When your scholarships, grants, and federal student loans aren’t enough to cover the cost of college, it may be time to turn to a private lender.
While private loans tend to be more expensive and less flexible than federal loans, they can be incredibly beneficial when you need more than your federal aid has to offer.
- College Ave
- Sallie Mae
1. College Ave
Private student loans tend to get a bad rap for their lack of flexibility when it comes to repayment, but College Ave is the exception.
College Ave also stands out for being fee-free, as they don’t charge application fees or loan origination fees. They won’t penalize you for paying off your loan early, either.
The online-only lender offers loans to parents, graduate, and undergraduate students up to the full amount of the cost of attendance, and payments can be deferred until after graduation. You can also choose your term length for repayment and take advantage of interest-rate reduction if you enroll in automated payments.
College Ave’s cosigner release isn’t the quickest among the competition, but its other benefits make the company a worthwhile choice.
2. Sallie Mae
Known for its top-notch cosigner release, Sallie Mae offers a lot of the benefits you’re looking for, with no fees, competitive interest rates, interest-rate reduction, and unexpected perks like free credit monitoring.
Sallie Mae loans can even be applied to private school tuition, non-degree seeking programs, and study fees for bar exams.
Just keep in mind that you may not be able to choose the length of your term for repaying your student loan. Continue reading “Our Top 10 Best Student Loan Companies”