Demand for student loans in the US has never been as high as today, with almost 69% of new graduates finishing college with an average of $30,000 of debt. In a recent study, it was claimed that the value of outstanding student loans in the United States has more than doubled in ten years by 119.51%. It is, therefore, of prime importance that aspiring students understand the responsibility that a student loan may have on their future life and career.

This new staggering record translates to a 1.64 trillion by the end of 2019 third quarter. Compared to the Q3 of 2009, the loan debt stood at $771.7 billion.

In essence, a Student Loan should act as an invisible hand opening doors for you, helping you achieve your goals of higher education and excelling in your desired profession. While this is the basic principle behind a student loan, it is important to mention that certain providers have taken advantage of the rise in demand to hike interest rates and offer payment plans with dubious intentions.

Keep in mind that as an aspiring student the most important decisions that you will make will be choosing a college, a major and also how you will pay for your education. Choosing the wrong provider can have severe repercussions on your life and career. It is important for anyone interested in getting a student loan to take their time, research the options available in order to make a balanced decision.

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Even though there are many different types of Student Loans available in [current_date format=Y], all of them can fall into two main categories, Federal Loans, and Private Loans. It is key for individuals to understand the differences between a government-sponsored program and a fully private service. Keep in mind that the average length for full repayment of student loans in the US takes between 15 and 18 years after graduation, it is imperative to plan in order to choose the best possible plan.

Choosing the right provider and loan type are desitions that will follow you for a considerable part of your professional career and your life. Take your time to evaluate all your options before embarking into a Student Loan.

Please note that subsidized loans will require the student to be eligible based on family income and necessity for financial aid. On the other hand, unsubsidized loans are available for any individual regardless of financial need.

Federal Loans are usually divided between Subsidized and Unsubsidized, this means that while you are a student the government will take care of the interests, and you will only start paying for the entire loan once you graduate.

If you are aiming for a traditional Federal Loan instead of a private, please take your time to understand your options and also to review your assigned provider in cases where it was not selectable.

Please note that in order to apply for student aid or a Loan you will have to submit your FAFSA ( Free Application for Federal Student Aid ) application every year, this will allow you to check your eligibility for a Federal Student Loan. What many people don’t know is that depending on your School and your State, the government may automatically assign you to a provider who will oversee your account.

Generally speaking, many individuals believe that dealing with a government loan would be better than dealing with a financial institution. While on paper this is the case as federal plans offer their own type of benefits, in reality, federal loans have changed in the past decade and many individuals are having problems with them. The reason behind the problem is not the loan type or their laws, but the provider that is acting on behalf of the government in order to offer them to the public.

Since you can have both types of loans, it is openly recommended for individuals to take advantage of the free offering from federal loans first and then to borrow any outstanding money with a reputable financial institution as a private student loan.

From a pricing perspective, federal loans are usually cheaper than private offering, but the latter will offer a more flexible and nimble service. Once you understand the big picture of how much money you need to borrow in order to successfully afford education, you will be able to make the conjectures to determine which type will actually be better for you.

Keep in mind that just like a federal loan you can still apply to subsidized loans where the government will cover your interests while you finish your education.

Private loans are offered by many stable and well known financial institutions, as a private product they respect the laws of Student Loans and the guidelines of the government but they also follow in most cases a proprietary model that will vary from institution to institution.

Pros Access to afford Education: It is fairly common to see individuals bailing out on their dreams of attending college and becoming professionals simply because they can’t afford tuition, you might finish your career with debt that needs to be paid but it will allow you to successfully follow your dreams to get a higher education.

It is fairly common to see individuals bailing out on their dreams of attending college and becoming professionals simply because they can’t afford tuition, you might finish your career with debt that needs to be paid but it will allow you to successfully follow your dreams to get a higher education. Attending a better college: For many individuals getting a student loan can mean the difference between their dreamed major and settling down for what they can actually afford. While being out of debt is a blessing, it is important to keep in mind that studying what truly drives you will make the entire college experience better. You should not be aiming to simply get a degree, but to get a degree that goes along with your personality, your life expectations and also your personal goals and beliefs. Before making a decision of what you can afford, take your time to evaluate your options, chances are you will be surprised by what you can get.

