If you've begun thinking about how to pay for college, federal and private student loans are options you've likely considered. As you compare different loans to determine which one is right for you, you may feel confused about which features are best suited to your individual situation. If you're wondering where to start, take a look at our student lending information and let us help you find the right fit.
Beginning the college application process can be daunting, especially when you're figuring out how to pay for college. Fortunately though, the same basic steps are followed by most prospective students and their parents:
It's important to note that Subsidized and Unsubsidized Stafford Loans and PLUS Loans are either Federal Loans or Federal Direct Loans, depending on which program your school participates in. Check with your school to see which type of Stafford and PLUS programs they offer to their students.
Check out our helpful information about our affordable Citizens Bank Student Loan for students attending eligible institutions and apply today. If you still have questions, call an Education Finance Specialist at 1-888-411-0266, and we'll help walk you through the process of applying for school loans.
Many families chose to secure private student loans to help finance college expenses. But how do you choose which loans are the best for your family?
Experts say more than $150 billion in financial aid is available each year for post-secondary students. That's why it's important to start the process with the FAFSA application as it gives you access to federal student loan options, grants and scholarship opportunities. However, you should also make sure your student lending research includes private student loans as they are often a great supplement to the free and federal funding that won't cover all your expenses.
There are several factors that parents and students should take into account when comparing student lending options:
Looking for more college loan information? Browse our student loan FAQ.
Find additional student loan information for students and parents and get helpful information about our Citizens Bank Student Loan. If you still have questions, call an Education Finance Specialist at 1-888-411-0266, and we'll help walk you through the process.
With college costs growing at about twice the rate of inflation and many family savings pools affected by economic changes, private student loans are becoming more necessary for paying for college than ever. Private student loans offer an opportunity to close the gap between what a family has on hand and what it costs to send their children to college. Be sure to maximize grants, scholarships and federal loans first before taking out a private student loan.
Here are a few things to consider when evaluating student loan lenders:
When you've decided which school you'll be attending, ask your school's financial aid office for a list of its preferred lenders. Preferred lenders of student loans have originated loans for students of that school before, and may be more familiar with your school's process, personnel or policies. However, your school is required to process a loan from any lender, even if they are not on their preferred lender list.
Find helpful information about our affordable Citizens Bank Student Loan and our convenient student banking options. Also, review our frequently asked questions about student loans and if you want to speak to someone, call an Education Finance Specialist at 1-888-411-0266, and we'll help walk you through the process.
College tuition and room and board charges are rising every year. With most families' savings pools negatively affected by the difficult economic climate, many of them need to be more creative when figuring out how to pay for college.
For many, this means obtaining private student loans from banks to cover educational costs over and above those covered by federally guaranteed student loans. But others may choose to close the financial gap by tapping into the equity in their home and using a home equity loan for college expenses. Home equity is the difference between the fair market value of your home and what you owe on it. In other words, it's the portion of the total value in your house that you already own.
Most financial institutions offer both student loan and home equity options. The key difference between the two is that home equity loans require you to own a home with accrued equity that can be borrowed against.
Start a home equity loan application and get on the road to financing your child's college education.
If using home equity loans for college is not right for your family, Citizens Bank has another option—the Citizens Bank Student Loan—a private education loan. If you have questions about how a student loan can help with college financing, call an Education Finance Specialist at 1-888-411-0266, and we'll help walk you through the process.
It is possible that your application for a private student loan may be denied. Don't panic or think this means you won't be able to attend college. There are still plenty of possible avenues to pursue. If your parents are helping you, they may consider paying for college with a federal loan designed for parents, the PLUS loan. But you can also apply for a private student loan with a cosigner.
If you apply for a private student loan on your own, without a cosigner, and are denied, it's probably because you have insufficient personal credit history, as is typical for someone of your age. You'll simply have to find a qualified cosigner and re-apply. That cosigner could be a parent or other guardian, a grandparent, an older sibling or perhaps a favorite uncle or aunt. By cosigning your loan, they're agreeing to personally step in and help repay the loan in the event you cannot. At the same time, it doesn't remove your role as the primary borrower. You and the cosigner are equally responsible for repayment.
On the other hand, if you apply with a cosigner and are denied a private student loan, you can find another qualified cosigner and re-apply. The good news is that there are benefits to serving as a cosigner and some lenders do offer the option to be released as a cosigner after a certain period of on-time payments. For example, our Citizens Bank Student Loan has a cosigner release option available after 36 consecutive on-time payments of principal and interest.
Here are a few pointers on how you can establish good credit, so that in the future you'll possibly qualify on your own:
Review our other helpful student loan information to make sure you're prepared for the start of college. If you want to learn more about our Citizens Bank Student Loan or have questions about paying for college, call an Education Finance Specialist at 1-888-411-0266, and we'll help walk you through the process.