Best Student Loans Company

Student loans are an inevitable step towards higher education; however, they do have some disadvantages. Chief among them is that student debt can become overwhelming – particularly if not handled well. That’s why we’ve provided a list below to help you determine whether student loan service company X is right for you.

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We realize there are plenty of choices for students who aren’t sure what they want, so we decided to create a list of the best companies out there for those seeking a good balance—and all without hidden charges. We’ll share some tips and tricks (along with potential drawbacks) about each option.

First, we’re going to cover three different types of student loans: federal loans, private loans, and state loans. After that, we’ll go over the top companies for each type of loan.

Federal Loans

The first thing you should know is that almost everyone gets student loans through either the government or their school. While these loans carry interest rates between 4% and 6%, they’re still cheaper than many private alternatives. If you’re interested in federal student loans, check out the following programs:

Federal Stafford Loan Program: Most loan amounts range from $500 to $40,000 depending on school cost, credit score, FAFSA income level and program eligibility.

PLUS Loan Program: Most loan amount ranges from $5,500 to $20,000, again depending upon school cost, credit score and FAFSA eligibility.

Private Loans

You may hear about private student loans, but they haven’t been popular since the recession. However, now they’re starting to make a comeback. Private student loans are often less expensive, offer flexible terms, and don’t require co-signers.

Here are just a few private student loan providers:

Great Lakes Education Service Corporation (GLESC): GLESC offers smaller loans for undergraduate students, graduate students, parents, military personnel, veteran borrowers, and teachers.

Best Student Loans Company

Sallie Mae

Sallie Mae was started in 1971 by former United States Senator Edward W. Brooke (D-MA). He wanted to create a lender that would focus on student loans, not just home loans. Since then they have been providing low interest rates and flexible repayment programs. Sallie Mae now operates under three different subsidiaries including SLM Investments Corporation, Sallie Mae Bank, and Sallie Mae Education Finance Corporation.

Great Lakes Educational Loan Corporation (GLEC)

Great Lakes Educational Loan Corporation was founded in 1987. Their goal is to provide students financial assistance and help them graduate from college. GLEC provides funding for undergraduate and graduate education, career training, and school-related expenses such as books and supplies.

National Collegiate Trust

National Collegiate Trust was established in 1999. They provide working adults with educational financing. Their services include consolidation refinancing, payment plans, and income based repayments. They also offer financial counseling to borrowers throughout the application process.

Umpqua Credit Union

Umpqua Credit Union was created in 1962. They lend money to both individuals and businesses. They offer many types of loan products that include personal auto loans, real estate loans, credit cards, business loans, commercial real estate loans, and mortgages. They do not charge any origination fees or prepayment penalties.

First American Federal Credit Union

First American Federal Credit Union was formed in 1951. They offer loans to consumers who make between $10,000 – $50,000 per year. They offer no fee applications and are open to members of all races.

GreenPath Financial Services

GreenPath Financial Services was created in 1998. They are dedicated to helping people become financially independent. GreenPath provides small business owners with access to capital at reasonable rates. They also work to improve community banking to benefit consumers, employees, and customers.

People’s United Bank

People’s United Bank was established in 1992 and is headquartered out of Seattle, Washington. They strive to provide their clients with high quality service that focuses on trust. They believe in being a responsible member of society and want to give back to the community.

Best Student Loans Company

Student loans have become a necessity for many students who wish to pursue higher education. However, student loan debt is now at an epidemic level among college graduates. According to a recent report published by the Federal Reserve Bank of New York, total outstanding student loan debt in the United States has topped $1 trillion and continues to rise rapidly. This means that the average American household owes about $37,000 in student loan debt. In addition, the median amount owed per borrower was $26,400. Unfortunately, these debts cannot always be repaid without difficulty, resulting in high default rates and substantial losses for banks and lenders.

There are several reasons why student loans are difficult to repay. First, interest rates remain quite high, even after accounting for government subsidies. Second, some borrowers may qualify for subsidized federal loans, while others do not. Third, some borrowers find themselves unable to make payments because they encounter unforeseen expenses; for example, if they need to pay for their child’s private school tuition. Finally, many borrowers simply fail to make payments because they lack sufficient income.

Fortunately, there are options available for those struggling to manage their student loans. Here are three different types of student loan refinancing programs that can help borrowers save money and reduce their monthly payments.

Fixed-Rate Refinancing Programs

Fixed rate refinance programs provide fixed interest rates over a set period of time. Usually, these programs offer lower interest rates than standard variable-rate loans. If you take out a fixed-rate loan, you should receive credit counseling before applying. This step is necessary to ensure that you understand the terms of the agreement and how the payment structure works. You must disclose any financial troubles or hardships that might delay repayment, including job loss, illness or divorce.

A good rule of thumb when choosing a lender is to avoid companies that charge upfront fees. If you choose an online company, look for companies that charge no or low application fees. Your lender should also offer a wide range of loan products (including consolidation, forbearance, and deferment), and it should be able to work with you to secure flexible repayment terms. Lastly, your lender should not require collateral or personal guarantees until you have been accepted into the program.

