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Navigating Student Loans: Top 10 Options for Financial Aid

10 Best Loans for Students

Ways to Minimize Student Loan Debt - MEFA

Loans for students are a necessary evil.

Student debt is at an all-time high with this year's debt reaching 1.75 trillion. While, at the same time, the nation-wide average for unemployment has skyrocketed with 6.3 million experiencing joblessness. Thus, finding promising loans with affordable interest rates is more important than ever.

Sofi

Great Rates. Great Benefits. SoFi.
Navigating Student Loans: Top 10 Options for Financial Aid 30

Fixed APR: 2.49%-7.59%

Variable APR: 1.74-7.24%

Maximum Loan Amount: 100% cost of attendance

With a shockingly low fixed rate of 2.49% -7.59%, Sofi is the number one lender at BlogWallet.

Sofi also provides borrowers with several repayment options (interest-only and flat-fee) and additional benefits such as career planning and entrepreneur support.

Earnest

Low-Interest Loans for Students
Navigating Student Loans: Top 10 Options for Financial Aid 31

Fixed APR: 2.94% – 12.78%

Variable APR: 1.74%+

Maximum Loan Amount: 100% cost of attendance

comes as a close second for its low-interest rates and accessibility since even those with a fair credit score of 650 can be approved for this loan.

The only catch for this lender is that they don't offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.

Lend Key

Fixed APR: 2.49% – 7.75% with autopay

Variable APR: 1.90% – 5.25%

Maximum Loan Amount: 100% cost of attendance

LendKey is great for independent borrowers. Unlike many lenders, if you have a sufficient annual income and long credit history, LendKey will allow you to borrow from them without a co-signer.

However, private school borrowers beware, this lender will only allow you to refinance up to $125,000 in loans which may not cover the full cost of an expensive private school education.

College Ave

College Ave Student Loans: 2022 Review | Bankrate
Navigating Student Loans: Top 10 Options for Financial Aid 32

Fixed APR: 2.99% – 12.99%

Variable APR: 0.94% – 11.98%

Maximum Loan Amount: 100% cost of attendance

With its estimated low credit approval rating of mid 600's and easy application, College Ave keeps those facing hardships in mind. You'll also be happy to know that College Ave gives you as many as 15 years to repay your loan.

Sallie Mae

Sallie Mae Credit Card - Apps on Google Play
Navigating Student Loans: Top 10 Options for Financial Aid 33

Fixed APR: 3.50% – 12.60%

Variable APR: 1.13% – 11.23% APR

Maximum Loan Amount: 100% cost of attendance

Sallie Mae is the ever-reliable lender that we trust. With flexible repayment options (students can start paying off their loans while getting their degree) and online and campus coverage, Sallie Mae comes through when you're in the clutch.

This lender also supports non-traditional students (non-citizen, part-time students); however, Sallie Mae does require a hard credit check to review eligibility and most applicants will need a co-signer for approval, so there are as many cons as pros with this lender.

Mefa

MEFA Student Loans Review 2022
Navigating Student Loans: Top 10 Options for Financial Aid 34

Fixed APR: 3.75% – 5.75%

Variable APR: N/A

Maximum Loan Amount: 100% cost of attendance minus financial aid

For those who want immediate results, Mefa is for you. This lender gives an instant application decision and allows borrowers to apply from the comfort of their own homes.

And like College Ave, Mefa gives borrowers up to 15 years to pay off their loan.

Common Bond

CommonBond Jobs and Company Culture
Navigating Student Loans: Top 10 Options for Financial Aid 35

Fixed APR: 3.74% to 10.74%

Variable APR: 3.39% to 9.34%

Maximum Loan Amount: 100% cost of attendance

Commonbond is a charitable lender for budding philanthropists and those who care for the welfare of others. This company has partnered with Pencil of Promise, an organization that supports education in Ghana. Therefore, every student loan goes towards not only your education but also the education of students in a developing country.

Commonbond is also leagues ahead of other lenders with its competitive refinancing options.

Ascent

Edmit and Ascent Funding Partner
Navigating Student Loans: Top 10 Options for Financial Aid 36

Fixed APR: 3.97% – 11.89%

Variable APR: 1.47% – 9.05%

Maximum Loan Amount: 100% cost of attendance and other school-related expenses (up to $200,000)

Similar to LendKey, Ascent is a proven lender for independent students. Applicants can qualify for a loan without a co-signer and with no credit history, so if you or someone you know is a young student who's supporting themselves and needs a loan, checkout Ascent.

However, an area where this lender can improve is in its outcome-based loan since they don't offer it to Freshmen or Sophomores without a co-signer.

Citizens

Citizens Bank - Student Loan for Parents
Navigating Student Loans: Top 10 Options for Financial Aid 37

Fixed APR: 3.48% – 10.78%

Variable APR: 1.99% – 8.02%

Maximum Loan Amount: $ 100,000 for the lifetime maximum, with an annual 100% annual coverage 100% minus aid

knows that time means money, so to save you from hours of applications, this lender provides you with multi-year approval. After your freshmen year, Citizen One allows you to apply for the following years in advance, which doesn't just save you time, but also saves you from future hard credit checks.

Custom Choice

Custom Choice – Student Loans Your Way
Navigating Student Loans: Top 10 Options for Financial Aid 38

Fixed APR: 3.20% – 10.77%

Variable APR: 1.03% – 9.67%

Maximum Loan Amount: Cost of attendance minus aid, but cannot exceed $99,999

Repeat after me, NO MORE HARD CREDIT CHECKS. Custom Choice knows how detrimental these checks can be to your credit score, so they make approval a breeze. And as an added bonus, this lender won't hassle you with late fees and actually gives you a principal reduction of 2% if you graduate.

However, if you're getting an expensive private school education, just know that Custom Choice may not be the right choice for you with its maximum $99,999 loan amount.

Kevin Ross
Kevin Rosshttp://blogwallet.com
Kevin "KevRoss" Ross is a music and radio industry expert. He is a 20 -plus year entrepreneur with the leading most successful industry trade publication and site Radio Facts (www.radiofacts.com). He has also published various books, magazines, performed marketing and promotions for major corporations and recording artists and he is on the advisory board of several industry organizations. This year Ross introduced his non profit organization LOMARI (Leaders of the Music and Recording Industry) to help teach young minority students how to market and manage their music and products.

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