Now Is The Time To Shop and Compare Rates!
Need a loan to pay for college? Now is the time to gather as much information as you can before deciding which lender to borrow from. Step 1. Make sure your student ALWAYS maxes out the federal student loans.
If you still need more, you'll want to compare private student loan rates to the Parent PLUS loan, which is 6.28% plus a 4.228% origination fee, equaling an APR of 7.25% (the interest rate to compare private loans rates to).
Step 2. Use the links below to get prequalified rates and/or submit an application to find out the interest rate you'll receive.
(If you apply to several lenders within a 30 day period, the credit bureaus consider multiple hard pulls as one.)
Step 3. Compare interest rates from private lenders against the Parent Plus Loan. Discuss the pros and cons of using a private student loan vs the Parent Plus Loan (i.e. who is legally responsible for the loan, cosigner release requirements, term lengths and repayment options).
Step 4. Accept a loan so processing can begin and money dispersed to the college.
Step 5. Take a deep breath!
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