An education loan is a form of financial aid that must be repaid, with interest. When students receive a student loan, it is borrowing money to attend college. It is important to understand repayment options to successfully repay student loans.
Education loans come in three major categories:
- Federal Loans: student loans (Direct loans) parent loans (PLUS loans)
- Private Loans: private student loans
- Consolidation Loans: consolidation loan
Understanding Loan Types
- Federal student loans and federal parent loans are funded by the federal government.
- Private student loans are non-federal loans, made by a lender such as a bank, credit union, state agency, or a school.
- Consolidation Loans are a combination of several student or parent loans into one bigger loan from a single lender.
Comparing your student loan options is the best way to save money on the cost of borrowing. Fastweb and Student Loan Hero by Lending Tree have reviewed the top private student loan lenders to help you make an informed decision.
Grants, scholarships, work-study and other forms of gift aid just do not cover the full cost of a college education. Many students find that they must supplement their savings with government and private loans. The Federal education loan programs offer lower interest rates and more flexible repayment plans than most consumer loans, making them an attractive way to finance your education. You can also deduct up to $2,500 in student loan interest even if you don’t itemize deductions on your income tax return.
Featured Student Loan Provider
Citizens
Citizens offers loan options for undergrads, grad students and parents with competitive rates, flexible terms and interest rate discounts.
Multi-Year Approval* option available for qualified applicants, which provides an easy way to secure funding for all years in school without completing a full application or impacting your credit score each year.
Loan
A Citizens Student Loan™ lets undergrads choose from competitive fixed rates, and repayment options that give you the freedom to pay back your loan on your schedule.
Limits
Loans from $1,000 to $150,000
Rates
Fixed rates as low as 3.48% APR* including all available discounts.
Fees and Terms
Multiple repayment options and terms available.
Student Loan Providers
Citizens
Citizens offers loan options for undergrads, grad students and parents with competitive rates, flexible terms and interest rate discounts.
Multi-Year Approval* option available for qualified applicants, which provides an easy way to secure funding for all years in school without completing a full application or impacting your credit score each year.
Loan
Citizens Student Loan™ for Parents offers the unique opportunity for parents to take out their own loan to supplement their child’s college education costs as an investment in their future.
Parents can save with no application, origination or disbursement fees and discounts for automatic payments and loyalty.
Limits
Loans from $1,000 to $350,000
Rates
Fixed rates as low as 4.80% APR* including all available discounts.
Fees and Terms
No application or origination fees.
5 or 10 year options available.
Rate and Repayment Examples.
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