So you’ve gotten your financial aid package and federal loans, and you’re still missing a few thousand to pay for college. Unless you can get a scholarship between now and the first day of school then you’re going have to get a private student loan. With so many different companies offering student loans, it may be difficult to pick the right one so we here at JustForCollege have assembled a list of the student loans we think you should be focusing your time on! Look below for info that will help you in deciding which company to get your student loan!
Sallie Mae
Sallie Mae was a federal program at one point, and it still maintains it’s solid reputation as a student loan provider. They give loans that cover a 100% of school-approved costs. They offer variable interest rates from 2.50% to 9.59% and fixed interest rates from 5.74% to 11.85%, with a possibility of reducing your interest rate by 0.25 percentage points if you enroll in automatic monthly payments. They offer three type of repayment options: deferred until after graduation, fixed monthly rate, monthly interest repayment.
Pickett & Hatcher Educational Fund
This new alternative style loan gives students low fixed rates while they are still in school at a mere 2%, which increases to 6% after graduation. The catch is that you can only borrow up to $10,000 an academic school year, but you can also borrow an additional $2,500 for summer terms. You must also maintain a C average or better and have an endorser with good credit. Repayment begins after you graduate, with the first six months of repayment being geared towards paying interest and the following six months focused on repaying the principle.
Discover Student Loan
Discover has a quick application process purported to take only 15 minutes or less. What’s more is that they also offer rewards for good grades and auto-debt enrollment. If you get a 3.0 GPA or higher, you can get a 1% cash reward on each new Discover student loan you get. If you enroll in auto-debt monthly payments, you can get a 0.25% interest rate reduction. Their variable interest rates go from 3.49% to 8.99% and their fixed interest rates go from 6.24% to 11.49%. Their repayment plan includes a deferred repayment option or a fixed $25 monthly payment while in school. They also have a program to defer payments if you undergo distress and cannot immediately make that loan payment.
Wells Fargo Student Financing
Known for great customer service, Wells Fargo offers everything from consulting help, to online tools that help you calculate how much you will be able to repay based on your potential earning power. Their fixed interest rates range from 5.71% to 10.92%, and their variable interest rates range from 3.16% – 9.03%. They also offer a variety of discounts for customers that use their banking services, such as .25% interest discount to those who have a qualifying Wells Fargo checking account. They also offer a .25% interest rate reduction with the enrollment of automatic debt repayment. Wells Fargo Loans
Getting a private loan does not have to be a stressful process, but what you need to do is thoroughly search all of your options with time, and with a good co-signer. Plan on finding, and applying for loans, well before school starts in order of getting the appropriate loan at the best interest rate. Signing with a co-signer may spread the liability of the loan, but it may also allow you to get a lower interest rate, making it easier to pay off in the long run.
