How To Get Private Loans For College

Private Loans For College

Paying for college fees isn’t an easy task at all. Sometimes we might exhaust our savings, Federal student aid, scholarships and grants, the next step will be private student loans. Though private loans do charge a bit more than Federal ones it still has a lot of importance when invested for your school degree.

Before you make a choice for a student loan(How To Get Private Loans For College), the essential thing to consider is the fees and interest rates. When we consider private student loan, it is a union of your market interest rates set by the Federal Reserve, credit history and the banking system. When you are about to make a move for this, have it in mind that private student lenders require someone such as a parent or other relative who will take up responsibility for the loan if you stop paying.

Some other things to consider are the interest rate, origination fees (if any) and early payment fees (if any). Let’s take a look at some of the best Private Student Loans.

How To Get Private Loans For College

  1. LendKey
    This one of the best in offering loans. They fund loans through partnerships with community credit unions and banks. The borrower doesn’t have a knowledge of the bank or credit union behind the scenes because the loans offered are serviced by LendKey. One of the important things to note about them is they don’t offer parent loan but only students loans.
  2. Sallie Mae 
    This is known as one of the biggest student loan organization in the market. They offer loans to both undergrad and graduate student usually with fixed interest rates. It doesn’t just end there, it also offers loans for K-12 for those that want to send their kids to a private school. Unlike LendKey, Sallie Mae offers parent loan. Their package for undergraduate loans is very nice, variable rates range from 4.37 to 11.23 percent and fixed rate loans range from 5.74 to 11.85 percent APR.

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  3. Citizens Bank 
    Though not that old in the student loan market, this bank has been around for a very long time. Being a forve to reckon with in the bank sector, it made its debut by offering competitive rates, low fees, and a massive range of options. Their fixed interest rates range from 6.45 to 12.05 percent and variable rates go from 6.42 to 12.02 percent APR.
  4. CommonBond 
    Also one of the most popular among them, it has done much good in the field. They didn’t come just to make money from students loans but also to do some social assistance. They offer a program for businesses to offer student loan assistance as an employee benefit. CommonBond didn’t just stop there, they offer four repayment options which can be repaid while in school or after you have graduated.
    The loans offered by them are for undergrads, grad students, and parents. For their interest rates for loans, it ranges from 3.69 to 9.74 percent APR with 5 to 15 year payback periods. This makes them stand as one of the best among others.
  5. Ascent 
    This is best for undergraduate students with no cosigner. Though they are not all that popular in the student loan companies, it’s one of the best for upper-class undergrads and grad students. Their fixed APRs start at 7.20 and go up to 13.90 percent while their variable rates range from 5.72 to 13.01 percent. Another perfect thing about the Ascent is that there’s nothing like origination or application fees or prepayment penalties and loans come in 5- to 15-year terms. They offer a cosigned loan.
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