Top 10 Student Loan Schemes in the USA With Application Process Details
If you would love to make a career by entering into the world of professional studies, however but are unable to do so due to financial problems, a student loan scheme can benefit you to do so.
There are two main ways to borrow money to continue your studies; it could be either through a federal or private loan. Although a student loan may seem like the more affordable way of borrowing money, it might not be enough for some students.
Furthermore, there are two types of loans which include graduate loans and undergraduate loans. Today we will explore the ten ways student loan schemes in the U.S.
#1 Federal loans
There are three main types of federal student loan schemes in the USA. These include:-
It is the type of loan that undergraduate students can apply for and fulfill their financial requirements during college. The U.S. Department of Education is responsible for paying the interest on Direct Subsidized Loan while in school. It’s not, however, available for graduate students. However, a downside is that the borrowed amount often exceeds the financial need, and the loan amount is based on school attendance.
It is the type of loan for both undergraduate and graduate students, while the eligibility does not depend on the financial requirement of the student. The downside is that the school is responsible for determining the loan limit based on various aspects like attendance, scholarships, etc. Furthermore, there is an interest on the loan that keeps growing.
It is the type of loan that is available for graduate students, professionals, and parents. The individuals who don’t have any underlying debt or bad credit history during the past five years but it does come with higher interest rates compared to other federal loan types.
#2 The private student loan scheme
- College AVE
It is one of the best loan schemes in the U.S. The decision approval only takes 3 minutes in certain instances. Furthermore, it also has more repayment choices and a free prequalification without any credit history requirement. It also allows a co-signer to release
It is the best option for graduate students and non-degree-granting schools. The loan has a fixed APR rate beginning at 4.25% for undergraduate students. It also comes with four-month Chegg tutoring services and free access to FICO scores. There is no origination fee involves, and there is a Co-signer release option
It is the best loan scheme available for parents. You can get online services along with multiple loan offers in a single loan application. Furthermore, there is no origination fee, service fee, or prepayment penalty. It can also finance any degree, and you can apply with or without a co-signer
It is the perfect loan for No Fees and discounts. It provides a $400 discount on SAT/ ACT prep courses for SoFi client’s family members. Furthermore, the best part is that Unemployment Protection Plan lets you suspend the loan payments for up to a year, and you don’t need a co-signer to apply for it. You can also avail the personalized career advice through SoFi’s exclusive Career Services
It is the ideal loan scheme for students that don’t have a co-signer. There is no origination, application, disbursement, or early repayment fees involved. It has a 1% cashback reward for graduation. You can also receive up to $525 every time you refer it to a friend. It is available for undergraduates, juniors, and seniors, while the payment process starts nine months after graduation. You also get to prequalify online without any effect on your credit score.
The LendKey private loan partners with credit unions and community banks to provide the best experience to the borrowers. There is a $200 bonus on referring people to their services while also offering in-house customer service.
ELFI is a student loan refinancing program that the SouthEast Bank offers in all the 50 states for private and federal student loans, including all types of education like undergraduate, graduate, MBA loans, Parents, and loans for Law, dental and medical colleges. You also don’t need a co-signer to apply for it.
The process to Apply for a Study Loan:
The first thing is to check in detail all the services offered—the loan repayment methods, the relief, and all the other required aspects. The next step is to access the scheme’s websites, as mentioned earlier, and apply for the loan. You can also get a phone number which will allow you to get in contact with the officials.
Furthermore, you will find almost all the information on their official websites, but you can obtain the rest directly from customer service.