College Finance Student Loans is a private student lender offering student loans for undergraduates, graduates, parents, and career training. College Finance has among the lowest rates for fixed and variable rate student loans. With a range of repayment options and terms, College Finance is targeted at anyone looking for a customizable student loan that won’t break the bank.
Loan types: Undergraduate, parent, career
APRs: 5.29% - 16.99% variable; 4.42% - 16.99% fixed
Graduate Loan APR: 5.29% - 14.49% variable; 4.42% - 14.49% fixed
Repayment terms: 5-15 years
Loan amount: Up to 100% of cost of attendance
Origination fees: No
As mentioned, College Finance has among the lowest student loan rates for variable and fixed APRs. As with other lenders, the lowest rates are reserved for borrowers and co-signers with excellent credit. A 0.25% rate discount applies when using autopay to make monthly payments. The rates above and below include the autopay discount. Variable rates may increase after consummation.
|Loan type||Variable APRs||Fixed APRs|
|Undergraduate loans||5.29% - 16.99%||4.42% - 16.99%|
|Graduate||5.29% - 14.49%||4.42% - 14.49%|
5.29% - 14.49%
4.42% - 14.49%
5.29% - 14.47%
4.42% - 14.47%
|Parent loans||5.29% - 15.99%||4.42% - 16.99%|
|Career loans||5.29% - 16.39%||4.42% - 16.99%|
College Finance offers a choice of four repayment terms: 5, 8, 10, or 15 years. The longer your loan, the smaller your monthly payments but the more you pay in interest overall.
Additionally, College Finance offers a choice of four repayment options while you’re still in school.
If the student borrower dies or suffers a permanent disability during the repayment term, the loan is forgiven.
Throughout the year, College Finance offers sweepstakes, contests and giveaways to eligible student borrowers.
Promos are subject to change. Here’s what we found when we last checked in:
You can apply and get your decision within 3 minutes. If you’re approved, you’ll then need to accept your terms and e-sign your loan documents. At that point, College Finance will send the loan to the school for certification. Depending on the school, it can take several days to a few weeks before final confirmation of the loan.
To qualify, you must:
College Finance allows a maximum of one co-signer per borrower. In effect, the co-signer must agree to take equal responsibility for your loan. This means that if you, as the student borrower are not able to make your payments, then the co-signer will be legally obligated to pay the loan back for you.
A student borrower who is a US citizen can request a co-signer release after more than half the scheduled repayment period has elapsed, if the following requirements have been met:
While College Finance only takes applications online, it does offer customer service over the phone. For help with your student loan, just hit the live chat button on the College Finance website, send a text to 855-910-0510, or call customer service on 844-422-7502. Business hours are Mon – Fri, 9am – 8pm ET.
College Finance is a private student loan company based in Wilmington, Delaware. It was founded in 2014. Loan products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC.
College Finance is a standout performer on all the most important aspects of student loans, namely: low interest rates, flexible repayment options, and co-signer option. The absence of a transparent minimum credit score and the difficulty of getting a co-signer release add a bit of risk. However, if you or your co-signer are in a strong position in terms of credit score, then College Finance is one of the best student loan options out there.
CollegeFinance is offering an enhanced version of the College Finance private student loan for the 2022-23 academic year. The loan is identical to the College Finance private student loan, but has the following additional feature:
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