The Free Application for Federal Student Aid, known as the FAFSA, is your key to unlocking hundreds or thousands of dollars in aid to pay for college. If you’re a college-bound senior or a current college student, this guide is your one-stop-shop for all things FAFSA, including what to know, how to fill it out and how to troubleshoot common errors.
Written by
Hanneh Bareham
Hanneh Bareham, a Certified Financial Education Instructor℠, has been a personal finance writer with Bankrate since 2020.
Heidi Rivera
Heidi Rivera is a personal finance writer and reporter for Bankrate. Her areas of expertise include personal loans, student loans and debt consolidation, in addition to data collection and analysis.
Edited by
Aylea Wilkins
Aylea Wilkins has been at Bankrate since 2019, editing content in student, personal and home equity loans and auto, home and life insurance before taking on editing content in a variety of other categories. She has nearly a decade of editorial experience with a primary focus on helping people confidently make financial and purchasing decisions by providing clear and unbiased information.
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The FAFSA is the form that students need to fill out to apply for federal or state-based financial aid. The form uses your family's financial portfolio, including income, household size and total assets to determine your expected family contribution (EFC) — which in turn helps colleges assess how much financial need you have. The application is free and is not credit-based.
Only U.S. citizens and eligible noncitizens may receive federal aid through the FAFSA, but DACA students can still fill out the form to potentially receive state or institution-specific aid. While most of the financial aid available from the government is need-based, unsubsidized federal student loans are offered to all borrowers, so students from all financial backgrounds should seek federal aid through the FAFSA. To remain eligible, students need to fill out the application every year.
By filling out the FAFSA, students gain access to potentially thousands of dollars through grants, student loans and more.
Grants are a type of free money based on financial need. Federal and state grants are available through the FAFSA.
Work-study is need-based federal financial aid that lets students work a part-time job while still enrolled in school.
Federal student loans can cover thousands of dollars in academic costs, but they must be repaid with interest.
Grants are a type of free money based on financial need. Federal and state grants are available through the FAFSA.
Work-study is need-based federal financial aid that lets students work a part-time job while still enrolled in school.
Federal student loans can cover thousands of dollars in academic costs, but they must be repaid with interest.
Filling out the FAFSA will look different depending on your family situation. It’s important to understand what information is required, based on your particular circumstance, to ensure that you get things right from the get-go.
If your parents are separated or divorced, you'll have to put both parents' information if they live together — but if they don’t, you need to include information on only one parent.
If you live with a foster parent or a legal guardian, you’re automatically considered as an independent student on the FAFSA, which means you’ll be eligible for additional aid.
If you’re a U.S. citizen and your parents are undocumented immigrants, your eligibility for federal student aid won't be affected.
You won’t qualify for federal aid as a DACA student, but you should still fill out the FAFSA, as this will determine your eligibility for state and institutional aid.
FAFSA applications open on Oct. 1 for the upcoming academic year and close on June 30 of the academic year for that award. For instance, for the 2023-24 academic year, the FAFSA opened on Oct. 1, 2022 and will close on June 30, 2024. However, each state and school has its own deadline that you must adhere to. Although you’ll have plenty of time to fill it out, it’s always best to do it as soon as possible, since some aid is awarded on a first-come, first-served basis.
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7 min read Sep 06, 2024A new FAFSA takes less than an hour to complete, while a renewal takes about 30 minutes. To fill it out, you’ll need your FSA ID, Social Security number or Alien Registration Number, driver’s license and most recent federal tax information. If you’re a dependent student, you’ll also need your parents’ Social Security numbers and tax information.
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4 min read Aug 23, 2024It can take anywhere from three to 10 business days for the U.S. Department of Education to process your FAFSA. Once that happens, the department will send both you and the schools listed on your application your Student Aid Report (SAR), which summarizes your application. If you need to make corrections, you can edit your information on the FAFSA website or by sending a written request by mail. Your actual award offers, including offers for loans or work-study, will be included in the financial aid award letters you receive from colleges when they send out acceptances.
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2 min read Jun 21, 2024The federal deadline for the FAFSA is June 30 of that award year. For the 2023-24 award year, that deadline is June 30, 2024. However, each state and institution has its own FAFSA due date that may be earlier than the federal deadline. If you need to make changes to your FAFSA after submitting it, you can do so through Sept. 14, 2024, for the 2023-24 academic year.
Every year, the FAFSA opens on Oct. 1 for the upcoming academic year. For the 2023-24 school year, the FAFSA opened on Oct. 1, 2022.
Because some aid is distributed on a first-come, first-served basis, students can maximize their aid potential by applying as soon as the FAFSA opens. Much of the aid available through the FAFSA is determined based on your financial need, but some aid — like Direct Unsubsidized Loans — is available to all. Don't falsify your information on your FAFSA or submit inconsistent details to get more aid. These inconsistencies may be caught through a verification process, and deliberate misinformation could result in prison time and/or a fine.
