Education loans have become an almost integral part of a student’s life since university tuition rates have been skyrocketing in the past decade or so. These loans are what help an individual to pursue their dream degree in a good college without depleting their savings completely. A lot of the students would not have been able to pursue higher education at all without the availability of a student loan. Although there is no single best student loan that fits every students’ academic plan, you still need to choose the best from the lot before going ahead with it.
- Stafford loans These types of government loans are one of the most popular student loans since they offer loans at both subsidized and unsubsidized level. Stafford loans do not require credit approval and are available to both undergraduate and graduate students. These types of loans are subjected to low-interest rates. However, students are not allowed to defer payment until six months after graduation.
- College Ave Student loans Relatively new, it offers student loans online. College Ave student loans offer new loans for students as well as refinancing options for existing federal and private student loans. It offers a wide range of loan terms ranging from 5-15 years. College Ave student loans lets you choose full payments while you are still studying, interest-only payments at around $25 per month. It also offers to defer your payment entirely until you graduate. You can get loans from $1000 to up to 100% of the total tuition cost.
- PLUS loans These student loans allow you to borrow enough money to fund your entire education. This means it allows you to pay for your college with almost no money from your own pocket. However, you might have to pay for the first payment in as early as 60 days from the loan’s disbursement. PLUS loans have noticeably less flexibility with high-interestest rates of up to 8.50% and are subjected to origination fees of up to 4%. You also need to have a good credit score to qualify for this type of a federal loan.
- SunTrust One of the most famous banks in the southeastern part of our country, SunTrust provides a wide range of student loan products. Its features include a 0.50% APR discount on using autopay with a SunTrust deposit account. You can also earn a graduation reward using a loan program. For instance, SunTrust offers a 2 percent principal reduction upon graduation through its Custom Choice Student Loan.
- Perkins loans Similar to Stafford loans, Perkin loans are subjected to an annual and lifetime limit for borrowing and they don’t incur origination fees. They also receive a significantly lower interest rate. One of the best features about taking Perkins loan is, the interest on these loans is paid by the government while you are still enrolled in school.
- LendKey It connects borrowers with a network of regional, community banks, and credit unions. Moreover, it manages and supports student loans. The borrowers are encouraged to make payments while you are still studying. You can also choose to pay only interest which can be as low as $25 a month as soon as you take your loan. LendKey requires at least 3 years of credit history and there is a loan term option for only up to 10 years.
