How To Find The Best Student Loans And Rates In 2024
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- Опубліковано 3 сер 2024
- Are you wondering how to find the best student loans and rates in 2024? The website is updated! With so many options available, it can be overwhelming to navigate the process of finding the right loan for you. In this video, we'll provide you with a comprehensive guide on how to find the best student loans and rates in 2024.
See our full guide here: theci.co/best-student-loans-2024
Chapters:
0:00 - Intro - Best Student Loans and Rates
1:06 - Federal vs. Private Student Loans
2:11 - Finding the Best Student Loans
3:13 - Comparing the Best Student Loan Rates
4:19 - Our Picks for the Best Private Student Loans
7:45 - Are Private Student Loans Right for me?
9:12 - Final Thoughts - Best Student Loans and Rates
★☆★Resources Mentioned in this video:★☆★
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💵 College Ave: thecollegeinvestor.com/go/col...
💵 Earnest: thecollegeinvestor.com/go/ear...
💵 Ascent: thecollegeinvestor.com/go/Asc...
💵 LendKey: thecollegeinvestor.com/go/Len...
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Thank you, you covered exactly what I needed to know and answered by questions!
Very informative video, thanks!
I’m looking into this right now
I definitely needed this
Same, they don’t tell you all this stuff you need before starting college.
Which loan instructions to the best of your knowledge support Australia university sir?
Andy, we are brand new to all of this. The video was great. Do we have to get a loan for each year my son is in school? Or does 1 loan cover the 4 years? Thx
Yes, you get a loan for each year you're in school. You'll fill out the FAFSA every year, and then you'll get your financial aid award from the school each year. Whatever the difference is, you'll need to pay - whether by check, loan etc.
Does college ave cover 4 yrs of studies for international students??
Unfortunately Im unable to pay for my daughter ledger to go to college... don't want her to miss out on the opportunity could u tell me which one will u prefer
It's not a "which is best overall" or "which do I prefer".
Start with the Federal loans offered via your daughter's school's financial aid office. This should be offered when the FAFSA is completed (complete it ASAP if you haven't yet). If you need to borrow more money, then you need to get private loans.
You need to get 3-5 quotes from lenders and then compare them to see which offers you the best rates. Here's our list: thecollegeinvestor.com/22108/best-private-student-loans/
Whenever I apply for a student loan private, I get declined, even with a co-signer with great credit. I tried multiple lenders and never got approved. Should I go through the government then? Please help!
You should always do federal loans first. Did you fill out the FAFSA? Your school's financial aid office would show you what loans you're eligible for based on your FAFSA, enrollment status, cost of attendance, etc.
How about our government stop handing out free money and offer interest free loans.
Not sure we understand? There is some free money via Pell Grants, but student loans aren’t directly free. And interest is only a small cost to borrowers, averaging 21% in total over the life of a loan, and many don’t deal with interest at all due to programs like SAVE.
Most college students don't get Pell Grants. If they did we would not have the student loan crisis we have. Most students run up student loan debt. They don't think they have to worry about it until they graduate, then they graduate and it hits them. Interest over the 4 years has been adding up. Now they get a job and they are starting at the bottom of the pay scale. Their student loan payments are eating up a good portion of their income and that is how they will live for the first 10 to 20 years of their adult life. In my daughters case we do not have the money to pay the $20000 per semester. The college offers a payment plan, but for only 4 months which would be a payment of over $5000 per month for 4 months. This still a bit out of our reach. I took out a Sallie Mae loan which has a 9.5% interest rate which is just ridiculous for a student loan. I am able to pay off the student loan each year so my daughter starts each year with a 0 balance and she will graduate debt free. Most people are not able to do that. The total student loan for this year is $38,228 and if we ran out the loan for the entire term the finance charge would be $48,135. Your estimate of 21% is not accurate. It is over 100%. The finance charge cost more then the cost of the school over the life of the loan and that is where I have the problem. To say interest is only a small cost to borrowers is just wrong and that is why people are begging for loan forgiveness. Our government wants to give loan forgiveness, but does nothing about the outrageous interest charges. If the government wanted to help everyone they would offer no interest or low interest loans to everyone. If you work and make decent money you get punished or in my daughters case she gets punished because of my income. We are not rich, just middle class. I feel bad for the people who are taking out these loans not realizing the financial hardship they are placing them self in for the next 20 years. The cost of the loan should not cost more then what you are borrowing the money for. We didn't prepare early enough and that is on us. We should have started a college savings account the day she was born. I am not expecting the government to bail me out. I will sacrifice over the next 4 years so my daughter graduates debt free. Unfortunately most are not able to do that. If the government wants to help then they should help. Bailing out a small percentage one time with loan forgiveness doesn't help. Taking that same money and offering loans that reduces the ridiculous interest charges does help. @@Thecollegeinvestor
How about we use only a PORTION of the MISUSED taxpayer money towards educating the people of America
@@Thecollegeinvestor The interest is thousands and thousands of dollars.. tf are you talking about?
@@brianhartman7135 On a standard 10 year repayment plan, of the total payments made over the life of the loan, 21% of the amount of money you paid was interest. Furthermore, with the SAVE repayment plan, interest is basically moot because it's set to your income level, and any excess interest is forgiven.
thecollegeinvestor.com/39690/does-your-student-loan-interest-rate-matter/
currently looking for a student loan for a student visa in germany. The school is not covered by FAFSA and im looking for a direct to consumer loan for studying abroad. Ive searched everywhere but couldnt find any. The visa is 11,000 a year. The universities in germany are free, but i would have to just pay accommodation and basic living needs which would fit the 11,000 a year.
