Best Private Student Loans Available and Their Interest Rate

Best Private Student Loans Available and Their Interest Rate.

Best Private Student Loans: Paying off college bills can really put a burden on you, thereby requesting for an extra help. So this might require you to contemplate on getting a Private Student Loan. This is mostly the last point of action.

Best Private Student Loan Available and Their Interest Rate

That is after you might have exhausted your scholarship, grant and federal student loan option or funds. Now making the decision on which of the private student loan company to apply with, might be a problem. So I took my time in highlighting for you, some of the best companies right now.

This will enable you compare their interest rates, repayment terms and eligibility requirement. It also helps you take a very comfortable survey through your available options.

You should note that having a good credit score or a creditworthy cosigner can increase your chances of being approved and qualifying for the lowest rates.

Best Private Student Loans

College Ave Student Loans

College Ave Student Loans

Here are some key details of College Ave’s student loans:

  • Loan Types: Undergraduate, Graduate, Parent, and Career Training
  • Variable Interest Rates (APR): 2.84% to 10.97% for undergraduates
  • Fixed Interest Rates (APR): 4.54% to 11.98% for undergraduates
  • Discounts: 0.25% interest rate reduction for making automated payments from your bank account
  • Repayment Terms: 5, 8, 10, or 15 years
  • Loan Amounts: $1,000 up to 100% of school-certified cost of attendance minus any other financial aid
  • Fees: There are no prepayment penalties or origination fees
  • In-School Repayment Options: Full deferment, $25 monthly, interest-only payments, and full principal and interest payments
  • Cosigner Release: Available after 24 months of making consecutive interest and principal payments on time

Pros

  • College Ave offers Success Rewards for career loans. This cash-back program provides $150 as a statement credit to the loan principal upon completing a degree.
  • You can pre-qualify for College Ave student loans, so your credit score won’t be affected when you check your rates.

Cons

  • You can’t apply for College Ave loans over the phone.
  • The cosigner release period is twice as long as Sallie Mae’s requirement.

SoFi Student Loans

SoFi Student Loan

Here are some key details about SoFi’s student loans:

  • Loan Types: Undergraduate, Graduate, Professional, Parent
  • Variable Interest Rates (APR): 3.19% to 10.79% for undergraduates
  • Fixed Interest Rates (APR): 5.05% to 11.71% for undergraduates
  • Discounts: 0.125% loyalty rate reduction
  • Repayment Terms: 5, 10, or 15 years
  • Loan Amounts: $5,000 to 100% of school-certified cost of attendance
  • Fees: $0 application fee, $0 prepayment fee
  • In-School Repayment Options: Deferred, interest-only, fixed payments
  • Cosigner Release: 24 months

Pros

  • SoFi provides cosigner release after just 24 months, making it possible for cosigners to be released from liability.
  • SoFi provides member benefits including a loyalty discount, career assistance, and more.
  • There are no origination fees or prepayment penalties associated with SoFi loans.

Cons

  • SoFi offers a shorter maximum forbearance time than some competitors, which could be a problem if you get into financial trouble.
  • SoFi loans are available only to U.S. citizens so international students may not have access to financing they need.

Sallie Mae Student Loans

Sallie Mae Student Loan

Here are some key details of Sallie Mae’s student loans:

  • Loan Types: Undergraduate, Graduate, Professional, Parent
  • Variable Interest Rates (APR): 2.87% to 10.33% for undergraduates
  • Fixed Interest Rates (APR): 4.74% to 11.35% for undergraduates
  • Discounts: 0.25% interest rate discount for borrowers who enroll in automatic payments
  • Repayment Terms: 5 – 15 years
  • Loan Amounts: $1,000 up to 100% of school-certified cost of attendance minus any other aid received
  • Fees: Sallie Mae charges no origination fee and no prepayment penalties
  • In-School Repayment Options: Interest-only, $25 monthly, or full deferment until after graduation
  • Cosigner Release: If primary borrower meets certain requirements including making 12 on-time payments

Pros

  • Sallie Mae loans provide death and disability loan forgiveness, so borrowers and cosigners don’t have to worry about repayment if tragedy strikes.
  • Lengthy deferment periods during internships and residency periods for professional students make it easier to complete your training without worrying about making loan payments.
  • Cosigners will appreciate that Sallie Mae loans have the shortest cosigner release qualification periods in the student loan industry.

Cons

  • There’s no option to get preapproved for a Sallie Mae loan without a credit check.
  • No option to receive in-person support.

