Nowadays, 7 out of 10 college graduates have student debt and the average has over ,000!
Previously, commercial banks like Sallie Mae acted as the middleman between the government and student loan borrowers.
The government guaranteed federal subsidies to these private lenders, minimizing the lenders risk while paying them money.
Discounts reduce the amount of interest you pay over the life of the loan.
The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.
In 2013, Chase announced that they would be ending their student loan program.
Thasunda Duckett, the chief executive for automotive and student loans, explained to the press that the company no longer believed that the market could grow significantly enough for Chase to stay in it.
A cosigner is someone who shares responsibility with the borrower for repaying the loan.
The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.
By lowering your interest rate, less additional money will be added to your total balance each month, ultimately saving you money!
Most lenders also allow you to refinance and consolidate multiple loans into one, making repayment much more manageable.
Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.