Which Banks Offer Student Loans?

Which Banks Offer Student Loans?

7 min read


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How To Choose The Right Bank Loan?

All banks aren’t created equal. And those who offer student loans are no exception. In this video we’ll discuss what makes the best bank loan for students. We look at the differences between federal loans and private loans (including military base and VA loans) and how they’re both perceived and appreciated. You know that you should take out student loans, but do you really know what you should choose and how to make sure you get the right kind of loans?

In my experience people have these 2 major misconceptions about student loans. These become crystal clear the second half of your undergraduate career. These two rules I call them are ‘I’m not getting paid’ and ‘it’s not Federal Government money’. If you want to find the best bank loans for students, you need to build a strong case before choosing any student loan provider.

So first let’s start with ‘It’s not Federal Government Money’. Many people simply don’t understand that there are several different types of student loan programs where the money comes from. Most likely while you were paying attention at school, you learned only about the Direct Subsidized or Unsubsidized loans. The Direct Subsidized loan was actually called the SBA loan. It originated with the Small Business Administration and went through the industry until its closure in 2010. There were over $150 Billion dollars worth of unfulfilled contracts. In fact, if we included the direct market today, it would still be over $300 billion.

The second type of student loan program, which includes the Direct PLUS Loan, Private education loans, FFELP, Fed Lending Program, Perkins Loan, etc… are funded by the government but originate with commercial lenders. As a result, the originating lender takes the risk, gets the interest rate and receives the repayment guarantee. When you go to pay back your debt, you receive help from Uncle Sam. An interesting scenario occurs when the borrower goes into default. The servicer of the loan passes the file onto the Department of Education so that the unpaid amount can be written off. In many cases, the original lender can keep the funds so that their income is not affected. All of these scenarios are transparent to the consumer. On top of that, there is little to no fine print when it comes to explaining the terms and conditions of any particular loan.

There are a few things to consider when picking a bank loan for students. You may ask yourself: Is it subsidized or unsubsidized? How much does it cost? What are the options for repayment? Does the lending institution specialize in student loans? Will I qualify for additional financial assistance?

Let’s break down each of those questions individually and see how they affect your decision making.

Direct Subsidized vs. Direct Unsubsidized loans

As stated above, Direct Subsidized or SBA Loans originated with the Small Business Association. After the SBA was shut down in 2010, the Direct Unsubsidized or Direct Market came to replace it. Let’s go over some of the pros and cons of both types of loans.

Pros of Direct Subsidized Loans:

Lowest Interest Rates

No Late Payments Penalties (except FFELP)

Which Banks Offer Student Loans?

Ally Bank

Ally bank offers student loans for $0 down, no credit check, and they offer competitive rates. It’s free to set up a student account online. There is no maximum loan amount and their interest rate is currently at 5% APR. You can apply for the loan over the phone or online. 2. Capital One 360 Degrees

Capital One 360 degrees offers students a 0% intro APR for 15 months if you meet certain requirements. In order to qualify for this loan you need to have a minimum grade point average (GPA) of 2.75 out of 4.0; be enrolled full time; have an expected graduation date between June 2018 and January 2019; have financial aid; and have not had any previous derogatory credit. If you do not meet these requirements then you may still be able to apply for a personal line of credit for yourself called “The Key” with an introductory APR of 12%. 3. Fiserv Direct Loans

Fiserv direct loans are offered with fixed rates and require no credit score, cosigner, or guarantor, so anyone can qualify, including recent graduates. You also don’t have to fill out lengthy applications or wait weeks for approval. Your monthly payments are based on how long you take to pay back your loan, but if you make six consecutive on time payments, your rate drops to 1%, regardless of what your original payment schedule was. You can borrow up to $31,000 in total throughout your entire undergraduate career. Applying takes just two minutes, and it’s free! 4. Sallie Mae StudentLoans

Sallie Mae offers both private and federal Stafford loans. Students applying for private loans should expect to receive funds in 6 to 10 days, while those looking into federal loans might experience a longer processing period of 2 to 3 weeks. Interest rates vary depending on your creditworthiness, level of study, grade point average, and the type of school attended, but average rates range from 4.50%-27.00% APR. Students interested in receiving student loan information should contact Sallie Mae directly.

