It’s always a good idea to shop around and compare loan offers from multiple lenders before you submit an application. This list below can help you narrow down your list of options.
Citizens Bank
Citizens Bank has branches in only 14 states, but it offers private student loans nationwide. The bank offers loans for undergraduate and graduate students, as well as for parents who are hoping to help their child get through school. Loan terms range from five to 15 years for students and five to 10 years for parents.
The lender has both variable and fixed interest rates and offers a 0.25 percent interest rate loyalty discount to existing customers — that includes your co-signer if you have one — with a checking account, savings account, money market account, certificate of deposit, auto loan, home equity loan, home equity line of credit, mortgage, credit card account or other student loan owned by Citizens Bank. The bank also offers a 0.25 percent interest rate discount for automatic payments.
Citizens Bank also offers the chance to get multiyear approval. With this feature, you undergo a hard inquiry once for multiple years’ worth of student loan needs. When you request future disbursements, you’ll undergo just a soft credit check, saving the hassle of applying every year.
Discover
Discover is an online bank that has only one physical branch. The bank offers a wide variety of private student loans, including undergraduate loans, graduate loans, MBA loans, health professions loans, law loans, residency loans, bar exam loans and parent loans. Loan terms are 15 years for undergraduate loans and 20 years for graduate loans.
The lender offers both variable and fixed interest rates, with the chance to get two discounts on your rate. The first is a 0.35 percent discount if you opt to make interest-only payments while you’re in school and during grace periods. The second is a 0.25 percent discount you’ll get if you set up automatic payments from a checking or savings account.
To sweeten the pot even more, Discover offers cash rewards for good grades. You can get a reward of 1 percent of your disbursed loan balance if your GPA for the term covered by the loan is 3.0 or higher. And if you’re an incoming freshman, you can get a 1 percent cash reward on your first loan from the bank if your high school GPA was 3.0 or higher.
Education Loan Finance
Education Loan Finance, or ELFI, is the online student loan division of SouthEast Bank, which is located in Tennessee. The lender offers loans to undergraduate students, graduate students and parents. Repayment terms range from five to 15 years for students and five to 10 years for parents.
What sets ELFI apart from other lenders is that you’ll get assigned a student loan advisor who will help you throughout the process. However, ELFI doesn’t offer an autopay discount like other banks, saying that it doesn’t require you to do anything extra to get its best rates.
PNC Bank
PNC Bank, which is based in Pennsylvania, offers private student loans to undergraduate and graduate students. It also offers specialized loans for health and medical professions, health professions residency and bar study.
The lender offers both fixed and variable interest rates. Like some other banks, PNC offers an interest rate discount, but it’s double the standard discount at 0.5 percent. Repayment terms on PNC Bank private student loans range from five to 15 years.
One way PNC is unique is that it offers a $2,000 scholarship twice a year, and you don’t even need to have a PNC student loan to qualify. Once you enter and meet the eligibility requirements, you’ll be eligible for two drawings over the following 12 months.
Sallie Mae
Sallie Mae is another online bank that doesn’t have any brick-and-mortar branches. The bank offers undergraduate loans, graduate loans and career training loans.
Graduate loan options are broken down into MBA loans, medical school loans, medical residency loans, dental school loans, dental residency loans, health professions loans, law school loans and bar study loans. Repayment terms range from five to 20 years.
The bank offers both fixed and variable interest rates, with the chance to get a 0.25 percent discount if you set up automatic payments. Sallie Mae can be an excellent choice for part-time students because, unlike most student loan companies, it doesn’t require you to attend school at least half time to get approved.
Do banks offer student loans without a co-signer?
It can be challenging for college students to get approved for a private student loan without a co-signer, especially if you have little to no income and credit history.
Banks are no different than other lenders in this regard, so if you’re planning to apply for a private student loan, consider asking a parent to co-sign the loan application to improve your odds of getting approved and qualifying for a reasonable interest rate.
With that said, if you do have some credit history to your name, you can likely find a bank that will accept your loan application without a co-signer. This is particularly true for graduate school loans.
Student loans from banks vs. online lenders
For the most part, banks offering student loans are relatively similar to online lenders. While each bank has its own unique features, there’s not a huge difference between the two types of lenders.
That said, some of the best banks for student loans offer loyalty discounts to their existing customers. This can come in handy if you or your co-signer has an eligible account with a bank that offers private student loans. A bank could also be a good option if you prefer in-person customer support and there’s a branch near you.
Before you apply for any loan, it’s critical that you take the time to shop around and compare interest rates, repayment terms and other features with several lenders to make sure that you get the best deal for you.
How to apply for a student loan with a bank
The application process for private student loans with a bank doesn’t differ much from that of other lenders. Here’s what to expect:
- Shop around: Even if your bank is offering a loyalty discount, shop around and compare rate quotes from multiple banks, credit unions and online lenders to determine which one can give you the best deal. In addition to rates, you may also want to compare repayment plans, co-signer release options, forbearance and deferment plans and other features that are important to you.
- Apply directly with the lender: Once you’ve decided which bank you want to apply with, you can typically apply directly through the bank’s website. Some may also allow you to apply by phone or in person, but an online application is the quickest option. You’ll typically need to provide information about yourself, your school, how much you want to borrow and other relevant details.
- Provide documentation: The bank may ask for documentation for your income, a government-issued ID and other relevant information about your application. The faster you share your documents, the more quickly the underwriting process will go.
- Agree to the final offer: Once the lender has done a complete review of your credit history and other aspects of your application, you’ll receive a final offer, which may or may not be the same offer you received when you first requested a quote. If you agree to the terms, read the loan agreement and other documents the lender provides and sign them electronically.
