Have you been wondering if you can obtain loan from a private firm to fund your education but scared what the odds might be? You don’t have to worry anymore because i have reviewed the best and most considerate private loan providers for your funding needs.
take your time to read and understand their offers and choose the one that best fits your needs.
Review of 5 Best Private Student Loan Providers
Some of these loan organizations offer student loans to strictly students from their country of operation who wish to study abroad, but some also offer loans to international students who want to study in their country or other countries of their choice.
1. Ascent’s Private Student Loans
Fixed interest rates ranging from 4.35% to 13.06%
Variable interest rates ranging from 3.62% to 12.99%, these are subject to change
They offer a loan repayment period of up to 5, 10 or 15 years
No origination, disbursement or application fee or charges
They don’t charge you for paying off a loan too early
If you choose the option of income-driven repayment, you can qualify for a reduction in interest rate up to 0.25%
You can qualify for a $1,000 scholarship if you complete their survey form
Ascent can pay you $600 per year if you refer 6 people
You have the option of deferring your loan until you graduate
If you face difficulties during repayment, you can forbear your student loan for about 3 months per time
You are only allowed to forbear your loan for a total of 24 months in your given period of repayment
If you meet the required credit score, you won’t need a cosigner but if otherwise, then you will need one who is a citizen or permanent US resident and meets the required credit score
Application is done online
Aggregate loan limit is $200,000
In the case of the borrower’s death or permanent disability, you can earn a loan forgiveness
Your cosigner can be released if you consistently repay your loan for at-least 24 months
2. Sallie Mae’s Private Student Loan Company
Fixed interest rates; 5.24% to 11.85%
Variable interest rates; 3.88% to 11.35%
No fees of any sort
They offer free access to FICO credit score quarterly. They also offer free student supports for homework or other study needs for four months
Sallie Mae allows you to defer your student loan while in school but gives only 6 months period of grace for repayment after you graduate. The unpaid interests during deferment will be added to the principal you borrowed
They offer loans for k-12, undergraduates, graduates, parents and certificate programs
Maximum amount you can borrow depends on your school’s financial aid office
Application is done online
They offer loans to international students too
They don’t offer loan forgiveness option
They offer cosigner release for some loans
3. Sun-Trust’s Private Student Loans
Fixed interest rates; 4.55% to 13.25%
Variable interest rates; 3.62% to 10.675%
They offer up to 7, 10 or 15 years repayment period
No hidden charges of any sort
If you can enroll in automatic repayment plan, you get an interest rate reduction of 0.75%
Graduates are eligible for a principal reduction of 2%
They offer you $500 scholarship which goes to text books or accruing interest
SunTrust offers deferment while you are in school
They award loans to undergraduates and graduates
After 36 or 48 consecutive repayments, SunTrust can release your cosigner
Aggregate loan limit of $150,000
Application is done online
They offer Loans to international students too
No loan forgiveness
4. Wells Fargo Private Student Loan Organization
Fixed interest rates; 4.99% to 12.68%
Variable interest rates; 4.80% to 12.23%
There is a charge for late repayment, but Wells Fargo doesn’t charge you for paying off your loan too early
No loan origination fee
If you are already a customer that has gotten a loan from Wells Fargo before, they can reduce your interest rate by 0.25%. If you have a portfolio with them, you can get up to 0.5% reduction
There is only 6 months grace period after leaving school
They allow you to forbear your loan for a period of 48 months to 4 years while in school
Note; Forbearance means you won’t make payment but still accruing interest.
Deferment means you won’t make payment and you are not accruing interest either.
If you face financial hardship, or you can’t secure a job, or you a military personnel in active service, you can get up to 3 years forbearance
They offer cosigner release option
They offer loans to both graduates and undergraduates
Wells Fargo aggregate loan limit depends on the type
Application is done online
There is option of loan forgiveness
5. Discover’s Private Student Loans
Fixed interest rates; 5.24% to 12.99%
Variable interest rates; 3.87% to 11.87%
Discover offers 15 to 20 years repayment period
No origination, application or late repayment fee
If you make a 3,0 GPA or higher , Discover Offers 1% of the Principal as a cash reward
They also lower your interest rate by 0.25% if you enroll in automatic repayment plan
They offer 45 months deferment period while you are in school and 6 months grace period after school
If you make repayment while still in school, you qualify for interest rate reduction of 0.35%
They can approve $25 monthly repayment from a student while still in school
They can’t release your cosigner except you consolidate your loans
Discover offers undergraduate loans, graduate loans, MBA loans, residency loans, Law school loans, Bar exam loans, health professional loans and consolidation
Aggregate loan limit depends on your school
They offer loans to international students too
No loan forgiveness.
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