5. U.S. Dept. of Education Federal Direct Loan

This loan is open to both graduate and undergraduates, and comes with its own unique perks, such as no application fees, no cosigner, zero down, and low interest rates. Eligibility requires having a GPA greater than 2.5, being enrolled in 60 or above credits, and graduating from a participating institution. All borrowers must sign up for Servicer Utility Discount Program (SUDP), which enables them to earn discounted service charges after making timely payments on their loans for five years.

Which Banks Offer Student Loans?

Capital One Bank

Capital One offers student loans at competitive rates, but they may not offer loans direct to individuals. If you’re looking for personal loans, check out Capital One Bank’s website. You can apply online and get loan approval in minutes. You’ll need proof of income and assets, plus some form of ID (like a passport). Once approved, you’ll receive money deposited directly into your bank account in as little as 24 hours.

American Express Platinum Visa Credit Card

If you have a credit card issued by American Express, you might qualify for a 0% APR balance transfer offer. There are many different options with American Express; just choose the right one. Remember though, you still have to pay the interest on the entire amount transferred over. Amex cards tend to carry a higher fee than other banks, but they do offer competitive rates.

Discover Bank Online Banking

Discover Bank’s Online Banking feature makes it easy to manage your finances. You can easily access your checking and savings accounts, make deposits, view transaction history, transfer funds, and set up alerts to notify you when transactions occur.

Chase Freedom Unlimited Checking Account

Chase offers a free checking account with no minimum balance requirements. Just open your account online by visiting chase.com/freewheeler. You can use any ATM nationwide to withdraw cash, and you won’t have to worry about paying monthly fees once you reach $25,000 in total FDIC-insured deposits.

Citibank N.A. Direct Deposit Program

Citibank offers a direct deposit program where you can automatically add your paycheck to your checking account without having to wait to get paid. You can also track your earnings using an online dashboard called My NetPayments.

Doral Bank & Trust

Doral Bank & Trust offers a variety of financial services including online banking, mobile banking, and ATMs. You can find locations near you by visiting their website and select your city.

ING Direct

ING Direct offers competitive interest rates and fees. Their automatic daily savings plan lets you earn a percentage point or two in savings each month. You don’t even have to think about signing up! All you have to do is link your checking and savings accounts together, and you’re ready to go.

Which Banks Offer Student Loans?

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Which Banks Offer Student Loans?

Student loans have become a part of American life. There are many types of student loan programs available to help students cover education costs. How do you select the best option? Find out what options are possible for student loans in the United States today.

Federal Direct Loan Program (Direct PLUS)

•This program offers educational financing to qualified students who are enrolled at least half time.

•The amount approved can vary depending on factors like income, enrollment status, and whether or not financial aid was received.

•There is no fixed interest rate on federal direct loans. Instead, the interest rate fluctuates based on the prime lending rate.

Federal Family Education Loan Program (FFELP)

•Federal family loans offer lower interest rates than private loans, specifically for parents.

•For borrowers to qualify for FFELP loans they need to be enrolled in school full-time and make less than $30,000 per year.

•Borrowers are charged interest on their payments while they are enrolled in school.

•Income is not considered for qualification for these loans.

Private Student Loan Programs

•Private student loans are offered directly to the borrower.

•Interest rates tend to be higher than government loans.

•They are sometimes referred to as “alternative” college financing methods because they are more flexible than traditional student loan programs.

•Most private student lenders require borrowers to pay back loans over time, with repayment amounts determined by the lender.

Other Types of Loans

Other types of loans may include scholarships, work study, and military service.

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