10 Student Loan Options in the US Worth Knowing About
Paying for college in the US usually means taking out loans. Federal loans are the standard starting point, but private lenders can fill the gaps. Here are ten options to know about, from government programs to banks and credit unions.
Direct PLUS Loans are for graduate or professional students (Grad PLUS) and parents of dependent undergrads (Parent PLUS). They cover costs other aid doesn’t. You need a credit check, and interest starts adding up as soon as the money is sent out.
Direct PLUS Loans are for graduate or professional students (Grad PLUS) and parents of dependent undergrads (Parent PLUS). They cover costs other aid doesn’t. You need a credit check, and interest starts adding up as soon as the money is sent out.
Direct PLUS Loans are for graduate or professional students (Grad PLUS) and parents of dependent undergrads (Parent PLUS). They cover costs other aid doesn’t. You need a credit check, and interest starts adding up as soon as the money is sent out.
Sallie Mae is one of the biggest private student loan providers. They offer loans for undergrads, grads, and professional students, plus career training loans. They let you pick from several repayment plans and you can apply with a cosigner.
Navient is mostly a loan servicer, but they also offer private loans through Earnest, a subsidiary. Earnest focuses on refinancing and private loans, and they look at your whole financial picture, not just your credit score. They also let you customize repayment terms.
Discover offers private student loans for undergrads and grads with no application, origination, or late fees. They also have a cash reward program for good grades.
College Ave offers private loans for undergrads, grads, and parents. Their selling point is flexibility: you can choose your repayment terms and customize the loan to fit your situation.
SoFi provides private student loans and refinancing. Their rates are competitive, especially if you have good credit. Borrowers also get extras like career coaching and networking events.
Citizens Bank offers private loans for undergrads and grads with fixed or variable rates. Existing customers may get a rate discount, and you can also get a discount if you have multiple accounts with them.
Don’t overlook local credit unions. They often have lower interest rates and fewer fees than big banks, and they tend to focus on customer service. Membership requirements vary, so check if you qualify.
