Best Private College Loans For Students

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Best Private College Loans For Students

Learn More About Federal Student Loan Refinancing Programs (ELI).

There are many reasons to choose an ELI loan over other options out there. Because they’re private loans, they have no direct ties to any government programs, unlike student loans backed by the federal government. Also, there are currently some great deals being offered right now on both subsidized and unsubsidized loans. You could end up saving thousands of dollars! So before you do anything else, make sure you learn more about these refinancing programs. To find out how much money you can save, head over to E-Loan to start your free application today!

Understand What Types Of Financing Options Are Available.

You might not have known this but there are actually two different types of financing options available for students today. There’s the Federal Stafford Loans program and then there are the private education loans available through banks, credit unions and non-profit lenders. All of them offer their own set of perks and benefits, so if you would prefer to use a bank financing option, you should check out what those are first. But if you want to stick with the government options, make sure you know what type of interest rates you’ll be paying. Some providers offer 0% rate financing for a certain period of time after graduation while others charge higher interest rates than your typical credit card company.

Know That A Good Rate Isn’t Always The Best One.

Many people think that low interest rates are always the best way to go. After all, why pay more than 1% interest when you don�t even need to? Unfortunately, it’s not always the case. Even though a lower rate may seem appealing at first, you want to look beyond just the number. If you get a 4% rate on your loan, but still have to take out a lot of debt to finance your tuition costs, you may want to hold off a little longer until you really understand your entire financial situation. Look at all of your options and make sure you’re making the best decision for you long term.

Shop Around And Make Sure You Get The Best Deal Possible.

If you plan on taking out a private student loan, you should definitely shop around. Not only do you want to make sure you get the lowest possible interest rate, but you also want to make sure you can qualify for the most affordable repayment terms. If you don�t have good credit, you probably won�t be able to get the kind of low monthly payments that you know you deserve. In addition to getting competitive rates, make sure you know exactly what you’re putting down as collateral each month. Do you need to put down cash or something else? Knowing upfront will let you decide whether a particular lender is going to be worth your trouble.

Consider Using Your Parents As Co-Signers Before Taking Out A Private Loan.

This is a huge benefit if you do have good credit and you have already taken out some private loans. Instead of borrowing the full amount you need, you can ask your parents to co-sign. By having them on board, you are essentially adding your mom and dad�s credit score to yours without doing anything shady. Plus, they are likely to have plenty of extra funds to throw towards your upcoming college expenses without feeling guilty.

Don�t Forget About Other Ways Of Funding Your Education.

Another popular option is crowdfunding. If you�ve got some friends who would be willing to help, consider using sites like Kickstarter or Indiegogo to fund your educational expenses. You may even be able to get grants or scholarships that you didn�t know about. But don’t forget about traditional ways either. Many colleges offer merit-based aid and will award students based on GPA, test scores and the quality of their essays. If you apply yourself and work hard enough, you should be able to earn some serious financial assistance.

Be Realistic About How Much Money You Can Save.

Every student knows how expensive school is. But did you realize that you could save hundreds of dollars per semester just by switching from federal to private student loans? Just remember that all loans carry risks. If things don�t turn out well, you could lose everything. Make sure you figure out how much you can afford to spend and how much you can comfortably sacrifice to ensure your future success. Otherwise, you could easily run into problems later on.

Best Private College Loans For Students

Federal Stafford Loan (Direct Subsidized)

Federal Stafford loans are direct subsidized student loans offered by the US Department of Education. These federal loans require no income-based repayment plan and have a fixed interest rate of 4.21% until 2020, after which the interest rate will increase 1% annually until 2028. A Direct Subsidized loan offers lower monthly payments than an Unsubsidized Federal Student loan, with a payment starting at about $0 each month. However, since these loans carry a higher interest rate, they may not be suitable for everyone who wants a college education.

Federal Parent PLUS Loan

The parent PLUS loan program was created in order to make student loan borrowing easier for parents of dependent students. Parents may borrow money directly for their child’s educational expenses without having to get separate approval from a financial institution. In addition to paying back any amount borrowed over their original contribution, parents are able to accumulate interest while they’re repaying their loan. While parental PLUS loans do offer some benefit to the borrower, they can often times prove difficult to discharge through bankruptcy.

Federal Perkins Loan

The Federal Perkins Loan is designed specifically for low-income students attending postsecondary institutions. Eligibility requirements vary depending on the school attended; however, generally speaking, the student must meet certain criteria including a valid Social Security number, a minimum GPA of 2.0 on their most recent report card, and a parent or guardian whose annual adjusted gross income cannot exceed 80 percent of the area median household income. Perkins Loans are subject to a maximum term of 10 years, and payments start at around $1,000 per year. Any remaining balance on a Perkins Loan is forgiven if the borrower completes his/her degree program and enrolls in a graduate school.

State Grants

State grants are funded by states and distributed through state agencies. These funds can be applied towards tuition, room and board, books, supplies, fees, transportation costs, and even living costs while studying away from home. Most students do not qualify for state grants, however. Eligibility requirements depend on the individual state, but many states give priority to those coming from families below a certain threshold level of income. Generally, individuals making less than $25,000 per year are ineligible for state grants.

Scholarships

Scholarships are non-repayable awards given to undergraduate or graduate students based on merit. Many scholarships focus on academic achievement, leadership qualities, community service, extracurricular activities, etc., although others have more general eligibility requirements. Finding good scholarship opportunities can take time, but is well worth the effort. Start searching early!

Best Private College Loans For Students

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Best Private College Loans For Students

Federal Direct Loan Programs

The federal government offers several loan programs for students who attend college. These loans are guaranteed by the U.S. Department of Education. You do not need credit checks, income verification, or collateral to qualify for these loans.

Parent PLUS Loans

A parent PLUS (Parent Loan plus) program provides additional funding for parents of dependent undergraduate students who have been accepted at least half-time and plan to enroll for 12 or fewer credits per semester.

Perkins Loans

Perkins Loans help qualified low-income students pay for their higher education expenses. The interest rates are lower than those charged on unsubsidized student loans.

Stafford Loans

Stafford Loans are offered by the federal government and are designed to assist students in paying for college costs. Student eligibility is determined based on financial need. Eligible borrowers may borrow either subsidized or unsubsidized amounts. Interest begins accruing while the borrower is enrolled and during any grace period following graduation or dropout. Borrowers may defer payment until after they graduate or leave school, whichever comes first. To avoid accumulating excessive debt, choose repayment options that allow for monthly payments.

William D. Ford Direct Loan Program

This special loan program was established in 2008 under  IV of the Higher Education Act of 1965. It helps make sure that no eligible student is denied access to a higher education due to lack of funds.

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