{"id":1471,"date":"2015-06-05T19:18:35","date_gmt":"2015-06-05T19:18:35","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=1471"},"modified":"2021-10-08T12:52:14","modified_gmt":"2021-10-08T19:52:14","slug":"how-to-calculate-your-student-loan-expected-family-contribution-efc","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/refinance-student-loans\/how-to-calculate-your-student-loan-expected-family-contribution-efc\/","title":{"rendered":"EFC: How Your Expected Family Contribution Affects Financial Aid"},"content":{"rendered":"<p>Filling out the Free Application for Federal Student Aid (FAFSA) for the first time can feel overwhelming. One way to lessen this confusion is to learn how your FAFSA results are used to determine the federal financial aid you qualify for \u2014 such as understanding how your Expected Family Contribution (EFC) is calculated and what it means.<\/p>\n<p><b>Here\u2019s what to know about about the Expected Family Contribution when paying for college:<\/b><\/p>\n<ul>\n<li><a href=\"#what-is-efc\">What does your EFC number mean on your FAFSA?<\/a><\/li>\n<li><a href=\"#factors-determine-efc\">What factors determine your EFC?<\/a><\/li>\n<li><a href=\"#financial-aid-efc\">How much financial aid will you get based on your EFC?<\/a><\/li>\n<li><a href=\"#need-based-non-need-based\">Need-based vs. non-need-based aid: what\u2019s the difference?<\/a><\/li>\n<li><a href=\"#appeal-your-efc\">How to appeal your EFC<\/a><\/li>\n<li><a href=\"#student-aid-index-replace-efc\">The Student Aid Index will replace the EFC in 2023<\/a><\/li>\n<li><a href=\"#private-loans-financial-gaps\">Consider private student loans to fill in the financial gaps<\/a><\/li>\n<\/ul>\n<p><a name=\"what-is-efc\"><\/a><\/p>\n<h2>What does your EFC number mean on your FAFSA?<\/h2>\n<p>Your Expected Family Contribution is calculated based on your FAFSA information and is used by financial aid offices to determine how much federal financial aid you qualify for. Keep in mind that your EFC isn\u2019t the amount of money your family will be expected to provide for your education or your exact federal financial aid amount \u2014 it\u2019s simply part of the equation.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>How is your EFC calculated?<\/b> There are three formulas used to calculated EFC:<\/p>\n<ul>\n<li><b>Formula A<\/b> for dependent students<\/li>\n<li><b>Formula B<\/b> for independent students without dependents other than a spouse<\/li>\n<li><b>Formula C<\/b> for independent students with dependents other than a spouse<\/li>\n<\/ul>\n<p>You can find the worksheets used to determine EFC on the <a href=\"https:\/\/fsapartners.ed.gov\/sites\/default\/files\/attachments\/2020-08\/2122EFCFormulaGuide.pdf\">Federal Student Aid Partner Connect website<\/a>. Don\u2019t worry \u2014 because you have to complete the FAFSA to get your official EFC anyway, you don\u2019t have to figure out your EFC manually using the worksheets.<\/div><\/div>\n<p>Once your EFC has been calculated, your school\u2019s financial aid office will subtract it from your cost of attendance \u2014 this number is how much you qualify for in need-based aid. They\u2019ll then subtract any need-based financial aid you\u2019re awarded from your cost of attendance to determine what non-need-based aid you\u2019re eligible for.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Keep in mind:<\/b> Your school\u2019s cost of attendance is based on several factors, including tuition, fees, room and board, books, supplies, transportation, and other basic living expenses.<\/div><\/div>\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/federal-stafford-loans\/\"><b><i>Federal Stafford Loans<\/i><\/b><\/a><\/p>\n<p><a name=\"factors-determine-efc\"><\/a><\/p>\n<h2>What factors determine your EFC?<\/h2>\n<p>The information you provide in the FAFSA is used to determine your EFC. Here are a few of these factors as well as how they\u2019re typically weighted in the calculation for dependent students:<\/p>\n\n<table id=\"tablepress-821\" class=\"tablepress tablepress-id-821 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Program<\/strong><\/th><th class=\"column-2\"><strong>Weight<\/strong><\/th><th class=\"column-3\"><strong>Excluded income<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>Student income<\/strong><\/td><td class=\"column-2\">50%<\/td><td class=\"column-3\">$6,750<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Parent income<\/strong><\/td><td class=\"column-2\">22% to 44%<\/td><td class=\"column-3\">Varies based on the number of dependents and number of students in college<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><strong>Student assets<\/strong><\/td><td class=\"column-2\">20%<\/td><td class=\"column-3\">529 plans in student\u2019s name before disbursement<br \/>\n<small>(disbursements and 529 plans in someone\u2019s else name are considered student income)<\/small><\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><strong>Parent assets<\/strong><\/td><td class=\"column-2\">2.6% to 5.64%<\/td><td class=\"column-3\">529 plans in parent\u2019s name before disbursement<br \/>\n<small>(disbursements and 529 plans