10 Best Student Loans Consumer Reports 2019 – Top Rated

To continue studying after high school, it is essential to have a financial plan . Attending college or taking a graduate degree can be very expensive. This is where student loans come into play. Although they can be a great tool to continue your studies, it is also important that you choose carefully. 

Top 10 Student Loans

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Student Loan Forgiveness 4 Dummies: 'Why Pay A Third Party' (Volume 1)
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Landlord Away Your Student Loan Debt
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The Student-Loan Catastrophe: Postcards From the Rubble
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Check out four excellent options!

1. Direct federal loans

They are for students who meet certain requirements, with the objective of covering the cost of studying four years in the university, is a public university center or in a professional school, professional institute or technical school, indicate the site of the Federal-Aid Office for students.

There are two types: with interest subsidy (for students with financial need) and without interest subsidy (no need to show financial need), says Forbes magazine. Undergraduate students could request up to $ 5,500 annually and postgraduate students up to $ 20,500.

2. Federal PLUS loans

They can be used by parents of undergraduate students or by postgraduate students, to pay for their studies. One of its conditions is not having a negative credit history.  How much can you ask for? The maximum amount is the cost of the studies, which will be determined by the educational institution. That will be subtracted from any other financial assistance received.

3. Federal Perkins Loan Program

It is aimed at undergraduate and graduate students with exceptional financial needs. It has an interest rate of 5%. Keep in mind that not all educational institutions participate in the program.  The amount of money to be received will depend on the funds available at the institution and the student’s financial needs.

4. Private loans

They can be granted by a bank or other financial services company. If you have a good credit profile, you could get lower interest rates than those offered in the aforementioned loans.

What can be financed with student loans

In general, when we talk about student loans, the first thing we think about is the credits that some banks offer to finance university tuition. But the truth is that with these products you can pay any other expenses related to the studies, always depending on the conditions of each offer. In the following list we see what we can finance with a loan of this type:

  • The cost of a degree. Here we can distinguish between two kinds of loans for university studies: those that allow financing only the tuition and those that cover all the expenses related to the studies (fees, transportation, stay, material, etc.).
  • The price of post-university studies, such as a master’s degree, a postgraduate diploma or a doctorate. As in the previous case, depending on the credit we can only finance the tuition or all the expenses associated with the course.
  • Studies abroad, such as a language course, a master’s degree, etc.
  • Other specialized courses, such as a medium or higher-level training cycle, computer classes.

Non-payment of student loans: what can happen?

Not paying the fees of loan studies has consequences, as it could not be otherwise. First, the financial institution will charge us late fees and interest that will further increase the debt we have. In addition, it is more than likely to enter our data in a delinquent file, in which case we will not be able to obtain bank financing until we pay what we owe.

If the default persists, personal security shall be forfeited, ie be asked the seizure of our present and future: our bills, our income, etc. Therefore, if at any time we believe that we will not be able to pay the fees, it is essential that we contact the entity to find possible solutions.

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