July 4, 2021

Where Do You Get Student Loans?

Chipper Help

Now that you’ve aced the entrance exams to the school of your dreams, your next step is to figure out where to get student loans that can help finance your college or postgraduate education. Unless you are a millionaire or a genius with a full scholarship, chances are you are already scouting for possible sources of student loans.

Read on to find out where you can get student loans that will cover your tuition fees and other school-related expenses.

Where Can You Get the Two Types of Student Loans?

There are two main types of student loans: federal loans and private loans.

Where Can You Get Federal Loans?

Federal loans are funded by the federal government. When you apply for financial aid as a student, you will probably be offered federal loans related to your financial aid package.

Federal loans typically feature more advantages in comparison to bank loans and other private loans. These benefits may include income-based repayment plans and fixed interest rates. The terms and conditions of federal loans are determined by the law.

Here are the four federal student loan categories:

  • Direct Subsidized Loans: For undergraduate students who are qualified because of financial need
  • Direct Unsubsidized Loans: For undergraduate, graduate, or professional students who qualify for other reasons aside from financial need
  • Direct PLUS Loans: For graduate or professional students and parents of students
  • Direct Consolidation Loans: For students who choose to combine all of their eligible federal students loans into one loan

There are also specialized kinds of federal loans that you may qualify for depending on the education and career you are pursuing, such as nursing, teaching, etc.

In terms of payment, you do not need to start paying your federal loans until after you graduate school or stop studying.

Where Can You Get Private Loans?

Private loans, also known as nonfederal loans, are borrowed from private lenders. Some examples of private lenders are state-based agencies or organizations, banks, schools, and credit unions.

Private loans are commonly more expensive in comparison to federal loans. The terms and conditions of private loans are determined by the lenders.

Here are some of the private lenders that rank high in the “Best Private Student Loans of 2021” survey by the U.S. News & World Report:

  • Best for fair credit: Earnest
  • Best for customer service: Education Loan Finance (ELFI)
  • Best for instant approval: College Ave Student Loans
  • Best for product availability: Sallie Mae
  • Best for no fees: Discover Bank

In terms of payment, you will typically be required to start paying your private loans while you are still studying. However, there are some private lenders who may let you defer your payments while you are still in school.

Apply for the Student Loan That Suits You

Depending on your financial needs as a student, you may decide to get either federal loans or private loans. You may also choose to get a combination of the two.

Either way, make sure that you are qualified for the loan of your choice, prepare your requirements, and get ready to complete your paperwork. Now that you have a good idea where to get student loans, the next step is to start applying for the loans that are right for you.

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

See How Much You Can Save with Round-Ups

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