in someone\u2019s else name are considered student income)<\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Keep in mind: <\/b><span style=\"font-weight: 400;\">If you\u2019re an independent student, your parent\u2019s income and assets won\u2019t be considered for the EFC. This means you might qualify for more financial aid as an <\/span><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/independent-vs-dependent-status\/\"><span style=\"font-weight: 400;\">independent student than as a dependent student<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/div><\/div>\n<p><b><i>Check Out:<\/i><\/b> <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/529-plan\/\"><b><i>529 Plan: Invest in a College Savings Account Early<\/i><\/b><\/a><\/p>\n<p><a name=\"financial-aid-efc\"><\/a><\/p>\n<h2>How much financial aid will you get based on your EFC?<\/h2>\n<p>This will mainly depend on your school\u2019s cost of attendance: Your school\u2019s financial aid office will subtract your EFC from the cost of attendance to determine your financial need. This number is also the maximum amount you can receive in need-based aid \u2014 though you might be able to get more in non-need-based aid.<\/p>\n<p>Keep in mind that students who come from households with a low adjusted gross income (AGI) will generally have a lower EFC compared to students from wealthy families. This means low-income students will often be eligible for more financial aid.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\">For example: Say your EFC is $15,000 and your school\u2019s cost of attendance is $40,000. With this EFC, your calculated financial need would be $25,000. But if you had a higher EFC of $30,000, your financial need would be only $10,000.<\/div><\/div>\n<p><b><i>Check Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/federal-vs-private-student-loans\/\"><b><i>Federal vs. Private Student Loans: 5 Differences<\/i><\/b><\/a><\/p>\n<p><a name=\"need-based-non-need-based\"><\/a><\/p>\n<h2>Need-based vs. non-need-based aid: what\u2019s the difference?<\/h2>\n<p>There are two categories of federal financial aid \u2014 need-based and non-need-based aid. Learning the difference between the two can help you better understand your financial aid package and the role of your EFC.<\/p>\n<p>Here\u2019s how they work:<\/p>\n<h3>Need-based aid<\/h3>\n<p>You must have financial need as well as meet other requirements to qualify for need-based aid. To calculate your financial need, your school will subtract your EFC from your cost of attendance. Your financial need is also the maximum amount of need-based aid you can get.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>For example:<\/b> Say your school\u2019s cost of attendance is $20,000 and your EFC is $8,000. In this case, your financial need would be $12,000 \u2014 this would also be the maximum you could get in need-based aid.<\/div><\/div>\n<p>There are four types of need-based federal aid, including:<\/p>\n<ul>\n<li><b>Federal Pell Grants:<\/b> These are awarded to undergraduate students who demonstrate exceptional financial need. Unlike student loans, Pell Grants don\u2019t have to be repaid.<\/li>\n<li><b>FSEOG:<\/b> The Federal Supplemental Educational Opportunity Grant (FSEOG) program is only offered by participating schools. You can check with your school\u2019s financial aid office to see if the FSEOG is available to you.<\/li>\n<li><b>Direct Subsidized Loans:<\/b> These are available to undergraduate students with financial need. The government will cover the interest that accrues on these loans while you\u2019re in school.<\/li>\n<li><b>Federal Work-Study:<\/b> Undergraduate and graduate students with financial need can get part-time jobs through this program.<\/li>\n<\/ul>\n<h3>Non-need-based aid<\/h3>\n<p>Unlike with need-based aid, your EFC doesn\u2019t factor into your eligibility for non-need-based aid. Instead, your school\u2019s financial aid office will subtract the financial aid you\u2019ve been awarded so far (such as school-based aid and private scholarships) from your cost of attendance \u2014 this number is how much you qualify for in non-need-based aid.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>For example:<\/b> Say your cost of attendance is $20,000. If you\u2019ve already received $12,000 in need-based aid, you might qualify for up to $8,000 in non-need-based aid.<\/div><\/div>\n<p><b>There are three types of non-need-based aid, including:<\/b><\/p>\n<ul>\n<li><b>Direct Unsubsidized Loans:<\/b> These are available to both undergraduate and graduate students. Unlike with subsidized loans, you\u2019re responsible for all of the interest that accrues on unsubsidized loans.<\/li>\n<li><b>Direct PLUS Loans:<\/b> There are two kinds of PLUS Loan \u2014 Grad PLUS Loans for graduate students and <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/best-parent-plus-student-loans\/\">Parent PLUS Loans<\/a> for parents who want to pay for their child\u2019s education. The interest rates on these loans are higher compared to most other federal loans. PLUS Loans also require a credit check.