Consolidating federal student loans wells fargo
Both are considered unsecured loans – this means that they’re riskier for the banks than secured loans, which have an asset or collateral behind them. The only asset behind an unsecured student loan is your future earning potential: your brain, essentially.For this reason, private student loans can have very high interest rates.The best private student loans offer low rates, rate discounts and a variety of incentives.We found Citizens Bank to be the best in our private student loan review. Private student loans can be confusing, but for many people they can help make college affordable.At first glance, private student loans might appear to have lower interest rates than federal student loans – but those lowest advertised rates are only for loan applicants who have excellent credit scores.The average college student won’t qualify for these rates or will be forced to sign with a cosigner.
This is because federal loans have lower rates and offer better repayment terms than private student lenders.
Federal Student Loans The federal government has a robust set of loans that can help students make college more affordable.
Federal loans generally have lower, fixed interest rates and can give borrowers more options than private companies to repay the loans.
We have great credit and looked at SOFI but they could barely lower the interest rate.
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