Application links: LendKey: http://bit.ly/lendkey-student Earnest: http://bit.ly/earnest-student Discover/SallieMae (maybe, perhaps, avoid them) Private student loans are messy, here’s the five best (and some of the worst) lenders. I tried to come up with another best 5 video – to show you…
Private student loans are messy, here’s the five best (and some of the worst) lenders. I tried to come up with another best 5 video – to show you which lenders everyone likes, but it turns out, most student loan originators have lawsuits against them.
In this video, I review Earnest, Credible, LendKey, SallieMae, and Discover. These five lenders are among the most discussed, but which is best, and which is worst?
To rank them, I turned to the world of open reviews. Not the biased sort you get from paid NerdWallet reviewers, but from actual customers. When I looked into the reviews, I noticed something interesting.
People almost always had positive things to say about companies that provide the money. Credible, for example, gives loans but never collects on them. Earnest is the same. These two companies had universally great reviews, and why wouldn’t they? They’re the rich grandma handing out $50s on your birthday.
The companies that collect the debt? Those had pretty universally bad reviews. No one likes the bill collector, after all.
Lottie is one of 20,000 students overpaid by Student Finance England between 2017 and 2018. Student Loans Company are legally obliged to recover overpayments as part of a policy set by the Department for Education. A BBC Freedom Of Information…
Lottie is one of 20,000 students overpaid by Student Finance England between 2017 and 2018.
Student Loans Company are legally obliged to recover overpayments as part of a policy set by the Department for Education. A BBC Freedom Of Information Request found that SLC claimed back £25 million in overpayments across the same period.
Lottie says she was given £3,500 in maintenance loan during her first year of university, but was then told that an ‘admin error’ meant she’d been overpaid by over £2,000.
When this was deducted from her maintenance loan in her second and third years, she said she didn’t have enough money to live on and resorted to working a full-time job and a part-time job while trying to balance her studies.
“It hit home quite hard when I had maxed out credit cards on food shops, and ended up looking round my room thinking: ‘what can I sell?'” Lottie told BBC Radio 4’s Money Box.
SLC say that students whose finance is determined by household income need to complete an income assessment. If the information they provide is not accurate, this can result in them being paid more than they are entitled to and the funds being recovered.
They said: ‘In this particular case, funds were only recovered from future entitlements when the actual income figures were shown to be greater than on the original application.’
#StudentLoans #StudentFinance #BBCNews
We are BBC Stories, a group of journalists making films, long and short, with the younger audience (18-24) in mind. The idea is to tackle issues which concern and impact this group of people. So think about anything from race and identity to mental health, money and much more.
Education Loan or Personal Loan?? Which one to take? And what is the difference between them? Mentioned below are the key differences between a Personal loan & Education loan. More Info: https://financebuddha.com/blog/financing-your-higher-studies-personal-loan-vs-education-loan/ Apply Personal loan: https://financebuddha.com/insta-loan Interest Rate: Personal Loan-…
Personal Loan- The interest rate of personal loan is always high, and it ranges from 10% to 22% per annum.
Education Loan- The interest rate of education loan is lower than a personal loan, and it ranges from 10.35% to 13 % per annum.
Personal Loan- Can be used for any purpose such as funding education, to pay tuition fee, to fund your accommodation and to bear your daily expenses as well when you are studying and not earning.
Education Loan- Can only be used to fund your higher education.
Personal Loan – There are no tax benefits associated with personal loans, but when you use this for education, home renovation tax benefits can be availed by submitting the proof regarding the uses.
Education Loan- Tax benefits can be claimed & availed on the interest paid towards your education loan.
Personal Loan – The tenure period of a personal loan is low and it ranges from a minimum of one year to a maximum of five years.
Education Loan – The tenure period for an education loan ranges from eight to ten years. This makes the repayment of the loan easier and the EMI also reduces.
Personal Loan- Repayment towards the personal loan starts from the next month itself. This means you need to pay the EMI from the next month itself, from when your loan gets disbursed.
Education Loan- Here you get enough time to repay the loan, the repayment starts after 6 to 12 months from when your studies get over. This means the repayment starts when you complete your studies and when your job starts.
Personal Loan- Talking about the disbursement, the personal loan is disbursed in the personal bank account of the borrower which he/she provides at the time of applying for the loan.
Education Loan- When you take an education loan, the loan amount is directly disbursed in the account of the educational institution where you are studying.
Personal Loan- One can apply for a personal loan any bank, NBFC or DSA. The market of personal loan is getting wider, so as a borrower you have to be more careful and always look for better options regarding interest rate, charges and the most important it should suit your requirements.
Education Loan- You can apply for an education loan from any government or public sector bank. NBFCs offering education loans can also be considered and applied with.
Personal loan- The loan amount for which you will be approved through a personal loan totally depends on your eligibility. The maximum loan amount can go up to ₹50,00,000.
Education Loan- With an education loan one can get approved for a maximum of 1 crore to 1.5 crore loan amount when studies in a foreign university.
Personal Loan Pros over Education Loan
• No restrictions on the use: One can use a personal loan for any purpose, from paying the tuition fee to bear your daily expenses personal loan funds can be used for all.
• Easy to apply: Applying for a personal loan you don’t need any verification regarding your education, institution. One can also apply for a personal loan online, this is much simpler with minimal documentation.
• Disbursal time: Personal loan is disbursed very quickly whereas education loan needs time to be approved & disbursed.
Personal Loan: Cons over Education Loan
• High interest: The interest rate for a personal loan is usually higher as compared to that of an education loan.
• Immediate repayments: Repayment for personal loans starts within one month from when your loan is disbursed, so you don’t get time to earn or save some money. Whereas when you opt for an education loan repayment starts 6 months or 1 year after completion of your studies. Hence you get enough time to repay the loan.
It can be a great way to lower monthly payments, but not everyone understands the process. Try our student loan refinance calculator: https://www.nerdwallet.com/blog/loans/student-loans/student-loan-refinance-calculator/
Whether you’re reaching your final year of high school or just planning your education ahead of time, it’s important to know your options when it comes to student loans. In this video, we discuss everything you need to know about…
Whether you’re reaching your final year of high school or just planning your education ahead of time, it’s important to know your options when it comes to student loans.
In this video, we discuss everything you need to know about student loans.
-What are student loans?
-What student loan options are available?
-Which student loan is right for you?
-How interest rates work
-Student loan repayment
The responsibility of taking out a loan may seem overwhelming, but understanding student loans and student loan terms before you borrow could prevent financial hardships and allow you to decide which loan options are best for you. If you’re thinking about student loans, these are some things you should know.