College isn’t cheap. The average price tag for tuition in the state of Georgia is $9,346 per year for in-state students and an incredible $28,060 per year for out-of-state students, according to U.S. News and World Reports. And those numbers are before expenses such as room and board, books, and other college costs. Often, financial aid won’t cover most of your costs, so you have to look towards private student loans to help pay for them.
Everyone’s financial situation is different, so it’s important to do your research before signing a loan. The amount of money you need is only one factor. Each lender will have its own interest rate and can differ depending on your credit and current finances. Here are some of the top companies to look into when applying for a private student loan.
1. Citizens Bank
Citizens Banks is rated number one in private loans because of all the perks they offer. For students who repay their loan, they have the option to repay within 5, 10, or 15 years, extending it further than most lenders. If you already do your banking with Citizens, you’ll receive an interest rate reduction, as well as an additional reduction when you set up automatic payments.
2. College Ave
College Ave is another great lender that allows it’s lendees to pay back their loan up to 15 years. Their minimum amount of a loan is $2,000, but they’ll loan you up to 100% of the cost of your attendance to whatever school you choose.
What’s great about LendKey is that it’s funded by community banks and credit unions. Their repayment method is a little different than most where the minimum payments of $25 on interest begin while you’re still in school.
Connext is a flexible lender that provides loans to not only undergraduate students but also those who are completing their graduate studies. They will cover 100% of the cost of attendance is needed, and you can defer payments until graduation.
5. Sallie Mae
One of the most popular names in private student loans is Sallie Mae. This lender doesn’t provide loans for strictly undergraduate programs; they will provide loans for private education from K-12, medical school, residencies, MBA programs, and even bar study fees.