Best Place To Get Student Loans

8 min read

New York State Higher Education Services Corporation (HESC)

The NYS HESC provides loans and grants to students who wish to pursue higher education beyond high school. These programs help many students obtain the skills they need to get a good job after graduation, including English language courses, career training and college tuition assistance. They also provide financial aid to students enrolled full-time at eligible colleges and universities. Students can apply for these loans and grants either online or in person.

Department of Veterans Affairs

The VA offers three types of educational benefit programs to veterans: Post 9/11 GI Bill Benefits, Montgomery G.I. Bill Benefits and Yellow Ribbon Educational Assistance Program. All of them aim to provide financial aid to service members attending college upon their honorable discharge. While each program has its own eligibility requirements, veterans are guaranteed to have access to at least four years of Pell Grants while enrolled in an accredited undergraduate degree program. They may use the funds to cover the cost of books, room and board, and other expenses incurred while going back to school.

United States Department of Agriculture’s Direct Loan Program

This federally sponsored student loan program is administered by USDA’s Direct Loan Servicing Center. It offers a variety of different repayment plans and options for eligible borrowers, depending on their income level, credit history and total amount borrowed.

Federal Perkins Loan Program

Federally funded student loans can be used to pay for any type of postsecondary education, provided that the borrower meets certain criteria. The interest rate on federal Perkins Loans is fixed at prime rate plus two percent, and the maximum term of the loan is ten years. Borrowers can take out several Perkins Loans per academic year, and the total amount borrowed cannot exceed $10,000.00 over the course of the entire loan period. Each Perkins Loan comes with a set number of payments, and the payment amount is determined based on the borrower’s annual income.

Stafford Loans

Another form of student loan offered by the U.S. government is known as a Stafford Loan. Eligible borrowers can receive both subsidized and unsubsidized Stafford Loans, whose interest rates vary according to the borrower’s income. Subsidized Stafford Loans offer low interest rates, while unsubsidized Stafford loans have much higher interest rates. Unlike Perkins Loans, students do not have to reapply for Stafford Loans once they graduate.

Best Place To Get Student Loans

Sallie Mae

Sallie Mae is one of the biggest names in student loan lending. In fact, they account for around $10 billion of loans each year. Their website offers many different types of loans ranging from private loans to federal loans and even direct loans. All of their loans come with variable interest rates based on factors including credit score and the length of the term. Another great thing about Sallie Mae is that they offer many different repayment plans. With some loans you can pay off the entire balance at once, others allow you to put money towards the principal while still paying interest over time.

Wells Fargo Bank

Wells Fargo is another huge player in student loan lending. Like Sallie Mae, they have several different categories of loans for students. Private loans are the same as those offered by Sallie Mae, although most people opt for the Federal Stafford Loan. Wells Fargo offers fixed interest rates, meaning that no matter how long you take to repay the loan, the monthly payments will remain consistent. However, if you make late payments or miss any payments altogether, you may be charged penalties and fees.

CIT Group/Citibank

CIT Group is just one division of Citigroup, the world’s largest financial institution. They provide student loans to undergraduate students and graduate students. Both federal loans and private loans are available through them. There are three different types of federal loans; Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct Grad PLUS Loans. You can choose between two different types of interest rates. Fixed rate loans (those with a set interest rate) last from 6 months to 10 years. Variable rate loans (those with an adjustable interest rate) range from 1 year to 5 years. Finally, there are two options for qualifying for a loan. Either your parents co-sign the loan or you obtain a Parent Plus Co-Signer.

Education Credit Company

The Education Credit Company is a subsidiary of Fannie Mae. Their name might not seem familiar, but they do act as lenders for schools and colleges. Most of their business comes from the federal government, but they do also lend privately. As with Wells Fargo, they offer both federal and private student loans. They also offer direct loans rather than parent plus co-signers. The qualification requirements depend on whether you are borrowing directly from the school itself or going through a third party lender. Additionally, there are two interest rate options to choose from: fixed and variable.

Chase Bank

Chase Bank provides student loans to undergraduates. Similar to CIT, they offer both subsidized and unsubsidized loans. Chase Bank does not have a direct program, but works through either a bank or a third party lender. Lastly, they require parental co-signing for almost all of their loans. If your parents have bad credit or low income, you will need to look elsewhere. However, most people who qualify for a loan have excellent grades and good credit scores.

U.S. Department Of Education

This is by far the largest provider of student loans out of all of the institutions listed here. They actually own the majority of the student loan market. They also offer a wide array of choices depending on what type of student you are. Federal Direct Loans are the cheapest type of loan available, however, they only cover undergraduate students. Graduate PLUS Loans are for graduate students, and are similar to a private loan. Parents can co-sign for these loans, but they typically cost more. Federal Perkins Loans are for postgraduate students, and are perfect for people who are getting a masters degree. Federal Work Study programs allow students to work 10 hours per week and receive a small stipend. The loans are designed to help offset books costs, so they typically don’t have high interest rates.

