Reddit Best Student Loans

Reddit Best Student Loans

6 min read


Federal Government Grants

The U.S. government offers grants to students throughout their careers who have demonstrated outstanding achievement and dedication to education. These awards range from financial assistance to scholarships to fellowships to research opportunities. Grant programs may cover tuition, fees, room, board, books, supplies, equipment, and more. You should apply early to ensure that you meet deadlines. To find out about federal grant opportunities, visit and click on “Search for Grants” at the top of the page.


Scholarships are monetary awards given to high school and college students based on merit, need, and/or financial aid. Your local university or community college may offer scholarships. Many schools offer need-based scholarships, while others give them automatically to the top 10% of graduating seniors. If you want to be sure that you qualify for these types of scholarships, contact your guidance counselor or check with your scholarship search site such as or

Work Study Programs

Work study programs allow you to work on campus for free while earning money for college. Typically, employers hire students to do work around the office, such as photocopying documents, answering phones, stocking shelves, and cleaning offices. Employers often require that you receive academic credit (such as passing grades) for completing your job duties. Check with your guidance counsellor, college career services department, and campus employment office to learn about possible work study jobs near you.

Reddit Best Student Loans

Federal Direct Loan Program (Direct Loans)

This program offers student loans at low interest rates and requires no credit check. However, it does require some type of financial aid application and approval before disbursing funds. There are two types of direct loans: subsidized and unsubsidized. Subsidized loans have fixed interest rates while unsubsidized ones do not. A federal loan carries a monthly payment of 4.66 percent plus the interest rate on the unpaid balance.

Federal Family Education Loan Program (FFELP)

This is a federally guaranteed loan program under  IV of the Higher Education Act of 1965. These loans are issued by banks and other lending institutions. Repayment options vary depending on how long after graduation the borrower begins repayment. Undergraduate students generally take out these loans in order to finance their education. Graduate students may use them to pay for graduate school expenses. Both types of borrowers can choose between fixed or variable interest rates.

Perkins Loan

These loans are granted to eligible college freshmen students who meet certain criteria. They are awarded based on merit and need, and they are offered to any student who meets eligibility requirements. Students can borrow up to $20,000 per year. Interest rates range from 5 percent to 6 percent.

National Defense Student Loan Program

The purpose of this program is to create low-interest federal loans for active duty military personnel and their dependents. The amount borrowed varies according to rank and length of service. Eligibility is determined by active status and military training.

William D. Ford Federal Direct Loan

This program was created to help students attend college when Pell Grants didn’t cover enough of the cost. It offers both undergraduate and graduate programs. Borrowers pay back the principal and interest over 10 years. Most undergraduate borrowers receive a 2.8 percent interest rate; graduate borrowers get a 3.4 percent rate.

Educational Assistance Corporation

EAC provides loans to public colleges and universities. Its goals are to provide access to higher education by offering quality financing and information about its services; promote student success by providing customer satisfaction and assistance; and maintain high standards of business practices. EAC has several different loan programs, including Stafford, PLUS, and Coverdell.

Veterans Administration Loans

Loans are available to veterans. If you’re enrolled in the VA’s Post 9/11 G.I. Bill, you’ll be able to borrow money for college just like active service members. The maximum amount you can borrow is $23,000 annually. You won’t start repaying until six months after you leave school.

Reddit Best Student Loans

Sallie Mae

Sallie Mae is the first choice for student loans. As long as you have a consistent job while attending school you will not have any problems paying back the loan.

Quicken Loans

Quicken Loans also offers good rates but their interest rate increases after 12 months. If you’re going to apply for a big loan, Quicken Loans is a good choice.

Bank of America

Bank of America is the second best option due to the fact they offer great rates and lower fees than other lenders. There is a fee if you go over your credit limit though.


Citibank is the fourth best lender due to the fact that they charge $10 per month in addition to the original loan amount. However, they do offer some of the lowest rates out of any bank.

Wells Fargo

Wells Fargo is the fifth best choice since they charge only $8 per month in addition to your original loan amount.

US Bank

US Bank is the sixth best lender since they charge $12 per month in addition to what you owe. However, they offer one of the lowest interest rates of any lender.


Ally is the seventh best choice due to the fact that although they charge $14 per month in addition to how much you owe, they offer the highest interest rate at 17 percent.

Reddit Best Student Loans

Federal Direct Loan Program (Direct Subsidized & Unsubsidized)

The direct loan program offers loans directly from the government – not private lenders. You get a fixed interest rate while you’re enrolled, but after you graduate, rates go up. If you have bad credit, you may qualify for subsidized student loans, which keep your monthly payments low during repayment. And if you want to borrow money beyond what’s covered by federal grants and loans, you’ll have options as well.

Perkins Loans

Perkins loans are offered by banks and non-profit organizations; they’re guaranteed by the U.S. Department of Education and don’t attract federal taxes. Your interest rate is lower than Stafford loans, but you still pay back these loans.

Parent PLUS Loans

If you’re over age 24, your parents might be able to apply for PLUS loans to cover your education costs. The interest rate on these loans is based on your family income, and your parents’ combined monthly debt payments aren’t included in the total cost of your loan.

Sallie Mae Loans

These loans aren’t backed by the federal government, but they do offer competitive financing terms and conditions. You can use them at any college or university, regardless of whether it’s accredited.

Private Loan Options

Private loan companies offer flexible payment plans and lower interest rates than government loans. But they tend to charge higher fees than public ones.

Military Tuition Assistance

Service members may request financial assistance from the VA to attend school. If approved, their tuition and fees are paid for by the government.

State Grants/Scholarships

State colleges often offer financial aid to students who meet certain requirements. Check local colleges to find out if they offer grants or scholarships.

Reddit Best Student Loans


Discover is not just any student loan; it’s designed specifically for working students. So if you’re looking for a flexible repayment option to help pay for school, then discover could be what you’re after!


Fundera was created to make the college application process easier for students and their parents. You can use Fundera to get free personalized financial aid advice and find scholarships tailored to your funding goals.

Sallie Mae

Sallie Mae offers various loan options including both direct-loan programs and federal loans (e.g., PLUS). If you have bad credit, there’s no need to worry about getting turned down – Sallie Mae currently makes private education loans to people with FICO scores as low as 500.

National Collegiate Funding

National Collegiate Funding doesn’t offer direct loans, but they do provide a variety of grants and scholarships based on merit. These awards range from $100-$5000, and many require no essay or interview.


Navient provides online application tools for federal student loans and direct loans from 20 participating lenders. They also allow borrowers to manage their accounts anytime, anywhere via a mobile app.

CIT Bank

CIT Bank offers two types of student loans: Direct Stafford Loan and Parent PlusLoan. Both of these are unsecured personal loans that don’t rely on collateral. Parents PlusLoans have lower interest rates than Direct Stafford Loans, and some may even qualify for zero percent interest.


Nelnet offers a variety of financial assistance options including direct loans, federal work study, and private loans.

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