For many individuals getting a student loan can mean the difference between their dreamed major and settling down for what they can actually afford. While being out of debt is a blessing, it is important to keep in mind that studying what truly drives you will make the entire college experience better. You should not be aiming to simply get a degree, but to get a degree that goes along with your personality, your life expectations and also your personal goals and beliefs. Before making a decision of what you can afford, take your time to evaluate your options, chances are you will be surprised by what you can get. Paying other Expense: Besides paying for tuition student loans can be used to cover other expenses related to your education like accommodation, board and even supplies of certain careers. Keep in mind that you should aim to be comfortable during your college years, not to splurge your money but to focus on your education instead of having to pull every penny in order to make ends meet. The best advice I can give you is to try to borrow the least possible without having to sacrifice the quality of your education.

Besides paying for tuition student loans can be used to cover other expenses related to your education like accommodation, board and even supplies of certain careers. Keep in mind that you should aim to be comfortable during your college years, not to splurge your money but to focus on your education instead of having to pull every penny in order to make ends meet. The best advice I can give you is to try to borrow the least possible without having to sacrifice the quality of your education. Credit Score: It is relatively common to see individuals building their credit scores straight out of their student loans. Many individuals have never had anything under their names before going to college, if you are responsible with your payments, having a students loan will help build and boost your credit score. Cons Expensive: You would be surprised by how high the rates can be for certain student loans, choosing the wrong plan can let you paying interests that would make you want to go back in time and pay your loans with a credit card instead! As mentioned before, you should take your time to review all your options, including analyzing if you would be better with a high fixed rate or a floating rate for your line.

You would be surprised by how high the rates can be for certain student loans, choosing the wrong plan can let you paying interests that would make you want to go back in time and pay your loans with a instead! As mentioned before, you should take your time to review all your options, including analyzing if you would be better with a high fixed rate or a floating rate for your line. Starting a career with Debt: Starting a career and a life with a burden of being in debt can be pretty hard if you don’t get a job or if you don’t earn as much as you thought you would. It is critical for aspiring borrowers to understand how much can they really pay and to not overextend their loans beyond what they truly need.

Starting a career and a life with a burden of being in debt can be pretty hard if you don’t get a job or if you don’t earn as much as you thought you would. It is critical for aspiring borrowers to understand how much can they really pay and to not overextend their loans beyond what they truly need. Personal goals might have to wait: Having a Student Loan will force you to re-evaluate your decisions after graduation. In order to avoid any bad surprises down the road, it is important for individuals to understand the sacrifices they will encounter later in their life. Managing your expectations is the best way to ensure you won’t have to deal with any disappointment when the time of repaying comes.

Having a Student Loan will force you to re-evaluate your decisions after graduation. In order to avoid any bad surprises down the road, it is important for individuals to understand the sacrifices they will encounter later in their life. Managing your expectations is the best way to ensure you won’t have to deal with any disappointment when the time of repaying comes. Bankruptcy won’t help you: There is nothing more loyal in life than a student loan. If you ever wonder who would follow you to the end of the world and back then look no more! Sarcasm aside keeps in mind that the chances of getting rid of your loan without paying it in full are very slim. Even if you could get an attorney to present a case and filed for chapter 7 or 13 of the Bankruptcy Act, the chances of winning are really really tight.

There is nothing more loyal in life than a student loan. If you ever wonder who would follow you to the end of the world and back then look no more! Sarcasm aside keeps in mind that the chances of getting rid of your loan without paying it in full are very slim. Even if you could get an attorney to present a case and filed for chapter 7 or 13 of the Bankruptcy Act, the chances of winning are really really tight. Credit Score Destroyer: Just like they can act as levers to build a great credit score, Student Loans can also become in your worst enemy since in most credit scores scenarios they have a higher weight than traditional debt. You would be surprised by how devastating defaulting on student loans can result in someone’s credit score, forcing them to use bad credit loans. I won’t say that you should sacrifice your lifestyle or your overall life to pay for a loan but keep in mind of the repercussions it might have on you and your options in the long term.

Just like they can act as levers to build a great credit score, Student Loans can also become in your worst enemy since in most credit scores scenarios they have a higher weight than traditional debt. You would be surprised by how devastating defaulting on student loans can result in someone’s credit score, forcing them to use bad credit loans. I won’t say that you should sacrifice your lifestyle or your overall life to pay for a loan but keep in mind of the repercussions it might have on you and your options in the long term. Crooked Providers: Over the last decade we’ve seen an incredibly fast risen in the amount of student debt owed by Americans. As the level of debt continues to rise even higher, the eyes of many regulators have fallen into a group of service providers who have been known for churning their clients in the past! Some of these companies have even been accused of committing fraud against their users and it won’t require much research to find open cases online.