<\/li>\n<li><b>TEACH Grant:<\/b> To be eligible for a Teacher Education Assistance for College and Higher Education (TEACH) Grant, you must agree to serve as a full-time, highly-qualified teacher at a low-income school or educational service agency for four years. Additionally, you must teach in a high-need field.<\/li>\n<\/ul>\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/subsidized-vs-unsubsidized-student-loans-which-is-for-you\/\"><b><i>Subsidized vs. Unsubsidized Student Loans: Know the Difference<\/i><\/b><\/a><\/p>\n<p><a name=\"appeal-your-efc\"><\/a><\/p>\n<h2>How to appeal your EFC<\/h2>\n<p>After you submit the FAFSA, your school will send you a <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/financial-aid-award-letters\/\">financial aid award letter<\/a> detailing the financial aid you qualify for. However, if your financial situation changes, you might be able to appeal your EFC or get additional help from your school if your financial situation changes \u2014\u00a0for example, if you\u2019re faced with a death in the family, a serious illness, job loss, or divorce.<\/p>\n<p>If you\u2019re ready to appeal your EFC, here\u2019s what to do:<\/p>\n<ol>\n<li><b>Contact the financial aid office.<\/b> Some schools have specific funds set aside for students with an unexpected financial need or have resources to help you make up the difference between your family\u2019s ability to pay and your education costs. Ask your school\u2019s financial aid office what help is available for you.<\/li>\n<li><b>Request more financial aid.<\/b> This will also be done through the financial aid office. Make sure to include information on how your circumstances changed and how much additional aid you need.<\/li>\n<\/ol>\n<p><b><i>Check Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/calculators\/student-loan-calculator\/\"><b><i>Student Loan Interest Calculator: Estimate Payments<\/i><\/b><\/a><\/p>\n<p><a name=\"student-aid-index-replace-efc\"><\/a><\/p>\n<h2>The Student Aid Index will replace the EFC in 2023<\/h2>\n<p>As part of the FAFSA Simplification Act, the EFC will be replaced with the Student Aid Index (SAI) starting on July 1, 2023. The main reason for this change is to reduce the confusion surrounding the term \u201cExpected Family Contribution\u201d \u2014 this is often mistaken to mean either the amount your family has to come up with to support your education or the amount of federal aid you\u2019ll get.<\/p>\n<p>Updating this system is expected to help clear up these misunderstandings as well as highlight how this number is actually used \u2014 as a part of <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/qualifying-for-financial-aid\/\">financial aid<\/a> calculations.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>In addition to changing the name, some of the ways that the SAI will change the current EFC system include:<\/b><\/p>\n<ul>\n<li><b>Fewer questions:<\/b> The FAFSA will have a maximum of 36 questions instead of the current 108 with the EFC system. Low-income families will have the fewest questions to answer.<\/li>\n<li><b>Pell Grant eligibility:<\/b> You\u2019ll be able to see if you qualify for a Pell Grant before applying.<\/li>\n<li><b>Suspension eliminations:<\/b> Students will no longer need to answer questions regarding drug-related convictions or Selective Service System registration.<\/li>\n<li><b>Asset information:<\/b> In some cases, assets won\u2019t be considered in financial aid calculations for low-income students and parents.<\/li>\n<li><b>Range:<\/b> With the EFC, the lowest number you can qualify for is $0. But with the SAI, the lowest number will be -$1,500 \u2014 which means you could receive more aid to cover other expenses outside of the school\u2019s cost of attendance.<\/li>\n<li><b>Special circumstances:<\/b> Financial aid officers will have the power to adjust the cost of attendance or components of the SAI on a case-by-case basis. This means that students facing exceptional circumstances might be able to get more aid.<\/li>\n<\/ul>\n<\/div><\/div>\n<b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/student-loans\/federal-direct-plus-loans\/\"><b><i>Federal Direct Plus Student Loans: What to Know Before Borrowing<\/i><\/b><\/a><\/p>\n<p><a name=\"private-loans-financial-gaps\"><\/a><\/p>\n<h2>Consider private student loans to fill in the financial gaps<\/h2>\n<p>If your federal financial aid isn\u2019t enough to cover your school costs, private <a href=\"https:\/\/www.credible.com\/student-loans\">student loans<\/a> could help fill the gap. While private student loans don\u2019t offer the same benefits and protections that federal student loans do, they can be an important part of paying for school.<\/p>\n<p>Before taking out a private student loan, be sure to shop around and consider as many lenders as possible to find the right loan for you. Credible makes this easy \u2014 you can see your prequalified rates from our partner lenders in the table below in just two minutes.