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Wednesday, June 29th
Who knew a credit card company would be one of the best choices for student loans? Discover makes funding an education possible for more people than most lenders: associate's degree-seeking students are welcome here, the required enrollment is only half-time or more, and even 16-year-olds can apply. And, just like their credit cards, you've got opportunities for cash back rewards on your loan. Be aware that their interest rates tend to be higher, and only 15-year repayment terms are offered. In all other aspects, however, Discover's student loans are absolutely worth your consideration.
Sallie Mae is one of the biggest funding sources for private student loans. You can get almost any type of loan here, from basic undergraduate studies to law school and more, all with competitive interest rates. Sallie Mae also has a bunch of perks that might catch your attention, like a shorter-than-average 12-month payment requirement for releasing cosigners and multiple repayment structures. But, this lender has shown no signs of improvement in their loan servicing, with too many complaints for comfort. Be sure to look at other options before accepting a loan from Sallie Mae.
With 45% of high school graduates finding it necessary to take on student debt to finance their higher learning, that's an important question to answer. While most student loan debt comes from federal loans, some people discover that their government loans just aren't enough to cover the full costs of tuition, room and board, expensive textbooks, and everything else necessary for their college education.
If you find yourself in that situation - for your studies or your children's - you might get overwhelmed trying to figure out where the money will come from. And even once you've selected a lender, you still need to decide what repayment terms are best. Fixed- or variable-rate? Interest-only or small fixed repayments while still in school or fully deferred for 6-9 months after graduation? Repaying over five years or twenty? There are a lot of factors to consider that are unique to you.
Fortunately, there are quite a few providers of student loans that can help you not only figure out those answers but also connect you with the money you need to pay for school. Many of them can even prequalify you for a loan with just your name, address and birthdate, with no impact on your credit report. Rest assured that millions of students (and many of their parents) have successfully navigated this process - and you can too.
Here are several aspects of student loan providers to keep in mind as you decide which ones merit further consideration:
To help you get the funds you need for your education, TopConsumerReviews.com has evaluated and ranked the best options for student loans today. We're confident that this information will make it possible to find the right way to cover the costs of your tuition, books and more!
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