Here are the Best Private Student Loans of 2020

To continue studying after high school, it is essential to have a financial plan . Attending college or taking a graduate degree can be very expensive. This is where student loans come into play. Although they can be a great tool to continue your studies, it is also important that you choose carefully. Check out four excellent options!

 

Being financially stable during college is sometimes not easy. Many university students need to obtain private loans to pay the high cost of tuition for US universities. If you are looking for a private university loan, but of many, you do not know which one is best for you.

Best Private Student Loans

The best private student loans can be granted by a bank or other financial services company. You do not need to have a good credit profile. You could get lower interest rates than those offered in the loans typically offered by financial institutions.

Here is a list of the best private student loans to make your decision easier.

 1. Citizens Bank Student Loan

The student loan offered by Citizens Bank is one of the most competitive in the market. There are no application fees, and there are no fines for advanced charges. Besides, it allows students to make payments while they are in college to pay off the interest. The maximum time to pay the loan is 15 years.

Interests: 

The annual percentage rate (APR) starts at 2.50% variable rate and fixed-rate at 5.25%.

The maximum amount that can be obtained is:

You can pay the total cost of the university every year.

Discount :

You can lower the interest rate by up to 0.50% by enrolling in the automatic debit service for your monthly payments or by enrolling in other rewards programs.

2.  Discover Student Loan

The Discover Student Loan loan has no fees to apply, and you can earn lower interest if you have a co-signer. The maximum term to pay the loan is 15 years, and you can decide to defer the loan payment if you are studying. On the other hand, you can decide which interest rate you prefer, variable or fixed.

Interests

The Discover Loan loan has interest of 4.49% at 12.49% (variable) and 5.99% at 13.49% (fixed) for undergraduates.

While the interests for graduate students are from 4.49% to 13.49% (variable) and 5.99% to 13.99% (fixed).

The maximum amount that can be obtained is:

Each year, you can get all the money you need to cover college expenses, including books and residency. On the other hand, the minimum is $ 1,000 per loan.

Discount:

You can reduce the interest rate by up to 0.25% by enrolling in the automatic debit service for your monthly payments.

3.  Sallie Mae

Sallie Mae is one of the largest student loan providers in the country. This provides rewards and reductions in interest rates up to 0.25%, and the maximum term to pay the loan is 20 years.

Interests

The loans provided by Sallie Mae have a variable interest rate of 4.62% to 11.47% for sub graded loans and between 4.87% to 10.23% for graduate loans.

On the other hand, fixed interest can vary from 5.74% to 11.85% for sub graded loans and between 6.25% to 10.23% for graduates.

The maximum amount that can be obtained is:

Up to 100% of the tuition costs that are certified by the university.

Discount:

You can receive a 0.25% discount on the interest rate when you sign up for the automatic debit service for your monthly payments.

4. Wells Fargo

The Wells Fargo university loan has no issuance fees or penalties for prepayment. After graduation, you will have six months to pay the debt, and the maximum time to pay the loan is 15 years.

Interests

Variable interests can range from 5.04% to 10.93% and fixed from 5.94% to 11.26% for undergraduates.

On the other hand, depending on the type of master’s or doctorate, the variable interest could be 5.07% to 10.39% and the fixed one from 5.52% to 10.82%.

The maximum amount that can be obtained is:

You can cover 100% of the university costs per year.

Discount:

You can receive a discount of up to 0.50% on the interest rate when you enroll in the automatic debit service for your monthly payments or other programs offered by Wells Fargo to your customers.

Conclusion: Best Private Student Loans of the Year

The private loan is one of the best ways to pay off a student loan faster.

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