TAKE CREDIT FOR YOUR GOOD CREDIT WITH A GREAT STUDENT LOAN RATE!
SMARTTRACK® is committed to helping you develop the right college funding strategy for your circumstances. If borrowing is a necessary part of your plan, we want to make sure you have the best options available.
The Federal Government has two loan programs, one for students and one for parents. Loans for undergraduate students offer great rates but cap out at just $27,000 over 4 years; Federal Parent PLUS loans allow qualifying parents to fill their gap but have the same rate regardless of their credit score and charge expensive origination fees.
FEDERAL GOVERNMENT LOANS
Best rates but limited to $27,000 over 4 years
The same rate for all borrowers, plus expensive origination fees
Best rates when there is a co-signer; more funds available than Federal Student Loans
Better rates than PLUS Loans for borrowers with good credit
SHOULD WE CONSIDER PRIVATE LOANS?
Because Federal Student loans aren’t usually enough, private student and parent loans can be a great alternative to PLUS loans.
For parents with good credit, private loans may be a much better option than Federal PLUS loans for several reasons.
Better rates for well-qualified applicants
No origination fees or prepayment penalties
More flexibility in loan type and repayment options
Anyone can borrow on student’s behalf – a parent, grandparent, spouse or friend
HOW DO WE CHOOSE A PRIVATE LENDER?
We’ve vetted the nation’s leading private student and parent loan providers based on these criteria:
Competitiveness of Rates
Repayment Options and Terms
Lack of Fees and Penalties
Likelihood of Getting Approved
Value-Added Resources for Our Clients
Variety of Loans Offered
Responsiveness to Customers and Applicants
Lender’s Reputation, History, and Solvency
The hands-down winner of our exclusive recommendation?
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