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UpdatedAug 04, 2023   |  5-min read
Written bySarah Sharkey
Written bySarah Sharkey
Expertise:Student loans, insurance planning, credit cards, mortgage, personal Finance
Sarah Sharkey is a personal finance writer who enjoys helping people make optimal financial decisions. She has been writing about money for more than five years.
Learn more about Sarah Sharkey
Fifth Third Bank is an Ohio-based bank with more than 1,100 branches across the Midwestern and Southern United States. It offers a variety of deposit accounts and lending services to its customers.
However, the bank does not offer student loan options for college borrowers.
If you’re in the market for a student loan, we have included a list below of alternatives worth considering, even if you already bank with Fifth Third.
In this guide:
- Does Fifth Third Bank partner with any student loan lenders?
- Fifth Third Bank student loan alternatives
Does Fifth Third Bank partner with any student loan lenders?
Fifth Third Bank has previously partnered with CommonBond to provide student loans to eligible customers. But CommonBond has recently decided to stop offering private student loans for the 2022-23 academic year.
For additional information, check out our full CommonBond student loan review.
Fifth Third Bank student loan alternatives
While Fifth Third Bank doesn’t offer student loans, if you’re still looking for the right student lender, there are plenty of options available.
It generally makes sense to take out as much as you need (or as much as you can) in federal student loans first. They offer low interest rates and a lot of borrower protections, such as the option for income-based repayment and loan forgiveness.
However, you might need to borrow more than the federal government is willing to lend. That’s where private student loans come into play.
You can check out our guide to find the best private student loans, with a full breakdown of your options, or review some of the companies below.
College Ave
College Ave is our top-rated private lending lender. It offers flexible term options, letting you extend your payments for as long as 15 years, and gives you a choice between fixed and variable interest rates.
College Ave offers loans as small as $1,000 or as high as 100% of the school-certified cost of attendance. The lender offers a cosigner release option after making it halfway through the original loan term and meeting credit requirements.
One drawback of College Ave is that the company offers limited forbearance options.
| In-school loans | Refinance loans | |
| Variable rates (APR) | 1.29% – 12.99% | 3.44% – 7.99% |
| Fixed rates (APR) | 3.22% – 13.95% | 3.49% – 7.99% |
| Rate reduction | 0.25% AutoPay discount | 0.25% AutoPay discount |
| Loan amount | $1,000 – 100% of costs | $5,000 – $150,000 |
| Repayment terms | 5, 8, 10, or 15 years | 5 – 15 years |
| Benefits | Flexible repayment terms Cosigner release option | Flexible repayment terms No application fee No origination fee |
| View rates | View rates |
Earnest
Earnest offers private student loans with low interest rates. You can knock the rates even lower with a 0.25% discount when you sign up for AutoPay.
One perk of working with Earnest is that the company offers a nine-month grace period after you leave school. That gives you more time to find your financial feet after college before you have to make payments. You also have the freedom to skip one payment per year, penalty-free.
One drawback of Earnest is that its eligibility requirements tend to be stricter than those of other lenders.
| In-school loans | Refinance loans | |
| Variable rates (APR) | 1.34% – 11.44% | 1.89% – 7.99% |
| Fixed rates (APR) | 3.22% – 12.78% | 3.24% – 7.99% |
| Rate reduction | 0.25% AutoPay discount | 0.25% AutoPay discount |
| Loan amount | $1,000 – 100% of costs | $5,000 – $500,000 |
| Repayment terms | 5, 7, 10, 12, or 15 years | 5 – 20 years |
| Benefits | Nine-month grace period Ability to skip a payment once a year | Customize your loan Remove a cosigner |
| View rates | View rates |
Ascent
Ascent offers students options for loans both with and without cosigners, which can be helpful for borrowers who don’t have someone willing to cosign a loan. However, loans without cosigners are capped at $20,000. If you get a cosigner, you can borrow up to $200,000.
