of any kind: $0 Origination Fee $0 Late Fee $0 Prepayment Fee *Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

LendKey LendKey matches consumers with lenders to create the most transparent, accessible and low-cost borrowing options in online lending. LendKey works with around 300 credit union and community lending partners to get you the best possible rates and benefits for your education loans. LendKey services all loans booked on its platform and students can be assured they’re always able to speak to a real person about their loans. Apply Now >> Loan LendKey Private Student Loan Private student loans at LendKey can be used for undergraduate, graduate, and medical/veterinary students. Cosigners are highly recommended but not required. Some great benefits include: • 30-day no-fee return policy for all borrowers • 0.25% interest rate reduction for automatic payments • Up to 18 months of unemployment protection available • Cosigner release available after 24 on-time monthly payments Funds can be used to pay for qualified education expenses, including: • Tuition • Room and Board • Computer(s) • And more! APPLY IN MINUTES! Limits Loans range from $2000 – Cost of attendance – Aid Rates Variable Rates: 1.25% – 11.15% APR Fixed Rates: 4.25% – 12.35% APR Fees and Terms No fees of any kind. 5, 10, 15 year terms

Private Student Loans Compare multiple lenders instantly with Private Student Loans. Find the best interest rates and benefits. Student loans available for students, parents, and professional degree seekers. Competitive terms and benefits available–including cosigner release. Expert tips on borrowing you won’t find anywhere else. Apply Now >> Loan Lenders we work with offer fixed and variable rate student loans. Student loans available from lenders include: • Undergraduate loans • Parent student loans • Graduate loans • MBA loans • Law school loans • Residency loans • Bar loans Limits Limits vary by lender and range from $1,000 to $300,000 depending on education level/degree program. 100% of school-certified costs minus other financial aid received. Annual and aggregate loan limits apply. Rates Variable Rates: 1.49% – 13.92% APR (with auto-pay discount)1 Fixed Rates: 4.00% – 14.92% APR (with auto-pay discount)1 Lowest rates include applicable autopay. Fees and Terms Fees vary by lender and may include application, processing or origination fees. Terms vary by lender. Commonly offered terms include: 5, 8, 10, 15, and 20+ years

Sallie Mae – Undergraduate Student Loans The nation’s saving, planning, and paying for college company.

Funded by Sallie Mae Bank.

Lender ID 900905.

Special Features/Benefits: Auto Debit Savings – 0.25 percentage point interest rate reduction for enrolling in and making monthly payment by auto debit.*



Free financial literacy tools and resources, including access to quarterly FICO® Credit Scores for both borrowers and cosigners.*

Loan Limit – Borrow up to 100% of the school-certified expenses (minimum $1,000)*. Application Process – Borrower can initiate the application process at SallieMae.com. It only takes about 15 minutes to apply online and get a credit result. Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply. Information advertised valid as of 6/25/2020. LIBOR is the 1-month London Interbank Offered Rate rounded up to the nearest one-eighth of one percent. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. Click here for additional important information. Apply Now >> Loan Smart Option Student Loan® For Undergraduate Students attending degree-granting institutions only. (School Certified) Pay now or later – choose an in-school repayment option that fits your needs or defer your payments until after school.* • Make interest payments each month • Pay $25 per month • Defer payments The only undergraduate student loan that offers 4 months of free Chegg® study help — a $100 value.1 *Click here for additional important information. Limits COA-Aid ($1,000 minimum)* Rates Variable Rates: 1-month LIBOR + 1.25% (1.25% APR) to 1-month LIBOR + 9.38% (11.15% APR) Fixed Rates: 5.00% (4.25% APR) to 12.88% (12.35% APR) Lowest APRs shown include the auto debit discount. Fees and Terms No origination fee and no prepayment penalty1. 5-15 years based on cumulative Sallie Mae loan balance, repayment option and year in school.* 2. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

Sallie Mae – Graduate Student Loans The nation’s saving, planning, and paying for college company.

Funded by Sallie Mae Bank.

Lender ID 900905.

Special Features/Benefits: Auto Debit Savings – 0.25 percentage point interest rate reduction for enrolling in and making monthly payment by auto debit.*



Free financial literacy tools and resources, including access to quarterly FICO® Credit Scores for both borrowers and cosigners.*

Loan Limit – Borrow up to 100% of the school-certified expenses (minimum $1,000)*. Application Process – Borrower can initiate the application process at SallieMae.com. It only takes about 15 minutes to apply online and get a credit result. Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply. Information advertised valid as of 6/25/2020. LIBOR is the 1-month London Interbank Offered Rate rounded up to the nearest one-eighth of one percent. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. Click here for additional important information. Apply Now >> Loan Sallie Mae® Graduate Student Loan Suite Graduate students aren’t all the same; graduate school loans shouldn’t be, either. For Graduate and Professional School Students attending degree-granting institutions only. Our suite of school-certified graduate loans include the MBA Loan, Medical School Loan, Law School Loan, Dental School Loan, Graduate School Loan, and Health Professions Graduate Loan. Choose from multiple repayment options. ^Click here for more information on Sallie Mae graduate student loans. Limits Visit Sallie Mae.com for details on individual graduate loans. Rates Visit Sallie Mae.com for details on individual graduate loans. Fees and Terms No origination fee and no prepayment penalty1. Visit Sallie Mae.com for details on individual graduate loans. 2. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

Sallie Mae – Parent Loans The nation’s saving, planning, and paying for college company.

