Best Banks for Student Loans

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Best Banks for Student Loans

Even though a loan is an alarming word, sometimes it turns out to be necessary to overcome a hurdle that otherwise is difficult. Loans are a form of help obtained financially to aid in acquiring higher education. A thorough study needs to be conducted before opting out for a student loan from any bank. The loan terms and limits have to be compared to match your required criteria. Your eligibility also has to be confirmed before proceeding with the application. The amount you are planning to borrow and how to repay it should be charted before. There are a lot of lenders available, and a list is prepared based on research. Go through and select the one suited best for you.

1. College Ave

College Ave is rated high at offering loans for students. It has its base in Wilmington, Delaware, founded in 2014. They are known for providing loans for undergraduates, graduates, and parent loans for those who have joined schools that are affiliated with College Ave. The service is available in 50 states and the District of Columbia. It has a high rating due to its rapidity in services and the time taken for the application to be completed together with speedy decisions wherever required. There is no special fee charged for application. The Variable Rates range from 0.94% – 11.98% APR and the Fixed Rates from 2.94% – 12.99% APR. The processing is also simple as adding the cosigner, personalizing the repayment plan, and other proceedings are done at an instance. The rest is taken care of in collaboration with the school.

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2. Education Loan Finance (Also Known As ELFI)

ELFI is considered a division of South East Bank, which is based in Tennessee. It was started in 2015 and intended to support borrowers with student loan refinancing. They also offer services of undergraduate, graduate, and parent private student loans. Your future is simplified with easy financing suggestions known for affordable rates, flexible terms, and easy repayment. The application seems to be safe and translucent. The application process is helped in by a student loan advisor who is at every step supporting you throughout the process. There are various specialties like providing post-graduate loans with zero fees, a lesser interest rate, and freedom and flexibility in paying back the amount. Acquiring a degree feels like a reward rather than a burden with the service. They do not charge any hidden charges for application, origination, and prepayment penalty.

The loan amount starts from $1,000 onwards. The variable interest rate falls at 1.20% APR* and the fixed rate at 3.20% APR* for 5- 15 years. Other terms and conditions are to be scrutinized before taking a final decision.

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3. Sallie Mae

The smart loan option for undergraduate students by Salliemae gives the comfort of obtaining the loan at any time and can be used to study from anywhere. The variable rate of interest is in the range of 1.13% – 11.23% APR2, and the fixed-rate; 3.50% – 12.60% APR2. The bank is ready to provide the complete amount for the school-certified expenses, and the borrowing amount starts from $1000 onwards. They are offering various other options, too, like interest rate reduction of up to 0.25 percentages during enrollment and when monthly payments are done properly. They also come up with the option of releasing the cosigner from the loan after graduation. The loan term assigned is 10-15 years of principal and interest payment.

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4. Ascent Funding, LLC

The bank provides student loans for those who are citizens of the United States, as well as for international students. The students with a Deferred Action for Childhood Arrival (DACA) status accompanied by a cosigner who is a U.S. citizen can get the eligibility. They are ready to release credit-based loans that are cosigned, especially if the cosigner is trustworthy, and then it is easier. The variable rates of interest are in the range of 1.51% – 9.09%, and the fixed rate is from 3.24% – 11.33%. The students are provided with a 1% Cash Back Graduation Reward, and you can even earn up to $25 when a friend of yours is referred. The term of repayment may be from 5, 7, 10, 12, or 15 years. The deferred repayment starts up to 9 months after leaving school, with a minimum payment starting from $25.

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5. Citizens Bank

Citizens Bank (Citizens Financial Group, Inc.) provides student loans for those who need to meet educational expenses. They are focusing mainly on loans for undergraduates.

It was started in Rhode Island in the 1800s. Currently, they are the largest banks in the U.S. known commercially.  They have branches in 12 states in New England, the mid-Atlantic, and the Midwest. Those who are permanent residents or citizens of the United States have the eligibility to apply for student loans. If you are a non-resident, you also need to have a creditworthy cosigner and a citizen of the country. Students enrolled half-time are considered primary borrowers and have to be backed up by a qualified cosigner which can help lower the interest rate. The rates seem to be flexible, and there are options available according to the comfort for the term.  They also put forth various attractive plans to reduce the rate of interest, which are available in their link. This includes 0.25 percentage points from the interest rate and deducting of payments every month, and so on.

