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More expensive than student loans: If you can get a federal student loan, you could get a better interest rate than you would with a personal loan. The interest rate on Direct Subsidized and ...
Private loans often carry an origination fee, which can be substantial. Origination fees are a one-time charge based on the amount of the loan. They can be paid from the loan proceeds or from personal funds independent of the loan amount, often at the borrower's preference. Some lenders offer low-interest, 0-fee loans. [6]
A personal loan with a single, fixed-rate monthly payment is easier to manage than several credit cards with different interest rates, payment due dates and other variables.
Non-need-based loans are available for students and families who cannot afford to pay the entire cost of college. These loans are directed toward those individuals and families who did not qualify for need-based loans due to the amount of their personal assets. There is usually a higher interest rate associated with non-need-based loans.
SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking.Its nature has changed dramatically since it was set up in the early 1970s; initially a government entity that serviced federal education loans, it then became private and began offering private student loans.
Like auto loans and mortgages, secured personal loans require collateral for approval. Rather than being backed by a car or house, a secured personal loan might rely on something like a ...
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