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Home Student Loans Federal Student Loans How to Get a Student Loan
  • Contents
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How to Get a Student Loan

ARindfleisch
By Ainsley Rindfleisch
April 13, 2022
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More than half of college students will need to borrow money to help pay for school. If you are wondering how to get a student loan, the first step is to fill out the Free Application for Federal Student Aid (FAFSA®). The FAFSA is the application you need to complete for a federal student loan, and the information you provide will also help determine your eligibility for gift-aid (money that doesn’t have to be repaid) such as grants and scholarships. However, even with gift-aid, you may find yourself in a position where you need additional help to cover your educational expenses.

It is recommended that you complete the FAFSA, even if you intend on just using private student loans to pay for college. You may be eligible for financial aid offered through your school or state that you weren’t aware of. Not all need-based financial aid has the same income thresholds. Also, remember that not all financial aid is only for those who are struggling to find the money to pay for school, as there are merit-based options available as well. 

Student loans can help cover the costs of school when gaps in educational funding arise. Many banks and credit unions offer private student loans with terms that sound competitive, but it’s best to exhaust all your options for gift-aid and federal student loans first.

How to Apply for a Student Loan

If you’re going to borrow a student loan, your first step would be to complete the required loan applications for a student loan. The application required for a federal student loan is the FAFSA. And the application for a private student loan would be the application required by your prospective lender—however, it is recommended that you complete the FAFSA to determine your eligibility for federal aid first. 

By filling out your FAFSA, you can be matched up with potential grants, scholarships, or loans. Though the application can be a bit daunting to complete with questions regarding income, tax returns, and other financial information, the FAFSA uses this information to assess your financial need to attend school. With a parent and necessary documentation, it typically takes about 45 minutes to an hour to complete the application online or using the mobile app. 

Filling out the FAFSA

Useful information for you and your parent to have on hand when submitting the FAFSA application:

• Social security number
• Driver’s license
• Federal income tax information for the appropriate year (ex. 2022-2023 FAFSA requires tax records from 2020)
• Records of untaxed income
• Records of your assets
• A list of schools you are considering 

Your FAFSA enables you to be considered for federal aid. This is a free application, so even if you don’t think you will be awarded aid, you may be surprised with what financial options are available to you. Your college’s financial aid office uses the information from the FAFSA to determine your eligibility for financial aid for the upcoming year. Your financial need is calculated by subtracting your expected family contribution (EFC) (which is determined by your FAFSA), from your school’s set cost of attendance (COA) for your program. The FAFSA is your application for federal grants, federal student loans, many state financial aid opportunities, and may be used by your school for institutional grants and scholarships. 

FAFSA Eligibility 

To qualify for federal student loans through the FAFSA, you need to meet the basic eligibility requirements for financial aid. You also need to meet the eligibility requirements specific for federal student loans, which includes being enrolled at least half time in an eligible program. As you continue to attend school more than half-time, your college will make an annual assessment of your loan eligibility for the upcoming academic year. Your school will look to see what your annual loan limits are, and where you are with your aggregate (total) loan balances. 

With this information, they will determine the loans to be offered to you and include them on your financial aid award letter. If the amount of federal student loans isn’t enough, you will want to set up some time with the financial aid office to go over your financial aid award letter and discuss your situation.  Be ready to explain any changes in your financial status to best help the financial aid office find the right options for you. If your school is unable to increase your financial aid award when needed, your next best option may be private student loans. 

Federal Student Loans

The U.S. Department of Education offers loans through the William D. Ford Federal Direct Loan Program. Direct Loans are offered to you based on the information you provided on your FAFSA. Each loan type has different eligibility requirements. Federal student loans come with benefits that may be valuable to you depending on your circumstances. You should do thorough research to understand what you are committing to and what your repayment options will be before accepting any loans as they will be a part of your life for the next ten years or more once you begin repayment.

Federal Direct Loans:

1.      Direct Subsidized Loan

This type of loan is only available to undergraduate students. Eligibility is determined based upon demonstrated financial need. With a subsidized loan, the federal government pays the interest on your loan while you are enrolled at least half-time, during your grace period, and during periods of authorized deferment. The government paying your interest is also known as the “subsidy” on this loan. 

2.      Direct Unsubsidized Loans

Unsubsidized loans are available to both graduate and undergraduate students and you do not need to demonstrate financial need to qualify. With a Direct Unsubsidized Loan, you are responsible for the interest that accrues. The government does not provide a subsidy on this loan. 

3.      Direct PLUS Loans

These loans can be made to both graduate or professional students, in addition to parents of a dependent (as determined by the student’s FAFSA) undergraduate student. Direct PLUS Loans are available to help pay for school expenses that are not covered by other financial aid.