“Profiting from student loans is usury, and we just can’t continue to allow it” Pramila Jayapal

When it comes to student loans you will find individuals who are grateful of being able to study what they truly wanted and that they are comfortable paying their loans, but you will also find the ones that have had to deal with either external factors or simply bad luck with their providers and their careers.

The best advice I can provide anyone interested in a student loan is to be prepared and aware of the commitment they will be taken with the loan. Take your proper time to analyze meticulously any plan and provider before signing the contract, the more prepare you are, the easier it will be down the road.

We live in an online world where reviews can be found on everything, be sure to do your due research before choosing a provider. Don let yourself be lured by deals that are too good to be true!

Best Student Loan Options: Summary

Best Student Loan Options of [current_date format=Y]

1. Sallie Mae – Best For Flexibility Sallie Mae is the largest private provider of student loans in the US, with over $180 billion in managed debt and 10 million borrowers. When you start analyzing the numbers it becomes easy to see how big this company really is. The firm started in the early 1970s as a provider for federal loans, it was not until six years ago when the firm drifted towards private offering. If you ever got a Federal Loan from Sallie Mae, it is very probable that it is now being managed by the new group of federal providers like NAVIENT. The firm is a great provider mainly because of all their experience and proven track record, but also because of how flexible they can be when it comes to requesting a loan or repaying for it. This is one of the only firms from this list where I can actually say their best interest is to help individuals and also to help them repay for their loans. This is one of the only companies I’ve seen where they don’t see students as dollar symbols with zeroes to their right ($ 000,000). Additional Information APR: Fixed: 5.74 to 11.85% (undergrads)

Variable: 3.62% to 10.54%(undergrads) Loan Type: Undergraduate

Graduate

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K-12 Repayment Options: Deferred

Fixed

Immediate Loan Amount: $1,000 up to 100% of the cost of education and attendance. The firm actively encourages students to focus on their education and to borrow what they need in order to secure taking the most advantage of their time in college. The main idea behind this is to avoid any additional stress of the students having to worry about their expenses and how to afford them while studying. Length: In order to calculate the length of the loan it is important to take into consideration how long is it going to take for the student to actually graduate, after that a mutually arranged payment schedule will be created. The reason for this is to give students the opportunity to make repayments as flexible as possible. If you are lucky enough to find a six figures job after graduation and you want to pay your loans early you can do it. On the other hand, maybe paying only the interests is your goal right now as you haven’t found the right job, in any case, the point is that flexibility is offered to you. Our Rating Consignment Release: After 12 months without zero problems in terms of late payments, Sallie Mae offers the release of responsibility for any consignment.

After 12 months without zero problems in terms of late payments, Sallie Mae offers the release of responsibility for any consignment. Discount on Automatic Payment: If you automatize your payments you will get a discount of 0.25% to your interests rates, this might not sound like much but once you consider the average American spends 20 years of their life repaying their student loans, the perspective becomes more apparent.

If you automatize your payments you will get a discount of 0.25% to your interests rates, this might not sound like much but once you consider the average American spends 20 years of their life repaying their student loans, the perspective becomes more apparent. Disability Discharge: There are nightmare stories online of individuals who passed away and the lending companies came back to reclaim the loan to their loved ones. This is a key element that makes great student loans, in reality, anything can happen at any time and it is better to be prepared and also to protect the ones we love from a situation like this. Customer Support: If you have to call the firm for any inquiry, you will find yourself wasting at least one hour on the phone just to get connected with the right team to help you.

If you have to call the firm for any inquiry, you will find yourself wasting at least one hour on the phone just to get connected with the right team to help you. Unsubsidized Loans: Keep in mind that most loans from Sallie Mae are unsubsidized, this means that while you are studying interests will be running. The term refers to the government subsidizing interest payments on their federal loans. Visit Sallie Mae

2. College Ave - Best For Debt Refinancing College AVE is a fairly new company with less than five years of active operations. The firm was established by a group of executives from Sallie Mae, the organization might not be old but their Sr Management is composed of some of the most experienced professionals of the Studen Loan Market. It is important to mention that the company did not become famous for its loans per se, but for the refinancing options. Depending on your financial situation it can be smart to aim for a refinancing method when you consider that you could be paying less every month or simply save money by repaying it early. There are many different reasons that can take an individual to become interested in refinancing their debt, whatever your reasons are you should consider taking a look at the flexibility offered by College AVE. Keep in mind that not many companies will allow you to refinance at a loan with a shorter tenure, if this is what you are looking for then College AVE might be your best option. Additional Information APR: Fixed: 4.74% – 12.78% (undergrads)

