Personal Loans for College Students

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Personal Loans for College Students

Whether you intend on attending college on location or enrolling in online classes, one thing seems certain: you’ll need a method of paying. While federal student loans are frequently the most cost-effective option, they may not be sufficient to meet all of your college expenses. Private student loans, scholarships, and work-study programs can help you close the gap between whatever you need and what you can manage to pay for school. While personal loans are not commonly used to finance education fees such as tuition, they may be useful for other expenses. A personal loan could be used to pay for university books, accommodation, and other expenses.

Personal loans have substantially higher interest rates than student loans, making them a more costly alternative for students. A personal loan may be a wiser choice because it doesn’t demand a margin or security and allows you to use the money for anything you choose, including tuition, travel, lodging, teaching materials, and more. But when it comes to personal loans, you have to be very careful. The interest rates will be higher, and you will have to pay them back as early as possible as if you keep postponing it, you might land in hot water.

We have put together the top 10 best personal loans that you can apply for today. You can prioritize your options and select one.

1. College Ave Student Loans

College Ave specializes in college loans. College Ave, based in Wilmington, Delaware, was established in 2014 and provided undergraduate, graduate, and parental loans to people studying in College Ave-affiliated schools in all 50 states and the District of Columbia. College Ave has a competitive edge of quickness, with forms that take only a few minutes to finish and judgments that are made instantly. Students must be engaged in a degree program and take classes at a school that qualifies. Community college programs, for example, are covered by career loans. College Ave accepts a credit rating in the mid-600s and a debt-to-income proportion of up to 90%, though this varies depending on other application conditions. In general, applicants should have a long credit history with a variety of good accounts. It is acceptable to have a co-signer. Prospective student loan debt can verify for preapproval, and after completing the online registration, quick loan approvals are accessible. Although College Ave does not accept registrations over the phone, you can contact customer care for assistance with the application portal. College Ave advises that you register for your college loan at least 30 days before the start of school and that it will work exclusively with your college to verify the loan.

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2. Earnest

Earnest requires applicants to share their school and work backgrounds in order to get a complete understanding of their accomplishments. Your or your co-credit signer’s rating, payment history, and income are also taken into account. Students can apply for bachelor’s degree student loan debt digitally and expect to hear back within 72 hours. Students can choose a repayment schedule or postpone payment for nine months after college if their request is successful. Based on the candidate and the school’s financial assistance office, the loan could take anywhere from two to five weeks to be funded. Earnest offers both fixed and variable rates on student loans and refinancing. You have the option of choosing a loan period of five to twenty years. The lowest loan amount is $1,000, with loans ranging up to 100% of the school’s accredited cost of the program. There are no fees for application, initiation, or late payments.

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3. Education Loan Finance

SouthEast Bank’s Education Debt Finance, popularly known as ELFI, is a student loan restructuring scheme. Refinancing private and government student loans, comprising undergraduate, graduate, parent, and MBA borrowings, as well as loans for law, dentistry, and medical school, is accessible in all 50 states. Prequalifying gives you an idea of what borrowing costs you might be able to get. You’ll need to give some general details through ELFI’s online application, which takes a few moments. After that, ELFI will do a mild credit check and present you with your bank rate options. After that, you’ll select terms that suit your needs before uploading essential documents, including pay stubs, a W-2, and a government-issued ID.

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4. Sallie Mae

Sallie Mae is a publicly listed retail bank that specializes in private student loans for undergraduate, graduate, and special education. The corporation began as a government organization servicing federal student loans in 1973. It became a private company in 2004 and offered a variety of student loan options. Sallie Mae Bank offers savings accounts and credit cards with bonuses for using money-back benefits to pay back student loans in addition to student loans. Sallie Mae offers a variety of student loans to make learners pay for bachelor, graduate, and specialized degrees. Part-time students, as well as those pursuing education and training or certification courses, can apply for loans.

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5. Ascent Funding

Ascent Funding is a digital lender that provides ug and pg student loans to over 2,200 colleges around the US. Citizens and legal residents of the United States, as well as those with Deferred Action for Childhood Arrivals (DACA) status – also known as “Dreamers” – can register for an Ascent loan as a single borrower or with a credit-worthy co-signer. Other candidates will need a creditworthy co-signer who is a US citizen or legal resident. San Diego is the headquarters of Ascent Funding. Students who achieve specific restrictions and circumstances can get a 1% money back graduating bonus. Non-Cosigned Outcomes-Based Loans from Ascent Funding may be available to undergrad juniors and seniors, based on their degree, cost of the program, completion schedule, and other considerations. Autopay qualify for a one-percentage-point rate reduction on certain loans. There are no registration, acquisition, or disbursement fees with Ascent Funding student loans.

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6. SoFi

In 2011, Stanford business youngsters established SoFi, an internet lender. In 2019, the business grew beyond student loan restructuring to include private student debts. It offers no-fee student loans to undergraduates, graduates, and parents starting at $5,000. SoFi Private Student Debt provides undergrad, graduate, law, and MBA college loans, as well as parent college debt. Loans begin at $5,000 and can pay up to 100% of the school-certified cost of the program, which includes education, housing and board, meals, and classroom supplies. When you sign up for autopay, SoFi also offers student loan restructuring with a fixed rate of interest starting at 2.99 percent.

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7. Citizens Bank

Citizens Bank was established in Rhode Island in the 1800s. It is now one of the country’s major commercial banks, having locations in 12 states throughout New England, the mid-Atlantic, and the Midwest. Citizens Bank student loans are available to citizens and legal residents of the United States, as well as non-citizens with eligible citizens or permanent residents as co-signers. Citizens Bank offers multi-year approved loans, which means that after you’ve begun, you won’t have to go through a background check annually. Consumers who set up direct debits can save 0.25 percentage points on their lending rates. You can get an extra 0.25 point margin discount if you hold a Citizens Bank account.

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8. Lendkey

Consumers in need of private student loans or college loan restructuring can use LendKey’s online platform to connect with community banks and financial institutions. LendKey has assisted over 120,000 people by providing $4.1 billion in loans since 2009. For university students, the firm offers fixed- and varying loans. If you are engaged at least half-time in a bachelor’s program at an accredited school, you are eligible to apply. If you don’t have a lot of credit history or consistent income, you might require a co-signer. Apply at least one month prior to fees is due, according to the business. According to LendKey, processing and verifying a loan can take a few weeks but usually takes less than 30 days. After an initial assessment of your request and credit record, you may get authorization for your loan. However, you won’t get final approval until you submit supporting documentation and your school approves the loan.

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9. CommonBond

Since its inception in 2011, CommonBond has financed over $2 billion in college loans. Undergraduate, graduate, medical, dental, and Master of Business Administration loans are all available, as well as student debt repayment. Undergraduate and graduate loans require a co-signer, but professional, dental, and MBA loans do not. After CommonBond authorizes your loan, it may take up to three weeks for your institution to verify your loan balance and admission status. Although there is an application charge for MBA, dental, and medical loans, fees are often low. Fixed-rate and varying college loans are available through CommonBond. You may request a $5,000 loan up to the tuition and fees.

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10. PNC Bank

PNC Bank was founded in 1845 and now has locations in all 50 states. The bank is involved in numerous community programs, such as the Grow Up Great program, which it runs in partnership with Sesame Workshop, and different financial literacy initiatives. PNC provides students the chance to win $2,000 grants to help pay for their education. PNC offers a variety of loans for students at all levels of their higher education, such as remortgaging and professional training loans.

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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.

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