Best Student Loans for New Students in 2020

University education opens many doors to work and is an invaluable tool for professional and personal growth. When a family does not have enough assets to cope with such a large expense, the best student loans come into play. Loans are granted by the federal government or by private institutions. On the other hand, these sums of money that at first seem easy to pay increase over time due to the high interest they have.

In most countries, university education is paid, and even those universities that call themselves public charge excessive fees to their students, who can do little to pay for them. This is why student loans are part of a reality for many of us.

They have seen as a “good debt” that thousands of students acquire each year with the aim of paying for their studies without taking into account that loans can be lent to scams and are difficult to pay, thus sinking the economy of a whole family.

If you are on the home stretch, your college life is ready to come to an end, and you will soon be facing “the real world.” It is exciting and scary, all at the same time. It is the moment to put that knowledge that you have acquired to use and, unfortunately, to pay all that debt that you have accumulated.

When you apply for a loan, you have two options to turn to, a public body, the Federal Department of Education, or a private institution such as a bank or other financial institution. Avoid loans from financial or short-term lenders. The interest these companies charge is high, and late payment penalties may keep you in debt longer than expected. Instead, the federal government is best, as it offers a variety of payment plan alternatives, debt forgiveness benefits, and loan consolidation and rehabilitation programs, which are covered by federal law.

Limit The Amounts Of Money

The specialists in the subject advise being measured in the sums of money that are requested, so you will have to take into account several factors to determine the amount. These are: the cost of the school you will attend, the price of the books and supplies you will need for classes, how much money your family can help you with and if you can count on financial aid or some type of scholarship.

Beyond these factors, it is recommended not to request an amount greater than $10,000 per year, since entering the workforce with a cumulative debt of $40,000 is a recipe for disaster.

It is possible that starting a university career will be complicated due to its high cost, but there are numerous entities that offer us the best student loans that try to make access to these studies for all people. In the US, we not only find banks that offer this type of loan but due to their high demand, there are companies specialized only in offering loans for the University. Throughout the following article, we will see some of the best loans for University students, so you know how student loans work.

Best Student Loans for 2020

Following are the best private student loans available in the United States

Citizens Bank Student Loan

 Maximum amount

  • Undergraduate: $ 90,000
  • Graduate: $ 110,000
  • Consolidate: $ 170,000

Interest rates

  • Variable Rate: From 2.43% APR
  • Fixed-rate: From 5.43% APR

Deadlines

  • Five years
  • Ten years
  • 15 years

Discount: the interest rate may be reduced up to 0.50%

Wells Fargo Student Loans

Maximum amount

  • Undergraduate: 100% cost
  • Graduate: 100% cost

Interest rates

  • Type Variable: 3.17% to 8.60% APR
  • Type Fixed: 5.94% to 10.51% APR
  • Maximum term: 15 years

Discount: the interest rate may be reduced up to 0.50%

Discover Student Loans

Maximum amount

  • Undergraduate: 100% cost
  • Graduate: 100% cost

Interest rates

  • Undergraduate
    • Variable Rate of 3.24% to 9.37% APR
    • Fixed-Rate 6.14% to 11.99% APR
  • Graduate
    • Variable Rate 3.25% – 8.87% APR
    • Fixed-Rate: 6.15% to 11.24% APR
  • Consolidate
    • Variable Rate of 3.25% to 7.87% APR
    • Fixed-Rate 6.15% to 9.99% APR

Discount: the interest rate can be decreased up to 0.25%

Maximum term: 15 years

SallieMae Student Loans

Maximum amount

  • Undergraduate: 100% cost
  • Graduate: 100% cost

Interest rates

  • Undergraduate
  • Variable Rate 2.50% to 9.59% APR
  • Fixed-Rate 5.74% to 11.85% APR
  • Graduate
  • Variable Rate 2.50% – 7.51% APR
  • Fixed-Rate: 5.74% to 8.56% APR

Discount: the interest rate can be reduced up to 0.25%

Maximum term:  15 years

Help Student Loans

Maximum amount

  • Undergraduate: $ 100,000
  • Graduate: $ 150,000

Interest rates

  • Type Variable: 2.87% to 7.87% APR
  • Type Fixed: 6.24% to 9.45% APR
  • Discount: no
  • Maximum term: 20 years

PNComcampus Student Loans

Limit

  • Undergraduate: 100% cost
  • Graduate: 100% cost

Interest rates

  • Type Variable: 3.51% to 10.46% APR
  • Type Fixed: -12.99% 6.49% APR
  • Maximum term: 15 years

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