Funded by Sallie Mae Bank.

Lender ID 900905.

Special Features/Benefits: Auto Debit Savings – 0.25 percentage point interest rate reduction for enrolling in and making monthly payment by auto debit.*



Free financial literacy tools and resources, including access to quarterly FICO® Credit Scores for both borrowers and cosigners.*

Loan Limit – Borrow up to 100% of the school-certified expenses (minimum $1,000)*. Application Process – Borrower can initiate the application process at SallieMae.com. It only takes about 15 minutes to apply online and get a credit result. Sallie Mae reserves the right to modify or discontinue products, services, and benefits at any time without notice and provides compensation to Finaid for the referral of loan customers. Terms, conditions, and limitations apply. Information advertised valid as of 6/25/2020. LIBOR is the 1-month London Interbank Offered Rate rounded up to the nearest one-eighth of one percent. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. Click here for additional important information. Apply Now >> Loan Sallie Mae® Parent Loan Any creditworthy individual other than the student can take out a Sallie Mae Parent Loan, including grandparents, aunts, uncles, spouses, and guardians. The Loan, which is available to pay for education expenses of both undergraduate and graduate students. Choose a repayment option that fits your needs: • Interest Repayment: Borrowers make monthly interest payments while the student is enrolled in school for up to 48 months, followed by principal and interest payments# • Principal and Interest Repayment: Borrowers make monthly principal and interest payments while the student is enrolled in school and through the life of the loan# The only undergraduate student loan that offers 4 months of free Chegg® study help — a $100 value.1 *See additional Parent Loan information at https://www.salliemae.com/student-loans/parent-loan/compare-student-loan-options-for-parents/ #Click here for additional important information. Limits COA-AID ($1,000 minimum) Rates Variable Rates: 1-month LIBOR + 3.50% (3.50% APR) to 1-month LIBOR + 9.88% (13.12% APR)# Fixed Rates: 5.75% (5.49% APR) to 12.88% (13.87 APR)# Lowest APRs shown include the auto debit discount. Fees and Terms No origination fee and no prepayment penalty1. 10 years of principal and interest payments# 2. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

U-fi From Nelnet When it comes to funding your education, a little help goes a long way. If you’ve taken advantage of all federal loan options, but still need additional funds, U-fi From Nelnet is free, easy, safe, and smart. With variable interest rates starting at 1.23%1, no origination or application fees, and multiple repayment options, U-fi From Nelnet is the smart choice for today’s smarter students. Applying online is free and easy, and you can see your rate in as little as two minutes – without affecting your credit score. Why U-fi From Nelnet? We’re a trusted lender with over 40 years of proven student loan expertise. By choosing U-fi From Nelnet, you can be confident that you’re working with a partner who knows how to help you make smart financial choices. Apply With a Cosigner to Get Your Best Rate Over 90% of our student loans are cosigned by a parent or trusted adult. Although having one isn’t always required, applying with a cosigner can help you qualify for the best rate and lower payments, and help you build your credit. You can take responsibility of your loan with cosigner release2 after 24 consecutive, on-time payments. Apply Now >> Loan U-fi From Nelnet student loans are customized for you, and the process is quick and easy Loans for undergraduate, graduate, MBA, health professions, and law programs No origination or application fees 5, 10, and 15-year repayment plans Choose from several repayment plan options: • Immediate • Interest only • Deferred Can be used to pay tuition balances up to 180 days after your enrollment period, or for the upcoming semester Loan amounts from $1,000 up to the cost of education3 Limits Loans from $1,000, up to the cost of your education, depending on your level of education. Rates Variable rates as low as 1.23%4 and fixed rates starting at 3.95%4. Fees and Terms No origination or application fees.

Additional Lenders listed below. Please visit lender website for updated information.

Definitions

LIBOR is the 3-month average of the London Interbank Offered Rate. LIBOR is the average interest rate paid on deposits of US dollars in the London market.

PRIME is the Prime Lending Rate as published in the Wall Street Journal. This is the rate banks charge their most creditworthy customers.

COA-Aid is the Cost of Attendance minus all other student aid received.

APR is the Annual Percentage Rate, a rate that factors in the interest rate, fees, and other terms.

U-Fi