Education doesn’t come cheap, and you will need to find a way to make the fee payments and other expenses. Whether you are going to attend a campus or switching entirely to the online mode, the fee structure will not be easy to fulfill. The US government offers a federal loan to all students. However, these loans will generally not be able to cover the full program fee. There will always be an option of private loans, but the interest rates will be significantly higher on these. The federal loan option will be a cheaper one, and to extract the full potential and better cost efficiency, you can cover the majority of the fee by the federal loan and for the balance amount, opt for a private loan from a plethora of options. In this blog, we will jot down a few options that we considered best in terms of eligibility, interest rates, conversion options, and more. Now, without any further adieu, let’s dive into the possibilities.
College Ave Student Loans
This loan option offers fixed and variable rates, and an essential prerequisite is that the student should have a US social security number. The borrowers will also get a range of repayment options based on the principal amount or just the interest amount. Another key feature of the College Ave Student Loans is that it doesn’t charge any late fees. If the borrower is going for the auto-pay option, this online lender will give you a discount of 0.25%. The whole process will take 3 minutes, and borrowers will also not have to go for any hard credit.
It’s a platform that offers a detailed comparison between several loan options available in the private loan sector. The application process is also pretty straightforward, and it will also not take you through any hard inquiry. Credible is an online lending platform that connects with several lenders. You will have to go through that particular lender’s essential terms and conditions before proceeding with the application process. Also, Credible only offers you options that have no penalties for prepayment or charge any origination fees.
If you are a scholar, this loan scheme will be one of the best to avail as it’s purely based on the academic performance of the borrower. Whether you are from the USA or an international student, Ascent promotes itself as a lender who doesn’t require any co-signer. The minimum GPA that the student will need to have is 2.9. The repayment options that you will get go up to 3 years. However, it will primarily be based on the type of loan that you are going for.
Sallie Mae Loans
We would highly recommend this loaning scheme to graduate students and those enrolled in non-granting schools. This loaning scheme also expands its services to part-time students. The interest rates that are offered by the Sallie Mae Loans are variable, as well as fixed. The variable option will give you a range of 4.12% from 11.52%. The fixed interest range varies from 6.62% to 13.83%. If the borrower is a parent taking the loan for their kid, the interest rates will be a bit higher. The overall application process is relatively straightforward and straightforward to complete with detailed instructions at each step. You will not need to do any paperwork as everything is going to be done virtually.