The Best Private Loans for Students

23.05.2013

Education is becoming increasingly expensive, making it quite difficult for a lot of students to have funds for joining colleges. Students who are not eligible for financial assistance need not feel disheartened as they get many options for borrowing money from banks and companies. Since credit unions and banks offering private loans to students are not financed by governments, they provide loans on their terms and rates of interest. Student would benefit by conducting their own survey of lenders, each having its own terms of loan and chargeable rate of interest.

Student Loans from Sallie Mae

Sallie Mae is among the biggest providers of student loans for college as well graduate and professional schools. Student may pay back the loan and interest while still at school. They also get the option of paying back loans through fixed monthly installments. The bank assists students to know and assess the expense of their education, allowing them to identify their most suitable option.

Student Loans from Chase Bank

Students can also avail of private loans for continuing their college or graduation program. Since the bank provides funds directly, no federal assistance is offered. Terms of private loans from banks vary with the bank and are quite different than federal assistance. Chase offers loans as per the creditworthiness of the student. Students who can get a co-signer having good credit score are quite likely to get loan at lower rates of interest. The extent of loan extended by Chase and the rate of interest to be charged is decided by the credit score of both the parties.

Citibank Offers Private Student Loans

Citibank comes to the help of students seeking loan by offering a list of lenders from its database, thus giving them a choice of selecting a lender that best suits their requirements. The bank also assists students in identifying their best option. Private loans for students of colleges or graduate schools are offered in varying amounts and rates of interest. The terms for paying back the loan would vary with the duration of the study program chosen by the student.

More private loans

There is no dearth of lenders, including banks, offering loans to students keen to go to college or undertake graduate studies. However, students should exercise caution, especially when dealing with not so well known lenders. The maximum amount offered as loan and its terns of repayment varies with lenders. The borrower should thoroughly understand the terms of loan including the amount offered, rate of interest to be paid, conditions of repayment and options of postponing the loan paybacks.  Any good lender should answer these questions as these form a part of customer service. And finally, don’t hesitate to request for discounts.

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