Best Student Loan Providers

Paying for a college education, whether it is to a public college, private university or a junior college, can be a daunting task for many students and their families. As the price of a higher education continues to increase, students are scrambling to find the best methods of paying for their degrees. Most students need to take out some form of a loan in order to meet the high costs. However, when it comes to choosing a student loan company, there are also many possible choices.

SoFi

There have been many changes in the ways that students take out and repay college loans. Many of these are due to recent legislation and regulation changes, so there has been an influx of new student loan companies in the market. SoFi, a private student loan company, is a result of these regulatory changes.

There have been many changes in the ways that students take out and repay college loans. Many of these are due to recent legislation and regulation changes, so there has been an influx of new student loan companies in the market. SoFi, a private student loan company, is a result of these regulatory changes.

SoFi encourages students and lenders to use all available federal aid options before turning to their private loans. This company provides three types of loans at fixed and variable rates for 5-, 10- or 15-year terms:
• private undergraduate loans for students already enrolled in school
• private graduate loans for students in qualifying graduate programs
• private loan consolidation for federal and private college loans

Citizens Bank

As one of the 13 largest banks in the nation, Citizens Bank is a leader in private student loans. It has been involved in providing college loans for decades, and since its acquisition of Charter One Bank, Citizens Bank has become a powerhouse.

Conclusion When it comes to college loans for students, it is important that borrowers get all the information about the debt that they are about to assume, the terms of their loans and about the possible penalties. There are a wide variety of financing possibilities for students, from refinancing loans to student loan consolidations. Finding the best rates with the most flexibility for each individual is the best option, and there are many good student loan companies from which to choose.

These loans are available at both fixed and variable rates, often at some of the best interest rates, for a fixed term of 15 years. However, SallieMae offers repayment options that make it different from many other lenders:
• deferred payment of any principle or interest amounts until graduation
• a fixed-payment plan with a low monthly fee while accumulating low interest during school
• a full-payment plan that pays on the full interest throughout schooling

Citizens Bank encourages students to use federal aid and loans before taking a private student loan. However, the bank does offer:
• private undergraduate student loans
• private graduate student loans
• loan consolidation for federal and private loans


Each loan features a very competitive rate, either variable or fixed, but the amount of the loan varies depending on a student’s type of degree program. For example, most graduate programs have a maximum of $110,000 for a loan, but there are increased limits for law school and medical programs. Loan terms are available at 5, 10 and 15 years.


Wells Fargo

Like Citizens Bank, Wells Fargo has been a leading financier and leader in the student loan industry for years. In fact, Wells Fargo is one of the top institutions to include federal student loans in addition to private loans.


Because of its direct relationships with colleges and universities nationwide, Wells Fargo can offer several different loan options:
• federal loans via the U.S. Department of Education
• private undergraduate student loans
• private graduate student loans
• loan consolidation for federal and private loans with a great APR rate


Students and their families who are already members of the Wells Fargo banking community can receive benefits and rate reductions not available to the general public. Many of these students also do not have to pay fees or applications costs with Wells Fargo.


Loans from Wells Fargo are set at 15 years for both fixed-rate and variable-rate loans. However, the base APR is a little higher than many other lending institutions; Wells Fargo attempts to make up for this fact by providing budgeting tools and offering a reduced APR rate for students who use its automatic payments feature.


SallieMae

Perhaps the best-known student loan company, SallieMae has somewhat fallen out of favor among students in recent years. However, it still offers a full range of private loan options that can help current and future students offset their expenses.


Loans from SallieMae are the typical types although there is no maximum amount that a single student can borrow:
• private undergraduate student loans
• private graduate student loans
• loan consolidation for federal and private loans