Nowadays, it is very difficult to study due to the expenses one has to spend on college. Even if it involves you going through an online class or heading over to college, you still need to pay for schooling. One of the most affordable ways in which you can cover all expenses throughout college is through federal student loans. There are certain loans offered to students known as loans for students through various organizations. We all have private student loans, grants, and also work-study programs that can offer you students loan that you need to be able to afford to pay for your college expenses.
First of all, when acquiring a student loan, you need to be considerate of how much money you want to borrow so that you don’t borrow too much. However, in this article, we will show you some of the best student loans for you. However, one of the pieces of advice provided to students that want to borrow a loan from any provider is that you need to first understand the loan provider and also the terms and conditions of the loan. You can get student loans from the federal government, private link banks or financial institutions, and also from other organizations. Federal student loans are loans that you collect from the federal government.
Federal Student Loans | Loans for Students
Just like I mentioned earlier, when the government offers you a loan, it is known as federal students’ loan and this comes with more profitable benefits than student loans you receive from banks or private sectors. There are different types of federal students loans available which include
- Direct Subsidized loans
- Direct Unsubsidized loans
- Direct Plus Loans
- And Direct Consolidation Loans
However, you can visit the Federal Student loans page to understand better the federal student loans, how much you can borrow from student loans, and also the application process to borrow money from the government.
The Best Private Student Loans
Based on the fact that every student comes with his/her own financial needs or needs for support. It is not advisable to go for a single lender. However, the following list of lenders mentioned below serves as a good starting point in finding a suitable private student loan provider.
|Lender||Fixed APR||Max. Loan Amount||Min. Credit Score|
|College Ave||2.94% to 12.99 with autoplay||Cost of attendance, minus aid||Mid 600s|
|Earnest||2.94% to 12.78 with autoplay||No maximum||650|
|Education Loan Finance||3.20% to 11.99%||No maximum||680|
|Sallie Mae||3.50% to 12.60% with autopay||Cost of attendance, minus aid||Mid 600s|
|Ascent Funding||3.28% to 11.26%||$200,000||N/A|
|SoFi||2.99% to 10.66% with autoplay||Cost of attendance, minus aid||Not disclosed|
|Citizen Bank||3.23% to 10.95% with auto and loyalty discount||$150,000||Not disclosed|
|LendKey||3.99% to 8.49% with autoplay||Cost of attendance, minus aid||Not disclosed|
|CommonBond||3.74% to 10.74% with autoplay||$500,000||Not disclosed|
|PNC||2.99% to 9.89% with autoplay||$50,000||Not disclosed|
|U-fi||3.59% to 12.37%||$500,000||680|
|RISLA||As low as 2.99%||Not disclosed||680|
|Discover||4.24% to 11.99%||No maximum||Not disclosed|
Among the loans mentioned above, the College Ave student loan is the instant approval loan. While Earnest is best for fair credit. If you have a credit score of 650, the Earnest is the right choice to follow. In terms of customer service, Education loan Finance offers you 24/7 customer service.
For the best student loan provider that offers you a loan even with a bad credit score. Ascent Funding is the best load provider for bad credit scores. As a matter of fact, you don’t need a credit score to apply for a student loan on Ascent Funding