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Paying for Your College

College students in America are taking on more student loan debt than ever before. In fact, the American Association of University Women (AAUW) finds that “about 44 million borrowers in the United States holds about $1.46 trillion in student debt.” Of that debt, women account for about $929 billion—which is nearly two-thirds of the total student loan balance in the United States.

Of course, there are a number of reasons that may explain the disparity between female and male student loan debt. All of this isn’t to say that if you’re a woman preparing for college, you’re automatically doomed to take on more debt than your male classmates. By understanding the factors that have led women to statistically take on more student loan debt, you can better prepare and budget for your education.

2) Complete the FAFSA Form
  • Get grants and Scholarships: No need to pay a loan after you complete your education.
  • Get Financial aid from your home state: It depends based on your current state of residence.
  • Get Institutional aid: Depending on the college that you are applying.
  • Get Federal student loans: Loan needs to be repaid with low-interest rates.
Criterias
Description Sallie Mae is a leading bank which has the largest marketshare in Education Loans Goal Solutions, Inc. (Goal) and Richland State Bank (RSB) created Ascent Student Loans to help revolutionize the way people pay for college. CommonBond is a marketplace lender that refinances graduate and undergraduate student loans for university graduates. Earnest is a Technology company looking to make Credit easy for Students. They work with multiple funds and lending partners. Citizesn is the 13th largest retail bank in the United States delivering all financial solutions including Student Loans Discover Student Loans are made by Discover Bank, a trusted financial institution for 100 years. Discover Bank offers a variety of financial products, including FDIC-insured LendKey connects borrowers with its network of community and regional banks and credit unions. It manages the application, support and servicing of student loans, while the capital for the loan comes from the financial institution. A division of KeyBank, online lender Laurel Road having licenses in all 50 states of the US. PNC was chartered in 1845 and has offered private student loans for more than 50 years. Social Finance, Inc. is an American online personal finance company that provides student loan refinancing, mortgages and personal loans.
Year of Establishment 1973 2001 2012 2013 1828 2010 2007 2013 1970 2011
Total Loan Book Size $22.1 Billion $26 Billion $3 Billion $4.5 billion $10 Billion+ $8.4 Billion $3.1 Billion $4 Billion+ $5 Billion+ $18 billion
Loan types Undergraduate, Career Training, Parent Loans, K12 Loans, MBA, Medical School, Medical Residency, Dental School, Dental Residency, Law School, Bar Study, Graduate All Graduate/ Undergraduate studentswith atleast half-time enrolled in a degree program at an eligible institution. Undergraduate, graduate, refinancing, MBA, medical Undergraduate, graduate, MBA, law, dental, medical, international, refinancing, parent refinancing Undergrad, graduate, MBA, law, health care, parent loans Undergrad, graduate, MBA, law, dental, health care, international, refinancing Undergrad, graduate, parent, refinancing Graduate, residents, fellows, parent, refinance Undergraduate, graduate, MBA, law, dental, medical, health professions residency, bar study, refinancing Social Finance, Inc. is an American online personal finance company that provides student loan refinancing, mortgages and personal loans.
Interest Rates Variable: 2.75% - 10.65% Variable: 3.14% - 11.88%* Fixed:4.09%- 13.03% * "Variable: 1.76 % - 5.84% Fixed: 2.93 % - 5.95%" Variable: 2.74% ( Starting) fixed : 4.39% ( Starting) "2.72% APR Variable 4.72% APR Fixed" "Variable: 2.80% - 11.37% Fixed : 4.74% - 12.74%" Variable: 3.12% (Starting) Fixed : 4.86% (Starting) Variable: 4.39% - 8.59% Fixed: 4.39% - 8.68% Variable: 4.59% - 11.09% Fixed: 4.49% - 4.99% Variable: 3.20% - 11.12% Fixed: 4.73% - 11.71%
Rate types Fixed and Variable Fixed and Variable Fixed and Variable Fixed and Variable Fixed and Variable Fixed and Variable Fixed and Variable Fixed and Variable Fixed and Variable Fixed and Variable
Loan terms Five to 15 years Flexible 5-year, 10-year or 15-year Five, 10 or 15 years for most loan types Five to 15 years Five to 15 years 15 to 20 years 10 years Five to 20 years 10 to 15 years Five to 20 years
Loan amounts $1000 up to the cost of attendance $2,000 to $200,000 $2,000 up to the cost of attendance $5,000 to school-certified cost of attendance $1,000 to $350,000 $1,000 to total cost of attendance minus other financial aid $2,000 to total cost of attendance $5,000 to no max $1,000 to $75,000 refinance $5,000 to not disclosed
Application or origination fees No Application or Origination fees No origination, disbursement, or loan application fees. None for undergraduates with cosigners, an origination fee applies for graduates without a co-signer No application fee, origination fee not disclosed No application fee, origination fee not disclosed No application, origination or late fees No application fee, origination fee not disclosed No application fee, origination fee not disclosed None No application fee, origination fee not disclosed
Discounts Autopay 1% cash back, scholarships, a Refer a Friend Program, Autopay Autopay Autopay Loyalty, autopay Autopay, cash reward for at least a 3.0 GPA Autopay Autopay Autopay Autopay, additional SoFi loan discount
Repayment Options In-school interest only, in-school fixed, in-school deferment, immediate repayment "In-School Interest Only Repayment: Pay Deferred Repayment: $25 Minimum Payment Options Available" In-school interest only, in-school fixed, in-school deferment, immediate repayment Yes, options available Not disclosed Enrollment, economic hardship Yes, options available Yes, options available
Deferment or forbearance hardship options Deferment option available Deferment and Forgiveness available Yes No, refinance only Economic hardship, military service, post active duty, enrolled or returning to school Deferment or forbearance available May be available after 12 to 36 consecutive on-time payments of principal and interest Up to 12-month forbearance for qualified hardships such as involuntary job loss or unpaid maternity leave Yes None specified
Co-signer release ( Months) Can apply for Co-signor release after making 12 payments. Full and on Time Can apply for cosigner release after making the 24 consecutive, regularly scheduled full principal and interest payments on-time After 24 payments in full and on time No Cosignor release Can apply for a co-signer release after 36 consecutive on-time principal and interest payments NA No Cosignor release Can apply to assume full responsibility of the loan after 36 consecutive on-time payments of principal and interest No Cosignor release No Cosignor release
BBB rating A+ A+ A- A+ A+ A+ A+ A+ A+ Not Accredited

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