Many students needing help about financing their education don’t know how to go about it. Some have not heard about student loan before while others only have faint idea about what it is. This article will answers questions like; what is student loan, what is student loan online, how to get student loan online and where to get student loan online.
What is Student Loan?
Student loan is the loan granted to students of higher institution to help pay for their tuitions, books and other living expenses. This type of loan usually comes with lower rate and repayments are deferred till the student graduates.
In the United States, students can access either federal loans sponsored by the federal government or private student loans, which are borrowed from lending institutions with the requirements, repayments or interest rates determined by the lender.
There are banks that offer student loans but the federal student loan remains the best choice due to its lower rates. Repayment of loan is usually starts six to nine months after graduation.
What is Student Loan Online?
Applying for student loan online is more convenient and faster. It involves providing the necessary details in a form to be filled and submitted on the required website either from the federal government or a private lender.
Processing student loan online is also faster than the manual method as the whole process could take just few days to complete.
How to Get Student Loan Online?
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It is better to apply for student loan before the school resumes though application can still be made three to six months after resumption. Getting student loan online begins with creating an account online and verification of the student identity before the loan will be granted.
To get student loan from a private lender, the student will need the parents or someone with good source income and credit to apply for the loan on his behalf.
The federal student loan is preferable to private student lower. There are various federal student loan that can be applied for and they include; Federal Perkins Loans, Federal Subsidised Stafford Loans, Federal Subsidised Strafford and Federal PLUS Loans.
Where to Get Student Loan Online?
Since interest rate on private student loan is higher than federal student loan, a student may be confused about where to get student loan online. Getting federal student loan is the best choice for student but he can turn to private loans provider if he has exhausted the entire available federal student loan.
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Location: Wells Fargo, 420 Montgomery Street, San Francisco, CA 94104
2. Discover Student Loans
Location: Carol Stream, IL 60197-6103
3. Sallie Mae
Location: 131 Continental Dr Newark DE 19713
4. SoFi (Social Finance Inc)
Location: 375 Healdsburg Avenue Suite 280 Healdsburg, CA 95448
5. Citizens Bank
Location: 1 Citizens Plaza, Providence, RI, 02903
Location: 124 South First Street Aberdeen SD 57401
Location: 104 W. 27th. Street New York, NY 10001
Location: Mortar Office 24612 Harper Avenue Saint Clair Shores, MI 48080
Location: 121 S 13th St Suite 301 Lincoln, NE 68508
10. Sun Trust Bank
Location: Full Service Brick and Mortar Office 100 M St, Se Washington, DC 20003