Student loans seem to be an unavoidable part of going to college nowadays. Not only are they intimidating, but the horror stories many a college graduate can tell lamenting about their debt woes can make them seem genuinely life-ruining. But not to worry, we have you covered. While this is by no means a comprehensive and depth analysis of your financial situation, we’ll at least try to help where we can. In this article, you’ll be given an explanation of student loans, a way to navigate what option might be the best for you, and a shortlist of ones that seem promising.
The Program You’re Going Into
The first thing to take into consideration when applying and researching student loans is to take into account the sort of program that you are anticipating yourself going into. There will be a big difference in the type of student loans you will want to look into if you’re going to a two-year community college or an eight-year master’s or even an eleven-year doctorate program. Not to mention taking into account the things that can add on top of the tuition such as living expenses, dorm fees, textbooks, and so on. Have an honest conversation with yourself and your parents about how much schooling you’re looking into taking and what path you’re thinking about taking. Don’t be afraid also to discuss backup plans for if you decide to change your major, or if some life-related thing happens to get in your way.
Type of Loan
Another thing to take into account is the type of student loans that you are going to apply for. In most cases, the student loans that you want to look at first will be the federal loan since these usually are the easiest to pay back and thus have the best financial option for most people. However, sometimes that’s still not enough money, and you may have to take on a private loan as well. Even so, one of the most important takeaways you can remember is to be sure not to take on more debt than you need. That said, here is a list of mostly private student loans that might be good for you!
SoFi student loans are great for if you’re looking for a student loans program that doesn’t require a four-year enrollment. With options for undergraduates, graduates, medical, law, and other such degrees, SoFi has been offering loans to those with lower credit scores since 2011. The entire process is done online, making it accessible and easy to do. Not only that, but the BBB has given this company a rating of A+, assuring that this is a quality business.
This company is well known for its business in student loans. Initially started in 1973 as a part of the federal government, Sallie Mae became a privatized company in 2004. With one of the widest-reaching line up of student loan options in arrangements dealing in undergraduate, graduate, career training, parent, medical school/residency, dental school/residency, health professional, law school, and more.
Commonbond is undoubtedly a good option if you know you’re going to have to pull out a large amount of money for student loans. They offer to refinance up to 500,000 dollars worth of student debt. However, something to take into consideration, which is a bit bizarre considering all things, is that this company is not available for those in the states of Mississippi and Nevada. Bit strange, but then again, life is always a bit weird here and there.
These guys are known for their grace period. Not only do they offer options to undergraduates with relatively lost interest cost, but they also provide full determent for up to six months after you finish your enrollment in school. This offers college grads the time to find a job and get started in their workplace for some bit without having to worry about their student loans piling up for those first six months.
This company is what some believe one of the best student loan contenders on the market. They offer meager interest rates and provide loans that don’t even need a co-signer with which means you don’t need a parent to help take on the debt with you. They have plans for both undergrad and graduates. However, one of the drawbacks of this company is that it doesn’t seem like they offer refinancing options.
Citizen bank is well known for its policy on student loans and is claimed as a great starting point for those who are unsure of where to go to help navigate this difficult decision that many face. Offering mostly to undergraduate students borrowers can choose a variety of payback plans to suit their needs throughout anywhere from five years to ten years.
LendKey is a student loans provider that offers a person choose your style sort of loan in which you can personally select your monthly payment and credit term length. Not only that, but they have no origination, application, or late fees, which makes applying all the easier if you don’t have any money upfront.
Earnest is another one of those student loans providers that do a wide range of types of loans from undergrad, post-grad, business school, medical school, law school, and so on. One of the most exciting policies that Earnest has multiple hardship options including a skip a payment policy, which is useful if you think you’re going to need a bit of a safety net to pay back those loans.
Credible isn’t a lender, but it felt like it was a worthwhile addition to this list just based on all the services that they provide. Rather than being a lender, Credible operates a bit like a marketplace for prospect college-goers to comparison shop and compare different loans to each other to see exactly what that will mean for you.
Stride is mostly for those looking to go into either STEM or healthcare services through their school system. An excellent pro for this company is that you won’t be required to pay if you are unemployed at any point. However, something to keep in mind is that there won’t be a discount if you’re able to pay off your loans early, as some vendors offer.
Advantage Education is another student loan program that offers, in general, fixed-rate loans with borrower-friendly features. However, this one is based within the state of Kentucky and may not be available to people within every state so it’s essential to do your research and see if they will provide aid to you for where you’re planning to go.
MPower is one of the few student loans companies that also offers international students options. They offer packages to both US and Canadian students going to college, which is useful if you’re looking for some extra cash while getting into that school abroad. However, you should be aware that they do cap the amount of money that you’ll be able to borrow from them at about five grand, so that’s something to keep in mind.
A.M. Money is an excellent option for those who know they are going to succeed and have a strong GPA in the major that you’re planning on going into. This is mostly because GPA is used to determine eligibility rather than a credit score. However, a big downside to this one is that they only work with a limited amount of schools, so if your dream school isn’t on this list, then you may want to look elsewhere.
Probably one of the most well known and applied to student loan programs in the united states is FASFA. FASFA stands for Free Application for Federal Student Aid, and it’s almost exactly what it sounds like. You fill out an application online and provide a variety of information, including your financial situation, send it to the government by a particular deadline, and the US government will provide you with financial aid.
Education Loan Finance
Education Loan Finance is a division of the SouthEast Bank which has more than 30 years of experience with student loans. They offer both parental, undergrad, and graduate loans, and the lowest they will go is about 10,000 dollars, and there is no maximum loan amount.