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The Most Popular Student Loan Options Today

The Best Student Loans Overview

Due to a wide variety of student loans available, higher education is accessible to a large number of people today. No matter if you are just at the beginning of your post-secondary education or you are returning to college to upgrade your degree, you can choose one of numerous options of financial aid offered to college students. Maybe you are a parent who is looking for financial assistance in paying for child’s education; there are some affordable loan options that you can opt for too. The loans for students and parents are available from the U.S. federal government, Department of Education as well as from a large number of private student loan lenders. The application process for student loans is very simple and easy and it can be completed online. It takes only a few steps and the first and most important is to complete the online FAFSA application (FAFSA stands for Free Application for Federal Student Aid). In addition to easy application procedure, you also have the opportunity to compare different student loan alternatives and their rates online, to make your payments when you start paying off your loans and to have approach to your account at any time.

There is a great deal of information on best student loans available today and it is important to carefully read all about existing loans so that you can choose the best financial aid option for you. Here are some of the most wanted federal and private student loan options available for paying for higher education today.

Federal Student Loans

Given the fact that student loans provided by the U.G. federal government are not based on your credit score, which means that they do not require you to have a cosigner, a job or any kind of regular income to qualify, they are very popular among students. In addition, many of federal student loans are based on student’s financial need, they offer six months grace period after student lefts school and they have different flexible repayment alternatives and low fixed interest rates. Different from private student loans, federal loans have limited loan amounts.

Eligibility Requirements

To qualify for this type of federal financial aid, you must be enrolled at least half-time at post-secondary educational institution that participates in Federal Family Education Loan Program, you must be a U.S. citizen or permanent resident and must proof financial need.

Types of Federal Student Loans

Federal student loans include: Subsidized Stafford Loans, Unsubsidized Stafford Loans, Perkins Loans and Direct PLUS Loans. There is also the Student Loans Consolidation option available.

Subsidized Stafford Loans

Subsidized Loans which are offered to students in economic need, and their interest is subsidized while you are in school which means that they come without charge of interest during the time you are enrolled in school and during grace period and authorized deferment periods.

Unsubsidized Stafford Loans

Unsubsidized Loans are not based on your financial need. You can opt for alternative of paying the interest while you are still in college or university as well as during grace period and deferment period or you can decide to agree for the interest to be added to the main amount of your loan. Keep in mind that with this option the total loan amount you have to pay back will be higher.

Direct PLUS Loans

Direct PLUS loans are available for parents of dependant students under 24 years of age who are either the U.S. citizens or permanent residents. In addition, parent needs to be the biological or adoptive parent of the student and the student must attend an educational institution participating in the Direct Loan Program at least on half-time basis.

Student Loans Consolidation

In case you find it hard at some point to pay back your different student loans, you can apply for student loans consolidation option that allows you to take one loan instead of several others (to consolidate multiple loans into one) and make one monthly payment instead of  numerous payments.

Application Procedure

After you collect other required documentation you have to fill out the FAFSA which is the universal application for all types of federal financial aid for college students.

Private Student Loans

The main characteristics of private student loans are that they are based on the borrower’s credit score, they are provided by different private lenders like banks or organizations and you can apply direct via lender’s application, they have various interest rates and limited repayment benefits and they have unlimited loan amounts available. Private student loans are a suitable option in case you have exhausted other loan options or if you do not qualify for federal loans. To be eligible for private student loans you have to be enrolled in school that participates in FFELP at least at half-time basis and you must be a U.S. citizen or permanent resident.

Some of the most popular private student loans include Sallie Mae, Wells Fargo and AES student loans.

Sallie Mae

Sallie Mae or SLM Corporation is one of the largest student loan lenders in the U.S.A. with different loans alternatives offered to undergraduate, graduate and professional students. The most popular Sallie Mae loan options include Smart Option Student Loan (for undergraduate and graduate students), Career Training Smart Option Student Loan (for undergraduate students), residency and Relocation Loans and Bar Study Loan (for graduate students).

