Best Student Loans
With so many student loan options on the market today, many wonder what the best
student loans are for them. There is no standard answer that fits the needs of all
students, but there are methods for choosing which student loans are best for you.
Federal Student Loans
If you attend a school that is eligible for federal Stafford loans, these should
be your first source for borrowing as they represent the best option based on low
interest rates and generous repayment provisions. Stafford loans offer unparalleled
benefits and should always be used before private student loans. Unfortunately,
while Stafford loans are the best student loans for most students, Stafford loans
don’t always allow students to borrow the full cost of education.
Other types of federal student loans include:
Private Student Loans
After exhausting Stafford loan eligibility, many students search for the best student
loan to cover the remaining gap between what they've received from Stafford
loans and the total cost of college education. Private student loans, which
help students cover the financing gap, are offered by a number of lenders and come
with very different rates and benefits. We encourage students to use comparison
sites to search for the private student loan that best fits their needs.
A Think Student Loan - which is a private student loan – allows students to borrow
up to the full cost of education and up to $250,000 over their lifetime.1 The application
takes about 15 minutes and the check is sent directly to the applicant(s).2