Best Student Loans

If you don’t have enough money to pay for your education, consider the best student loans because they can help you cover relevant expenses and avoid huge debts.

Basically, you have two available options to choose from: federal and private.

Many students choose federal lending programs, because they come with certain benefits, protections, standard interest rates, and they don’t require any cosigner.

However, they have specific limits, and that’s why it’s worth considering the best private student loans.

Shopping for Best Private Student Loan Companies

Before you evaluate possible options, make sure that you know where to go. It’s clear that federal loans are issued by the US government, but the private ones are offered by a number of financial and lending companies.

When it comes to traditional loans, you can get them in credit unions and banks.

Best Student Loans

Besides, it’s advisable to visit the financial aid department of your school to find out whether you can apply for this loan directly.

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How to Identify the Best Deal

Once you understand where you should apply for low interest student loans, the next step that should be taken is evaluating available options.

Make a comparison of different loans because all lenders may offer their unique terms, rates, benefits and so on.

There are certain characteristics that you need to check to be guided to the best offers of 2017.

  • Low interest rates

All students want to get the lowest rates when looking for a loan. They are what lending companies charge customers for the ability to borrow money from them.

In general, the lower the rates, the smaller your overall fee. Affordable interest rates can save you a lot of money in the long run, but it depends on how much you want to borrow.

The main rule is to stay away from those lenders that advertise a variety of interest rates at once.

  • Fixed interest rates

In addition to shopping for a low interest rate, make sure that it’s fixed. Many private student loans come with special variable-rate choices, and they mean that the amount that you will pay in interest will change in the future.

That’s because variable interest rates are determined by the current trends of the market and other factors that you can’t control.

Student loans with bad credit come with fixed rates, so they won’t fluctuate, and you will pay the same amount on a monthly basis.

  • Low or zero fees

Interest rates play a huge role in determining how much a student loan will cost in the end, but it’s not the only expense that should be covered.

Student loans from private lenders can include different origination and application fees that add to the total amount. You need to compare these fees when searching for the best option to keep your future expenses as low as possible.

It’s possible to find student loans with low or zero fees.

  • Extra support and other perks

Compare the Best Private Student Loan Companies

Company Rates Reviews
PNC Bank 3.99% – 12.99%% Review
SunTrust Bank 2.75% – 11.04% Review
Citizens Bank 2.99% – 11.75% Review
Mohela Here Review
Wells Fargo 4.10% – 11.26% Review

Don’t overlook the level of customer support services when looking for the best student loans, because it matters a lot.

Some lending companies offer extra benefits to their customers. So you should choose the loans that come with a deferral period after your graduation.

Even if you don’t expect any problems with repaying your debt. Think about choosing a loan that comes with flexible terms and options to restructure regular payments.

Finally, search for lending companies that provide extra support, including dedicated customer care services and effective debt management programs.

  1. Ricki says

    Student loans can be so confusing! Thanks for breaking down what to look for, what type of fees/rates there are, etc. And I agree it’s always important to know the “worst case scenario” terms of what happens if you can’t keep up with payments.

  2. Mary says

    Sometimes, when it comes to applying for a student loan, you may find it so confusing, that your head might eventually swim from the number of offers online and offline. However, thanks to this post I can now choose among the best private student loans.

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