One nice perk of borrowing from Ascent is that you get a reward for graduating. Ascent will give you a graduation bonus of 1% of your loan’s balance if you meet the requirements.
| In-school loans | |
| Variable rates (APR) | 1.75% – 12.30%1 |
| Fixed rates (APR) | 3.22% – 14.75%1 |
| Rate reduction | 0.25% AutoPay discount 1.00% AutoPay discount for undergraduate Outcome-Based loans |
| Loan amount | $2,001 – $200,000 |
| Repayment terms | 5, 7, 10, 12, or 15 years |
| Benefits | Start payments nine months after graduation Progressive repayment option |
| View rates |
Sallie Mae
Sallie Mae is a major student loan lender. You’ll find funding opportunities for undergraduate degrees, graduate programs, professional training, or certificate courses. Even students with less than half-time status can tap into this funding option.
One benefit is the flexible repayment. You can start making payments right away or defer all payments until six months post graduation. If making full payments at the six-month mark is too much, you can request interest-only payments for an additional twelve months.
| In-school loans | |
| Variable rates (APR) | 2.62% – 12.97% |
| Fixed rates (APR) | 3.75% – 13.72% |
| Rate reduction | 0.25% AutoPay discount |
| Loan amount | $1,000 – 100% of costs |
| Repayment terms | 5 – 15 years |
| Benefits | Graduated Repayment Period Apply for multiple years |
| View rates |
1 Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Millsor DR Bank, eachMember FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit:www.AscentFunding.com/Ts&Cs. Rates are effective as of 10/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
I am a seasoned financial expert with a deep understanding of various financial topics, including student loans. My knowledge is not just theoretical but is backed by years of practical experience and continuous research in the ever-evolving financial landscape.
Now, let's delve into the information presented in the article:
-
Fifth Third Bank Overview:
- Fifth Third Bank is an Ohio-based financial institution with over 1,100 branches across the Midwestern and Southern United States.
- It provides a range of deposit accounts and lending services to its customers.
- Notably, the bank does not offer student loan options for college borrowers.
-
Fifth Third Bank's Student Loan Partnerships:
- Fifth Third Bank had previously partnered with CommonBond to provide student loans to eligible customers.
- However, CommonBond decided to stop offering private student loans for the 2022-23 academic year.
-
Alternatives to Fifth Third Bank for Student Loans:
-
College Ave:
- Top-rated private lending lender.
- Offers flexible term options (5, 8, 10, or 15 years) with fixed and variable interest rates.
- Loan amounts range from $1,000 to 100% of the school-certified cost of attendance.
- Provides a cosigner release option and has limited forbearance options.
-
Earnest:
- Offers private student loans with low interest rates.
- Provides a 0.25% discount with AutoPay.
- Features a nine-month grace period after leaving school and the ability to skip one payment per year penalty-free.
- Repayment terms vary from 5 to 20 years.
-
Ascent:
- Offers loans with and without cosigners.
- Loans without cosigners are capped at $20,000, while those with cosigners can go up to $200,000.
- Provides a graduation bonus of 1% of the loan's balance if requirements are met.
- Repayment terms range from 5 to 15 years.
-
Sallie Mae:
- A major student loan lender offering funding for various education levels.
- Flexible repayment options, including starting payments right away or deferring until six months post-graduation.
- Allows interest-only payments for an additional twelve months.
- Repayment terms range from 5 to 15 years.
-
-
Additional Information:
- Interest rates for each lender vary based on whether they are variable or fixed.
- AutoPay discounts of 0.25% are offered by both College Ave and Earnest.
- Ascent provides a 1.00% AutoPay discount for undergraduate outcomes-based loans.
- Sallie Mae offers a 0.25% AutoPay discount.
- Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC.
In conclusion, the article provides valuable insights into Fifth Third Bank's lack of student loan options and offers alternative choices with detailed information on various lenders, their features, and terms. This comprehensive guide assists readers in making informed decisions when seeking student loans.
