Before taking any loans, the students should be clear on how much financial assistance they need. Some government student loans only support a part of the amount, and the rest is expected to be supported by the student. If you need additional money after taking out a federal student loan, private loans are another option to consider. Every student gets different loan programs according to their province or territory.
According to collegexperience, depending on the province or territory that the borrower is a resident of, the available student loan programs differ. You need to consider some factors to narrow down the best private student loans. Look at the interest rates and fees that should help you decide. Maintain a manageable level of debt and keep your rates and fees as low as you can, because taking out loans is just the beginning. Soon it will be the debts and interest rates piling up on you, and it will become difficult. Before you apply for any private student loan, find out your credit score. If your credit score is good, then you might be able to get your hands on a loan with lower interest rates as compared to someone who has bad credit. If you want a private student loan, you will have to apply to all the lenders that you choose. These lenders will need your credit information, salary, and work history. The factors private student loan lenders will look are your income, your ability to pay back, and the debt you have. After you meet the requirements, you will be granted the loan. If you want to know more about student loans, click here. Here are some private student loan options for you.
- Wells Fargo
The loans here are offered directly to the student, and you can choose your own payment term. There are some benefits too, similar to the federal loans, such as forbearance on payments while you are in school, volunteering for a qualifying public organization, or on active-duty military service. Like other lenders, Wells Fargo offers a certain interest rate discount if the student enrolls in autopay. Students can get a permanent reduction in interest rate from 0.25% up to 0.50% if you have an eligible Wells Fargo consumer checking account.
- Discover
It is most famous for its credit cards and has launched into the world of student lending. It offers a range of student loans that are suitable for different purposes, such as undergraduate studies to MBA degrees, and medical residency and law school. These loans offer deferred repayment options that are very much like federal loans. In this way, you can put a halt to your payments while you are still in school. Like many other companies, Discover student loans offer fixed and variable APR options. You can also choose your repayment term as you sign up for your loan.
- SoFi
This company focuses on student loan refinancing, but also offers other types of financing. SoFi is a great option if you are looking to refinance your student loans. SoFi also offers a discount in your interest rate if you sign up for an automatic debit payment. If any parents are looking for additional funding for their child’s education, SoFi also offers student loans to parents. These loans don’t have any origination fees and have two-term options: five years and ten years.
- Union Federal
The private student loans of Union Federal come with three repayment terms, and you can choose whichever repayment term you want in the beginning.
- Sallie Mae
There is no origination fee in this case and no fee for if you want to pay off the loan early. There is a reduction in interest rate if you set up a monthly payment system by automatic debit with Sallie Mae. These loans are available to the parents and graduate and undergraduate students.
- College Ave
You will find many student and parent loan options, with a number of student repayment options. Students also get an option to make full, interest-only, or flat payments while they are in school or they can defer payments until they graduate.
You can go for any of these loan options to pay off your tuition fee in college.
About the Author:
Taylor Hill works for a financial technology company Stilt located in San Francisco which is revolutionizing the way individuals with limited or zero credit history get loans in the U.S.
