Here’s How to Get a Student Loan From a Bank
Looking for options other than traditional federal financial aid? Wondering if you can really apply for school loans at a bank? Well we may have some some valuable suggestions for you on how to get a student loan from a bank.
About four-in-ten adults under age 30 have student loan debt.
Going to apply for school loans can be stressful. Especially since those decisions will determine your debt for years to come. But with the right research and loans, you’ll be able to pay off your debt a lot faster than most.
One thing students don’t consider is that banks often offer student loans. They even have some pretty great options. Read on to discover what they’re like.
Banks That Offer School Loans
Luckily, there are a ton of options for banks that will let you apply for school loans. But to get the best interest rates, you’ll want to shop around. We’ve helped you narrow it down by providing you some of the best.
Citizen bank offers help with student lending. This includes refinancing student loans. There’s the option for multi-year approval.
This will help save you time if you’re looking for loans long-term. They also offer student loans for parents and loans for graduate school.
Wells Fargo offers student loan options for both undergraduate and graduate students. They also lend borrowers loans for community colleges and career training programs.
This is a nice option for students who don’t go to a traditional college or university. The bank also offers options to merge loans.
PNC also has many options for student loans. This bank narrows down your search with loans that are customized to what you are studying. Of course, they offer the general undergraduate and graduate student loans.
But they also offer loans for health and medical professions. There’s even a loan to help students pay for the cost of bar exams.
How to Apply for School Loans
When you go to apply for school loans at a bank, there’s going to be some factors playing into you getting approved. These factors help the bank determine if you’ll be able to pay back the money you’re wanting to borrow.
Good Credit Score
A credit score is a number that’s taken from your past experiences with credit. It shows how credible you are when paying back money or bills in the past. This number is used for a lot of things, like when buying a car or a house.
When applying for a loan, your credit score will help the bank decide how much interest the loan should have.
Income and Employment
Banks will want to see some evidence that you have a steady job and/or income. This lets them know that you have money coming in and are able to pay back your loan.
How much debt you already have matters to banks. If you already have a large amount of debt, it might show that you aren’t good at paying back other loans.
If you already have many loans with private lenders, it’s not too late! Have a bank help out by refinancing your student loans.
This will take all your loans and combine them into one big one. Refinancing can also help lower the interest rate you already have.
Learn More About School Loans
Finding new options for financing your education will help you find ways to cut debt. Whether that be through finding lower interest rates or refinancing.
Investing time in these little details will help you save a lot. Find out more about how to get a student loan from a bank and other financing options by checking out our blog.
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