Which Banks Offer Student Loans?

Most large national banks, such as Wells Fargo, Chase, and Bank of America, no longer issue student loans. However, a few online and regional banks still offer private student loans, often with competitive interest rates and flexible repayment plans. If you've maxed out your federal aid or need additional funding for school, bank student loans could help fill the gap.

In this guide, learn which banks offer student loans, compare rates and terms, and find the best loan for your financial situation.

Compare private student loan rates

Which bank has the best student loan?

SoFi offers some of the best student loans available from a bank due to its low starting interest rates, no fees, and flexible repayment terms — you can choose a loan term of five, seven, 10, or 15 years. Borrowers also get access to benefits, including cash rewards for good grades and complimentary financial planning services.

Citizens Bank is another top lender if you're looking for an even longer repayment term. It offers loan plans of five, seven, 10, 15, and 20 years, and you can qualify for a rate discount if you already bank with them.

What credit score do you need for a bank student loan?

You’ll typically need a FICO score of at least 670 to qualify for a student loan from a bank or other financial institutions. Lenders may also consider your income and whether you’re enrolled in an eligible school.

Many college students haven’t built the credit or income needed to qualify on their own. “This is why the majority of student borrowers who take out a private student loan need a cosigner,” says Bethany Hubert, financial aid specialist at Going Merry by Earnest. 

More than 90% of undergraduates who applied for a private student loan through Credible between January and July 2026 added a cosigner. 

A cosigner with strong credit and steady income may also help you qualify for a lower interest rate and more funding. Among Credible applicants, borrowers with cosigners were approved for nearly twice as much funding and received APRs more than 2 percentage points lower on average than those who applied alone. 

The chart below shows the average rates borrowers received based on their credit scores when using Credible to find a lender: 

How to pick the best student loan for you

To find the best student loan for your needs, shop around and compare your options with as many lenders as you can. You'll need to consider several important factors as you do your research, including:

• Interest rate: The interest rate on a loan plays a major role in determining how much you'll pay for it over time. You'll also need to decide whether you'd prefer a fixed or variable rate. A fixed rate will remain the same over the life of your loan, which means your payment won't ever change. A variable rate might be lower in comparison, but it can fluctuate over time.
• Repayment term: The shorter the term, the less you'll pay in interest. Because of this, it's usually a good idea to choose the shortest term you can afford. You can use a student loan repayment calculator to see what your monthly payment will be under different repayment terms.
• Cosigner release: Some lenders allow cosigners to be released from the loan once you've made on-time payments for a certain amount of time. If you'd like to remove your cosigner from the loan in the future, be sure to check whether the lender offers cosigner release.
• Discounts: Depending on the lender, you can take advantage of discounts. For example, many lenders provide rate discounts if you sign up for automatic payments. Other lenders, like SoFi, offer loyalty discounts if you already have an account with them.

Bank student loans vs. federal student loans

Federal student loans offer more protections, including income-driven repayment, deferment, and loan forgiveness. That's why most students should use federal loans before considering private loans.

“Private loans offer more options up front while federal loans offer more protection on the back end,” says Jack Wang, a wealth adviser at Innovative Advisory Group who specializes in helping families pay for college.

However, if you or your cosigner has strong credit, a student loan from a bank could provide lower interest rates.

“Students, and potentially with a cosigner, would look at a bank or private lender for a student loan if they have a really good credit profile and do not need the provisions offered by federal student loans,” advises Wang.

“It's worthwhile to do a comparison between the rates, fees, and repayment terms of both programs,” adds Stacey MacPhetres, senior director of education finance for EdAssist by Bright Horizons.

“When considering if a student should borrow their federal student loans first, they should compare their overall costs over the life of the loan to the private loans they are considering,” says MacPhetres.

How to get a student loan from a bank

To apply for a bank student loan, you'll need to submit an application directly through the bank's website. Before you start, compare a few lenders to find the best rates, fees, and loan terms.

It's also important to “confirm if the lender's loan limits can cover your education expenses,” says Hubert. She recommends you “review customer feedback to ensure the lender has a reputation for supporting their customers.”

Once you're ready to apply, gather the necessary documents ahead of time.

“Students should gather identity documentation — a driver's license and Social Security card, income documentation for themselves, if applicable — a W-2 and two pay stubs, and let their cosigner know to do the same,” says Sara Parrish, president of CampusDoor, a loan origination platform.

If you're applying with a cosigner, they don't need to be physically present.

“It's OK if the cosigner is not physically sitting with the student. Private lenders make it simple to invite cosigners to complete their part of the application,” Parrish explains.

She adds that after you submit your application, the bank may request copies of your documentation, so be ready to upload those when needed.