Best Undergrad Student Loans

Federal Direct Loan Program (Direct PLUS)

The federal direct loan program offers students a way to borrow money directly through private banks and lenders at low interest rates. Students who qualify may also receive additional funds through the Federal Perkins Loan Program, which provides loans for undergraduate students enrolled full-time in qualifying institutions. Many schools offer their own specific programs for financial aid including scholarships, grants, loan repayment plans, etc.

Stafford Loan Program

This program is administered by the U.S Department of Education and offers eligible students a method of borrowing based on need. It’s a subsidized loan that requires no upfront payments, and the government pays the interest while the student is in school. After graduation, borrowers have the option of repaying their loan over 10 years or rolling it over into a longer term. If a borrower decides not to pay back their loan, they could lose eligibility for future financial aid.

GradPLUS Loan Program

GradPLUS offers graduate students a way to borrow up to $17,500 per academic year at 4% interest for six years. Eligible students must complete 15 hours of coursework each semester. Borrowers can choose between five payment options and can use their loan to cover tuition only, room and board only, both, or neither.

Parent PLUS Loan Program

The parent plus loan program is designed specifically for parents of dependent students. Parents make monthly payments toward their child’s loan balance once their student begins attending college. Payment amounts and terms vary depending on a number of factors including the total amount borrowed, the date of enrollment, and the status of the student’s employment. Parents may borrow up to the cost of attendance minus any unmet financial obligations and after those expenses are paid off, the remaining funds can be rolled over into another year of education.

Public Service Loan Forgiveness Program (PSLF)

If a borrower makes 120 qualifying payments, the remaining debt is forgiven after 10 years. Qualifying payments count towards a loan forgiveness plan and may include paying down the principal portion of the loan, making scheduled payments, or some combination of the two. Eligibility requirements vary by lender and include having completed 120 payments, graduating under certain conditions, and having made no late payments.

Best Undergrad Student Loans

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Best Undergrad Student Loans

Federal Direct Loan Program (Direct PLUS)

The Federal Direct Loan Program (or Direct PLUS), is sponsored by the U.S. Department of Education and administered by several government-sponsored lenders. These loans offer low interest rates and flexible repayment options. However, they do require a credit check. Students who apply for funding before August 15th have the opportunity to receive funds at no cost.

Parental Plus

Parental Plus is similar to the federal direct loan program; however, it does not require a credit check. Therefore, parental plus allows students to borrow the maximum amount allowed without being subject to income verification. Parents may choose to use these funds for educational expenses.

Guaranteed student loan programs

These programs guarantee the lender that the borrower will repay their loan. Such guarantees are only provided by private companies whose products are backed by the U.S government. As long as the borrower makes timely payments, the company repays the U.S. government. Private lending is usually expensive compared to federal and state programs. Additionally, borrowers should consider alternative financing methods when possible, like working off campus while attending school.

State Grants/Loans Programs

Many states offer grants and loans to students attending college. These programs often provide money towards tuition costs and books. Check with a financial aid advisor about what type of assistance you qualify for.

Scholarships

Scholarships help defray some of the cost of higher education. Scholarships vary depending upon academic qualifications and merit, therefore students need to research scholarships carefully. Scholarship search engines are useful tools for identifying potential scholarship opportunities.

Best Undergrad Student Loans

Federal Direct Subsidized Stafford Loan

This loan is offered by the federal government and is subsidized by U.S. taxpayers. You do have to pay interest while you are enrolled at least half time in school. However, you will not accrue interest until after repayment begins. If you decide to drop out or stop attending classes full time before your grace period ends, you may still be able to make payments.

Federal Perkins Loan

Perkins loans are offered by private lenders who offer interest rates lower than those charged by the federal government. You also have to meet certain requirements, including being enrolled at least half-time to receive this type of loan. Your lender will give you terms based on your individual circumstances, and it is possible to defer payment without penalty if you become unemployed.