Wells Fargo

Besides loans Wells Fargo Company offers investment, banking, mortgage, insurance and other consumer financial options. The main benefit of borrowing from Wells Fargo is that interest rates on your loan will be reduced if you make regular payments and there are no charges applied for application, origination and loan repayment.

AES Student Loans

AES provides management services for both federal and private loans, such as Federal Stafford Loans, Parent Plus and Graduate Plus loans.

Other types of financial aid available today include scholarships and grants for college students.

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Examining Wells Fargo Student Loans

The Essential Information

Student loans are type of financial aid to students who cannot afford to pay for their higher education. These loans can be obtained through federal or private lenders. Students can apply either for federal or private loans or for both. If you are thinking of taking a private student loan to support your studies, you should consider applying for Wells Fargo Student Loans since it is considered to be a very safe and secure way of borrowing.

About Wells Fargo

Wells Fargo company with the seat in San Francisco, USA is a one of the leading lending companies in the USA that besides loans, offers banking, investment, mortgage, insurance and other consumer financial options in North America and worldwide alike. It serves online millions of customers all around the world today and gives assistance to large number of undergraduate and graduate students to acquire higher education.

There are numerous benefits Wells Fargo’s borrowers can enjoy and the most important advantages of Wells Fargo student loans include following:

  • Interest rates on your loan are going to be reduced if you make regular payments
  • You can borrow approximately $25,000 every academic year
  • The loan amount is available to parents/guardians without delay
  • Loan repayment can be done in a period of 15 years
  • There are no charges applied for application, origination and loan repayment.

Wells Fargo Student Loan Options

Wells Fargo offers three types of student loans options with different interest rates, repayment options and borrowing terms, but they all are dependent on borrower’s credit.

• Wells Fargo Education Connection Loan

This version of Wells Fargo student loans requires no loan repayment while student is still in school. The annual maximum amount that student can borrow is $25,000. This student loan option has interest rate of 5.68% and you are going to need a cosigner when apply. There is an application fee of 0.02% required with under this student loan option.

• Wells Fargo Student Loan for Parents

Under this student loan plan parent or guardian applies for the loan. Loan is issued immediately and the interest rate is about 3.50%. There is no application fee, but there aren’t graduation benefits offered. The annual maximum amount you can borrow is 25,000 dollars. Loan repayment is parent’s responsibility.

• Wells Fargo Collegiate Loan

This type of Wells Fargo student loans is accessible to fur-years undergraduate students and you are going to need a certification from your school in order to qualify. Your loan will be disbursed directly to the school. This loan type provides the highest loan amount with the cap of $120,000. The Wells Fargo loan option has the lowest interest rate which starts at about 3.40%. You are not required to make payments until you leave the school which gives you an additional graduation benefit of 0.50%. There is no application fee, but the cosigner on application is required.

Wells Fargo Loans for Undergraduate Students

If you are an undergraduate student attending a four-year school and you find that you need to borrow money to pay for your books, tuition, living costs and other education-related costs, we recommend to consider applying for Wells Fargo loans for undergraduate students. With this loan option you are not required to make payments until six months after leaving school, and no origination and application fees apply. You can choose from fixed or variable interest rate; variable rates are offered as low as 2.45% APR and fixed rates at 5.72% APR and you can enjoy a repayment discount benefit of up to 0.50% interest rate reduction.

To qualify for Wells Fargo loans for undergraduate students, you must:

  • Be enrolled undergraduate or graduate student seeking degree at an eligible school;
  • Have a cosigner;
  • Be a US citizen, US national, permanent resident or international student with a temporary resident status. In the last two cases a US citizen cosigner is required.

Wells Fargo Loans for Graduate Students

This group includes graduate, MBA and Health student loans. The main benefit of this type of Wells Fargo student loans is that you don’t need a cosigner when you apply for the loan. In addition, you can choose between fixed and variable interest rates options and variable interest rates starts as low as 3.71%, fixed at 5.56%. You will also take an advantage of repayment discount of up to 0.50% interest rate reduction. Furthermore, loan repayment begins six months after you leave school.

