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Home Student Loans Graduate Student Loans Best MBA Loans for Business School
  • Contents
  • Loans for Business School
  • MBA Student Loan Rates
  • Best MBA Student Loans
  • Federal Student Loans for MBA
  • Part-Time MBA Student Loans
  • MBA Student Loan Limits
  • MBA Student Loan Repayment
  • Which MBA Student Loan is Right for You?
  • What to Look for in a Private Student Loan
  • What to Read Next

Best MBA Loans for Business School

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By Edvisors Network
Updated on October 17, 2022
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MBA student loans are a reality for most students pursuing an advanced business degree. Business school is challenging enough. Paying for your MBA does not have to be. There are a number of student loan options available for professional school. Here’s what you need to know.

Loans for Business School

Using loans for business school is a popular way to finance your MBA. However, student loans should supplement scholarships, Federal Work Study (for those with demonstrated financial need), and employer tuition reimbursement (if applicable). You’ll definitely want to compare federal loan options, but if you still have a void in your financial aid picture, you may need an MBA Loan.

Compare Featured Lenders

College Ave Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 4.74% APR1

Fixed rates as low as: 4.74% APR1

Repayment Terms

5, 8, 10 or 15 years2

Apply Now More Info
College Ave Student Loans
  • Competitive fixed and variable APRs starting at 4.74%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 03/01/2023. 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: 5.62% APR - 15.95% APR1

Fixed Rates: 4.50% APR - 14.83% APR1

Repayment Terms

10-15 Years6

(undergraduate)

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: 5.62% APR - 15.95% 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. 

5 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school.  Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount.  Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 

6 Examples of typical costs for a $10,000 Smart Option Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44.  For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment may receive a loan term that is less than 10 years. 

Information advertised valid as of 03/27/2023

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.

Earnest Private Student Loan

Recommendation
Best for Private Loans
Interest Rates

Graduate Rates

Fixed: 4.45% - 14.15% APR1

Variable:4.99% - 12.29%APR1 

Undergraduate Rates

Fixed: 4.45% - 14.60%APR1

Variable: 4.99% - 14.40%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 4.70% APR to 14.85% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 14.65% 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 03/08/2023. 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)

 

MBA Student Loan Rates

The interest rates for MBA loans can be highly competitive. Federal student loans rates for business school start at 6.54% for unsubsidized student loans and 7.54% for Grad PLUS Loans. Private student loans offer competitive rates often with no origination fees. Current rates range from 4.49% to 14.50%.

The rate you qualify for will depend on your creditworthiness and/or that of your cosigner, as well as whether you opt for a fixed or variable interest rate MBA loan.

Best MBA Student Loans

It is always best practice for MBA students to exhaust federal loans first, as they come with certain benefits and protections (such as lengthy deferment and forbearance terms, and various repayment options) that you will not find with private student loans. However, private student loans may offer more competitive interest rates, save you money on fees, and may allow you to borrow enough to cover your financial gap. Here are our top picks for private student loans for business school.

We work with the top lenders that offer options for MBA Students.

Borrower Benefits

The following benefits may be included in your MBA student loan:

No Prepayment Penalties

This is standard across the board but always reassuring. If you come into a windfall or just work really hard to earn extra cash to pay down your student loan debt, there is no penalty for early repayment.

Auto-Debit Discount

The auto-pay discount is also a pretty common incentive, shaving between 0.25% and 0.50% off your interest rate by authorizing your student loan payments to be automatically deducted from your bank account. Before you enroll in auto-pay, be sure to check account requirements.  Some lenders require you use an account from their financial institution for automatic payments rather than an account of your choice.

Existing Customer Discount

Some lenders offer an interest rate reduction (typically 0.25%) if you are an existing customer with a prior or qualifying account.

Cosigner Release

If it is important to you to have the ability to release a cosigner from your MBA loan in the future, look for this option when reviewing loan products. The lender will require anywhere from 12 to 48 on-time monthly payments to qualify. And, of course, your creditworthiness will need to be reevaluated at the time you request your cosigner to be released to make sure you can handle the payments on your own. Each lender will set their own terms for cosigner release, so make sure to read through the fine print.