Your eligibility is not based on the student’s financial need, but the borrower will have their credit checked by the U.S. Department of Education. Potential borrowers with adverse credit history as defined by the U.S. Department of Education may be denied a PLUS loan. However, borrowers denied a Direct PLUS loan will have the ability to submit an extenuating circumstances appeal, or the option to re-apply with a cosigner who does not have adverse credit. If a parent is denied a Direct Parent PLUS loan, their dependent undergraduate student will be eligible for the higher annual loan limits for a Direct Unsubsidized Loan, which is offered to independent undergraduate students. To be eligible for these higher loan limits each academic year the student is enrolled, the parent will need to be denied a Direct PLUS Loan every year. 

More >>> Student Loan Options for Borrowers with Bad Credit

Federal Student Loan Benefits

The Federal Direct Loan Program offers benefits that are not always an available option with private student loans.

Repayment Plan Options
• When it comes to student loan repayment, federal student loans have multiple options. It makes it easy for a student to find a repayment plan that works with their budget. The default repayment plan is a 10-year Standard repayment plan, but there are other options, including graduated repayment plans (which the payments start small and increase over time), and repayment plans which base your payments on your income and family size. 

Income Driven Payment Plans
• Income Driven Repayment plans base your payments on your income and family size.  The goal being to make repayment affordable depending on your specific circumstance. These plans range from 10%-20% of your discretionary income. 

Most Federal Loans Do Not Require Credit Checks
• Most federal student loans do not require a credit check, which is helpful for recently graduated high school students who typically have little to no credit history. If you plan to borrow a Direct PLUS Loan, the U.S. Department of Education will ask you to authorize a credit check. The Direct PLUS Loan credit check is only checking to see if you have adverse credit, as defined by the U.S. Department of Education. While trying to determine if you have adverse credit, the Department of ED will not look at your credit score, debt-to-income ratio, or your work history. 

More>>>Federal Student Loan Repayment Plans

Private Student Loans

Private student loans are available to fill funding gaps when your other financial resources come up short. It is recommended that you research the best student loan option for you and your circumstance. Know that many private student loan lenders do not charge origination fees, unlike federal student loans. Private lenders can offer competitive interest rates as well as other features and benefits that may be of value to you. 

Compare Featured Lenders

College Ave Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 4.49% APR1

Fixed rates as low as: 4.49% APR1

Repayment Terms

5, 8, 10 or 15 years2

Apply Now More Info
College Ave Student Loans
  • Competitive fixed and variable APRs starting at 4.49%1
  • Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
  • Flexible payment terms ranging from 5, 8, 10, and 15 years2
  • Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
  • No origination, application and processing fees, no fees for early repayment
  • Apply online in 3 minutes and get an instant credit decision

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 02/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

Cosigner Recommended

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable Rates: 5.37% APR - 15.70% APR1

Fixed Rates: 4.50% APR - 14.83% APR1

Repayment Terms

N/A

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: 5.37% APR - 15.70% APR. Fixed Rates: 4.50% APR - 14.83% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
  • Apply online in minutes and receive an instant credit result2
  • Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
  • Last year, students were 4x more likely to be approved with a cosigner4 and it may help you get a better rate.
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus5

Borrow Responsibly

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

2In 2021, instant credit decisions were provided to 97% of applicants.  Other applications typically received credit decisions in 3 to 5 business days.

3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner during a rolling 12-month period from October 1, 2020 through September 30, 2021. 

5Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

Information advertised valid as of 01/25/2023

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.

Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

© 2023 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.

Ascent offers loans that power bright futures

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 5.74% APR1

Fixed rates as low as: 4.62% APR1

Repayment Terms

5, 7, 10, 12 and 15 years

Apply Now More Info
Ascent offers loans that power bright futures
  • AFFORDABLE variable rates starting at 5.74% APR with Automatic Debit Discount*
  • 1% CASH BACK Graduation Reward*
  • NON-COSIGNED option may be available for undergraduate juniors and seniors.
  • PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
  • FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
  • COVER UP TO 100% of your tuition and eligible living expenses.

* Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs

Rates are effective as of 2/01/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates

1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner.  Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.  