Parent PLUS Loan

If you are a parent, you may borrow money to help cover tuition costs. You cannot use your parents’ credit card or access their retirement funds to fund this debt. Parents must contribute 10% of their adjusted gross income to the student loan account unless they qualify for a hardship exemption.

State Student Assistance Grants (SAG)

Some states offer grants to students who are low-income. These grants are awarded based on need, and some programs require no contribution from the student. The exact amount of each grant varies by state.

Unsubsidized Stafford Loan

You will not have to repay any portion of these loans. You just need to make monthly payments based on your expected family contributions and financial aid package. Interest accumulates throughout the term of the loan. Once you graduate or leave school, payments end.

Private Education Loans

Private education loans are offered by banks, credit unions, and mortgage companies. Though the interest rate might be higher than that of federal and state loans, the convenience of direct deposit makes them attractive. You can even get a private loan for postsecondary education with little or no down payment. To get approved, you generally need excellent credit and strong employment history.

Bursaries and Scholarships

Bursaries and scholarships are often given to high academic achievers. Many colleges and universities have bursaries available to incoming freshmen. You can search for scholarships and awards online through sites like ScholarshipCloud. You can also apply directly to schools to ask for specific funding. Make sure to compare the criteria for many different scholarships and awards to find one that best fits your situation.

Best Undergrad Student Loans

Private Loans

Private student loans allow students who qualify to borrow money directly from a lender based upon their personal credit history. While many students choose to finance their education with federal financial aid programs, private loans may offer lower interest rates, greater flexibility, and terms customized to individual borrowers.

Student loan debt now totals approximately $1 trillion, yet about 80 percent of recent college graduates have no trouble getting approved for financing, according to data released last year by the Consumer Financial Protection Bureau (CFPB). As a result, some experts say the days of widespread concern over rising tuition costs could soon subside, at least for those with adequate credit scores.

In its first-ever survey of colleges and universities, CFPB researchers found that just 19 percent of institutions were unable to provide prospective students with detailed information about their net price — how much students would pay after taking into account grants, scholarships, and other forms of government assistance. And while most schools said they did not consider applicants’ credit ratings when making decisions about awarding financial aid, nearly two-thirds reported changing admission criteria based on the amount of debt applicants carried.

Federal Loans

While federal student loans are commonly known for providing low fixed interest rates and offering borrowers access to funds regardless of a borrower’s credit score, the program actually offers several different types of educational loans designed to meet the various needs of different types of borrowers. In fact, borrowers can take out a mix of both subsidized and unsubsidized loans, and depending on the type of funding selected, eligibility requirements vary.

Subsidized loans are offered at below market interest rates and require repayment only during times of enrollment. Unsubsidized loans are available without any sort of income limitation, but do carry higher interest rates than subsidized options. And then there are PLUS loans, which are federally guaranteed and can be used for either undergraduate or graduate school. Borrowers can receive these loans even if they have bad credit histories or high balances on other kinds of debts.

State Grants & Scholarships

As mentioned above, federal student loans can be obtained for any type of schooling, including community college courses and vocational training. But state governments are increasingly becoming involved in providing funding to help cover tuition bills. These grants and scholarships are often awarded on merit and based on need alone, and many states are expanding their offerings to include online courses.

Many states also partner with colleges and universities to offer additional funding to qualifying students. These partnerships can make it easier for eligible students to obtain scholarships. For instance, the California Scholarship Federation awards scholarships ranging from hundreds of dollars up to thousands of dollars per year.

Debt Consolidation Options

For borrowers with significant amounts of debt remaining from previous years of schooling, consolidating their multiple debts into a single payment plan can significantly reduce monthly payments. But it comes at a cost — borrowing fees and interest charges can add up quickly. So before signing on the dotted line, borrowers should weigh potential savings against the extra cost of consolidation.

Some lenders offer direct consolidation services that do not require consumers to turn elsewhere, while others use third parties to negotiate deals on behalf of customers. For example, companies like Student Loan Hero charge a fee of around 2.25 percent for their services, but they claim that they can save borrowers anywhere between $100 and $300 annually.

Income-Based Repayment Plans

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