Cheap Student Loans

Student Loans | LoanModels

We all know how expensive college can be! But what if we told you that you could get student loans for much less than going to school via online schools? Nowadays, students use their own money to pay their tuition in exchange for the promise of scholarships and future earnings. While these programs aren’t always funded they help students save thousands of dollars. And several of them have been around for decades. Let’s take a look at five different types of online education options and find out who offers the best financial aid for students.

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StudentLoans | Loan Models

We all know how difficult it can be to manage finances when you’re just starting out. When you’re making minimum payments and paying credit card balances off, it’s hard not to feel overwhelmed. We’ve got a couple tips to help ease the burden before things get serious! Subscribe to our channel for more videos like this!

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Cheap Student Loans

We all know how much student loans have changed our lives for the worse, but did you know that most college students get their money from private lenders? These lenders charge high interest rates, and the majority of them use shady tactics to make sure they get paid back. There is help out there though, some of these companies offer cheap student loans and others actually pay off your loan if you decide to leave school early. We break down the best ones here!

Zippy Payday Loans

Zippy payday loans is one of the only legit online lenders who offer low APR loans (best under 5%) and quick approval. They even have a special for new customers called the “Get cash now” campaign where if you are approved right away then they give you $300 free. Just remember though that there are higher fees after the first 30 days and the maximum amount you can receive is $500.

Borrowell

Borrowell offers personal loans ranging from $100 to $15k at competitive interest rates of 23% and above. They offer payment plans up to 60 months and if you default they won’t report it to any credit agencies. Another great thing about Borrowell is that there’s no collateral and you do not need to apply online or fax any documents. You just walk into a branch office and apply in person.

Cash Loan Tree

Cash loan tree is one of the only direct lender websites that offer bad credit loans. If you have a poor credit record you may want to try this option since they offer loans between $1000 and $50,000. The interest rate starts at 10.99% and goes up to 29.99%. One of the biggest perks is that if you repay your loan on time and without fail you can expect your credit score to improve.

Fast Money Loans

Fast money loans was started by MIT graduate, Kevin McDonough, who decided to start his own company in order to provide small businesses with the financing that they need to grow. By using peer-to-peer lending platforms, Fast Money uses alternative business capital instead of bank loans. They don’t take equity and they don’t require collateral. So if you’re looking for an affordable loan options check out Fast Money today.

Prosper

Prosper helps individuals create a unique personal loan that fits their financial needs. For example, you could choose to work with them to set up a simple loan for yourself so that you could get yourself out of debt or build up your savings account. In 2005, the U.S. Department of Treasury deemed Prosper illegal because it operates without being registered with federal banking authorities. Despite this, Prosper continues to operate legally in New York State and is still considered one of the safest ways to get fast unsecured personal loans.

Peddie Financial Group

Peddie Financial Group is a family owned consumer finance firm based out of Charlotte North Carolina. They specialize in short term loan products with different loan amounts and repayment terms.

College Funding America

Cheap Student Loans

Discovering how to get free student loans is not difficult at all, if you know where to look! There are many websites online that offer students financial assistance without having to pay any application fees. It’s great news for those who are looking to finance their higher education or simply need extra cash while they study. However, just getting a college loan may prove to be challenging as some financial aid programs have strict terms. What are these? Read on to find out more about them.

You must first enroll in FAFSA (Free Application for Federal Student Aid). FAFSA is an annual federal filing system that helps applicants apply for federal grants and scholarships. All students are encouraged to complete this program regardless of whether they think they will qualify for financial aid or not. If you do not complete FAFSA, you cannot receive any student aid.

Before applying for a loan, make sure you understand what type of student loan you want to take advantage of. There are two types of student loans – Direct Stafford Loan and Perkins Loan. Each has its own set of repayment options and interest rates, therefore finding the right option for you will depend on your personal situation. Here’s a quick breakdown of each kind:

Direct Stafford Loan

This type of loan offers borrowers four different repayment plans: standard, extended, graduated, and income-based repayment plan. Under the standard plan, the payments remain constant throughout the length of the loan, whereas under the graduated plan, repayments increase as the term of the loan increases. In addition, the borrower also has the choice between fixed and variable rate payment options.

Perkins Loan

Perkins loans are only offered to undergraduates attending eligible schools. These loans are provided based on the total cost of attendance. Undergraduate students should select either the full cost or the direct plus amount that covers tuition, room and board. Subsidies are available for qualifying low-income students. At least half of the subsidized loan amount goes towards tuition costs. Students are then responsible for paying the difference between the subsidy amount and the actual tuition cost. The remaining portion of the loan goes towards covering other expenses such as books and supplies.

After completing the official application, you will need to submit supporting documents in order to confirm your eligibility for financial aid. Make a list of all the items you might need before submitting your file. Examples include proof of citizenship/permanent residency, proof of enrollment status, proof of graduation or transcripts. Include copies of any required documentation in the same envelope that contains your application.

Once the official application is submitted, wait a few weeks. Then check your email inbox daily until you receive notification that you have been accepted or rejected. If you are accepted, you will receive information regarding the date and time of the interview and the lender that approved you. Once you are finished with school and ready to make repayments, contact the lender directly to discuss your monthly installments and interest rates.

For more advice on how to pay off your student loans faster, visit our article “How To Pay Off Your Student Loans Faster”.

Cheap Student Loans

Federal Direct Loan Program (Direct PLUS)

The Federal Direct Loan program is a student loan program administered by the U.S. Department of Education. There is no limit to how much money can be borrowed. However, interest rates are higher than those on private loans. You must make payments while enrolled at least half-time. In order to qualify, you should have earned less than $40,000 per year during the previous two years. To borrow money under this program, you must sign the Servicemaster Financial Services contract and agree to pay back a certain amount each month. If you fail to do so, you may incur penalties and fees.

Stafford Loans

This type of federal loan program requires students to meet eligibility requirements. The maximum monthly payment is set based on family size and income. Interest accrues daily and continues until the borrower graduates, discharges the loan, or repays the loan. A borrower needs to maintain satisfactory academic progress in order for his/her loan to be discharged.

Perkins Loans

A Perkins loan is awarded to students who attend a school where 30% of its enrollment receives Pell Grants. These loans require borrowers to have sufficient financial need. As long as they meet these qualifications, students may receive a Perkins loan without having to apply.

Private Loans

Private loans offer lower interest rates compared to government programs. Most lenders have fixed repayment terms and require regular payments. Borrowers are responsible for paying the creditworthiness fee at the time of application.

Cheap Student Loans

(2017)

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