Part-time students often face challenges when it comes to securing student loans, with eligibility criteria varying among lenders. However, several lenders offer options tailored to part-time students, providing flexible terms, low-interest rates, and borrower-friendly features.
CNBC Select has conducted a thorough analysis of private student loan providers to identify the best options for part-time students based on enrollment requirements, repayment terms, and additional benefits.
Exploring Part-Time Student Loans
Let’s explore some of the top choices for part-time student loans:
College Ave: Best for Flexible Terms
College Ave stands out for its flexible repayment terms and competitive rates, making it an excellent choice for part-time students seeking affordability and convenience.
Borrowers can benefit from no origination, application, or prepayment fees, along with a 0.25% interest rate discount for autopay. With loan amounts up to the full cost of attendance, College Ave offers customizable options to meet individual financial needs.
Sallie Mae: Best for Low Interest Rates
Sallie Mae offers competitive interest rates and flexible repayment terms, making it a top contender for part-time students looking to minimize borrowing costs.
With no origination, application, or prepayment fees, borrowers can take advantage of additional benefits like a 0.25% autopay rate discount. Sallie Mae accommodates various student scenarios, including part-time, online, and international students.
Earnest: Best for Half-Time Students
Earnest provides highly competitive student loan terms tailored to half-time students, offering flexibility and affordability. With no origination or prepayment fees and a 0.25% interest rate discount for autopay, Earnest prioritizes borrower convenience and savings. Additionally, borrowers can benefit from unique features like the option to skip one payment every 12 months and make it up later.
Ascent: Best for Repayment Term Options
Ascent offers a wide range of repayment terms, making it an ideal choice for part-time students seeking customized loan options.
With no origination, application, or prepayment fees, borrowers can access competitive rates and borrower protections. Ascent’s diverse loan offerings cater to various student needs, providing flexibility and affordability.
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Choosing the Right Loan for Your Education
While part-time students may face limitations in accessing student loans, there are several reputable lenders offering tailored solutions to meet their needs.
By carefully considering factors such as repayment terms, interest rates, and borrower protections, part-time students can make informed decisions to finance their education effectively.
Options like College Ave, Sallie Mae, Earnest, and Ascent provide flexibility, affordability, and additional benefits, making it easier for part-time students to pursue their academic goals without undue financial burden.
As the landscape of student lending continues to evolve, it’s essential for part-time students to explore their options and choose the loan that best fits their circumstances.
With diligent research and careful consideration, part-time students can find the right financing solution to support their educational journey.
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