You need to resubmit the FAFSA every year you're enrolled in school if you want to receive more aid. It's not necessary to reapply every semester; your financial aid amount is awarded for the entire academic year based on your initial application.
There is no income cutoff for financial aid through the FAFSA; your family size, assets and basic financial health are also considered in the application, as is the expected cost of attendance at your school.
If you're a dependent student, the financial information from your parents is the primary indicator of how much federal and state financial aid you'll receive. Their financial information is used to determine your expected family contribution, which is then deducted from each school's cost of attendance to determine your financial need.
If you're an independent student, however, you will not need to list your parents' income on your FAFSA.
Filling out the FAFSA will not draft you into the military. While males once had to register with the selective service in order to receive federal aid, the FAFSA Simplification Act eliminated this requirement. The question on the FAFSA regarding selective service registration has already been removed from the 2023-24 application, and won’t appear in future applications.
The Student Aid Report (SAR) is an electronic copy of your completed FAFSA form, which you can reference to view your answers and the schools that will be receiving your information. It also gives you some basic insight about your eligibility to receive federal financial aid. You can view and print your SAR by logging into your FSA account and selecting the “View SAR” option on the "My FAFSA" page.
If you need to add schools after submitting the FAFSA, you can do so online, over the phone or by mail. To do so online, you'll log into your FAFSA portal and click the “Add/Update Schools” option. You can also add schools by contacting the Federal Student Aid Information Center over the phone or by printing your SAR, listing the colleges on the report and mailing it back to the Federal Student Aid address listed.
Federal financial aid may not cover your entire cost of attendance, so it's not uncommon for students to turn to other resources when financing their higher education.
Even before getting results back from the FAFSA, you should actively apply to as many scholarships as you can. Many of these do not require financial need, and they can take a few hundreds or thousands of dollars off of your education bill even after federal aid rolls in.
Once you've exhausted all of those options, it may be a good idea to turn to private student loans. While these are typically considered a last resort for college funding — since they don't come with federal benefits and usually require a co-signer — they may be necessary. If your financial aid letter arrives and you don't have any way to pay for your education after scholarships, grants and federal student loans have been accounted for, compare interest rates from a few private lenders. While rates and terms change regularly, you can get a head start by researching lenders and getting a sense of how these loans work.
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See offers Arrow Right Offer detailsCollege Ave Student Loan Refi
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(2) All rates shown include the autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(3) $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degree.
(4) This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 09/03/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
College Ave Student Loans
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(5) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(6) Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(7) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
(8) This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 09/03/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Smart Option Student Loan® for Undergraduate Students and graduate loans
The Private Student Loan comparison chart displays combined APRs and loan terms for our loan products. See below for APR ranges and the loan terms for each loan product.
Lowest rates shown include the auto debit discount.
Undergraduate loan: Variable rates: 5.54% - 15.70% APR and Fixed rates: 3.69% – 15.49% APR with the loan term of 10-15 years. Lowest rates shown include the auto debit discount.
Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
Graduate and MBA loans: Variable rates: 5.54% - 14.97% APR and Fixed rates: 3.69% – 14.48% APR with the loan term of 15 years. Lowest rates shown include the auto debit discount.
Advertised APRs for Graduate School Loan and MBA Loans assume a $10,000 loan with a 2-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
Medical loan: Variable rates: 5.54% - 14.96% APR and Fixed rates: 3.69% - 14.46% APR with the loan term of 20 years. Lowest rates shown include the auto debit discount.
Advertised APRs for Medical School Loan assume a $10,000 loan with a 4-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
Law loan: Variable rates: 5.54% - 14.97% APR and Fixed rates: 3.69% - 14.47% APR with the loan term of 15 years. Lowest rates shown include the auto debit discount.
Advertised APRs for Law School Loan assume a $10,000 loan with a 3-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
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.
Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can’t have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can’t be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default or 90-day delinquencies in the last 24 months. Requirements are subject to change.
For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
3 repayment options: Deferred payment; $25 Fixed repayment; Interest repayment:
Smart Option Student Loan: Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Graduate Loan: Example of a typical transaction for a $10,000 Graduate School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 14.30% fixed APR, 27 payments of $25.00, 178 payments of $172.22 and one payment of $115.59, for a total loan cost of $31,445.75. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Medical Loan: Example of a typical transaction for a $10,000 Medical School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 81-month in-school and separation period, it works out to 10.71% fixed APR, 81 payments of $25.00, 238 payments of $175.31 and one payment of $89.74, for a total loan cost of $43,838.52. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 20 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Law Loan: Example of a typical transaction for a $10,000 Law School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 42-month in-school and separation period, it works out to 11.44% fixed APR, 42 payments of $25.00, 179 payments of $155.95 and one payment of $57.28, for a total loan cost of $29,022.33. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not.