Deferment and Forbearance Options

Lenders may offer member protections in the form of deferments or forbearances. For example, if you run into a financial hardship or unusual circumstances, such as a job layoff or military deployment, your lender may grant you a temporary deferred repayment option to postpone your loan payments. This will enable you to get back on your feet, avoid your loan being considered delinquent or entering default, and help protect your credit score. Be mindful, the total amount of available deferment or forbearance time may be limited and the number of qualifiers for these options may also be restrictive.

Free FICO® Credit Scores

Periodic free credit scores may be provided by certain lenders, typically on a quarterly basis. Along with furnishing your actual credit score, you may be given information about the primary factors impacting your score and tips or best strategies to monitor and handle your credit in the future.

Choice of Repayment Plan

This comes in two stages. First, your lender may offer choices up front that could save you money. An example would be an interest-only payment plan while you’re in school that could provide a lower rate than a deferred repayment option. Second, you may find that some of today’s lenders give you the choice of how many years you’d like to repay your loan. For example, you could choose 8, 10, 12 or 15 years. Keep in mind that there are no prepayment penalties. A choose-your-own repayment plan could help ensure your payments are structured in a way that keeps you on top of your finances according to your financial circumstances and desired schedule, especially if you choose an auto debit payment method.

Federal Student Loans for MBA

Keep in mind federal loan options like the Direct Unsubsidized Loan, and the Grad PLUS Loan for graduate students can also be used to finance your education. These loans (or the option of these loans) are presented to you in your financial aid award letter from your school. Federal loans are known to have a number of deferment and loan repayment options associated with them.

Graduate students can borrow up to $20,500 per year in the Direct Unsubsidized Loan program and up to the full cost of attendance (minus other financial aid received) in the Grad PLUS Loan program, a loan that requires a credit check. However, note that in today’s marketplace private lenders may offer rates that are lower than some federal student loans. Neither the Direct Unsubsidized Loan nor the Grad PLUS Loan are subsidized for graduate students. This means your loan will accrue interest from the day it is disbursed, and you will be responsible for repaying interest.

Part-Time MBA Student Loans

Part-time students as well as full-time students may be eligible to borrow MBA loans provided they meet the following criteria:

  • U.S. citizen or permanent resident*
  • Enrolled at least half-time as a graduate student (at an eligible institution)
  • Making satisfactory academic progress (SAP)
  • Have a positive, verifiable credit history — or a cosigner with a strong credit history (as well as meet all other lender criteria)

*Some lenders will accept applications for MBA student loans from foreign borrowers applying with a creditworthy cosigner. The cosigner needs to be a U.S. citizen or permanent resident.

MBA Student Loan Limits

The minimum MBA loan amount you may be eligible to borrow is usually $1,000 but you will want to check with your lender.

The maximum amount you can borrow equal to your certified cost of attendance, minus other financial aid, as certified by your school.

MBA Student Loan Repayment

The length of your student loan repayment term will depend on your loan balance but could be as long as 20 years following your in-school deferment and grace period. Your lender may offer different repayment options while you’re enrolled in school, like immediate repayment, interest-only payments, or deferred payments. You will remain in the grace period until your enrollment status changes to less than half time, you leave school, or graduate. Payment typically begin six months after the grace period ends. Your lender may allow you to choose your repayment term. The longer your repayment term, the more affordable your monthly payments will be, but on the flip side, the more you will repay in total. How much more will depend on the interest rate on your loan and length of your repayment term. 

If you’re looking to simplify your MBA student loan payments, or lower your interest rate, you may want to consider student loan refinancing. Some of the benefits of refinancing may include:

  • Lowering your monthly payment amount
  • Lowering your interest rate
  • Decreasing how much you pay over the life of your loan

Which MBA Student Loan is Right for You?

The best MBA student loan for you will depend on your financial situation and educational funding gap. Generally, it’s best to start by exploring your federal student loan options before considering a private student loan.

When it comes to federal MBA student loans, direct unsubsidized loans are a top option. These loans often come with low interest rates, income-driven repayment options, and qualify for loan forgiveness in some circumstances. While you will have to pay the accrued interest eventually, you can choose not to pay interest while you’re enrolled at least half time and during the loan’s grace period.

