Private Student Loan Programs for August 2020: Chase Private Student Loans - Need money for school expenses not covered by federal loans or other aid?
You could get a private student loan from $1,000 to $40,000 per academic year for such items as
• Room and Board
• Other school related expenses
As you determine the best way to finance your education, you should consider the full range of student financial aid options available. Private loans, like the Chase Private Student Loan, can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of education.
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Why do students borrow private student loans?
Many students turn to alternative student loans to fill the gap between what they have been awarded in their Federal Financial Aid Award Letter and what they really need. Alternative loans supplement the student and parent education loan programs available from federal and state government approved lenders.
Compare the terms with those of other loan lenders when applying. Alternative loans are awarded on financial qualifications, such as your credit rating. Students looking for college funds often ask the following questions:
What are the requirements for a private loan?
Applicant must be a student enrolled at least half time in an eligible institution. Most freshmen must include a creditworthy co-applicant. Either the student or the co-applicant must be a citizen of the United States or an eligible permanent resident.
How much may I borrow?
Up to $40,000 per year if you apply with one of the student lenders listed on this site. Most private student loans have $ 40K annual limits.
What is the current interest rate?
Interest rates vary by company, though they are all competitively low. Read the loan repayment terms carefully.
Financial food for thought: Avoid borrowing too much.
First, how much money do you expect to be making when you graduate and get a job? Remember, you will need to get some kind of job, because those loan repayment bills will start showing up in the mail six months after you are out of school. If you are fairly confident that you will be able to find a job in your field of study soon after graduating, look at what entry level income is for this field. After you find this out, you can then calculate how much your monthly loan repayment will be. Actually, most student loan programs do this for you. Then you simply determine if your expected budget will be able to handle those monthly loan payments. If it looks close, you probably shouldn’t take out the loan, because there are always unexpected expenses that are not factored into a budget.