Choosing the best student loans can be a bit of a challenge. There are a variety of different lenders out there, and each one has their own benefits and disadvantages. Fortunately, if you know where to look, you should be able to find a loan that meets your needs and has low rates.
Sallie Mae
Among the best private student loan lenders, Sallie Mae offers a wide variety of options for student loans. The company’s offerings include loans for undergraduate and graduate students, online classes, foreign students, and professional certification courses.
In addition to offering competitive interest rates, Sallie Mae offers deferment programs. These options allow students to postpone payments during their school years. A student who does not make a payment for six months will automatically receive a discount on the interest rate. Sallie Mae also offers forbearance programs if a student has trouble making payments.
Sallie Mae’s interest rates are variable, but they are lower than those offered by the federal government. In fact, Sallie Mae offers a special 0.25% AutoPay Discount. Choosing this option allows you to have your loan automatically deducted from your bank account each month. This will reduce the interest rate, which in turn will pay off your student debt faster.
In addition to offering competitive interest rates, borrowers are encouraged to sign up for an auto-debit payment plan. Sallie Mae will automatically retrieve the money from your bank account on the day the loan is due. However, if you fail to make a payment, a $25 late fee will be charged.
Sallie Mae has no application or origination fees. However, it does charge a $20 late fee for checks that are returned. This is a very small price to pay for the convenience.
Ascent
Compared to other private student loan companies, Ascent offers a more comprehensive list of criteria when determining eligibility for a loan. They consider your credit, your future income potential, your major, and more. In addition to offering a low interest rate, Ascent provides helpful budgeting tips and advice.
Ascent loans are available for undergraduate and graduate students, including U.S. citizens, permanent residents, and international students. Ascent offers two types of loans: credit-based loans and outcome-based loans.
Credit-based loans require a cosigner with a credit score of at least 620. The cosigner must also earn at least $24,000 per year. The cosigner will be required to make the payments in the event that the borrower defaults. The cosigner will also be required to have at least two years of credit history.
Ascent also offers non-cosigned outcome-based loans. These loans are available to undergraduate, graduate, and post-graduate students. These loans require a minimum GPA of 2.9. In addition, the borrower must be enrolled at least half-time.
Unlike other private student loan companies, Ascent does not charge origination fees or prepayment penalties. Applicants can sign up for automatic payments to reduce the likelihood of missing payments or incurring late fees. Ascent customers can also make payments online or by mail. The company offers a cash back graduation reward program. The cash back reward is paid out in the form of a check or direct deposit.
College Ave
Whether you’re looking for a student loan or refinancing, College Ave can help you get the money you need to pursue your education. They offer flexible repayment options, competitive interest rates and an easy application process.
College Ave has a US-based customer service center that can help you with your questions. You can speak to one of their customer service representatives via email, telephone or live chat. Typically, applications take no more than ten business days to process.
College Ave offers several loan options, including undergraduate loans, graduate loans, dental loans, career loans, and refinancing loans. They also have several term options, including five, seven, nine, or 15 years.
They do not charge an origination fee, and they don’t require you to pay a prepayment penalty. They also offer an interest-free grace period. But, they do charge a $25 late payment fee if you fail to make a payment on time.
The College Ave Student Loans website has a calculator that can show you all of your loan options. They also have a contest that offers a chance to win a scholarship.
They also offer loans specifically for parents. The College Ave Student Loans website doesn’t display a minimum credit score requirement, but you can’t get a loan if you don’t meet the other qualifications. So, the College Ave Student Loans website isn’t the best option for students with poor credit.
Earnest
Founded in 2013, Earnest was designed with next generation borrowers in mind. This company combines a sleek design with excellent service and low interest rates. Earnest uses data science to offer customers a more personalized and streamlined experience.
Earnest offers loans for undergraduate and graduate students. Students who qualify can defer payments while they are in school. The company also offers fixed payment options. These require $25 a month while in school and full payments after nine months. Earnest also offers a nine month grace period, which is three months longer than the industry standard.
Earnest offers a variety of loan terms, including five year, ten year and fifteen year repayment terms. The company uses innovative underwriting to offer better interest rates. These rates start at 2.70% APR. Earnest is also known for its innovative prequalification process. The company provides a detailed summary of its loan options before you sign your loan.
Earnest does not charge origination fees. It also does a soft credit inquiry, which does not affect your credit score. The company also offers a rate reduction program, which reduces the interest rate for up to six months. It also offers a one-month forbearance option without a formal application.
Earnest’s website includes educational resources, comparisons, calculators, and how-to guides. It also has a newly designed mobile application. Earnest has received an A rating from the Better Business Bureau.
SoFi
Whether you are a parent looking to finance your child’s education, an individual interested in refinancing student loans, or a graduate student, SoFi has the loan options that can suit your needs. They offer both federal and private student loans, and they have a wide variety of repayment options.
SoFi has several loan types and loan terms, ranging from five years to 15 years. They also offer variable or fixed rates, and interest only repayment options. These loans do not require a principal payment until six months after graduation. SoFi also offers a disability deferment, which is available for students enrolled in an approved full-time disability rehabilitation program. This option puts your loan in forbearance in three-month increments.
The SoFi app is a valuable tool for checking on your loan status, and they also have a number of educational resources for college students. In addition, SoFi offers career coaching and one-on-one time with a career adviser. They also offer exclusive member discounts.
SoFi has a large user base and has built a strong business. They were heavily reliant on student loans when they were first launched, and they expect to increase origination volume, springboarding them to profitability. They had a net income loss of $110 million for the last quarter of 2018. They could have had positive GAAP EPS by the end of 2022 if the moratorium was lifted in January.
Direct PLUS Loans
Whether you are a parent looking to pay for your child’s college expenses or a graduate student who wants to finance your studies, Direct PLUS loans are available to help you make your dreams a reality. These loans are federally issued and offer a lower interest rate, longer terms, and the ability to pay off your loan in 25 years or less.
Direct PLUS loans are designed to pay for college costs that are not covered by other financial aid, including loans and scholarships. To qualify, you must be a citizen of the United States, not be in default on a federal student loan, and have a good credit score.
While PLUS loans are available for graduate students and parents, they are not available for undergraduate students. Depending on your child’s school, you may be able to apply for a PLUS loan. Regardless, you will need to complete the Free Application for Federal Student Aid, also known as the FAFSA, to qualify.
The application process for Direct PLUS loans takes only 20 minutes. You can either complete it online or at the financial aid office at your child’s school. The Department of Education can provide you with a Master Promissory Note (MPN), which is a legal document that outlines the terms of the loan.
Direct PLUS loans offer lower interest rates than most other student loans. They also have a longer term length, and the interest rates do not change for the life of the loan.
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