The application seems affordable as there are no fees to be paid during submission and an easy way of getting oriented from enrolling to graduation. The repayment is also made flexible when there is interest-only payment in school, or the payments are put on hold till the school is completed.

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6. LendKey Technologies, Inc.

LendKey Technologies, Inc. supports the students in borrowing the complete amount of the cost of attendance certified by the school. The amount may cover tuition, room and board, textbooks, and other related education expenses. A credit-worthy cosigner can make a considerable difference in the loan application of the student and its approval. They can even secure acquiring a loan at the best lowest rate, provided the cosigner need to possess a fine credit past and should meet definite income requirements.

The student has to start with an application for the loan with the bank to check if he or she is eligible for getting one. What you have to be is, you need to be enrolled for a half-time in an approved school for a degree-granting program. It is a credit-based application that shows the significance of the presence of a cosigner. You need to be either a U.S. citizen or permanent resident and should be at an age that is considered as major in the state where you are residing.  

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7. Common Bond

The lender organization was founded in 2011 and has helped a lot of students with their loan credits, and that accounts for more than $2 billion. The undergraduate, graduate students, and those in the field of medical, dental, and Master of Business Administration, have been considered for the loans along with the refinancing options. A cosigner is required in the case of undergraduate and graduate loans but not necessary for medical, dental, and MBA loans. The processing is done pretty fast, as it takes up to five days to three weeks to get confirmed from the school regarding the amount of the loan and the condition of enrollment once after the loan is approved by the bank. Fees set up by the bank are low, but they charge an origination fee for MBA, dental and medical loans. The loans are generally money-saving and stress-free and are protected. The rates are fixed between 3.74-10.74%.

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8. PNC Solution

The PNC Solution Loan is a specific undergraduate education loan. Their fixed APRs range from 2.99 – 8.74% and the variable APRs 1.09 – 6.84%, and the Annual Percentage Rates (APRs) are displayed for repaying immediately and include a 0.50% discount. The APRs shown represents the rate of interest which includes the fees and deferment periods. The information about the school, like the name, major, degree type, enrollment date, academic terms, and the expected graduation date, are to be included in the application. Further details about the mortgage or rent payments, the place of work, home, kind of job, and the annual income need to be included too. The cosigner’s additional info also has to be added, which is includes the Social Security number, driver’s license (or State ID), date of birth, home phone number, home address, and the number of years you lived in the place.

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9. Discover Bank

The organization has been rated an A+ by the Better Business Bureau and is considered a BBB-accredited business. The Discover Bank has a successful history of more than 100 years and is presently offering students loans to more than 2400 colleges and universities. The amount varies as small as $1000 to cover the complete fee required for education purposes. The rate of interest may be variable or fixed. Variable rates falls in the range of 1.29% – 10.59% APR and fixed-rate 3.99% – 11.59% APR. They do not charge extra fees for application, origination, or late repayment. You are even rewarded with a 0.25% reduction in the rate of interest corresponding to the betterment in grades at school. The loan specialists are U.S.-based and ready to help anytime required by the student.

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10. SoFi Internet Bankers

SoFi is a lender working online in the year 2011. It was founded by Stanford business school students. They are primarily focusing on the refinancing of loans. They are known for their loan lending for undergraduates, graduates, and parents starting at $5000. SoFi supports the students and parents to take well-turned-out decisions regarding the financial status of educational needs. Their activities are resourceful, transparent, and supportive. They also give preference to the current customer-first solutions. Undergraduate and graduate loans are provided by bankers. They help in focusing on graduation and attaining a degree at a lower rate, and getting paid back based on one’s terms. Lawyers of tomorrow and the leaders of the future are also provided with the help to pay off their loans at a low rate to study law or business. SoFi also provides parent loans, which can be processed even online and easily. There are no fees for processing the loan and can be repaid according to your ease. The cosigner can be added to the application, and that too at a fast rate.

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About the author

Indu has been educator since last 10 years. She can find all kind of scholarship opportunities in the USA and beyond. She also teach college courses online to help students become better. She is one of the very rare scholarship administrator and her work is amazing.