Online Student Loans Comparison
In the previous article, the top 3 online student loans, NelNet, CitiBank-CitiAssist®, and NextStudent have been compared among each other as to its site’s user-friendliness. This online student loans comparison however, will be focusing on the details of each of their terms and conditions. In a world where economic recession is experienced by most countries, federal student loans seem to be less attractive for students wanting to pursue a higher education. That is why nowadays, private student loans are beginning to become more and more popular.
NelNet, although one of the leading providers of online student loans, does not provide an exact guideline of their interest rate figures. However, according to most online student loan comparison, these are the benefits of choosing to avail of NelNet’s online student loan; very low interest rates, instant online approval, no in-school payment required, (interest-only payments while still in school), repayment beginning 6 months after graduation, other benefits for co-borrowers and on-time payments, and a repayment term for up to 25 years.
CitiBank-CitiAssist® on the other hand offers a much more detailed view of their interest rate figures, making for a broader understanding of what a borrower might be getting into; their private undergraduate student loan has an annual percentage rate between 32.2% – 9.21%; borrower discount is at 0.25% and repayment term is 15 years. In graduate loans, annual percentage rate is between 3.8% – 7.98%; borrower discount is given at 0.25% and repayment term is within 20 years. In Law loan, annual percentage rate is between 3.81% – 7.59%; borrower discount is also given at 0.25%, and repayment term is 20 years. For Bar exam loan, annual percentage rate is between 5.35% – 9.06%; borrower discount also at 0.25% and a repayment term of 20 years. In health professional loan the annual percentage rate is between 3.68% – 7.11%; borrower discount of 0.25%, and a repayment term of 25 years. Lastly, for residency, relocation and review loan, the annual percentage is between 4.31% – 9.50%; borrower discount also at 0.25% with a repayment term of 25 years. All types of loans do not require an in-school payment.
Like most private student loan providers, NextStudent also have certain requirements and eligibility for loan approval. Unlike CitiBank-CitiAssist®, NextStudent does not provide a chart with exact figures; interest rates will vary depending on the student, and his or her co-borrower’s credit score; i.e., the higher the credit score the lesser the interest rate will be. Also, a student, assuming that he or she will meet the requirements needed for the loan, will be covered with 100% of their total school costs.