Going to college is a luxury that not everyone can afford. And many think that college should be made free for everyone. But that would drastically devaluate the Ivy League colleges around the United States.
Luckily for you, there is always a way to pay for higher education. While the easiest way is to go to a bank, we should first discuss things you should not do.
Below, you will find a couple of tips on how to reduce college costs and how to do it the smart way.
The best thing you can do is to work your way through college. Many people do it and that helps them learn a valuable lesson. We understand that this might be hard for some students, but it is a viable way to pay off the large tuition fees.
Choose A Community College
There isn’t a better option for a college that doesn’t cost the same as an Ivy League University. Community colleges offer students general education that every college requires it. Once you pass the first year, you can then transfer to a more reputable school.
Let’s be real about it. The reason why America has a huge problem with college debt is that students aren’t responsible for their student loans.
Interest is always a problem when it comes to paying off your student credit. And the only way for it to not get out of hand is to be sensible with your money. Never borrow too much money from the bank, and only borrow what you can pay off.
Also, you should make sure to graduate on time and don’t take useless majors like social studies or women’s rights. You will never find a job if you take a major that no one is willing to hire you for it.
Now that we’ve given you some tips, let’s talk about the best banks for taking student loans. A little disclaimer before we start, these aren’t ranked in chronological order.
This bank allows any student to take out a loan. It also allows loans for all types such as undergrad, MBA, graduate, medical, etc. Most credit terms are around 5 to 15 years while some can be moved to 20 years.
And this bank is quite flexible with their student loans. You can take out a loan up to 100% of the costs for attending.
Like other banks, you will need to pay on time as you will be charged an additional 5% of the total sum.
Slick Cash Loans
If you’re above the age of 18 and have a valid ID, then you can take out a student loan with Slick Cash Loans.
You will go through the same process as you would with any other bank, but approval times are much faster with this one. The reason why Slick Cash is a good option is down to the competitive interest that many Americans look for.
But unlike other banks, the maximum amount you can take is $3,000. This means that Slick Cash Loans are a great option for paying off certain costs that come with attending University. It might not be enough to pay for your semester, but it sure helps to pay for books, food, and accommodations.
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This bank operates from 2011 with the purpose of providing students with credits to pay for university.
More than 250,000 borrowers have used SoFi to pay for their university attendance costs. This bank offers all types of student loans such as undergrad, grad, medical, MBA, refinancing, parent, etc.
The maximum loan term is 20 years, but you can also sign up for a 15-year term. The minimum amount of money you can take is $5,000.
Sallie Mae is yet another bank that will give you a student loan for all major studies. If you’re an undergrad, grad, medical student, law student, or any other, you are eligible for a student credit here.
The great thing about Sallie Mae is that you don’t need an application and all you have to do is visit their website. You can take any sum of money as long as it doesn’t exceed the attendance costs for your university.
You can pay on a monthly bases or wait until you graduate.
Citizens Bank is a great alternative when in need of a much higher amount of money to pay for an Ivy League university such as Harvard or Yale. The maximum amount to take is $350,000 while the minimum is just $1,000. This means that you can also apply for a student loan if you’re attending a community college.
Any graduate or undergraduate can apply for a loan with Citizens Bank and pay off within 15 years.
Discover is a bank with a loan interest rate of 0.25% and a credit term of 10 to 20 years. The rates with Discover are fixed, although you will be subjected to additional fees if you fail to pay on time. Any graduate or undergraduate can go to Discover and get a student loan to pay for their tuition fees.
With more than 50,000 borrowers on their books and more than $5 billion in paid student loans, Earnest is a great option for any graduate or undergraduate that wants to go through college.
You can take up to 100% of the attendance costs for your particular college or university. The credit term is between 10 and 20 years. The approval rate is very high with Earnest, as long as your debt-to-income ratio doesn’t exceed 65%.
Not everyone can pay for university with their own money. Millions of Americans take out loans to go through college, but many of those are left with a debt that they cannot pay.
There is no one to blame but the students themselves. Hard work and dedication will make sure you successfully finish university and find a well-paying job that will help you pay off your student loan.