Variable: 3.99% – 11.32% (undergrads) Loan Type: Undergraduate

Graduate Repayment Options: Immediate

Deferred

Partial Interest

Fixed Loan Amount: $1,000 to $80,000 Length: 5-15 years. Please keep in mind that depending on the case a loan can take considerably longer to be repaid. Our Rating Short Term Loans: Keep in mind that it is pretty difficult to find institutions offering a tenure of fewer than 10 years (with College AVE you can aim for a loan from a minimum of 5 years)

Keep in mind that it is pretty difficult to find institutions offering a tenure of fewer than 10 years (with College AVE you can aim for a loan from a minimum of 5 years) Straightforward application: Even though many individuals believe it is easy to obtain a student loan based on the fact that it represents the business for lenders, in reality, many names have a very strict process and it can be pretty tricky to follow. College AVE offers a very linear model that makes requesting a loan easy and accessible for most individuals. Transparency: Even though the process of soliciting the loan is considerably easy, there is an outstanding lack of transparency in terms of the debt and how everything is calculated. If you openly ask about the details you will receive them, but this is something that should be given to you without having to ask.

Even though the process of soliciting the loan is considerably easy, there is an outstanding lack of transparency in terms of the debt and how everything is calculated. If you openly ask about the details you will receive them, but this is something that should be given to you without having to ask. ***Navient is a provider***: This might be the overall biggest cons to using College AVE, it is important to keep in mind that certain types of loans of the firm are offered through Navient. If you still don’t what Navient is, I invite you to take a quick look around google and social media to hear the terror stories about how this provider is considered to be the worst in the US. Visit College Ave

3. Discover – Individuals with High Credit Score It is very possible that if you are in the US, you might have used Discover for their credit cards, ATMs or simply because of their broad payment network. But, the company is more than a plastic cards provider, over the past decade, the company has ventured into other areas and services like online banking and lending. One of the best reasons to deal with Discover for your student loans is that you will be borrowing from a well known and stable company, the overall service you will receive will be more transparent than with most dedicated Student Loan Lenders. Keep in mind that Discover is not in the business to destroy their reputation for ripping off students with unpayable programs and churning practices, instead, it is a company interested in offering a full suite of services while taking care of their clients. The only drawback I find with Discover is that in order to apply for a Students Loan you will need to have a great credit score and a cosigner. If you don’t have the right record and score, it is likely that your request will be rejected. Additional Information APR: Fixed: 6.49% – 11.99% (undergrads)

Variable: 4.99% – 11.24% (undergrads) Loan Type: Undergraduate

Graduate Repayment Options: Deferred Loan Amount: With Discover, you will be able to borrow the 100% of the school-certified expenses (tuition, living, miscellaneous expenses) Length: 15 years Fees Free: One of the best adding value characteristics of Discover is that in case you incur in a late payment, you won’t have to deal with any penalty or fees. Keep in mind that in order to maintain the best credit score possible, it is recommended to automatize payments, but if you don’t feel comfortable with this then keep in mind you will be receiving a considerable additional period of grace free of fees and penalties.

One of the best adding value characteristics of Discover is that in case you incur in a late payment, you won’t have to deal with any penalty or fees. Keep in mind that in order to maintain the best credit score possible, it is recommended to automatize payments, but if you don’t feel comfortable with this then keep in mind you will be receiving a considerable additional period of grace free of fees and penalties. Cashback: Following a similar model to what they offer with their credit cards if you are responsible for your payments and also with your grades you can become eligible to receive a cashback of 1% on each newly added loan. Once you take into consideration how expensive college can be, even a one percent return of your funds can be material. No Cosigner Release: Asking someone to cosign for your loan can be a hard thing to do. Even if its sponsored by someone close to you or even part of your family, the responsibility of becoming accountable for a loan in case of default is high. It has become pretty common for student loan providers to offer access to a release of the cosigner once a period of at least 12 months have passed and the individual has proven to be responsible for their payments. Unless your Loan was requested before 2012, Discover will not offer you any cosigner release. Visit Discover

4. LendKey – Best For Quoting with Smaller Banks LendKey is probably the most different option from this list. The company was initially created with the intention of acting as a P2P lending platform for student loans but later changed their business model into a platform that would allow individuals to receive quotes and information of multiple types of loans and providers. The company became publicly known in the US for their efforts to offer attractive lending packages with the liquidity and execution of more than 13,000 community banks and financial institutions all over the country. The firm might be offering a completely different product with its own approach, but it is important to keep in mind that it works incredibly well. Take your time to review their app and their platform, it is very easy to use and besides, receiving quotes from thousands of financial institutions has never this easy. At the end of the day, the companies interest is to deliver the best possible option for your loan, it is great to see that there are still companies interested in the well being of their clients. Additional Information APR: Fixed: 3.64% – 7.5 (undergrads)

