You can compare private student loan options on our site. Keep in mind there are a number of popular private student loan names you may see and hear, and it is bound to be confusing. Sometimes the names will be generic, and other times the name will refer to a specific lender’s program or brand name. The name of the student loan program is not as critical as an understanding of how the particular loan terms work, or how they may impact you. To give you a quick primer on some of the most popular private student loan names you may encounter, see the list below.
Repayment options range from immediate full repayment (principal and interest payments immediately after the loan is fully disbursed), interest only (interest-only payments while you are in school, and start making principal and interest payments after you leave school), full deferral while in school, flat payment while in-school, graduated repayment (payments increase over time). COA-Aid (annual limit)
College Ave only does student loans, so they are pretty good at it. College Ave loans are simple and straightforward. The online-focused lender offers terms from 5 to 15 years. It offers a cosigner release option. One thing to keep in mind: College Ave doesn’t offer a uniform forbearance option. Those are reviewed and approved on a case-by-case basis. That offers more flexibility, but some doubt as to whether you may be approved at all if you run into financial difficulties.
Disclaimer: Views expressed may not necessarily reflect those of Citizens Bank. The information contained herein is for informational purposes only, as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.
Many students ignore their loans until after graduation, but it’s wise to start paying them off while you’re in school. Get a part-time job while you’re in college and dedicate most or all of the earnings to your student loans. If you can pay off $800 a month while you’re in school, then you’ll have paid off $30,000 or more by the time you graduated. For some people, that’s their entire amount owed!
“Students who are able to pay off their loan relatively quickly have often sided with a variable rate,” said Dayan. “However, the longer it takes a student to pay off the loan with variable rates, the more chances there are for the rates to change over the lifetime of the loan. If a student’s future income is uncertain, and they don’t plan on paying off the loan quickly, many students consider fixed-rate student loans for more consistency.”
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources. Learn more about the differences between federal and private student loans.