Students have been struggling with their money since forever. The tuition fee in colleges, along with the rents and bills, puts a huge burden on students and they see no choice but to take student loans. These loans are available in various forms.
Before students take any loans, they should know how much financial assistance they need. Most of the times, students make the mistake of taking more than they can chew, and end up buried in debts they can never pay back on time.
In other cases, the government students loans are not enough, and students are forced to consider other options. One of the options is private student loans. A lot of students get stuck in the procedure because when you are taking a loan, you need to have a cosigner vouch for you.
Unfortunately, not everyone can provide a cosigner that fits the terms, but those students need to know that they can take out loans without any cosigner too. Hop over to stilt.com and find out more about how you can take out such loans. So, to make sure that you get the best deal, here are some great private student financing options in 2018.
This option is famous for credit cards. If you take out this loan, you will get students loans that are suitable for multiple purposes, such as medical residency, undergraduate studies to MBA degrees, and law school. You also have an option to freeze the payments until you are in school, and you can choose your repayment term when you are signing up for your loan.
If you want to pay off the loans early, there will be no fees for that. A reduction in interest rate is what you will get in exchange for a monthly payment system by automatic debit you can set up with Sallie Mae.
Wells Fargo offers its students loans directly with the option of choosing your own payment term. Some benefits in this deal are similar to the federal loans. Wells Fargo gives its students a certain interest rate discount if the student gets into autopay. An eligible Wells Fargo consumer checking account will get you a permanent reduction in the interest rate that will be up to 0.50%.
If you get your loans from here, you will have three repayment terms, and you can choose one in the beginning.
If you want your lender to focus not only on the student loan refinancing but other types of financing too, then SoFi should be your choice. Refinancing your loans has never been easier than this. You get to have a discount in your interest rate by signing up for a debit payment that is automatic. SoFi also has programs that offer student loans to parents who are looking for some. There is no origination fee on these loans, and you will have the term options for five years and ten years.
If you ever decide to take private loans, these are the options you should consider.
About the Author:
Taylor Hill works for a financial technology company Stilt located in San Francisco which is revolutionizing the way individuals with limited or zero credit history get loans in the U.S.