Variable: 2.49% – 7.41 (undergrads) Loan Type: Undergraduate

Graduate Repayment Options: Deferred

Fixed

Immediate Loan Amount: $7,500 to $125,000 Length: Up to 10 years for repayment Our Rating Visual Calculators: One of the main concerns individuals have when it comes to their student loans is not knowing clearly when they will finish repaying them. In order to make planning and overall forecasting easier, the firm offers its own deck that automatically calculates and gives you all the details from your loan (interests, pending capital, tenure, final payment date). As simple as it might be, this platform allows individuals to make plans and test how changes in their lifestyle or employment may affect their loans down the road.

One of the main concerns individuals have when it comes to their student loans is not knowing clearly when they will finish repaying them. In order to make planning and overall forecasting easier, the firm offers its own deck that automatically calculates and gives you all the details from your loan (interests, pending capital, tenure, final payment date). As simple as it might be, this platform allows individuals to make plans and test how changes in their lifestyle or employment may affect their loans down the road. 10% – 1%: The company offers a unique feature where after repaying 10% of the debt you can become eligible for a 1% discount to your current interest rate bracket. As mentioned before, this might not sound like much but once you start taking into consideration how interest accrues over, it becomes easy to see the amount of money this can saves you. Unemployment Protection: Even though it has become more and more common to see institutions charging a fee in exchange for protection in case of Unemployment, Lend Key is not one of them. There is third-party insurance that you can buy but it is important to do the right research in order to make sure it does not violate any fine print.

Even though it has become more and more common to see institutions charging a fee in exchange for protection in case of Unemployment, Lend Key is not one of them. There is third-party insurance that you can buy but it is important to do the right research in order to make sure it does not violate any fine print. 1o years for repayment: Lendkey does not offer long term financing, instead most of their loans are capped at 10 years (some cases can go up to 15). While this might be positive for certain individuals, it also means that payments would be considerably higher. Visit LendKey

5. Lendedu – Best Marketplace Lendedu is another fintech company offering its own marketplace where individuals can search for their best options in terms of student loans, refinancing and even credit cards consolidation. With a similar approach to what LendKey is currently offering, Lendedu is an overall more complete option as it also allows to quote refinancing of other types of loans as a whole. It is worth mentioning that the firm currently operates with the leader student loan providers in the US, this usually allows for requests to be smooth and agile. Disregarding where you are living, I actively advise to take your time and to review all available options. Reviewing pricing in terms of rates and benefits with these two market places is pretty straightforward. You would be surprised by how much rates can defer between community banks and bigger financial institutions. Additional Information APR: Fixed: 3.64% – 7.5 (undergrads)

Variable: 2.49% – 7.41 (undergrads) Loan Type: Undergraduate

Graduate

Technical Trading

Parents Loan for their Children Repayment Options: Deferred Fixed Immediate Interest-Only Loan Amount: Min $5,oo0 to No Max. Please keep in mind that the firm allows you to borrow as much as you can but as mentioned before this is something you should be worried about. Without sacrificing your education it is advised to try to borrow the least possible and only when truly necessary. Length: Up to 20 years for repayment Our Rating Easy and Fast application: Applying to any type of loan tends to be slow and very time consuming, with the help of LenEdu, the overall process can be done in less than 10 minutes. The main goal of the firm is to connect you with the best type of loan according to your profile and your goals.

Applying to any type of loan tends to be slow and very time consuming, with the help of LenEdu, the overall process can be done in less than 10 minutes. The main goal of the firm is to connect you with the best type of loan according to your profile and your goals. Best Providers: In order to ensure the best overall experience the company only does business with the top student loan providers in the country. If you are planning on getting a loan with a tier-one institution, the pricing provided by the platform will be the best that you will get. Please note that as a provider the company offers a great service, their marketplace has a vast range of offerings and the applications are incredibly fast. I personally could not find a problem worth mentioning, but it is important to keep in mind that all the loans offered by this firm will carry on any problems from the provider itself. Visit Lendedu