<\/p>\n\n<table id=\"tablepress-742\" class=\"tablepress tablepress-id-742 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles table-align-center tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Lender<\/th><th class=\"column-2\">Fixed Rates From (APR)<br \/>\n<\/th><th class=\"column-3\">Variable Rates From (APR)<\/th><th class=\"column-4\">Loan amounts<\/th><th class=\"column-5\">Loan terms (years)<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/ascent\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A three-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-three-quarter.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#ascent-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    2.69%+<sup>10<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    3.65%+<sup>10<\/sup>\n  <\/span>\n<\/td><td class=\"column-4\">$2,001* to $400,000<\/td><td class=\"column-5\">5, 7, 10, 12, 15, 20<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td colspan=\"5\" class=\"column-1\">            <div id=\"ascent-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    2.69%+<sup>10<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    3.65%+<sup>10<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $2,001* to $400,000 <\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 7, 10, 12, 15, 20<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, fixed\/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                0.25% to 1.00% automatic payment discount, 1% cash back graduation reward<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 12 on-time principal and interest payments<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                Launch Servicing, LLC<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/citizens-bank\/#citizens-bank-private-student-loans\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A three-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-three-quarter.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#citizens-bank-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.24%+<sup>1<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    4.98%+<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-4\">$1,000 to $350,000 <small>(depending on degree)<\/small><\/td><td class=\"column-5\">5, 10, 15<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td colspan=\"5\" class=\"column-1\">            <div id=\"citizens-bank-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    3.24%+<sup>1<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    4.98%+<sup><\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                720<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 to $350,000<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 10, 15<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan types:<\/span>\n                                Any private or federal student loan<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay, loyalty<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner)<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone, chat<\/li>\n                                                <li><span class=\"font-weight-bold\">Soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 36 months<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                Firstmark Services<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/college-ave\/#college-ave-private-student-loans\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A three-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-three-quarter.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#college-ave-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    2.59%+<sup>2,3<\/sup>\n  <\/span>\n<br \/>\n<\/td><td class=\"column-3\">  <span>\n    3.89%+<sup>2,3<\/sup>\n  <\/span>\n<\/td><td class=\"column-4\">$1,000 up to 100% of the school-certified cost of attendance<\/td><td class=\"column-5\">5, 8, 10, 15, 20<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td colspan=\"5\" class=\"column-1\">            <div id=\"college-ave-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    2.59%+<sup>2,3<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    3.89%+<sup>2,3<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 up to cost of attendance<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 8, 10, 15, 20<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, full monthly payment, fixed\/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After half of the scheduled repayment term has been completed<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                College Ave Servicing LLC\r\n<p><i><sup>Learn more about<a href=\"https:\/\/help.collegeavestudentloans.com\/hc\/en-us\/articles\/5560603133079-Can-a-cosigner-be-released-from-a-loan-\"> cosigner release requirements.<\/a> Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.<\/p><\/i><\/sup><\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/custom-choice\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A half star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-half.