Earnest

Earnest

Here are some key details of Earnest’s student loans:

  • Loan Types: Undergraduate, Graduate, Professional, Parent
  • Variable Interest Rates (APR): 2.79% to 11.44% APR
  • Fixed Interest Rates (APR): 4.49% to 12.78% APR
  • Discounts: 0.25% cosigner rate reduction and 0.25% autopay reduction
  • Repayment Terms: Grace period of 9 months
  • Loan Amounts: $1,000 to 100% of school-certified cost of attendance
  • Fees: $0 late fee; $0 prepayment penalty; $0 origination fee
  • In-School Repayment Options: Deferred, interest-only, fixed payments
  • Cosigner Release: Not available

Pros

  • Earnest provides a nine-month grace period before repayments begin, which is longer than most other lenders offer.
  • It provides flexibility in your loan repayment term, giving you the option to choose a payoff plan that is affordable to you.
  • Earnest allows borrowers the option to skip one payment every 12 months and does not charge late fees, unlike many other lenders.

Cons

  • No option for cosigner release.
  • Earnest requires a hard credit check when applying.
  • Loans are not available in all states.

Citizens Bank

Citizens Bank

Here are some key details of Citizen Bank’s student loans:

  • Loan Types: Undergraduate, Graduate, Professional, and Parent
  • Variable Interest Rates (APR): 2.80% to 10.91% for undergraduates
  • Fixed Interest Rates (APR): 4.72% to 12.04% for undergraduates
  • Discounts: 0.50% discount on rates for autopay and for opening a student checking account with Citizens Bank
  • Repayment Terms: 5, 10, or 15 years
  • Loan Amounts: $1,000 up to $100,000 (undergrads) or $110,000 (graduate students)
  • Fees: No loan application fees, origination fees, disbursement fees, or prepayment penalties
  • In-School Repayment Options: Interest-only, full interest and principal, full deferment until after graduation. Deferred loans may have higher interest rates.
  • Cosigner Release: Available after 36 consecutive on-time principal and interest payments

Pros

  • Borrowers can get discounts on interest for opening a student bank account with Citizens Bank.
  • Citizens Bank is the only student loan lender that provides multi-year loan approval as an option. This means you may be able to get funding secured for all of your years of schooling without having to apply again later.
  • Interest rates are competitive, especially if you begin making payments immediately on your loan instead of deferring payments while in school.

Cons

  • Cosigner release isn’t available until 36 consecutive full payments are made, which is longer than many competitors.
  • Citizens Bank has lower loan limits than many competitors offer.
  • You’ll pay a higher interest rate for deferred payments while in school if you borrow from Citizens Bank.

SunTrust

SunTrust

Here are some key details of SunTrust’s student loans:

  • Loan Types: Undergraduate, Graduate, Graduate Business School
  • Variable Interest Rates (APR): 2.52% APR to 10.05% APR for the Custom Choice Loan® and from 2.52% APR to 12.00% APR for the Union Federal Private Student Loan
  • Fixed Interest Rates (APR): 3.82% APR to 11.05% APR for the Custom Choice Loan and from 3.82% APR to 13.00% APR for the Union Federal Private Student Loan
  • Discounts: 0.25% interest rate reduction for consistent on-time payments on the Union Federal Private Student Loan, as well as up to a 0.50% discount for autopay on all SunTrust private student loans. Low APRs shown above include a 0.50% interest rate reduction for auto pay from a SunTrust account.
  • Repayment Terms: For the Union Federal Private Student Loan and Custom Choice Loan, borrowers have the option to repay loans over 7, 10, or 15 years. A Graduate Business School Loan can be repaid over 7 or 10 years.
  • Loan Amounts: Students in most states can borrow between $1,000 and $65,000 for the Custom Choice Loan or Union Federal Private Student Loan. Students can borrow up to $95,000 for the Graduate Business School Loan.
  • Fees: There are no fees to apply, no origination fees, and no prepayment penalties
  • In-School Repayment Options: Full deferment, $25 monthly payments, or interest-only payments or full principal and interest payments.
  • Cosigner Release: After 36 consecutive on-time principal and interest payments are made.

Pros

  • SunTrust loans reward borrowers with either a 1% principal reduction (for Graduate Business School Loans) or a 2% principal reduction (for Custom Choice Loans) after graduation.
  • SunTrust loans are available to most U.S. citizens and permanent residents and the Union Federal Private Student Loan is also available to international students.
  • APRs are competitive, especially with discounts for autopay and on-time payments.

Cons

  • Cosigner release isn’t available until after 36 on-time principal and interest payments, while many competitors allow cosigner release after 12 or 24 months. However, SunTrust will count lump sum payments that are larger than a regular monthly payment as multiple months.
  • Loan limits are lower than many competitors.

Conclusion

Conclusion

After going through your options, you should know that most times taking a Private Loan isn’t always the best answer to your problem.

A private student loan can be convenient but you should still read up on your student loan options to make sure you’re making the right financial decision for yourself and your future.

Add a Comment

Your email address will not be published. Required fields are marked *