Students use loans to pay for the costs of college.
Attending college can be quite expensive, no matter if a student chooses a two-year or four-year program, or a public or private university to complete her studies. A student must compile enough money to pay for tuition, room and board, supplies, books and computers. Students may use scholarships, grants, loans and gifts to pay for school. If using loans, a student should find the best rates and repayment options available.
Wells Fargo Student Loans
Wells Fargo bank provides students with private loans to help cover the cost of tuition, computers, room and board, books and all supplies needed for education. Loan rates as of February 2011 start at 3.40 percent APR, with students getting another 0.50 percent off when they graduate college. Payments are not required until a student graduates or is no longer a student. There are four types of loans offered: Wells Fargo Collegiate Loan, Wells Fargo Connection Loan, Wells Fargo Graduate Loan and Wells Fargo Student Loan for Parents. All loans offer different interest rates and benefits, and all information about these loans can be found on-line or in Wells Fargo branches.
Chase Student Loans
Chase offers private loans to students attending an accreditation college or university in the United States. The school must verify a student's attendance, amount of tuition, that the intention of the student is to use the loan for education-related expenses and the school must be enrolled in the Chase student loan program. The Chase Select Private Student Loan is based on the London Interbank Offered Rate (LIBOR), which is variable and changes quarterly. As of February 2011, the LIBOR rates are from 3.40 percent to 9.25 percent. There are no origination or repayment fees, and repayment is not required until a student graduates or leaves school. Loans can be as small as $500, up to the full cost of estimated attendance and funds are sent directly to the school.
Sallie Mae Loans
Sallie Mae has several types of loan repayment programs for it's students loan. Some loans allow a student to pay the interest while in school, pay part interest or pay nothing until he completes school. Rates come from LIBOR, and range from 2.87 percent to 10.21 percent APR, as of February 2011. There are no origination fees, no early repayment fees and payment is sent directly to a student's qualified education institution. Sallie Mae also offers loans for students attending vocational or technical school, medical and law school or students looking to study abroad.
Federal Stafford Loans
A Federal Stafford loan is offered to students attending colleges that participate in the federal financial aid program. These loans are provided by the U.S. Department of Education, rather than a private financial institution. Federal student loans cover tuition and fees, books, school expenses, room and board, transportation, dependent care and computers. No repayment of these loans is due until three to six months after a student graduates or leaves school. For undergraduate students, loans range from $5,500 to $12,500 and graduate students can borrow up to $20,500, as of February 2011. Loans are based on the year in school and if the student is considered dependent or independent in terms of financial aid qualifications. Interest rates range from 4.5 percent to 6.8 percent for the 2010-2011 school year.
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