These loans don’t require a credit check or have any income requirements, but they do have an origination fee that averages just over 1%. There are also loan limits that affect how much you can borrow with federal direct unsubsidized loans. For those enrolled in an MBA program, that’s $20,500 per year, and $138,500 total. Once you reach the aid limit for unsubsidized loans, Graduate PLUS loans are the next best federal student loan option.

Graduate PLUS loans allow you to borrow up to your total cost of attendance minus other financial aid received. They come with the same benefits as federal direct unsubsidized MBA loans, including lower interest rates, flexible repayment options, and eligibility for loan forgiveness programs. On the downside, Graduate PLUS MBA loans require a credit check and have higher origination fees. You don’t necessarily need excellent credit, but adverse credit history (as defined by the U.S. Department of Education) may disqualify you.

To qualify for federal direct unsubsidized or Graduate PLUS loans, you must be enrolled at least half-time. Unfortunately, international students do not qualify for federal direct unsubsidized or Graduate PLUS loans if they are not otherwise eligible for federal student aid.  If you are an international student and ineligible for federal student aid, you may want to explore your private student loan options.

What to Look for in a Private Student Loan

When considering a private MBA loan, it’s vital to review the terms and conditions carefully for the qualification requirements. You also want to note the repayment options and any borrower benefits (like, postponement and discharge options). 

Consider Your Loan Eligibility

The first thing you want to look for is, of course, loans that you qualify for. Factors that may affect your eligibility for most private MBA student loans include:

  • School eligibility: Depending on your school, your loan options may be limited to lenders that are willing to work with student attending your school. Most private lenders allow any major accredited university, but some only approve loans for specified schools or degree programs.
  • Credit history: All private MBA loans require a credit check. While many private lenders only require borrowers to have a minimum credit score of about 660, you will get a lower interest rate with a credit score above 700.  Borrowers in the excellent credit score range (above 800) typically get the best rates and loan terms. If you are unable to qualify on your own, you can apply with a creditworthy cosigner.
  • Income: Like with most loans, you will need to demonstrate proof of income by demonstrating at least two-years of work history. If you haven’t been able to earn income while enrolled in school, you do have the option to apply with a cosigner to help you qualify for a loan.
  • Debt-to-income ratio: If you have high debt in relation to your income, your student loan lender may think you are a high-risk borrower.  

Avoid Predatory Lending and Scams: Find the Right MBA Loan Lender

After you’ve narrowed down your MBA loan options to those you qualify for, the next step is to rule out poor lenders. While predatory lending is less common with student loans, it does happen. Watch out for these warning signs:

  • Lack of transparency: Your lender should be transparent regarding loan terms. If information is unclear, such as whether the loan has a fixed or variable interest rate, stay away.
  • Lax lending requirements: Most reputable lenders won’t approve borrowers with a credit score under 660, adverse credit history, or no income. If you are not asked for a credit check, the lending requirements seem lax, or you are offered more than your cost of attendance, you may be dealing with a student loan scam.
  • High interest rates: An interest rate above 14% is unusual for an MBA loan. If a lender is offering a rate above that, note the red flag. Start reviewing other terms and conditions on the loan, you may notice other odd features of the loan to confirm your suspicions.
  • Abnormal fees: A reputable MBA loan provider will only include principal and interest in your loan amount. If there are any other unnecessary costs rolled into the loan, that’s a red flag. Loans with high late fees, prepayment penalties, or other unusual loan terms should be approached with caution.
  • Asset-secured loans: You should never be asked to use your house, car, or other high-value assets as collateral for a student loan. Student loans are unsecured debt, and collateral is not required.

If you are ever concerned the student loan you are reviewing is a scam, start doing some research. Try to research the loan and look for student loan reviews. If you feel like you have encountered a student loan scam, or are a victim of a student loan scam, it’s important your report the fraudulent activity to the FTC

Look for the Best Interest Rate and Loan Terms

Remember to pay attention to other factors that may affect the total cost of the loan, such as interest rates and origination fees. In addition, look for factors that may reduce your total loan cost as well, like an interest rate discount for setting up automatic payments. Repayment options are another important aspect to consider. Flexible repayment options can make all the difference if you find yourself struggling to make your monthly payments in the future.

What to Read Next

Best Private Student Loans for March 2023

Student Loans for Graduate School

How Does Student Loan Interest Work

Private Student Loans vs PLUS Loans

How to Pay for Medical School

How to Pay for Law School

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