Best Student Loans
Education has become a really important part of our lives and everyone has a right to get educated with the best of schools and universities but just in case you are lacking finances to make it big and achieve all your dreams don’t worry student financing has got your back and with all the student loans you can easily fund your education. But if you are wondering which student loan can be best for you, here we have created a list of top ten student loan services which you can check out before selecting the best one for yourself:
- Ascent: this one offers loans to the undergraduate borrowers too which makes it unique and offers lowest rate of interests.
- SoFi: fast and easy to use, SoFi also helps you with unemployment protection and is simple to use with great feedback and reputation.
- Earnest: it is best known for its flexibility as it offers a number of flexible repayment options for the buyers and has such pricing models which increases borrower’s flexibility.
- Sallie Mae: with flexible payment options and clear terms and conditions this is one of the best student loan services.
- College Ave: with no application fees it is best known for the high maximum loan amounts.
- Citizens Bank: this one offers customized loans for parents and the students and offers low rate plans for students.
- Common Bond: it offers long repayment plans and there is no prepayment penalty and is really simple to use.
- Credible: this one is the best option for students who want to compare the lenders and with a variety of competitors this one offers the loans at really low rates.
- LendKey: this offers really affordable plans and is best known for the competitive rates and some of the excellent incentives.
- Laurel Road: offering low rates and great services it works both with government and private institutions.
How to choose the best student loan?
There are some key and essential features which are to be kept in mind while selecting the student loan and to help you out we have mentioned the things you should look out for while choosing the student loan for yourself.
- Interest rates: the first and foremost thing is interest rates and before selecting a loan you must check out the rate at which the interest is being offered and should also look out for different types of hidden costs and prices and should avoid the loans with more hidden costs.
- Lender’s flexibility: Also, don’t forget to check out lender’s flexibility. Lender’s flexibility means up to what extent the features of the loans are versatile and what adjustments can be made in the loans and what will happen if you skip to pay an instalment and such questions. Do don’t forget to check the flexibility.
- Lender’s reputation: check out the lender’s reputation and the basic traits whether he is understanding or not whether the person is secure to take loan from whether he is responsive enough and select the one with a really good reputation among the customers offering the best customer services to the users.
- Duration of loans: select your lender according to the duration of your loan as some lenders offers the loans at low rate of interest when the duration of the loan is less whereas on the other hand some charge high for short duration and charge less for long duration.
- Terms & conditions: a person who is willing to take a loan must go through all the terms and the conditions of the lender and should clearly know what is mentioned in the contract and what conditions are required to fulfil the loan and should select the loan according to the conditions and willingness to accept them.
- Comparing lenders: don’t just rely on one lender and do a research on one lender but also check out various other lenders and go through their profile in detail and also make a comparison between the lenders so that you catch the best fish in the market and select the best one for you.
What does lenders look before financing a loan?
There are certain conditions which lender check out before granting the loans and before offering finance to the customers. The conditions are mentioned below:
- Amount: Firstly, they go through the amount of the loan so that they can calculate the rate of the interest and other important details required for the loans.
- Credit: then they make your credit inquiry where they check about your credit score and your capabilities of dealing with your debts.
- Income: then there is also a check of the source of the income and they also check out from where the major portion of your income is generating and how much income is generated and whether it is enough to meet your expenses or not.
- Savings: Also, your savings can create an impression and the lender can assess a loan for you.