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#custom-choice-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.35%+<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    3.68%+<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-4\">$1,000 to $99,999 annually <br \/>\n<small>($180,000 aggregate limit)<\/small><\/td><td class=\"column-5\">7, 10, 15<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td colspan=\"5\" class=\"column-1\">            <div id=\"custom-choice-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    3.35%+<sup><\/sup>\n  <\/span>\n<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    3.68%+<sup><\/sup>\n  <\/span>\n<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 to $99,999 annually\r\n<small>($180,000 aggregate limit)<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/small><\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                7, 10, 15<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, immediate repayment, interest-only repayment, flat\/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone, email<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 36 months<a href=\"https:\/\/www.credible.com\/a\/cogfin-disclosures\"><sup>11<\/sup><\/a><\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                American Education Services<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. income:<\/span>\n                                $1<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/invested\/#invested-private-student-loans\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A half star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-half.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#invested-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    4.5%+<sup>8<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">  <span>\n    6.08%+<sup>8<\/sup>\n  <\/span>\n<\/td><td class=\"column-4\">$1,001 up to 100% of school certified cost of attendance<\/td><td class=\"column-5\">5, 10, 15<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td colspan=\"5\" class=\"column-1\">            <div id=\"invested-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    4.5%+<sup>8<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                  <span>\n    6.08%+<sup>8<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                670<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,001 up to cost of attendance<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                5, 10, 15<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay, reward for on-time graduation<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone, chat<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 12 months<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                American Education Services<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/mefa\/#mefa-private-student-loans\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A half star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-half.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#mefa-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    3.29%+<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">N\/A<\/td><td class=\"column-4\">$1,500 up to school\u2019s certified cost of attendance less aid<\/td><td class=\"column-5\">10, 15<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td colspan=\"5\" class=\"column-1\">            <div id=\"mefa-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    3.29%+<sup><\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                N\/A<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                670<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,500 up to cost of attendance less aid<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                10, 15<\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, interest only, immediate repayment, academic deferral, forbearance<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident and be making satisfactory academic progress.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Email, phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                After 48 months<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                American Education Services (AES)<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/sallie-mae\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A one-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-quarter.svg\">\n                        <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#sallie-mae-psl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\"><span style=\"font-weight: 400;\">  <span>\n    2.890%<sup>9<\/sup>\n  <\/span>\n -   <span>\n    17.49%<sup>9<\/sup>\n  <\/span>\n<\/span><\/td><td class=\"column-3\"><span style=\"font-weight: 400;\">  <span>\n    3.75%<sup>9<\/sup>\n  <\/span>\n -   <span>\n    16.370%<sup>9<\/sup>\n  <\/span>\n<\/span><\/td><td class=\"column-4\">$1,000 up to 100% of school-certified cost of attendance<\/td><td class=\"column-5\">10 to 20<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td colspan=\"5\" class=\"column-1\">            <div id=\"sallie-mae-psl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                <span style=\"font-weight: 400;\">  <span>\n    2.890%<sup>9<\/sup>\n  <\/span>\n -   <span>\n    17.49%<sup>9<\/sup>\n  <\/span>\n<\/span><\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                <span style=\"font-weight: 400;\">  <span>\n    3.75%<sup>9<\/sup>\n  <\/span>\n -   <span>\n    16.370%<sup>9<\/sup>\n  <\/span>\n<\/span><\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 up to 100% of school-certified cost of attendance<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                10 to 20<sup>9<\/sup><\/li>\n                                                <li><span class=\"font-weight-bold\">Repayment options:<\/span>\n                                Full deferral, fixed\/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee, non-sufficient funds (NSF) fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner.