Tuesday, October 8th
2024 Student Loan Provider Reviews
LendingTree
- Very low interest rates
- Compare different providers side by side
- Loans for undergraduate and graduate programs
- Options for loans with or without a cosigner
- Options for other personal loans outside of student borrowers
- "A+” rated by the BBB
For over 25 years, LendingTree has operated as an online marketplace that provides various loans, including credit cards and personal loans, with over 100 million customers and more than $50 billion in funds. Concerning student loans, LendingTree aids in identifying potential lenders based on which school you attend. However, there is one major difference. LendingTree is more like a broker than an actual lender when it comes to student loans. After putting in your school, you'll be shown a list of providers for student loans, and each of these requires a different prequalification process on its own site rather than being processed directly through LendingTree.
LendingTree facilitates lending for other companies
In terms of finding lenders, there is some variance in options depending on where you go to school. For example, a prominent Florida university may yield eight lender matches, whereas a smaller technical university might not offer any loans. If the school qualifies, LendingTree provides a list of potential lender matches. For instance, a Florida university yielded providers like Sallie Mae, College Ave, Earnest, and more. However, LendingTree does not offer borrower feedback or expert reviews of these lenders, providing only basic highlights like fee information and interest rate discounts.
Loans depend on provider
The types of loans offered are dependent on which lender you ultimately choose. For example, the lowest visible rates were for College Ave, while the highest rates were from Education Loan Finance. However, to get full details, you'll have to visit the site for each provider and sift through the options yourself, making LendingTree's process more time-consuming than some student loan providers.
Minimal details for repayment until you leave LendingTree
The details of the repayment processes will also depend on the particular lender. LendingTree does offer some basic details like "Multiple repayment options from in-school payments to deferred” or " No origination fee or prepayment penalty” listed on the loans, but to get details about the number of years, interest-only options, or forbearance terms, you'll have to jump over to the website for your chosen provider.
Listings show basic perks
The individual perks of the loan providers are unique, and LendingTree does offer some details on those to give you a "big picture” concept of which lender you might want to dig into more deeply. For example, the top suggested lender offered the ability to borrow up to 100% of school expenses for on-campus or online students. On a different provider, LendingTree noted that it offers multi-year approval for coverage throughout the course of the college degree. However, the full details require visiting individual lending sites, and LendingTree only offers the basics.
LendingTree is paid by the lenders
If LendingTree doesn't loan you the money, how do they get paid? According to the website, the company is paid by the loan providers to list them during student loan searches. As such, LendingTree does disclose that the order of the suggested lenders may be related to how much LendingTree gets paid by that lender rather than how helpful that loan would be for you as an individual. So make sure you check the numbers before you just click the top link.
Solid reviews for a general loan company
LendingTree has an "A+" rating and accreditation from the Better Business Bureau, with over 8,200 customers rating it five stars across all products. However, it's hard to find reviews for the company's student loans, which makes sense since LendingTree just brokers for others. While LendingTree's website offers valuable resources such as payment calculators and informative blog articles on student loans, LendingTree isn't an actual loan provider, so it doesn't have any reviews for that area of lending.
A good point to start research
LendingTree is a good jumping-off point to compare student loan providers side by side. On the bright side, the service is free for you, but you'll still have to do much of the research yourself when you get to the page for your chosen provider. To make itself more competitive, LendingTree could expand its offerings by providing lender ratings and analyses, along with a streamlined prequalification process for preferred lending partners. But for now, LendingTree primarily stands out as a research tool, with loan applications ultimately processed directly through lenders themselves.
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Where Can You Find the Best Student Loan Provider?
Navigating the world of student loans can be overwhelming, especially with so many options available. Whether you're a high school senior preparing for college or a graduate student pursuing an advanced degree, finding the right student loan is crucial to financing your education.
Regardless of your educational goals or financial situation, there are plenty of student loan providers out there to choose from. But with so many factors to consider, from interest rates and repayment terms to customer service and borrower benefits, it's essential to do your research and compare different lenders to find the best fit for your needs.
Student Loan Provider FAQ
Continued from above...
Whether you're looking for federal student loans, private student loans, or different refinancing options that support how much money you're currently or will be making after school, there's a lender for you. Some lenders specialize in undergraduate loans, while others focus on graduate and professional student loans, helping you narrow the field right away depending on your degree.
So, what are the different types of loans available and their intended uses? Federal student loans are funded by the US government and are typically used to cover educational expenses such as tuition, fees, books, and supplies. These loans offer fixed interest rates and flexible repayment options, making them a popular choice for students and parents alike. Federal student loans may be subsidized or unsubsidized, depending on financial need, with subsidized loans accruing interest while the borrower is in school and unsubsidized waiting to accrue interest until you graduate or leave school permanently.
On the other hand, private student loans are offered by banks, credit unions, and online lenders and can be used to cover a variety of educational and living expenses. Unlike federal loans, private student loans typically require a credit check and may have higher interest rates. However, they can be used to fill the gap between the cost of attendance and other financial aid, and you can use leftover money for any other expenses that you have. Private student loans may also offer more flexible repayment terms and borrower benefits, making them an attractive option for students who need additional funding beyond what the government offers.
Choosing the right student loan provider is an important decision that can have a lasting impact on your financial future. You'll want to find one that covers all of your financial needs during your education. To help you jump into the world of student loans, here are some factors that might help you decide:
- Interest rates. Interest rates play a significant role in determining the cost of your student loan. Lower interest rates can save you money over the life of your loan, while higher interest rates can increase your overall repayment amount. Be sure to compare interest rates from different lenders and consider factors like fixed vs. variable rates and repayment incentives.
- Repayment terms. Repayment terms refer to the length of time you have to pay back your student loan. Longer repayment terms typically result in lower monthly payments but can lead to higher overall interest costs. Shorter repayment terms may have higher monthly payments but can help you save money on interest and pay off your loan faster. Consider your financial situation and future earning potential when choosing a repayment term.
- Customer service. Good customer service is essential when dealing with student loan providers. You want to work with a lender that is responsive, knowledgeable, and supportive throughout the loan application and repayment process. Look for lenders with positive reviews from borrowers and responsive customer service teams that can address your questions and concerns promptly.
- Borrower benefits. Many student loan providers offer benefits to attract and retain customers. These benefits can include interest rate discounts, cosigner release options, referral bonuses, and career coaching services. Consider whether these benefits are important to you and whether they outweigh any potential drawbacks or costs associated with the loan.
To help you find the best student loan provider for your needs, Top Consumer Reviews has reviewed and ranked the top lenders in the market. Our research aims to offer valuable insights into each lender's approach to student loans, including interest rates, repayment options, customer service, and more. We hope this helps you confidently choose a student loan provider so you can worry about what's most important: your education. Happy learning!
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