Top 5 Student Loan Providers
Get the right Student Loan for you.
Here are our Top 5 picks for the best online providers of Student Loans...
- Sallie Mae
The best provider in our opinion, great rates and an A+ rating from the Better Business Bureau.
Rated highly for several different banking services, Discover are a trustworthy provider of Student Loans.
- College Ave Student Loans
College Ave provide all the help and advice you would need when getting a loan, thumbs up from us.
- Tuition Chart
Tuition Chart will help you find loans for your specific college and compare offers.
- Student Loan Hero
Student Loan Hero are on a mission to help students get to college and pay off their debt!
Student Loans: Top5 Tips & Advice
Education is one of the most valuable things a person can have. In fact, it's now more important than ever to have a college degree. However, even with Pell grants, going to college is expensive. Whether someone chooses to attend on campus or online, most people also need students loans to cover the cost of tuition.
Read on to learn everything you need to know about student loans.
What are Student Loans
A student loan is similar to the other kinds of loans; a sum of money is borrowed and is then paid off over a set amount of time. Along with the principal, borrowers have to pay interest as well. Most type of student loans carry interest.
Loans are used for various purposes, and in this case, a student loan is used to pay for your education. Student loans can be used for online schools, private schools and college.
How Much Can I Borrow?
While this depends on the type of loan you get, one thing you must keep in mind is that student loans aren’t infinite. There is a limit to how much you’re eligible to take. For example, the amount you can borrow depends on whether you’re a graduate or an undergraduate student. There is an aggregate limit to how much you can borrow, and it will also depend on whether loan subsidized or unsubsidized.
Subsidized loans are for people who require financial assistance. As long as the student borrowing the loan remains in school, the payment and interest is usually deferred. But, how much they can borrow may be reduced. An unsubsidized loan works like any other loan. The government will not be responsible for handling the interest.
You are responsible for the entire cost of the loan. However, a key difference between an unsubsidized and subsidized loan is that the former allows you to borrow more money.
The Pros and Cons of Getting a Student Loan
Although student loans are beneficial to helping you complete your degree, there are a few things you need to note.
Here is a list of the pros of getting a student loan:
- It allows students, specifically younger ones, to build up a good credit if they pay it off properly.
- A loan allows students to get a higher degree of education even when on a budget.
Here are the cons of getting a student loan:
- By taking out a loan, you’re putting yourself in debt.
- Paying off the debt may not be as easy as you think, especially if you need to borrow the maximum amount allowed.
- Missing payments can lead to dire consequences such as higher interest and negative credit reporting. You might even lose your low rate if you don't make your payments on time.
- Taking out a student loan can be thought of as a double-edged sword. While you benefit, it can also ruin you financially, if you're not responsible.
Student loans can help people who are struggling financially. However, applying for students loans does require research, planning and a great deal of thought. before you decide to take out student loans, make sure you understand everything that goes along with them, including repayment.
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