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The 4 Best Student Loans for 2020

April 1, 2020Uncategorized

One of the main things that hold students back from pursuing their careers is a financial setback. In order to proceed in the field they desire, they need a certain amount of money, most of which they don’t have. In order to take care of that, they often look for student loans, however, are oblivious to which ones to opt for. A good student loan is determined by the amount of interest applied to it, and the flexibility of its return. Often, students tend to opt for the wrong ones and then get stuck trying to find ways to pay off student loans.

Best Student Loans

If you’re in a situation where you don’t understand which loan to opt for, then you’ve come to the right place. Here are four of the best student loans of 2020 which would help you receive the degree you want.

Rhode Island Student Loan Authority (RISLA)

RISLA offers a private student loan with a fixed APR of 3.64 – 5.46%. Borrowers often opt for RISLA because it offers an income-based repayment scheme which means you will have a lot of flexibility when it comes to paying off your loans. In order to be eligible for RISLA, you need to make sure that you have a minimum credit score of around 680. If you don’t, then it’s probably best that you consider other options. It’s a nonprofit, state-based agency, and you can apply for a loan if you are a graduate, undergraduate, or even a parent! You will, however, need to have a hard credit check to see if you’ll qualify for it.

SoFi Private Student Loan

Sofi offers a private student loan for even undergraduate students and has a fixed APR of 4.25-8.77%, and a variable APR of 3.50 – 8.70%. This online lender is able to provide loan refinancing for not just undergraduates, but also personal loans, mortgages, and investment accounts, etc. The best part is that it has no fees and offers flexible payment schemes to students. The only problem you’ll find is that you can’t take a small loan. They are known to offer a minimum loan which is considered higher than what most lenders give. Not just that, but you will also find that it releases no co-signer.

Earnest Private Student Loan

Earnest offers a private student loan with a fixed APR of 4.39 – 12.78%, and a variable APR of 2.74 – 11.44%. Students are often attracted to Earnest student loans because of its ability to offer flexible repayment options. Undergraduates and graduates both can receive loans from this online lender. Through this, borrowers have the ability to customize their repayment schedules to better fit their situations. However, in order to be eligible, you need to make sure that you have a minimum credit score of 650. You must also understand that you would be unable to apply with a co-signer. This loan is not available everywhere, so it’s important that you contact them according to your state and understand your plans.

MPower Private Student Loan

MPower offers private student loans with a fixed APR of 7.52 – 13.63%, and no variable APR. It’s an online lender that offers loans more directed towards international students with co-signers. What’s best is that you don’t even have to have a minimum credit score to be eligible! The MPower student loan is also great for students who have a Deferred Action for Childhood Arrivals, or DACA, status. The only problem is that they require repayment while you are still in school, or during a grace period, and it offers only one term repayment which is 10 years.

Mostly, it’s recommended that you first try your luck with federal loans and then move on to opting for private student loans. Federal loans are offered by the government and tend to be friendlier for the students. However, it’s best that, before you do opt for them, you check out what they offer and whether they would even be beneficial for you. Otherwise, it’s always best to take a look at the four best student loans of 2020 mentioned above and move towards a better career!