- Wait for disbursement: Private student loans are typically disbursed first to your school to cover tuition, fees and other relevant expenses. If there’s money left over, you should receive it directly. At that point, you can use your loan funds to cover other eligible educational expenses.
Also, make sure you know when payments start. If you’re a student, you can typically wait until after you leave school to begin your payments. But if you’re a parent taking out loans to help your child through school, payments may begin immediately. Contact your lender if you have any questions.
Need Information or Confused about Something ?
Ask a Question
Sponsored Guide
Complete Guide to NSFAS Online Loan Application for South African Students (2025)
If you are a South African student looking to pursue higher education but are facing financial difficulties, the National Student Financial Aid Scheme (NSFAS) is one of the most accessible funding options available. NSFAS provides financial aid in the form of bursaries and loans to qualifying students at public universities and TVET colleges in South Africa.
This guide will walk you through everything you need to know about the NSFAS loan application process, from eligibility requirements to application steps and frequently asked questions.
📌 What is NSFAS?
The National Student Financial Aid Scheme (NSFAS) is a government-funded financial aid scheme aimed at helping students from low- and middle-income households to access tertiary education without the burden of upfront fees.
NSFAS offers both bursaries and income-contingent loans:
- Bursaries: For eligible students who meet academic and household income criteria (especially for TVET and university students).
- Loans: For students who do not meet all bursary criteria or who are pursuing postgraduate qualifications not funded under bursary schemes.
✅ Who Qualifies for an NSFAS Loan?
To qualify for an NSFAS loan (especially for postgraduate students or programs not funded under the bursary system), you must:
- Be a South African citizen.
- Be financially needy, with a household income of less than R350,000 per year.
- Have a valid South African ID.
- Be enrolled or accepted to study at a public university or TVET college.
- Not be funded through another bursary program that covers all expenses.
- Maintain satisfactory academic progress (returning students).
📚 Courses Funded by NSFAS
NSFAS primarily funds undergraduate qualifications, but certain postgraduate programs (e.g., PGCE, postgraduate diplomas in education, and professional courses like LLB) may be considered under the NSFAS loan scheme, not bursaries.
If you’re studying:
- Undergraduate degree or diploma: You are likely eligible for a full NSFAS bursary.
- Postgraduate study: You may qualify for a loan, depending on the course and funding availability.
📄 Required Documents for NSFAS Application
When applying, make sure you have the following documents scanned and ready:
- Certified copy of your South African ID or Smart Card.
- Parent(s) or guardian(s) ID documents.
- Proof of income (latest payslips, UIF, or affidavit if unemployed).
- Consent Form signed by your parent(s)/guardian(s) to allow NSFAS to verify income.
- Proof of registration or acceptance at a public institution.
- Academic transcripts (for continuing or postgraduate students).
🖥️ How to Apply for an NSFAS Loan Online
Step-by-Step NSFAS Online Application Process (2025)
-
Visit the NSFAS Website
Go to: https://www.nsfas.org.za
-
Create an Account
- Click on “MyNSFAS” and register your profile.
- You’ll need a valid email address and South African cellphone number.
- Choose a strong password and verify your account via email or SMS.
-
Login and Start the Application
- After registration, log in to your MyNSFAS account.
- Click on “Apply” to begin a new application.
-
Fill in Your Personal Details
- Input your ID number, name, surname, and other details exactly as they appear on your ID.
- Provide household income information and living arrangements.
-
Upload Required Documents
- Upload all supporting documents in PDF or JPEG format.
- Each document must be clear and under the size limit specified.
-
Submit Your Application
- Review your application for accuracy.
- Click “Submit” and wait for a confirmation message.
-
Track Your Application
- Log in regularly to check your application status.
- You will be notified via SMS and email at each stage of the process.
🗓️ Important NSFAS Dates (2025)
- Application Opening Date: September 1, 2025
- Application Deadline: January 31, 2026
- Appeals Period: February 2026 (if rejected)
- Disbursement: After registration and approval
Note: Dates are subject to change; always confirm on the official NSFAS website.
💸 What Does the NSFAS Loan Cover?
NSFAS funding typically includes:
- Tuition fees
- Registration fees
- Accommodation (if living away from home)
- Meals and transport
- Learning materials (e.g., textbooks)
For loans, repayment is only required once you start working and earn above a threshold (around R30,000 annually, but subject to change).
🔄 NSFAS Loan Repayment
Repayments are:
- Income-contingent – you only repay when you can afford to.
- Administered by DHET (Department of Higher Education and Training).
- Interest-bearing, but interest rates are low and favorable.
You can also apply for a partial loan conversion to a bursary if you perform well academically.
🔁 How to Appeal a Rejected NSFAS Application
If your application is rejected, you may submit an appeal via your MyNSFAS portal:
- Log into your MyNSFAS account.
- Click on “Track Funding Progress”.
- If rejected, click on “Submit Appeal”.
- Upload any missing or corrected documents.
- Provide a clear explanation or motivation.
📱 NSFAS Contact Information
- Website: https://www.nsfas.org.za
- Email: info@nsfas.org.za
- Toll-Free Number: 08000 67327 (Monday–Friday, 8 AM–5 PM)
- Twitter: @myNSFAS
- Facebook: NSFAS
📝 Final Tips Before Applying
- Apply early to avoid system overload near the deadline.
- Use your own email and cellphone number (do not use someone else’s).
- Double-check that all your documents are certified and legible.
- Keep a copy of your submission confirmation for reference.
By following this guide, you can confidently apply for NSFAS funding and move one step closer to achieving your academic and career dreams—without the burden of immediate financial pressure.