To be eligible for this student loan option, you must:

  • Be full-time enrolled at an  eligible school;
  • Make continuous academic progress in an eligible program;
  • Have a good credit history and
  • Be a US citizen, US national, permanent resident or international student with the temporary = resident status. In case you are permanent or temporary resident, a US citizen cosigner is required.

Wells Fargo Bar Exam Loans

This student loan option is offered to law students looking for finances for their examination expenses and related costs. There are variable and fixed interest rates offered; variable rates with the interest of 6.61% and fixed interest rates of 8.47%.

There is available discount of 0.50% interest rate reduction in repayment. The maximum loan amount offered is $12,000.

Wells Fargo Repayment Plan

There is a grace period of six months after student leaves school and you will be allowed to start your repayment after that period. There is an auto pay program offered, which means that its debits the money for the payment from your bank account or you can even choose an online payment option.

Wells Fargo Uncertified Student Loan

Lots of students seek for Non Certified Student Loans since they find them beneficial in several ways. These loans do not require any authorization from your college or university in order to get the loan, they offer much higher loan limits than Certified Student Loans and you can attain the whole loan amount at once. Their main drawback is related to rather higher interest rates.

Wells Fargo offers Uncertified Student Loan opportunity and in order to apply for uncertified Wells Fargo student loan, you need to have an excellent credit history. However, you may still need a creditworthy cosigner. In case you are planning to obtain Wells Fargo uncertified student loan, it is strongly recommended that you borrow a reasonable amount and repay your loan in a rational period of time.

Summary on Wells Fargo Student Loans

Generally speaking, the Wells Fargo student loan is a great opportunity for those looking for private student loan options. It is easy and convenient online loan borrowing alternative many students today take advantage of. However, before you apply, make sure that you’ve checked out all the other financial student aid options available.

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Defining Uncertified Student Loans

Uncertified student loans, also referred to as direct-to-consumer education loans (DTC loans), are private loans that do not require confirmation from the college in order to be approved. With these loans, the college or university does not need to be aware of the fact that you are looking for more financial assistance.

If you have a Pell Grant or other type of federal loan, it might not be adequate to cover all of your entire expenses, so you would need to apply for a private student loan. You will need money for tuition, books, room, computer and other fees that might be involved. If you apply for a certified loan, the college needs to verify the amount of the loan; however, with non certified student loans, the college does not need to confirm the amount. All of the money must be repaid after college, so do not borrow more than the cost of the education.

Finding uncertified student loans can be difficult. The availability of these loans has declined during the struggling economy. College students were taking out student loans and then using the money for other reasons; therefore, they would eventually default on the loan. As a result, these types of loans are not as widely available.

In order to find a lender who will provide non-certified student loans, you might try searching online. Wells Fargo and Chase are the two most popular lenders offering these types of loans. No documents are sent to the college, and you will not be observed to see where you spend the money. All the lenders care about is whether you make your payments on time.

Be careful about applying for non-certified student loans with lenders online. Some lenders are not legitimate, and they will charge you large interest rates. You need to make sure the lender you choose is reputable, or you could end up in further debt. It is always wise to check with the Better Business Bureau before applying for a loan.

Lenders will mainly look at your credit score before approving you of a loan. You need to have a good credit score, strong income and good credit history. If your credit profile is not great, you might consider having a creditworthy co-signer for the loan. If you obtain student loans without a cosigner, you need to have a good credit score, clean credit history and be able to prove to the lender that you can repay the loan, a solid employment history is an important fact that the lender probably will consider. If you are approved, the money should be sent straight to your address. In order to obtain non-certified school loans, the school does not need to be notified in order for you to have access to the funds.

With uncertified loans, the interest rates are affordable, and the terms of repayment are flexible. In addition, you can normally borrow more money with these types of loans, and you are not required to pay the money back while you are in school.

The main difference in an uncertified student loan and a private education loan is that you do not need verification from the school. However, because people have taken advantage of these education loans, availability has decreased. If you would like to apply for an uncertified education loan, you need to search around for lenders who can provide you with a loan. College is very expensive and in particular medical schools or law universities, so a loan can help you be able to afford higher education.

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