Get a job
Can I get multiple student loans through the same lender? And will they tell me what amount I'm approved for?
Yes, but not for the same school year. Each school year you can borrow up to the cost of attendance. It will be one loan. You then re-apply next year. And, yes, they will always tell you what you're approved for before you move forward.
thank you for the great info.. but i live here in San Diego CA, moving to Indiana for nursing school., july 2024. but i have 8k in dept and of course i cant move to Indiana with my California dept.. along with trying to figure out how to get out there and live and survive for 22 months.. any recommendations?
Not sure why you don't think you can move to Indiana while you repay your loans? You can pay your loans from anywhere, even worldwide. $8k in debt isn't much luckily. Do you have federal loans? If so, get on the SAVE repayment plan and you might even have a $0/mo payment.
@Thecollegeinvestor because the wages are different from san diego ca to Indiana. For example, the minimum wage is $22 in san diego and Indiana is $8.. but yes, I have f.a.
If you have federal loans that really doesn’t matter. And you’re a college graduate - you really shouldn’t be focused or earning minimum wage anymore. Even working at a Target or Wal-Mart would pay you above that.
Can you recommend me private student loans without creditworthy cosigner?.
There are very limited options for private student loans without a cosigner. See this list: thecollegeinvestor.com/16435/how-to-get-a-private-student-loan-with-no-cosigner/
So i have 2 aassociate defrees from a community college? Should i get another associate degree from a different communuty college or go for a bachelors degree? Will i get financial aid
This isn’t really a finance question but a life question. Why keep getting degrees? You run the risk of being over educated and under employed
@Thecollegeinvestor Question is will I be able to get fafsa and refunds?
Sure you apply for the fafsa and you can borrow up to the cost of attendance and the limit for independent students. There is an aggregate loan max $57.5k for your lifetime.
@@Thecollegeinvestor ok thanks
Ascent has basically a minimum of 7-10 percent. If your credit score is near perfect.. would not advise it
That’s basically all private loans this year since the fed has raised interest rates. We aggregate all the major lender rates here and check them daily:
thecollegeinvestor.com/22108/best-private-student-loans/
Can I get a student loan to help pay for daycare costs for my 2 kids?
Not for daycare costs. You get them for the cost of your education, tuition, etc.
lol this is wild
@@quazy9787 I can’t even lie her comment had me taken back for a second I was like wait a minute…do she know exactly what student loans used for 😂😂🤦🏽♀️
What if I max out federal loan and GradPLUS for medical school but still need $25k per year? Can I get a private loan to make this up? This comes from familial needs aka infant sons
All education lenders (both the government and private lenders) will only loan up to the school's certified cost of attendance. If you need more, it wouldn't be considered a student loan, but rather a personal loan. See this guide: thecollegeinvestor.com/21540/best-student-loans-pay-for-medical-school/
I'm need money loan from printer
I heard college ave requires exceptional credit
No more so than any other lender. You'll likely need a cosigner unless you have solid income and credit history.
I am new to this. My child was given $5,500 federal loans through FASFA. I presume the rest of the loans have to be private or do we still have federal options?
$5,500 is the max federal undergraduate loan for Freshman. After that, you have two choices - parent PLUS loans (which are also federal loans, but these are only in your name as the parent) or private loans. Side note, we really don't like either... we'd prefer families choose a less expensive school.
Parent PLUS loans have some perks- like potential loan forgiveness if you, as the parent, are working in public service. However, the rates are high, and there's a huge originating fee of almost 5%. So you're really paying a lot.
Private loans are going to be offered based on your credit and income, even if you're just the cosigner. Non-profit lenders have some great rates right now. But you need to shop around and get at least 3-5 quotes and compare your options.
@@Thecollegeinvestor I plan on paying as much of the loan for my child as I can. At the same time I want flexibility to pay when and how much I can. We have very good credit. Would you recommend private or parent plus.
Likely a private loan unless your eligible for loan forgiveness programs. Also, shop and check rates. If you’re not beating the rates on PLUS loans then you know your answer.
Greetings everyone
I want to change my degree but my current funding will want a refund on the money they sponsored me with. Will I be able to repay them with a student loan?
Andy, we are brand new to all of this. The video was great. Do we have to get a loan for each year my son is in school? Or does 1 loan cover the 4 years? Thx
Great question. You would need a new loan each year. That’s why the average graduate has 4-5 loans. Also remember the price will rise each year, so your first year is usually the least expensive.
@@Thecollegeinvestor thanks for that
I think private loans are our only option. I really don’t want to co sign and use our credit, but that looks to be the only way to get him through. We make to much for fed loans. I’m just hoping that we can get a loan that we can help pay monthly and whatever is left after 4 years will be his to pay. We are paying for high school private education for both boys. So we just can do it all. Thanks for any advice that you have
Well there is not such thing as “making too much” for federal loans. The problem will likely be the loan limits. You’ll likely still need more after the federal loan limit each you and you have to decide how you want to handle it. You can do private loans, or parent loans. We really don’t like parent loans as it leaves the child off the hook. There’s also a third option that’s unconventional and that’s going to a cheaper school and/or unconventional path via community college. At the end of the day, there’s almost no scenario where spending $80-$100k or more on college is a worthwhile expense in terms of getting a positive ROI on it. The only real exception is medicine.
@@Thecollegeinvestor I totally agree with you. My choice was a juco for 2 years. I also agree on no way on a parent loan. He needs skin in the game. I totally appreciate your quick response. When these public schools went completely woke and the joke of Covid shut things down, we decided to put the money out for private. So now here we are. We can help monthly, but still also have two more years with my other son. It’s also time for us to pick up again and put money away for our retirement again. Ugh