MBA Loan: Example of a typical transaction for a $10,000 MBA Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 14.30% fixed APR, 27 payments of $25.00, 178 payments of $172.22 and one payment of $115.59, for a total loan cost of $31,445.75. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not.
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Graduate School Loan and Graduate School Loan for Health Professions are for graduate students at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Medical School Loans are for graduate students in an M.D., D.O., D.V.M., V.M.D., or D.P.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Law School Loans are for graduate students in a J.D. or L.L.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
MBA Loans are for graduate students in an M.B.A. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Information advertised valid as of 09/10/2024.
SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks if Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
Credible is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
The interest rate you pay will be determined after you apply. It will be based upon your credit history, the loan term you select, and other factors. If approved, we will notify you of the rate you qualify for.
Your rate is fixed and will depend on the loan term that you select. This means that your interest rate will never change during the life of your loan.
Your rate is variable. This means that your rate could move lower or higher than the rates on your disclosure. Although the interest rate will vary after you are approved, the interest rate will never exceed 18% for the 5-year, 7-year, 10-year, or 15-year term. Your loan amount will not exceed the cost of attendance less financial aid as certified by your school. For variable rate loans applied for after 7:00 PM EST on January 7, 2022, the variable interest rate will be based on a publicly available index, the Prime Rate of Interest as published in the Money Market Section of the Wall Street Journal. These variable rates will be calculated and set each month by adding a margin between -2.50% to 5.72% to the Prime Rate. If you have an existing variable rate loan that uses the London Interbank Offered Rate (LIBOR) as the benchmark rate index, your loan will continue to use the LIBOR as the benchmark rate index. These rates will be calculated by adding a margin between 1.05% to 11.39% to the 3-month LIBOR. Your rate will not increase more than once quarterly. ELFI will notify borrowers with existing variable rate loans originated prior to 7:00 PM EST on January 7, 2022, of the expected change from LIBOR to the Prime Rate in the future.
Application Fee: $0
Origination Fee: 0%
Loan Guarantee Fee: 0%
Prepayment Fee: 0%
Late Charge: the lesser of 5% of the past due amount or $50
Returned Check or Insufficient Funds Charge: $30 For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.
1. Find out about other options. The Federal Direct Consolidation Loan may have student loan benefits and terms not detailed on this form. Visit the Department of Education’s website at www.StudentLoans.gov for more information about other consolidation loans. 2. To apply for this loan, complete the application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). Reference Notes
The borrower starts repaying the loan while still in school. The monthly payment will cover the monthly interest and some of the principal borrowed. This option will have the highest monthly payments while in school, but will save the borrower the most money throughout the life of the loan.
The borrower pays a fixed monthly payment of $25.00 while in school and grace period. This amount will first be applied to interest, and any leftover will be applied to the principal. Any unpaid interest will be added to the principal balance of the loan upon the end of the borrowers grace period.
The borrower makes monthly payments to cover the monthly interest while the borrower is in school and grace period. These payments will not include any payment toward the principal of the loan. The principal balance will remain unchanged unless the borrower pays extra.
The borrower makes no monthly payments while in school and grace period. The loan will accrue interest while the borrower is in school and grace period. Upon the end of the grace period, the accrued interest will be added to the principal amount of the loan. Depending on the repayment option you select, your loan may defer payment of principal and/or interest while you are enrolled at least half-time at a post-secondary educational institution. If your loan includes a deferment period, interest will accrue from the disbursement of the loan through the end of the deferment period. Any accrued but unpaid interest during that time will be added to the loan’s principal balance. The lender does not offer payment deferral options once your full payments of principal and interest begin. The lender may in its sole discretion agree to modify the loan or extend other repayment assistance to you on request.
You agree to make monthly principal and interest payments by means of an electronic monthly deduction or transfer from a savings or checking account.
This website and all content is the exclusive property of SouthEast Bank and may not be reproduced without permission. All information contained on this website is subject to change without notice. SouthEast Bank is not responsible for typographical errors. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement.
Ascent Student Loan Disclosure
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply.
For Ascent Terms and Conditions please visit: AscentFunding.com/Ts&Cs
Rates displayed above are effective as of 9/1/2024 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits.
The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.
Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.
Fixed interest rates range from 3.74% APR (with auto debit discount) to 9.59% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.
Variable interest rates range from 6.32% APR (with auto debit discount) to 10.42% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.35% as of September 1, 2024.
The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.
Fixed interest rates range from 6.49% APR (with auto debit discount) to 15.45% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.
Variable interest rates range from 6.77% APR (with auto debit discount) to 15.96% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.35% as of Septermber 1, 2024.
The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.
Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.
