Private Student Loans Companies

Bank Of America

Bank of America is a private loan company that offers loans to students who are attending school full time while getting their degree. You can apply for a student loan through them without having a credit check done at all. There are different terms for how long you have to pay for your loan, depending on if you qualify for subsidized or unsubsidized loans.

Sallie Mae

Sallie Mae was founded in 1946 as Sallie Mae, Inc., or simply ‘Sallie Mae’, by three former teachers, Ruth Bader Ginsburg, Edith Green, and Isabel Paterson. In 1992, they created the first online student lending marketplace called CampusLoan.com. Their website helps many students find affordable private college loans.

CITI

CitiGroup is a bank originally started in 1798 as Bank of New York, which then became Citigroup, Inc. in 1998. They began offering student loans in 1967, and is a major provider in student lending. Today, they offer several types of financial aid including federally guaranteed Stafford loans, PLUS loans, Private Educational Loan Insurance Program (PELIP), consolidation loans, and Parent Plus loans.

Zions Bank

Zions Bank was incorporated in Utah in 1899, and has been providing banking services to customers since its incorporation. Originally starting out as a state chartered savings bank, they expanded their business to provide loans and mortgages with no down payment in 1921.

Wells Fargo

Wells Fargo is a privately owned American multinational bank corporation based in San Francisco, California. Founded in 1852, Wells Fargo serves retail, commercial, agricultural, and residential clients via offices around the world. In addition to banking products, they also own brokerage firms and mutual funds.

Washington Mutual

Washington Mutual, Inc. also known as WaMu, is a publicly traded American multinational thrift holding company headquartered in Seattle, Washington. The bank traces its origins to 1898 when it was named Washington National Bank, and changed its name to Washington Mutual Savings & Loan Association in 1988. The company went bankrupt in 2008, but was acquired by JPMorgan Chase in 2012.

Synchrony Bank

Synchrony Bank is a bank that was established in 1982 and is based in Philadelphia, Pennsylvania. As of 2005, the bank had over $11 billion USD in assets and had 233 branches.

Private Student Loans Companies

Federal Parent Guarantee Loan Program (PGLP)

The PGLP was created in 1993 under the Higher Education Act of 1965. Private student loans do not need to have private guarantors, unlike federal student loans. However, private student loans can charge higher interest rates than federal student loans.

Direct Subsidized Loan Program (DSL)

The DSL was created in 1990 to help students pay for college costs. Students may borrow money at low interest rates provided they agree to work after graduation. Interest accrues while borrowers attend school and does not start until after their graduation date.

Direct Unsubsidized Loan Program (DUSL)

This loan program is similar to the DSL; however, it does not require borrowers to work for it. Also, its interest does not begin accumulating until after graduation.

Private Student Loans Companies

Sallie Mae (Salliemae)

Sallie Mae was founded in 1979, making it one of the oldest private student loan companies still operating today. Sallie Mae offers loans for undergraduate, graduate school, and professional training programs including certificates and degrees. Sallie Mae is headquartered in Bethesda, Maryland.

Nelnet (Nelnet)

Nelnet was founded in 1980. Their headquarters are in Atlanta, Georgia. Nelnet provides financing services to students who want to attend college, expand their career opportunities, improve their quality of life, and help others succeed. Nelnet currently serves approximately 30 million customers nationwide.

Navient (Navient)

Navient was founded in 2004, but began its operation in 1997. Its headquarters are located in Birmingham, Alabama. Navient is an industry leader in providing online education tools and software solutions to schools, government agencies, businesses, and nonprofits. Many of Navient’s clients include universities, community colleges, vocational-technical colleges, state governments, local governments, banks, credit unions, mortgage brokers, and real estate companies.

Higher One Education Finance

Higher One Education Finance Inc., based in Columbia, South Carolina, was formed in 2010 to deliver financial products and services to higher education institutions across the United States. The company focuses on offering a variety of educational finance options to schools and students.

Great Lakes Educational Loan Corporation (Great Lakes)

Great Lakes Educational Loan Corporation was established in 1998. It is an American provider of educational loans. The company offers private student loans and federal financial aid. Great Lakes is headquartered in Chicago, Illinois.

Discover Financial Services (Discover)

Discover is a subsidiary of Discover Bank. Founded in 1978, Discover Financial Services operates as a consumer finance company. Discover offers auto, home equity and personal loans as well as debit cards, prepaid cards, and insurance plans.

