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Top Private Student Loan Companies
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Best Private Student Loans Of 2022
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Federal Vs Private Student Loans
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While federal student loans are recognized for offering flexible repayment terms, private lenders are not. It is also common for private lenders to only offer loans for certain degrees. For this reason, we assess which loans are on offer and explore flexible repayment options.
Personal lenders analyze credit history and other factors, such as current credit status, during the loan approval process. Borrowers should be aware that these factors not only determine approval, but also the loan amount and interest rate.
Anything that provides customers with convenience and meets their needs demonstrates exceptional customer service standards. We also analyze customer reviews and complaints from official sources, including the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC).
Best Places To Refinance Student Loans For 2022
Private student loans are usually a last resort to pay for college after grants and other federal aid have been exhausted. With this in mind, we looked for personal lenders that offer borrowers ways to save money.
We receive compensation from these partners, which affects the order in which they appear on the page. That said, the analysis and opinions on our site are our own, and we believe in editorial integrity.
For many student borrowers, private student loans are the only way they can afford college. Federal aid helps, but there are limits to how much students can borrow per academic year. While private student loans can offer plenty of backup, it's important for consumers to understand what happens when they receive a payment. Just like federal student loans, private student loans must be repaid, the difference is that private lenders check your credit.
Lenders make money by charging interest on loans. The interest rate that is right for you will depend on your credit history and may be much higher than expected, causing your loan to accumulate interest and take years to repay.
Average Student Loan Debt In America: Facts & Figures
During our research, our team found a link between uninformed consumers and excessive private student loan debt. That's why we've invested more than 100 hours of research, interviewed experts and vetted 11 insurance providers to give you all the information you need if you're considering a private student loan.
Before we dive into our company reviews, here's a quick summary of the private student lenders we look at and what they offer:
College Avenue Student Loans is a finance company that specializes in helping students and parents pay for college and refinance their student loans. Incorporated in 2014, College Avenue offers a simplified approach to applying for and securing student loans. According to their website, potential borrowers can apply for financing in three minutes and immediately find out if they qualify.
As student borrowers ourselves, we understand the dilemma of making payment plans after graduation. Unlike federal student loans, many private lenders offer no flexibility in how borrowers can repay the loan. This is where College Avenue stands out from the crowd.
Student Loans For International Students
College Ave offers 5, 8, 10, and 15-year term loans, and 20-year term loans for graduate degree holders, giving borrowers multiple repayment options. In addition, borrowers can choose to make interest-free and flat $25 monthly payments while in school. Payments to school reduce the interest accrued during that period, and reduce the amount of debt that must be paid off after graduation.
Like federal loans, College Avenue defers student loan payments until graduation from college. College Ave borrowers benefit from a 6-month grace period for undergraduate loans and a 9-month grace period for graduate loans. In the case of graduate loans, this is an advantage over the typical 6-month term seen with federal loans and other private lenders.
We found the College Ave website to have a user-friendly interface and information that is very easy to read and find. Likewise, the application process is very simple. Designed as a walkthrough for borrowers, the application explains the process in detail, such as the difference between applying alone and with a cosigner. Users can receive a credit check within 3 minutes, and the company will notify potential borrowers of their approval before closing their application, if they decide to include a cosigner. Applicants will see their interest rate after the application is approved.
Graduate students may know a thing or two about student loan jargon, but high school students, not so much. College Ave offers a comprehensive student loan glossary that quickly helps students (and parents) understand terms, acronyms and other industry jargon.
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The website also has a resource section, with informative articles on topics such as how to apply for loans and grants and how to pay for graduate school. The FAQ section is well organised, categorized by loan type and very easy to follow. It also includes a search bar that helps users quickly find answers to their specific questions.
Users can also find loan calculators to help them calculate cumulative interest and analyze their individual repayment terms. One of our favorite features is College Ave's monthly scholarship contests and sweepstakes that both students and loan applicants can enter for a chance to win money and other college essentials, like free textbooks for a year.
We have noticed that College Avenue does not offer any kind of hassle-free support. We believe that lenders should take into account hardships and real-life situations that student borrowers face after graduation, such as unemployment, illness, and even natural disasters.
It is also common for students to enter internship programs to improve their chances of qualifying for job offers, many of which do not offer full pay or benefits. Trying to advance your career on a limited income while paying off debt can be a financial burden. Having a forbearance as a solution, where the company tailors loan repayments according to the borrower's requirements, can be a great advantage for the borrowers in the long run.
Types Of Private Student Loans
Sallie Mae, formerly known as the Student Loan Marketing (SLM) Association, is a consumer banking company that originates, services and collects student loans. Founded in 1973, the company initially operated as a federally guaranteed issuer of student loans, later transitioning into private student loans after transferring the remainder of its federal loan portfolio to a separate entity, Navient, in 2014.
The first thing that caught our attention about Sallie Mae was their well-structured, user-friendly website that highlights key factors in large print and bold. Disclaimers are medium in size and located right at the bottom of each page. Finding resources on the website was also a breeze.
Users who choose to register with Sallie Mae have access to many tools and resources. One in particular, the College Planning Calculator, helps students analyze the total cost of college attendance based on their own situation and helps them create a customized payment plan. The calculator uses realistic factors such as grants, scholarships and savings, and enables users to change and update the plan as they wish.
Sallie Mae also assists with scholarship research and offers free access to FICO scores and online tutors for applying and writing essays, as well as 1-on-1 homework help or test prep. Through the study start program, student borrowers have access to Chegg Study, EasyBib Plus 24/7 and 30-minute sessions with Chegg tutors.
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One of the things we love about Sallie Mae loans is that they don't just focus on students and graduates. There is no one-size-fits-all solution to financing needs, and each borrower's situation is unique. In this regard, Sallie Mae caters to a wide range of borrowers: medical and dental students and residents, law students and attorneys preparing for the bar exams, career trainees
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