Last Updated: January 10th, 2024
Student loan in the US are trillions of dollars! Selecting the right loan lenders matters a lot for the students to stay away from the unusual stress other than the studies. There are different loan terms and conditions along with different interest rates, time frames, and others. The students can get confused after going through the mentioned details under their guidelines section. There are some best strategies for choosing the perfect loan lenders and feel benefited for the long term. Loan terms, interest rates, and origination fees are some of the factors to keep in mind while differentiating one from the others.
Are you searching for the best colleges in the US to start your new life after high school? Students should first opt for Federal loans before going for other private loan lenders.
Best Student Loan Lenders
1. SoFi
SoFi stands for Social Finance and offers a range of benefits other than providing student loans. The students need to become a member of this provider and avail the best facilities. It helps boost your career and lets you participate in a wide number of career-making programs and events.
The credit scores matter the most for providing loans and the rate of loan costs is between 3.899 to 8.229. The US students can easily borrow the loan amount starting from $5000. There is no restriction to avail of the maximum loan amount for your needs. The term period varies from 5 years to 20 years depending upon the situation. Generally, the students want the loan approval up to their study periods only.
Other than the others, it helps you avail yourself of the benefit of one-year unemployment protection. You need not worry for up to one year after completion of the loan period. All fifty US states benefited after producing the relevant documents for the loan amount approval process.
SoFi
2. LendKey
Lindsey helps the students avail of the best features and lower the monthly rental of the loan amount. The facility helps in the comfortable survival processes in case one is struggling with financial issues.
Unlike SoFi, this loan lender helps you get unemployment benefits for up to 18 months of period. This helps the students remain free from worries even after not getting employed for up to 18 months of the period after the completion of their studies.
The loan period varies for a period of five to twenty years with a minimum sanctioning amount of $5000 and above. There exists a barrier to getting the maximum sanctioned amount for different categories of students. The undergraduates get a facility to borrow a loan amount up to $125000, graduates up to $250000, and medical students can get the amount up to $300000.
The students need to prove a minimum annual income of $24000 and above for the loan approval processes. Even the minimum required credit score should be 680 for the formalities.
3. Laurel Road
Laurel Road loan approval process works exclusively for medical students studying in the USA.
After getting an MD degree, one needs to pay a minimum sum of $100 per month only unless becoming a professional medical practitioner. The actual loan term starts after this initiative.
The loan lending process works in all fifty states in the country with a minimum loan sanctioning amount of $5000. The loan term works for a period of 5 to 20 years along with one-year unemployment protection.
There exists no minimum income barrier along with this lender but the minimum credit score should be at least 660 and above for the approval processes.
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This lender is comparatively faster than the other companies in the category. The company relies on processing the documents technically to fasten the loan processing speeds.
It helps the students get in touch with the loan’s updates via the compatible mobile app rather than accessing the portal using web interfaces. The company never wants you to pay the upfront or the origination fees for processing the documental formalities.
The minimum loan amount is $5000 along with one year of unemployment protection. A credit score of 660 or the above will help you grant the mentioned sum of the loan amount.
5. Sallie Mae
Sallie Mae loan lender sanctions the loan amount for any kind of educational requirements. Whether the student wants to get admitted inside the costlier boarding schools, or wants to have exceptional degrees or certifications from abroad, it suits all the necessities.
The interest rates may be slightly higher in comparison to the others, but the offered facilities are priceless when compared. There exist the options of deferred, interest-only repayment, and fixed loan payment options for the students while studying in the schools.
The loan lender never charges any form of origination fees from the students. Even the minimum loan sanction amount is $1000 only. The attendance percentage in the schools decides the maximum loan approval amount for the students. This is one of the most preferred student loan lenders for parents and students.
6. Citizens Bank
The company was earlier in the business of providing financial and banking products as per the necessities. However, the company turned into a loan provider business from the year 2014 onwards.
The loan amount approval varies for the students studying under the different course streams. The minimum loan approval amount is $10000 and reaches up to $90000 for undergraduate students. The graduates are eligible for the approval of a loan up to $350000. The loan term covers a period of 5 to 20 years along with one-year unemployment protection benefits.
Moreover, the loan borrowers should prove the minimum earning of $24000 per year along with a credit score of 680 and above. The higher the credit score, the easier will be the loan approval functionalities.
There are numerous student loan lenders on the list helping the students to get the loan amount and continue their studies. The unemployment protection benefits matter a lot for the students in case anyone fails to get a job after completing their studies. Common Bond, Courtesy of Discover, etc are a few more in the category helping the beneficiaries in the easier loan approval processes.
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