Earnest Private Student Loan

Recommendation
Best for Private Loans
Interest Rates

Graduate Rates

Fixed: 4.79% - 13.85% APR1

Variable:4.79% - 11.99%APR1 

Undergraduate Rates

Fixed: 4.79% - 13.70%APR1

Variable: 4.79% - 13.50%APR1 

Repayment Terms

5, 7, 10,15 or 20 years

Apply Now More Info
Earnest Private Student Loan
  • Check your eligibility in just 2 minutes
  • Flexible repayment options you can choose from
  • No fees for origination, disbursement, prepayment, or late payment3
  • Skip a payment once per year (once repayment period restarted)4
  • Will cover up to 100% of the school's certified cost of attendance
  • 9-month grace period (3 months more than most lenders)2

This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.04% APR to 14.10% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.04% APR to 13.75% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

 

1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.

4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

The information provided on this page is updated as of 01/27/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

 

 

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 4.99% APR (with autopay)*

Fixed rates as low as: 4.49% APR (with autopay)*

Repayment Terms

Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: Starting variable rates range from 4.99% APR - 13.13% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
  • Fixed Rates: Fixed rates range from 4.49% APR to 13.98% APR (with autopay)*
  • Easy online application!
  • No origination fees, late fees, and no insufficient fund fees. Period
  • Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
  • 0.25% discount when you set up autopay*

*UNDERGRADUATE LOANS: Fixed rates from 4.49% to 13.98% annual percentage rate ("APR") (with autopay), variable rates from 4.99% to 13.13% APR (with autopay). GRADUATE LOANS: Fixed rates from 5.25% to 13.60% APR (with autopay), variable rates from 5.49% to 13.07% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 13.98% APR (with autopay), variable rates from 6.32% to 13.13% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 01/30/2023.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Sallie Mae Private Student Loans

Recommendation
Best for Private Funding
Interest Rates

Fixed: 7.49% APR - 12.99% APR (not including 0.5% ACH discount)*

Repayment Terms

10 years

$20 minimum/month OR interest-only payments while in school

Apply Now More Info
Sallie Mae Private Student Loans
  • Up to $15,000 per academic year with no cosigner required
  • Fixed Rates (APR) from 7.99% to 12.49% (plus an additional 0.5% discount for ACH auto-payments)*
  • No origination fee. No late payment fees. No prepayment penalties.
  • Quick prequalification and rate check that won’t impact your credit
  • Multiple repayment options
  • Dedicated loan officer for every borrower

New student loans of $3,001 up to $15,000 per school year will be granted to residents of eligible states enrolled as undergraduates in bachelor’s degree or equivalent- granting programs at eligible schools.

Funding U offers fixed interest rate loans, without a cosigner, to students who are serious about their academic success and post-grad career. Eligibility is determined by several factors, including: school graduation rate, class hours completed, estimated graduation date, academic record, major; employment or internship experience; and, other academic and non-academic activities that demonstrate the borrower is working hard towards academic and professional goals and is on track to be able to repay debt accrued.

Eligibility is also limited by state of permanent residence. Terms and conditions vary by state. Not all loans are available in all states. Loan amounts available may vary by state.

DISBURSEMENT All Loan proceeds will be sent to the student borrower’s school around the time classes begin, on the date your school prefers. Funding U will require documentation to verify your registration and certify your loan need prior to disbursement. Your school must also certify your loan need. Your loan may be adjusted based upon the amount of need certified by your school.

REPAYMENT TERMS New Undergraduate loans for the 2021-2022 school year will have an Annual Percentage Rate (APR) of 7.49% to 12.99%. All loans have a fixed interest rate range of 7.49%* to 12.99% (before consideration of ACH discount). There is no origination fee. Interest accrues while students are in school.

In-school partial payments: Students may choose either $20 monthly as a “Fixed Payment” while enrolled in school or “Interest Only” payments. These payments will be reported to credit agencies like other student loans. All loans have a 10-year repayment term (paid monthly over 120 months starting 6 months after graduation). Both In-School payment options may not be available in all states. Student’s electing to make Interest-Only payments will receive a 0.5% interest rate discount.

PREPAYMENT PENALTIES There is no prepayment penalty on your loan.

Additional details, terms & conditions will be included in each loan offer.

*The lowest rate shown is available only to juniors & seniors with outstanding academic performance and is not typical of the rates offered to most borrowers. Your actual rate will depend on creditworthiness and other factors, such as your school year and GPA.

Income Based Repayment

Edly

Recommendation
Best for Private Funding
Interest Rates

Variable: 0.00% APR - 23.00% APR1

Repayment Terms

5-10 years

Apply Now More Info
Edly
  • MUST BE a US citizen or permanent resident
  • MUST BE a college junior, college senior, or grad student
  • No co-signer required
  • Get approved in minutes. Pre-qualify without affecting your credit score
  • Income-based repayment with built-in protections, like deferred payments if you lose your job

Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.

Loans from $5,000 - $25,000 Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan.

About this example: The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.

 

 

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Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

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