<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone, chat<\/li>\n                                                <li><span class=\"font-weight-bold\">Prequalified rates with a soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Cosigner release:<\/span>\n                                Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements.<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                Sallie Mae<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td colspan=\"5\" class=\"column-1\"><center><b>Compare private student loan rates without affecting<br> your credit score. 100% free!<\/b><br><br \/>\n<center><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/student-loans\/start\">Compare Private Loans Now<\/a><\/center><br><\/center><br \/>\n<!-- TrustBox widget - Micro Combo --><br \/>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div><br \/>\n<!-- End TrustBox widget --><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p>See what your estimated monthly payment will be using our student loan calculator below.<\/p>\n<div class=\"calculator loan\">\n<div class=\"inputs container\">\n\n\t<p>Enter your loan information<span class=\"hidden-md-up\"> to calculate how much you could pay<\/span><\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-amount\">Loan amount<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the total amount borrowed<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-amount\">\n  \t\t\t<span class=\"input-group-addon\">$<\/span>\n  \t\t\t<input type=\"number\" value=\"20000\" step=\"1000\" name=\"loan-amount\" id=\"loan-amount\" aria-label=\"Loan amount\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t<\/span>\n    <\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"interest-rate\">Interest rate<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter your annual interest rate<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group interest-rate\">\n  \t\t\t<input type=\"number\" value=\"4\" step=\".01\" min=\".01\" max=\"100\" name=\"interest-rate\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n  \t\t\t<span class=\"input-group-addon\">%<\/span>\n  \t\t<\/span>\n    <\/div>\n\t\t<span class=\"between\">or<\/span>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-term\">Loan term<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time you have to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-term\">\n  \t\t\t<input name=\"loan-term\" value=\"10\" step=\"1\" min=\"1\" max=\"50\" id=\"loan-term\" aria-label=\"Loan term\" type=\"number\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t\t<span class=\"input-group-addon\">years<\/span>\n  \t\t<\/span>\n    <\/div>\n\t<\/div>\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span class=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span class=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    With a\n    <strong>$<span class=\"output-loan-amount\"><\/span><\/strong>\n        loan, you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    monthly and a total of\n    <strong>$<span class=\"total-interest\"><\/span><\/strong>\n    in interest over the life of your loan. You will pay a total of\n    <strong>$<span class=\"total-payment\"><\/span><\/strong>\n    over the life of the\n    loan, assuming you're making full payments while in school.\n  <\/p>\n\n  \n  <div class=\"cta\">\n       <\/div>\n\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Filling out the Free Application for Federal Student Aid (FAFSA) for the first time can feel overwhelming. One way to lessen this confusion is to learn how your FAFSA results are used to determine the&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/refinance-student-loans\/how-to-calculate-your-student-loan-expected-family-contribution-efc\/\">Continue reading<\/a><\/p>\n","protected":false},"author":126,"featured_media":41583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[2],"tags":[1493],"class_list":["post-1471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-refinance-student-loans","tag-financial-aid-fafsa","how-to-calculate-your-student-loan-expected-family-contribution-efc","post_tag-financial-aid-fafsa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EFC: How Your Expected Family Contribution Affects Financial Aid<\/title>\n<meta name=\"description\" content=\"Your Expected Family Contribution (EFC) will be used by your school to determine the financial aid you qualify for. 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