Top Student Loan Rates For December 2021

 

If savings, scholarships, and grants aren't enough to fully fund your college education, you might be considering taking out a private student loan. While you want to make sure that you're getting the beast deal possible, it's also important to ensure that you're working with a reputable lender.

Key Factors to consider when considering Private Student Loans:

  • Interest Rate
  • Repayment options & flexibility
  • Eligibility requirements

Only 8% of students get approved without a co-signer as most students have little income or no credit history.

Applying with a co-signer can greatly improve your chances of approval

Additional factors to consider when evaluating private student loan options:

PAYMENT FLEXIBILITY

Having a variety of payment plans to choose from means that you can select an option that will set you up for success. For example, if you're not able to make full payments while you're ion school, making interest-only payments until you graduate can prevent additional interest from accruing and inflating the size of your loan.

TIME TO FIND EMPLOYMENT

A grace period after graduation means that you're not obligated to start making full payments on your loan right away. A typical grace period is about six months after graduation or after your enrollment drops to half-time.

THE ABILITY TO RELEASE YOUR COSIGNER

Few incoming college students have the credit history to qualify for a loan on their own. Most reputable lenders will allow you to release your cosigner from their obligation after you've established your own positive credit history and made a certain number on of-time payments. It's a great way to thank your cosigner for their help.

RATE DISCOUNTS

Many lenders offer reduced interest rates to qualified lenders. For example, signing up for autopay can often yield a discount of 0.25 percentage points. That quarter of a percent can save you a lot of money over the life of your loan.