The best way to evaluate a fixed-rate loan is to compare them side-by-side with the same type of loan with a variable interest rate. For example, say you want to borrow $10,000 for college. A lender could give you a 30-year fixed-rate loan with a 5% interest rate, or he could offer you a 15-year fixed-rate with a 2.8% interest rate. Both loans would cost $966 per month, but only the first loan would allow you to use the funds immediately. The second loan would force you to make lump sum payments each month, starting two years before your loan ends.

Principal Reduction Programs

Principal reduction programs allow borrowers to “pay down” portions of their balances by paying extra amounts each month for extended periods of time. While principal reduction plans tend to be less expensive than fully amortizing loans, they often carry stringent prepayment penalties, making them risky investments. These programs also do not allow borrowers to get rid of their debt entirely until they have paid off 50% of the balance.

For instance, let’s say you have a $20,000 student loan with a 10% APR. You could pay $300 per month toward your balance for 12 months and end up saving approximately $1300. Alternatively, you could take out a $19,000 fixed-rate loan with 4.75% APR and begin making monthly payments of $250. Your monthly payment would go up slowly over the course of 25 years, reaching $360 by the time your loan expires. At this point, you would owe $41,500 instead of $20,000.

If you decide to go for a principal reduction plan, you should consider taking out a longer term loan. Generally speaking, the shorter the duration of a loan, the greater the chance that you will eventually be forced to pay more than you bargained for. For example, a 24-month loan carries a monthly payment that is roughly equal to what you would pay under a 30-year fixed rate, but it increases to almost $600 over the last year of the loan.

Unfortunately, your lender may reject a request for a principal reduction plan. In these cases, you should try to negotiate with him. Many lenders will offer incentives to borrowers who agree to pay higher monthly installments. Look for loan providers that will negotiate with you and ask you to explain why you need a loan modification.

Finally, remember that just because you were approved for a loan does not mean that you were qualified. Your lender may have rejected your application due to issues unrelated to your finances. For example, according to the Consumer Financial Protection Bureau, some lenders make mistakes in determining whether applicants have the ability to repay the loan.

Streamlined Loan Processing Programs

Best Student Loans Company

StudentLoanGuide (PLAN & PAY) ◄◄

Want to get funded faster? We know what it takes to find student loan money sometimes have trouble navigating the complexity of the financial aid system. Our plan and pay tool guides you through the steps to take to create a complete application and receive decision letters, scholarships, and grants online. There’s no cost to use this tool and it’s quick!

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We want to make sure everyone focusing their time on completing their college degrees.

How To Calculate Your Federal Direct Unsubsidized Stafford LoanServicing Fee Finaidan (SAFE) | StudentAidExpress | Student LoanFinance | Student Loan Forgiveness

Best Student Loans Company

Nelnet – www.nelnetloans.com

NelNet offers great rates and flexible repayment options to their customers. You can choose between paying back over 10, 15, 25 years with fixed monthly payments or making larger minimum payment at the beginning and then lower, more manageable payments throughout the life of the loan. NelNet was founded in 1955 and is headquartered in San Diego, California. NelNet’s parent company is known as NetBank Inc., and they currently have operations in 23 states and the District of Columbia. NelNet is part of the Capital One group of companies.

Great Plains Lending provides loans exclusively to students and graduates from United States accredited colleges and universities. Founded in 2005 and based out of Missouri, Great Plains Lending specializes in private student loans and works closely with schools and financial aid offices to ensure applicants are approved quickly and have access to funding.

KeyBank is a nationwide bank holding company headquartered in Buffalo Grove, Illinois. KeyBank operates 5,000 branches in four regions across the U.S.: the Midwest (including Iowa, Nebraska, Minnesota, Missouri, Kansas, Oklahoma, Arkansas, Wisconsin), Northeast, Southeast and West. As of December 31, 2013, KeyBank had $306 billion in assets and $222 billion in deposits. In 2014, Forbes named KeyBank 14 in its list of America’s Best Employers.

Discover is one of the largest banks in North America, and the second largest issuer of credit cards in the US.

Synchrony Bank is a community-based regional bank offering FDIC insurance coverage of $250,000 per depositor. The bank serves consumers primarily in New Jersey, Pennsylvania, Delaware, Maryland, Virginia, Washington D.C., Massachusetts, and Connecticut.

FirstRepublic is a bank based in Chicago, Illinois, USA. It commenced business in 1998 and is now ranked among the ten biggest banks in the state of Illinois. However, it became a nationally recognized brand after acquiring two Texas-based banks; Park National Bank in 2004 and AmeriTrust Mortgage in 2006. Its headquarters are located at 700 E Jackson Blvd, Chicago, IL 60604.

Fifth Third Bancorp is a provider of retail banking services throughout Ohio, Michigan, Indiana and Kentucky. Based in Cincinnati, Ohio, it is one of the largest commercial banks in the Midwestern United States and holds assets totaling nearly $138 billion. Fifth Third operates 1,934 ATMs and 3,100 automated teller machines that provide 24-hour customer service 365 days a year.

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