6. Ascent – Best For Individuals with no Credit Score Ascent offers a traditional lending service, but at the same time, the company makes a great effort in order to emphasize that all their services are design with the intention of expanding possibilities and not to restrain them, clients, as many other providers do. There are many reasons why an individual would be interested in borrowing from Ascent, but the principal would be if they have a solid cosigner. This is partly because they will offer a very competitive rate and they will weight the credit risk on your cosigner and not on you. Besides offering an incredibly competitive rate, the firm also offers access to a high level of flexibility when it comes to repayment. One aspect I believe that more individuals should take into consideration is that life is not linear, and we can’t forecast everything that might happen. Chances are you have been planning on getting a job straight out of college, but in reality, it could take you more than the buffer of six months to do so. Maybe you got fired and you can’t afford the payments, being able to take advantage of a nimble plan can save you a lot of money, emotional pain and also keep your credit score untouched. Additional Information APR: Fixed: 4.98% – 14.16% (undergrads)

Variable: 4.23% – 13.23 (undergrads) Loan Type: Undergraduate

Graduate Repayment Options: Interest-Only

Deferred Repayment

$25 Minimum Payment Loan Amount: $2,oo0 to $200,000 Length: Up to 15 years for repayment Our Rating Cosigner Release: Even though the release is permitted please keep in mind that on average it takes up to 20 months to become eligible.

Even though the release is permitted please keep in mind that on average it takes up to 20 months to become eligible. Easy Application: The company offers a fast review of all their applications which means you will get a response to your request in a fast manner

The company offers a fast review of all their applications which means you will get a response to your request in a fast manner Reasonable monthly payments: One of the key elements of a great student loan is how flexible the payments are going to be, you don’t want a plan so flexible that you will never finish paying for it, but neither a plan so tight that will suffocate you. Considering its pricing and overall service Ascent offers a very nimble approach. Not all schools are applicable: This is probably the worst deal-breaker of the company, nothing worse than seeing a very attractive plan that meets all your expectations and being told at the last minute that you are not eligible based on your major or your school. This is not a common practice but it is worth noticing that certain schools are not eligible for specific plans and the same happens with certain majors due to over offering and unemployment in that particular sector.

This is probably the worst deal-breaker of the company, nothing worse than seeing a very attractive plan that meets all your expectations and being told at the last minute that you are not eligible based on your major or your school. This is not a common practice but it is worth noticing that certain schools are not eligible for specific plans and the same happens with certain majors due to over offering and unemployment in that particular sector. Pricing: Against their major competitor’s it is probable that you will get better pricing somewhere else. f Visit Ascent

Summary of Private Student Loan Options

The steady rise of student debt in the US and also the increase in their rates have made the sector part of a very active political discussion in congress and the Senate. What was intended to be used in order to open doors for individuals that otherwise would not be able to receive a higher education, has turned into a money-making machine for some corporates who profit from churning their clients?

With almost 69% of new graduates using student loans in order to pay for their education, it is easy to see how big the market and its demand really is. Luckily for applicants, the market is offering an equally large offering of loans and providers. If you do your proper research, it is probable you will be able to find the right plan that will help you to achieve your education dreams without sacrificing your personal life and also your professional career.

Even though Studen Loans are seen by many as a necessary evil, I personally believe that if you pontificate properly your loan and you use a well-known provider, you won’t have to deal with any type of drama or sketchy situations down the road.

One of the things that make student loans so great and so dangerous at the same time is the fact that in most cases repayment will only begin after graduation. While this provides a false sense of tranquility, it is key to understand that life goes by fast. Before you notice, you can find yourself as a senior starting to feel the pressure of knowing that you need a job as soon as possible to cover for your loan and also your responsibilities.

Starting college can be a very stressful time, not only you will have to make all the decisions related to your University and your major, but also you will have to plan on how to pay for your education. One of the capital sins that many individuals commit when it comes to student loans is that they were not prepared enough. You need to be aware that the decision that you are making right now on how to cover the cost of your education will have strong repercussions on your adulthood and the rest of your life

Maybe you chose the wrong type of loan, or your credit score was not the desired one, whatever the reasons where you should focus on your current situation and on what you can do to make it better.

How can Student Loan Refinance Help? A loan refinancing if used properly, could be a second chance to select the right type of loan with the right institution. I can stress enough on how important it is for you to take advantage of this opportunity to its fullest, and to avoid putting yourself back into another precarious situation later in your life.

In this article, we will cover the best refinancing options available in 2020. Take your time to review them and to proceed with your investigation if needed. It is important to keep in mind that there are hundreds of other options available in the market, these are just a few of the most important names and also the best according to our investigation and also our perspective.

Why Should I Refinance Student Loan?