Student Loan: Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest), interest only and fixed pay are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.
Parent Loan: Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance if the auto debit discount was in effect at the time of receiving the forbearance. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.
Student Loan
A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:
If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).
If you have questions on cosigner release, or would like to apply, contact us via email or phone at Loans@NelnetBank.com or 800.446.4190.
Parent Loan
A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:
If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).
If you have questions on cosigner release, or would like to apply, contact us via email or phone at Loans@NelnetBank.com or 800.446.4190.
Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at Loans@NelnetBank.com or 800.446.4190 to get more information.
Student Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. All applicants must be the legal age to enter into binding contracts in their state of residence or territory. Applicants may be 16 or 17 years old with a qualified cosigner. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at least half-time at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.
Undergraduate Loan Amounts*:
Graduate Loan Amounts*:
*Maximum loan amounts are subject to limits on total student loan debt
Parent Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student cannot be the borrower or cosigner. All applicants must be the legal age to enter into binding contracts in their state of residence or territory. Benefiting student must be enrolled at least half-time at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.
Undergraduate Loan Amounts*:
Graduate Loan Amounts*:
*Maximum loan amounts are subject to limits on total student loan debt
ELIGIBILITY DISCLOSURES
Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school.
Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan.
Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application.
Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced.
Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution.
Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school.
RATE DISCLOSURES
Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Aug 01, 2024, the 30-day average SOFR index is 5.35%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.
Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Education Refinance Loan Rate Disclosure: Variable interest rates range from 7.02% - 12.44% (7.02% - 12.45% APR). Fixed interest rates range from 5.89% - 10.98% (5.89% - 10.99% APR).
Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 7.02% - 10.78% (7.02% - 10.79% APR). Fixed interest rates range from 5.89% - 8.79% (5.89%- 8.80% APR).
Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 8.67% - 11.94% (8.67% - 11.95% APR). Fixed interest rates range from 6.89% - 9.94% (6.89% - 9.95% APR).
Student Loan Rate Disclosure: Variable interest rates range from 5.99% - 16.60% (5.99% - 16.59% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.59% APR).
Undergraduate Loan Rate Disclosure: Variable interest rates range from 5.99% - 16.60% (5.99% - 16.59% APR). Fixed interest rates range from 3.99% - 15.60% (3.99% - 15.59% APR).
Graduate Loan Rate Disclosure: Variable interest rates range from 5.99% - 15.10% (5.99% - 15.09% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.09% APR).
Business/Law Loan Rate Disclosure: Variable interest rates range from 5.99% - 15.10% (5.99% - 15.09% APR). Fixed interest rates range from 4.24% - 14.10% (4.24% - 14.09% APR).
Medical/Dental Loan Rate Disclosure: Variable interest rates range from 5.99% - 13.79% (5.99% - 13.40% APR). Fixed interest rates range from 4.24% - 12.39% (4.24% - 12.30% APR).
Parent Loan Rate Disclosure: Variable interest rates range from 7.01% - 10.62% (7.01% - 10.62% APR). Fixed interest rates range from 5.99% - 10.60% (5.99% - 10.60% APR).
STUDENT LENDING PROGRAM DISCLOSURES
Wireless Charges: Wireless carrier, text, and/or data charges may apply.
Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413.
Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.
Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer. Please Note: International students are not eligible for Multi-Year Approval.
Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $225,000, Graduate Degrees: $225,000, MBA and Law: $300,000, Healthcare: $250,000 or $400,000 depending on your degree (Aggregate limits up to $400,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $250,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree).
Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications.
Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2023 and September 30, 2024 the origination fee is 4.228%.
Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods).
Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 8.57% APR results in 54 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $167.81. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period.
Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students, or prospective students, or parents or legal guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Building the Workforce of the Future Scholarship entrants must be from an underrepresented or a low-income community as described in the Official Rules. Sweepstakes begins at 12:00 AM ET on 7/1/24 and ends at 11:59 PM ET on 3/31/25. Sponsored by Citizens. See Official Rules for details.
Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option.
SAVINGS DISCLOSURES
Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 2,914 Citizens Education Refinance Loan customers who refinanced their loans between March 1, 2023 and March 1, 2024 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower.
Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 2,776 Citizens Education Refinance Loan customers who lowered their interest rate on loans between March 1, 2023 and March 1, 2024. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 14.51% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower.
Parent Loan Savings: Origination fee savings of $753 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $17,825 as compared to the Citizens Student Loan for Parents, which has no origination fees.
Graduate Loan Savings: Origination fee savings of $811 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/23 and 9/30/24) and an average amount financed of $19,202 as compared to the Citizens Student Loan, which has no origination fees.
APPLICATION & SOLICITATION DISCLOSURES
Additional Application Solicitation Disclosures may be obtained by calling the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST and Saturday, 8:30am - 5:00pm. Closed Sunday.