Navient Corporation

Navient was established in 1995 as an education solutions company. Since then, they have expanded into providing services related to student loans. They currently hold a monopoly on servicing loans for the federal government. Because of this, they charge lower fees than the competition. In addition to being cheaper, they also have a much larger network of representatives across the country.

Best Place To Get Student Loans

Credit Card Loans

It’s not hard to get a credit card…you just have to ask nicely…and make sure you don’t fall behind! But how do you know if you’re going to pay off any interest early enough? And what about those sneaky fees?!

Secured Loans

A secured loan (also known as a car  loan) lets the lender take possession of your vehicle and use it as collateral. The borrower then pays back the principal amount plus interest over time, using the vehicle as security.

Unsecured Loans

Unsecured loans are great ways to borrow money for big purchases without having to put up anything as collateral. However, these types of loans tend to carry higher rates of interest than their secured counterparts.

Payday Loans

Payday loans may seem like a good idea – until they start making payments! These short-term, small dollar loans are often rolled over several times before being repaid in full. Make sure you understand the terms and conditions of the loan.

Personal Loans

Personal loans are great for borrowing money for unexpected expenses or to help finance a major purchase. You’ll need to provide personal information including income, employment history and assets.

Auto  Loans

Auto  loans let people who own vehicles tap into the equity built up in their cars. Many states offer exemptions for borrowers who are current on auto insurance and have no outstanding liens on their vehicles.

Bad Credit Loan Options

Even with bad credit you can still get financing. There are different options available depending on your situation – from guaranteed approval to private lenders.

Best Place To Get Student Loans

Credit Union

Credit unions have been around since the late 1800s. They were created so people could access small loans without going to banks. Today, credit unions still offer their members low interest rates and money-saving services. If you’re interested in getting student loans, check out what options are available at a local credit union.

Banks

Banks have changed over time, but they still exist today. Most banks are focused on mortgages and banking products, but some offer cash advances on college textbooks. Make sure the bank offers these types of loans before applying.

Private Lenders/Loan Companies

If you don’t qualify for a loan from a bank or credit union, consider private lenders. These companies provide loans to students who may not fit traditional bank standards. You should always read the fine print and know all of the terms before signing any type of contract.

Uncle Sam

Student loans aren’t just for college anymore. They’ve expanded beyond undergraduate education in order to help pay off debt after high school graduation. In fact, federal student loans are now available for graduate school. There are several repayment plans to choose from depending on how much money you need to borrow and your financial situation. All federal student loans require monthly payments and a fixed rate of interest. However, if you miss a payment or go bankrupt, your lender can garnish your wages until you repay the balance. Check out the U.S. Department of Education’s website for details.

Payday Loan Stores

A payday loan store gives you quick access to emergency funds. A company or individual agrees to lend you money for a short amount of time, often a few weeks. You deposit collateral (like a car) in exchange for the money. Once the loan expires, you return the vehicle. Typically, there are fees associated with these loans, ranging anywhere from $15 to $30 per $100 borrowed. These fees can add up, especially if you decide to take out multiple loans.

Best Place To Get Student Loans

Sallie Mae

Sallie Mae is arguably the best place to get student loans. You receive a variety of low interest rates, flexible payment plans, and no prepayment penalties. There are no co-signers, and you don’t have to worry about being denied based on credit history. However, if you have bad credit, they may not approve you for student loans. If approved, you’ll enjoy many flexible repayment options with Sallie Mae.

National Collegiate Student Loan Association (NCSLA)

This is probably the best place to go if you want to avoid private lenders. NCSLA offers competitive loan rates, flexible repayment terms, and no prepayments. Just keep in mind that they do require some form of collateral to secure your student loans.

United States Department of Education (USDE)

The USDE is known to offer good rates on federal student loans. Their loans are backed by the US government, and they are not subject to prepayment penalties. However, their maximum loan amount is $35,500, and this isn’t much money compared to what you could make after graduating.

Federal Family Education Loan Program (FFELP)

This program was established in 1975 to help parents finance higher education. Parents who apply for FFELP loans are guaranteed eligibility, regardless of credit history. In 2012, the government expanded these loans to students older than 18 years old.

Veterans Administration (VA)

As a veteran, you might qualify for VA loans. These are great for those looking to attend college. Your monthly payments are fixed at 10% of your gross income, and you’re eligible for no prepayment penalties when you graduate. You also have the option of deferring repayments until you enter the workforce.

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