Inland Revenue Service (IRS)

The IRS was originally created in 1775 under the Continental Congress. Today, the IRS consists of various departments such as tax collection and enforcement. The IRS collects taxes from individuals and businesses. To pay taxes, individuals file income tax forms, while corporations file corporate tax returns. The IRS enforces tax laws and ensures compliance by collecting delinquent taxes, assessing penalties and interest (fines), and seizing property. The organization is headquartered in Washington D.C.

Private Student Loans Companies

Private student loan companies are not regulated by federal law. As a result, borrowers have no recourse if they go bankrupt. Even after bankruptcy, private lenders could pursue legal action against you. In addition, unlike federal loans, which offer low-interest rates and fixed repayment terms, private loans can charge sky-high interest rates and often require the borrower to pay off the principal immediately.

Private lenders may not disclose their lending practices to students until after they’ve signed contract. You might find out about costs only when you already owe money to your lender. Private lenders aren’t subject to the same consumer protection laws as federally insured lenders. If you don’t repay your loan, the lender can continue to add additional charges to your account without any oversight.

Borrowers who default on their private student loans risk losing valuable tax credits and deductions. Students who receive government grants and scholarships can benefit from taking out a federally backed education loan. Unlike their private counterparts, these loans are guaranteed by the U.S. Department of Education and carry lower interest rates.

Lenders who participate in the Federal Family Educational Loan (FFEL) Program are required to follow certain guidelines and regulations. These rules help protect borrowers from unscrupulous financial institutions and ensure that their loans will provide them with the best possible return on investment. However, these protections do not apply to private firms.

Private lenders cannot issue direct deposit refunds to borrowers once the loan has been fully paid. By contrast, the U.S. Government offers automatic monthly payments to taxpayers who use its Direct Express Refund program.

Private lenders are prohibited from offering flexible payment plans. That means you’ll either make the entire cost of your tuition or none at all. In addition, private student loans are generally nonrefundable.

Lenders may impose prepayment penalties on borrowers before they reach the ten-year mark. Private lenders are permitted to charge 10% per year while federal loans allow borrowers to prepay their loans at any time.

Private student loans are not eligible for consolidation. Consolidation would enable you to take advantage of lower interest rates.

Private lenders may charge higher fees than federal lenders. Most private lenders charge borrowers between 2.50% and 6.00%, depending upon how long you’ve had the loan and whether you’re making regular payments or falling behind. On the other hand, federal loans rarely exceed 1.65%.

Private lenders are not obligated to notify applicants about alternative repayment options, including income-based repayment plans. Such programs allow people with low incomes to limit their monthly payments to less than 10% of their discretionary income.

After defaulting on a private loan, some lenders may try to collect on the debt by garnishing wages or seizing bank accounts. If you’re unsuccessful, you may be forced to hire a lawyer in order to clear your name.

Private student loans are typically treated as taxable income. Since tax payments are taken out automatically by the Internal Revenue Service (IRS), there’s no need to worry about late fees or overpayment penalties.

Many private student loans carry high interest rates. Lenders frequently charge 18% or 19% rates. By comparison, the average rate for a federal Stafford loan is currently 5.31% APR and 5.41% APR for Perkins loans.

Once you graduate, it’s nearly impossible to discharge private student loans in bankruptcy court.

Private Student Loans Companies

Education Finance Corporation (EFG)

This company provides private student loans that cover tuition, fees, books, supplies, housing, etc. EFG offers various types of loan programs including direct credit, cash out, federal consolidation loans, and low-interest rate private loans.

Nelnet Inc.

Nelnet is a major provider of private student loans. Their website offers information about their loan programs, rates, and qualifications.

Educational Credit Management Corp. (ECMC)

ECMC offers many different types of educational loans, including Federal Direct Consolidation Loans, Private Student Loans, and Parent PLUS Loans. ECMC’s website includes several helpful calculators to help determine what type of loans might work best for your situation.

Higher One Financial Services (HOF)

Higher One is another major provider of private education loans. HOF offers both private and government-backed Stafford loans, among others.

NCOA (National Consumer Outreach Alliance)

NCOA was founded in 1972 and is dedicated to providing consumers with financial protection, fair and accurate information, and high quality service. NCOA administers the National School Loan Program (NSLP), which is a federally subsidized program where students may borrow money from banks, credit unions, and other lenders at lower interest rates than those offered by private lenders. NSLP helps students pay for school without having to worry about paying back high interest rates. Visit NCOA’s website to learn more.

►HEY, we’ve got more valuable information here: ►CLICK HERE LOANS FOR STUDENTS◄

►Cloud of related items ▼

►Loans For Students◄

 

bloque1x