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
Credible offers borrowers a “kayak-style” experience while shopping for student loans. Similar to the “Common App,” users (and co-signers) complete a single, brief form and receive personalized offers from multiple lenders. Checking rates on Credible is free and does not impact a user’s credit score to compare offers.
Credible’s marketplace includes:
- Citizens Bank
- Custom Choice
- Discover Student Loans
- Sallie Mae
Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation may impact the location and order in which the companies (and/or their products) are presented.
Disclosure: Requesting prequalified rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
Fees and Terms
Student Loan Providers
A student loan based on your future potential.
By international students, for international students.
MPOWER offers student loans that don’t require cosigners, collateral, or a credit history to international and DACA students attending over 350 universities in the U.S. and Canada.
To apply, you must be:
- An undergraduate or graduate student within 2-years of graduating or about to begin a 1- or 2-year program.
- An international student, DACA recipient, a U.S. citizen, refugee, or asylum seeker.
- Admitted to or attending one of over 350+ universities in the U.S. or Canada we partner with
Check your loan eligibility in 30 seconds. Our application process is fully online and seamless.
Fees and Terms
Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented.