Each has a unique perspective on what it means to be a lender. CommonBond offers student loans for those at the undergraduate, graduate and MBA levels. It stands out among lenders for its Social Promise and other initiatives that make it more than just a source for financing.

Sallie Mae also offers student loans for undergrad students as well as to pursue an MBA, obtain a medical degree or go to dental school.

Loan products are even available for parents of college students as well as for parents who need to pay expenses for a child in grades K-12.

But which lender is best? In this CommonBond vs Sallie Mae review, we compare key factors to help you decide.

Private Student Loans vs
Federal Student Loans

Quick Primer

Private student loans can help fill the gap between what the government is willing to offer and the overall cost of tuition.

If you have good credit, you may be eligible to receive lower interest rates and higher borrowing limits.

Private student loans also come with a statute of limitations, meaning that after ten years lenders have little recourse if you default – unlike federal student loans which have no statute of limitations.

However, alternative student loans often have drawbacks, such as:

• No federal subsidy
• The need for a cosigner
• Ineligibility for federal forgiveness

CommonBond Loans
vs Sallie Mae Loans

Sallie Mae does not offer any products that are designed to consolidate student loans.

However, you may be able to take out a personal loan from Sallie Mae that may be used to pay off your student loans.

>> Compare with SoFi Personal Loans

But Sallie Mae does offer a wide variety of private loan products that may fit the needs of students or their parents.

Whether you are looking to go to law school, begin dental school or become an apprentice, it may be possible to finance the full cost of your tuition.

Loans are also available to help individuals planning to go back to school in order to advance their careers.

CommonBond offers private student loans and student loan refinancing.

COMMONBOND SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 5 out of 5 stars	Best Feature: Low rates Products: Student loan refinancing + private student loans Get Started via Commonbond secure site

If you have excellent credit and are paying interest on federal loans, it may well be in your best interest to refinance a student loan to get a lower interest rate or to consolidate various outstanding balances.

By reducing and consolidating your loans, it may be easier to keep track of and make your monthly payments.

You can check your rate without a hard check on your credit report, and a loan calculator displays exactly how much you’ll save by refinancing.

Loan Rates Comparison:
Sallie Mae vs CommonBond

CommonBond Loan Rates

Sallie Mae Student Loan Rates

Sallie Mae Parent Plus loans come with an interest rate ranging from 5.75% to 12.13% depending on a borrower’s credit profile.

Parent loans are also available for graduate and professional students.

Interest rates for career education loans from Sallie Mae start at 6.5% and go as high as 13.75%.

Undergrad loans taken out by a student with a parent as a co-signer start at 4.12% and go as high as 10.98%.

The interest rate on these loans will change based on market conditions. They can be as high as 25%.

Check out Sallie Mae rates here.

Fee Comparison:
CommonBond vs Sallie Mae

Check Latest Rates at Commonbond >>

Benefits Comparison:
Sallie Mae vs CommonBond

CommonBond Social Promise

CommonBond’s Social Promise initiative involves a trip to Ghana each year to help students and others in the country gain access to technology and other educational resources.

CommonBond student loan borrowers are invited to take part in the yearly quest to make life better for citizens of this African country.

According to the company, they have donated $1 million and built 470 schools through the program.

Enroll In Sallie Mae Auto-debit Payments To Save

When you agree to make payments by automatic debit each month, your interest rate may be reduced by up to 0.25%.

It will also reduce your chances of missing a payment or paying it late.

By making payments in a timely manner, you may be able to improve your credit rating.

Repayment Terms Comparison

CommonBond will provide anywhere from 5 → 15 years to repay either a graduate or an undergraduate loan.

If you are having trouble repaying your loan, you can defer payments for up to 12 months on both loan types.

When you make your first 24 payments in a timely manner you can request that your co-signer be released from the loan.

Sallie Mae offers a variety of loan repayment periods based on the type of loan product that you select.

To learn more about the exact repayment period, review your promissory note or contact the company directly. However, as a general rule, expect to have up to a decade to pay off your balance.

Sallie Mae also offers deferments for up to 12 months for those who are struggling to make payments.

Interest-only and graduated repayment plans are available to keep borrowers current until they are better-suited to make regular payments.

Loan Requirement Comparison:
CommonBond vs Sallie Mae

CommonBond Refinance Requirements

To refinance existing student loans to a CommonBond student loan, you will need to be a United States citizen or permanent resident.

Furthermore, you will need to attend a Title IV accredited school.

CommonBond will review your credit profile to learn more about your finances and student loan balance.

While it doesn’t specify the exact credit score needed for loan approval, you’ll likely have a better chance of approval with a score of 640 or higher.

CommonBond (Under)Graduate Loan Requirements

To obtain a graduate or an undergraduate loan, you must attend a Title IV or other not-for-profit college on at least a half-time basis.

Graduate and undergraduate students will be required to have a co-signer for at least two years.

CommonBond MBA Loans

MBA students may be able to apply for loans without a co-signer if their program is affiliated with CommonBond.

Check Latest Rates at Commonbond >>

Sallie Mae Loan Requirements

Sallie Mae will make a lending decision based on your:

• Credit score
• Income
• Employment status

While there is no explicit requirement for borrowers to add a co-signer to their loans, most undergraduate students will need one.

When applying, you or your co-signer will need to provide bank statements, a Social Security number and an address.

You will also need to provide references to gain approval for a student loan.

A representative from the company may call to ask for more specific information if needed.

How to Apply for a
CommonBond Loan

Applying for a CommonBond loan takes only a few minutes and can be done online via the Commonbond website.

It may be necessary to upload documents to verify where you are going to school and that the amount that you have applied for is accurate.

A co-signer may be  to verify his or her creditworthiness before a student loan application will be approved.

If you are refinancing an existing student loan, you may be able to do so without a co-signer.

How to Apply for a
Sallie Mae Loan

To apply for a Sallie Mae loan, you can visit the Sallie Mae website and choose the type of loan that fits your needs.

From there, you can choose whether you want a fixed-rate or variable interest rate as well as whether to start repaying the loans now or defer them until after graduation.

According to Sallie Mae, the process, including the time needed for a co-signer to enter his or her information, should take about 15 minutes.

CommonBond vs Sallie Mae:
Which Is Best?

CommonBond may be more attractive to borrowers looking to refinance existing loans.

It may also be best for those who want to make a direct impact on the lives of people in developing countries.

Conversely, Sallie Mae may be best for those who want a wide range of loans and options without necessarily needing a co-signer.

Both companies make it fast and easy to apply, and they both offer quality service for those who are applying for or trying to pay off a student loan.

Check Latest Rates at Commonbond >>

The article CommonBond vs Sallie Mae Comparison was originally posted on Investormint

You probably know Discover as a credit card provider but back in 2010 the company entered the student loan market. And in just a few years, Discover has grown its student loan portfolio by more than the combined portfolios of SoFi and CommonBond, two of the best student loan companies.

Discover Student Loans is designed for applicants who have very good credit, charges no origination fees, and will loan to borrowers amounts up to the full cost of education.

If you have an excellent credit score, around 750 or above, and a co-signer willing to support your application, you stand a good chance of being approved. Even if you don’t qualify alone, you may be approved when a co-signer is added to your application.

But before starting a student loan application with Discover, what else do you need to know?

Discover Student Loans Spotlight

DISCOVER STUDENT LOANS SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4 out of 5 stars	Best Feature: No Origination, Late or Application Fees Approval Timeline: ~2 weeks Get Started via Discover secure site

Discover Student Loans Review

Discover charges no loan application fees, late fees or origination fees and has competitive variable interest rates.

Before you start a student loan application with Discover, you should explore your federal aid options. It won’t cost you anything to submit your information to FAFSA, which stands for Free Application for Federal Student Aid.

Federal student loan rates max out at 6.84%, which may be lower than the fixed rates you receive from Discover Student Loans.

DISCOVER STUDENT LOANS INTEREST RATE

Variable rates are much more competitive if you are a highly creditworthy borrower but keep in mind that a Fed rate hike could push rates higher and lead to higher payment amounts whereas a fixed rate loan will lock in your rate for the term of the loan.

Discover Student Loans will serve a wide variety of borrowers.  You are eligible to apply if you fall into any of the following categories:

• Undergraduate student loans
• Graduate student loans
• MBA student loans
• Health professions student loans
• Law student loans
• Residency student loans
• Bar exam student loans
• Consolidation student loans

Discover is attractive to students who get good grades too because a borrower who achieves a 3.0 GPA or better will receive a 1% cash reward on each new student loan within a fixed redemption period.

During our Discover Student Loans review, we didn’t find any other private student lenders offering such an enticing borrower reward. Rather than spending the cash reward on entertainment or clothes, you could lower your overall debt burden by using the cash to pay accrued interest on your student loan.

And unlike so many other lenders, Discover doesn’t charge any loan application fees, late fees, or origination fees.

Fill Out A Discover Student Loan Application

Discover Students Loans
Vs Sallie Mae

Discover charges no fees, rewards good grades, and connects borrowers only to U.S. based student loan specialists.

When we compare Discover Student Loans vs Sallie Mae or Wells Fargo, the standout feature of Discover is zero fees.

Another draw is that Discover rewards students for good grades whereas Sallie Mae does not.

Source: Discover Student Loans

However, when you compare Discover vs federal student loan options, be wary of the longer repayment terms offered versus most other private student lenders.

When you select a long repayment term, you end up paying more over time when interest compounds than when you select a shorter duration – sometimes even if the interest rate is lower on the longer duration loans.

To highlight the value of paying off your loan sooner, imagine you had $25,000 in student loan debt at an interest rate of 8% over a 20 year term.

If you cut the term in half to 10 years, it would cost you an extra $96.45 per month but save you $11,682.85 in extra interest payments over the life of the loan.

You can play around with interest rates and term lengths to see how much you could save using Discover’s student loan calculator.

Fill Out A Discover Student Loan Application

Discover Students Loans
Great Lakes

Great Lakes services student loans originated by Discover Student Loans.

It sometimes causes confusion among borrowers that after signing up with a student lender, like Discover, the name of another company appears on loan statements.

The reason for this confusion is that third-party companies will generally service loans originated by student lenders.

Student loan applicants who are approved by Discover Student Loans will see the servicer, Great Lakes, feature on financial statements.

This is normal practice and nothing to be alarmed about. For example, CommonBond uses a servicer called FirstMark, a subsidiary of Nelnet while SoFi relies on Mohela.

Fill Out A Discover Student Loan Application

Discover Students Loans
Repayment Options

Whether in school or after school, Discover has a variety of repayment options from interest only payments to generous grace periods.

When it comes time to repay your student loan, you can select among different options when you are both at school and upon leaving school.

DISCOVER REPAYMENT OPTIONS IN SCHOOL

If you cannot afford to make payments while you are in school, you won’t be obligated to do so but interest on your loans will accrue regardless.

Another option is to make a minimum payment of $25 monthly.

Both of these options are standard among most private student lenders.

DISCOVER REPAYMENT OPTIONS AFTER LEAVING SCHOOL

Discover wins brownie points when it comes to grace periods after leaving school. For a period of six months, you can elect to pay interest only on your loan.

If you need a longer period of time, you are permitted to take up to 12 months of forbearance, meaning that payment obligations are paused.

Another alternative is to request a 3-month extension which may be granted provided your first payment is late by no more than 60 days.

Fill Out A Discover Student Loan Application

Discover Students Loans
Scholarship

Discover awards students as much as $2,500 to pay for college after signing up to receive email updates.

To possibly win a Discover Student Loans scholarship valued at $2,500, all you need to do is enter your email and contact number here.

The Discover Student Loans Scholarship Award Sweepstakes are open to residents of the fifty states of the United States, the District of Columbia, and U.S. territories, who are at least sixteen years old.

Annually, Discover gives away as much as $100,000 in scholarships, so if you are willing to sign up for e-mails with college tips, you may get lucky and have Discover pay for some of your tuition costs.

Discover Private Student Loans:
Pros and Cons

No fees, cash rewards, and a discount when auto-paying are some of the reasons Discover earns high marks among consumers but tread carefully before committing to a long loan term.

Fill Out A Discover Student Loan Application

Discover Student Loans Review
Summary

Student loan debt counts among the largest financial burdens that any individual will shoulder. Before choosing a student lender, compare rates from other private student lenders and look to first max out federal aid options.

Among the many private student lenders, Discover has unique attractions with its 1% cash rewards program for students who earn good grades of GPA 3.0.

Discover also shines when it comes to fees, or lack thereof. Unlike many other lenders, you won’t be hit with origination fees, late fees, or loan application fees.

However, be wary of signing up to the long repayment timelines on offer because you may end up getting stung with a significantly higher overall payment than expected when the magic of compound interest takes effect.

The bottom line is if you are comparing student loans, Discover deserves to be on your shortlist of student lenders.

Fill Out A Discover Student Loan Application

The article Discover Student Loans Review 2020 – Get 1% Cash Rewards For Good Grades was originally posted on Investormint

Looking for CommonBond reviews? You’re in the right place. Here’s everything you need to know about CommonBond student loans for undergraduates, graduates, and MBA students as well as refinancing options.

Having faced the struggles of student loan debt as University of Pennsylvania MBA students, David Klein, CommonBond CEO, and co-founders Michael Taormina and Jessup Shean were keen to provide a better alternative to fellow borrowers.

CommonBond began as a fledgling start-up in 2011 with ambitions to shake up the trillion dollar student loan market. Since then the company has received equity and debt funding of over $750 million, and competes vigorously with its arch-rival, SoFi, to refinance student loans and to offer private student loans.

Unlike most other financial technology firms, CommonBond launched with a social component to their business. For each loan issued, CommonBond commits to fund the education of a child in need via a non-profit organization, Pencils of Promise.

Beyond its social promise, a primary reason to consider CommonBond is its competitive rates. Like SoFi, CommonBond targets super-prime borrowers so you will need to be a creditworthy borrower to be eligible for consideration.

CommonBond Spotlight

COMMONBOND SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 5 out of 5 stars	Best Feature: Low rates Products: Student loan refinancing + private student loans Get Started via Commonbond secure site

CommonBond
Private Student Loan Review

CommonBond offers private student loans to undergraduates, graduates, and MBA students for up to 15 years.

Undergraduates, graduates, and MBA students are eligible for CommonBond private student loans.

Fixed and variable rate loans are available for 5, 10 and 15 year terms.

Graduate student loan APR rates range from:

*Rates updated March 12, 2018

MBA students can borrow up to $110,000 while undergraduate and graduate students can borrow up to the maximum cost of school attendance.

To qualify for a loan, you will need to be currently enrolled at least half-time in an eligible institution (or be enrolled for the next school year) and have a credit score of at least 670.

You will need a co-signer who meets creditworthy standards to apply unless you are an MBA student.

Can I Repay My Student Loans While In School?

CommonBond allows you to defer payments or pay partially or in full while in school.

You don’t have to make payments while you are in school but it would be wise to do so if you can because interest accrues the whole time.

As a CommonBond borrower, you receive a grace period of 6 months to pay off accumulated interest otherwise it will be added to your principal balance.

If you can afford to make partial but not full payments, consider an interest-only plan whereby you discharge interest payments during your schooling and shoulder the full cost of principal and interest payments six months after graduating or leaving school.

To keep the sum of your payments until the debt is discharged as low as possible, you can repay both principal and interest while in school.

A final option is to pay a nominal monthly amount of $25. The accumulated interest charges will then be added to your principal balance within six months of graduation.

CommonBond Private Student Loans: Pros and Cons

CommonBond offers low rates for private student loans but you will need a creditworthy co-signer to apply unless you are an MBA student.

Fill Out A CommonBond Student Loan Application

CommonBond Student Loan Refinancing Review

Fixed, variable and hybrid loans of up to $500,000 are available for up to 20 years.

CommonBond began by offering student loan refinancing to MBA students from the Wharton School of the University of Pennsylvania and other Ivy League universities.

Over time, CommonBond has expanded its network of schools to encompass over 2,000 schools nationally.

Borrowers can refinance from $5,000 to $500,000 using any of three types of loans:

• Undergraduate student loans
• Graduate student loans
• Federal Parent PLUS loans

Federal loans come with the benefits of income-based repayment plans and forgiveness programs. However, once you decide to refinance your loans, they become private loans and you lose those borrower protections.

CommonBond offers fixed, variable and hybrid loans to borrowers who typically have at least a bachelor’s degree or higher.

The available term length of the loans are 5, 7, 10, 15 and 20 years with the exception of hybrid loans, which have ten year terms and feature a fixed rate for the first 5 years and a variable rate for the latter 5 years.

Hybrid loans are less expensive than 7-year fixed rate loans and are a good option for borrowers who cannot afford to repay loans in as soon as 5 or 7 years.

You will generally need to earn a salary of at least 6-figures and have excellent credit, ideally with a credit score north of 750+ to qualify for a student refi loan with CommonBond.

CommonBond Student Loan Refinancing: Pros and Cons

CommonBond offers low rates on fixed, variable and hybrid loans over a wide variety of durations, generous forbearance periods of up to 2 years, and co-signer release option but loans are not available in every state.

*Loan servicing is performed by Firstmark Services.

Refinance Your Student Loans With CommonBond

Meet The CommonBond Team

CommonBond Summary

Taking out a student loan or refinancing one is a big step. Although you will have to go a long way to find another lender who beats CommonBond on rates, it doesn’t hurt to shop around and see what other lenders are charging for fixed, variable, and hybrid rate loans.

If you decide to take the plunge with CommonBond, keep in mind that default rates are extremely low which means the company scrutinizes you more intensely than simply considering cursory information such as your credit score.

You will need to provide CommonBond with information such as the cost of your school attendance, and an estimate of financial aid you receive from other sources, such as scholarships, grants, and other loans.

For a side-by-side comparison of its nearest competitor, check out SoFi also so you can make a more informed decision.

Get Started With CommonBond

The article CommonBond Review 2020 – Student Loan Refinancing & Borrowing was originally posted on Investormint

Financing your college career can be just as, if not more, important as buying real estate or your first car.

There are countless options in the financial markets today when it comes to student loans and so it’s critical that you compare lenders to find the best match.

CommonBond and Laurel Road are two top lenders vying for your business but which one is best?

CommonBond Spotlight

COMMONBOND SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 5 out of 5 stars	Best Feature: Low rates Products: Student loan refinancing + private student loans Get Started via Commonbond secure site

CommonBond began when three students from the Wharton School of the University of Pennsylvania realized the burden of student loans firsthand and felt that paying for student debt shouldn’t be so cumbersome.

The founders of CommonBond also believe in doing something good for the world, and that led them to create a partnership with Pencils of Promise, a non-profit that educates children in need with each loan issued.

Types of CommonBond Loans

Undergraduate, graduate, MBA and parent PLUS loans are all supported by CommonBond.

Regardless of where you are in your educational career, there’s likely a loan product that fits your needs at CommonBond.

Student Loan Refinancing

As one of the most popular choices, refinancing with CommonBond is a typical pathway for students holding federal loans.

Refinancing rates are often lower for borrowers than their original interest rates, so the conversion makes financial sense.

CommonBond doesn’t operate in all 50 states, however, so check your location before diving into the application process – most states are supported.

Private Student Loans

Students who are in need of funds during their academic careers can also turn to CommonBond.

Undergraduates and those pursuing higher degree programs can find private loans designed just for them. In most cases, you can borrow sufficient funds to pay off your school’s tuition.

Remember that interest accrues while you’re in school. Paying some of the interest before graduating is a smart way to control your finances.

Laurel Road Spotlight

Laurel Road is a lender that has a variety of funding options for students.

Unlike many other lenders, Laurel Road supports students entering trade industries that only require an Associate’s degree.

With Laurel Road, you have loan options whether you’re striving for a two- or four-year degree.

Types of Laurel Road Loans

Laurel Road has loans for a number of different purposes, including home buying.

And it knows how to help borrowers manage money and make their school dreams come alive so the loan choices on offer are suited to the needs of students.

Student Loan Refinancing

If you have multiple loans from several years of schooling, the repayment process may be confusing because of the various accounts. You can simplify your debt with a refinanced loan whereby only one payment each month is made.

Nearly every type of student loan, including those for graduates of two-year institutions, can be repackaged and topped with a competitive rate so it’s worth checking out whether you can save with a single refinance.

Private Student Loans

In-school loans are available for undergraduate and graduate programs.

The minimum amount that can be funded is $5,000. Based on the school’s tuition rate, the loans can equal the amount it takes to get you to graduation.

Most loans have a standard payback amount with no forgiveness or graduated-payment options. The trade-off with these missing features is a competitive interest rate.

Loan Rates Comparison:
Laurel Road vs CommonBond

The good news is that student lenders battle fiercely for your business. That translates into competitive rates from both lenders.

Here’s how Laurel Road vs CommonBond rates stack up.

A big selling point when you choose CommonBond is the availability of hybrid loans.

The way hybrid loans work is that for half of the loan’s life span, you enjoy a fixed rate. After the midway point, it converts into a variable rate.

Only CommonBond offers hybrid loans as a refinancing choice.

Fee Comparison:
CommonBond vs Laurel Road

Many lenders are pulling away from traditional fees structures and are instead now fitting them into the interest-rate structure. Nevertheless, some fees still apply.

Here’s a closer look at what fees to expect with CommonBond and Laurel Road:

Origination Fees

Laurel Road prides itself on having no origination fees. This fact makes them an attractive choice in a sea of loan products.

In contrast, CommonBond requires a 2% origination fee on their in-school loans. There are no fees when refinancing.

CommonBond is transparent about its fees, so be sure to clarify the total interest cost when applying.

Prepayment Penalty Fees

The days of prepayment penalties are gone for the most part. Neither CommonBond nor Laurel Road will charge you for paying off your loan early.

Late Fees

CommonBond provides a 10-day grace period for your payment to be received. For payments made after the grace period, you will incur a 5% late fee.

A loan payment that’s 15 days late will incur a 5% late fee with Laurel Road. The charge can be as much as $28, so be aware of your payment amount and due date to avoid this scenario.

Apply At CommonBond >>

Perks Comparison:
Laurel Road vs CommonBond

Most consumers look solely at the interest rates when it comes to their student loans. It’s easy to overlook other key features.

Here are unique features of CommonBond and Laurel Road that make them stand out in the marketplace.

Social Promise at CommonBond

Doing business with CommonBond means that you’re doing something good for developing nations and their children.

A percentage of CommonBond’s funds will go to Pencils of Promise, an outreach program that works in Ghana and other countries.

With CommonBond, you can support a worthy cause while paying down your student loans.

Referral Perks

Laurel Road understands the value of good service. If you’re happy with your experience, you can refer a friend and possibly pocket some extra money.

When the friend completes a refinancing loan with Laurel Road, you’ll receive $400.

Referrals are one reason why Laurel Road can keep its rates and overall costs so competitive.

Repayment Terms Comparison

Laurel Road offers repayment plans from 5 → 20 years.

CommonBond gives its customers the same terms for its fixed and variable loans. There is however a strict 10-year term on CommonBond’s hybrid loan offering.

With both lenders, you can pay interest while you’re in school or defer it completely until graduation.

These loans don’t become due until you’re about six months out of school.

Repayments on a refinanced loan starts immediately after funding with both CommonBond and Laurel Road.

Loan Requirement Comparison:
CommonBond vs Laurel Road

From credit scores to co-signer credibility, many factors are considered when finalizing a loan.

To ease the application process, most lenders have similar requirements that protect them from default.

These rules also protect borrowers from taking on more debt than they can handle.

CommonBond Loan Eligibility Criteria

For CommonBond’s private student loans, the eligibility criteria are fairly straightforward.

You must currently be enrolled in school at least half of the time and have a credit score of 670 or higher.

Refinancing with CommonBond is a bit more difficult.

Excellent credit scores above 750 are generally required. They also require that you have a salary in the six figures. With the exception of loan products for MBA students, every other loan with CommonBond requires a co-signer.

Laurel Road Loan Eligibility Criteria

Laurel is a bit more lenient when it comes to eligibility criteria.

Refinancing student loans with Laurel Road simply requires proof of your graduation and current income level.

In-school loans must be attributed to certain fields of study and qualified schools.

The lender welcomes a variety of borrowers as long as they have the ability to comfortably pay back the debt.

How to Apply for a
CommonBond Loan

Start your application by selecting a product in which you’re interested. The available options include MBA loans and refinancing.

Once you enter your details, the system offers you a rate range.

CommonBond requires a co-signer to generate the rates, so be ready with this information from the start.

The co-signer can be taken off the loan after a payment history is created.

Check Rates At CommonBond >>

How to Apply for a
Laurel Road Loan

Visit the Laurel Road website and fill in your information. You can use the simple interface to log in and upload documents. Everything is managed through a secured online process.

Laurel Road performs a soft check on your credit, and you’ll receive rates on various products afterward.

You will receive an answer as soon as its credit department makes a decision.

Check Rates At Laurel Road >>

CommonBond vs Laurel Road
Comparison Summary

Both lenders have competitive rates, so choosing between them comes down to the details that best match your needs.

Super prime borrowers with four-year degrees may benefit from CommonBond’s refinancing options, including its hybrid loan.

Laurel Road takes on the students with loans originating from two-year programs and higher.

Putting interest rate considerations aside, both lenders offer something unique to the students of the world. CommonBond includes a social good program with its work in Ghana, and Laurel Road focuses on providing lending options for all types of students.

Consider your overall goals and whether CommonBond or Laurel Road financial products align with them before making your final decision.

Apply At CommonBond >>

The article CommonBond Vs Laurel Road Comparison was originally posted on Investormint

Heading off to college is an exciting time in life. Both undergraduate and graduate degrees beckon and most college graduates make more than $50,000 a year right out of school, illustrating why having a college degree is so important.

However, college also has an expensive price tag. Almost everyone has some form of student debt when they graduate. But the good news is you’re not limited to just one lender as you grapple with the loan payback process.

Two solid options are CommonBond and LendKey but which one is best?

CommonBond or LendKey:
Quick Overview

CommonBond is the brainchild of three MBA students from the Wharton School of the University of Pennsylvania. They built a lending company that offers highly competitive rates and supports both private funding and refinancing options.

COMMONBOND SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 5 out of 5 stars	Best Feature: Low rates Products: Student loan refinancing + private student loans Get Started via Commonbond secure site

In contrast, LendKey is a platform where students are connected with multiple lenders for their loan needs. The lenders are smaller institutions, such as local banks and credit unions.

Both private loans and refinancing choices are available through LendKey.

Types of CommonBond Loans

Undergraduate, graduate, and MBA students are welcome to choose between direct or private loans as well as refinancing options for their current obligations.

Loan products include:

Student Loan Refinancing

Because CommonBond’s founders had student debt themselves, they understand the importance of refinancing multiple loans.

A CommonBond loan can be used for federal PLUS loans, undergraduate debt, and graduate school obligations.

One payment versus numerous bills from many lenders each month is the big perk when you choose this option.

Private Student Loans

If you have good credit and a financial need, CommonBond’s private loans are generally among the lowest interest rate options on the market.

More than $100,000 is available for your schooling.

Plus, you have the option of paying back the loan while you’re in school or afterwards.

Types of LendKey Loans

LendKey offers direct or private loans with its refinancing options.

Although LendKey services the loans, borrowers should be aware that the funds are held by other financial entities.

Small lending institutions reap the bulk of the interest rate rewards payments when you diligently make payments.

LendKey offers:

Student Loan Refinancing

When you refinance with LendKey, several banks compete for your business.

This platform is known for its associations with borrowers who make less than $100,000 a year.

Flexible terms may be available from various lenders. But you’ll need to read over the fine print before making a decision.

Private Student Loans

LendKey works exclusively with undergraduates on its private loans.

With several available grace periods and forbearance options, borrowers may enjoy some flexibility when choosing among these lending options.

Each loan undergoes a “qualifying process” where credit unions and small institutions compete.

Loan Rates Comparison:
LendKey Vs CommonBond

Both LendKey and CommonBond are competitive when it comes to loan rates.

Your credit score and credit history are considered. And as with most loans, variable rates are usually lower than fixed types.

For borrowers who are uncomfortable with the risk of monthly payment obligations changing as interest rates fluctuate, fixed rate loans may be a better fit.

Fixed Rates

CommonBond fixed rates for undergraduate student loans start at 5.3%.

Compare these rates to their refinancing options, which start at 3.2%.

Similarly, at LendKey the refinancing rates are lower than the private student loan rates.

You may also qualify for a rate discount of 0.25% when you sign up for automatic withdrawals.

Variable Rates

Variable rates depend on the federal prime rate plus a percentage tacked on by the lender.

CommonBond’s current rates for private loans start at 3.87%.

If you choose to refinance your loans, the rates begin at 2.55%.

Similarly, LendKey refinancing interest rates on variable loans will be lower than those for private student loans.

Check LendKey Rates >>

Hybrid Rates

A hybrid loan product has a fixed rate early in the loan term, but it converts into a variable loan near the end of the term.

CommonBond only extends a hybrid loan to its refinancing customers. Hybrid rates begin at 4.32%.

LendKey doesn’t offer hybrid rate loans. You’ll only find traditional fixed and variable rates with LendKey.

Fee Comparison:
CommonBond Vs LendKey

Fee charges can stack up over time if you’re not careful so finding lenders who keep fees to a minimum is important over the long term.

Here’s what to expect with CommonBond and LendKey:

Origination Fees

CommonBond frees students from origination fees when they choose to refinance.

Be aware, however, that 2% of your private student loans is charged as origination fees. If you plan on borrowing a large sum, this percentage can be pricey.

LendKey charges no origination fees on either private or refinanced loans.

Prepayment Penalty Fees

Neither provider charges prepayment penalties and both encourage responsible debt management by making it possible to pay off your loan early if it is affordable to do so.

Late Fees

Borrowers are responsible for the payments on their loans, and both providers charge late fees.

CommonBond charge 5% of the due amount or $10 fee if you pay late. The grace period is 10 days.

LendKey has variable late fees because each provider has its own regulations.

Late fees currently range from $5 to $15 per each occurrence. Grace periods also vary.

Check Rates at CommonBond >>

Perks Comparison:
LendKey Vs CommonBond

The new crop of lenders, like CommonBond, Earnest, and SoFi, offer perks that borrowers probably never enjoyed a few decades ago.

Check out and compare the main benefits of working with either LendKey or CommonBond:

CommonBond Social Promise

When you choose CommonBond for your financial needs, the lender turns to a nonprofit organization called Pencils of Promise.

Pay back your loan as dictated by the terms, and CommonBond extends funds to a needy child.

His or her education becomes a reality with your regular payment schedule.

LendKey: Community Banks and Credit Unions

Most consumers look toward big banks and conglomerates for their loans but LendKey gives community banks and credit unions a platform so they can be more visible to the public.

Supporting small banks and credit unions indirectly has the potential to support surrounding communities too.

Repayment Terms Comparison

Term lengths are identical whether you choose CommonBond or LendKey.

Both providers offer 5, 7, 10, 15, and 20 years to pay off either fixed or variable loans.

However, they differ when it comes to private loans. LendKey only has a 10-year term for fixed and variable rates. However, you can select among 5-, 10-, or 15-year terms for CommonBond’s products.

When it comes to CommonBond’s hybrid loan, the only option is a 10-year term. The rate for half of the term is fixed, and the second half comes with a variable rate.

>> Related: Compare CommonBond Vs SoFi

Loan Requirement Comparison:
CommonBond Vs LendKey

CommonBond Loan Eligibility Criteria

CommonBond requires a co-signer on loans. There’s no way to get around this requirement. However,  it is possible to release a co-signer after two or three years if you have a history of on-time payments.

A credit score of 670 or higher is required on private loans. Refinancing with CommonBond requires you to jump a higher hurdle; a 750+ credit score is necessary.

It’s probably safe to say that refinancing with CommonBond is harder than obtaining a private loan and the lender prefers super-prime borrowers.

LendKey Loan Eligibility Criteria

LendKey is a bit more relaxed when it comes to eligibility criteria. It knows that not everyone will be a six-figure professional.

You’ll need a credit score of about 660 or above. Applicants must make at least $24,000 per year. If you use a co-signer, the salary requirement drops to around $12,000.

Bankruptcies don’t lead to automatic denials, either. Depending on the financial product, a bankruptcy on file may be fine as long as the filing occurred between five and seven years ago.

>> Other Lending Options: Earnest Vs SoFi

How to Apply for a CommonBond Loan

For most applicants, filling out the online form is the easiest route to get started with CommonBond.

You can choose from three loan types or select refinancing. Each loan application is geared toward a specific lending product.

You’ll need your basic information ready when you apply.

An assigned loan officer will contact you with additional details later on.

The entire process from start to finish is highly streamlined so you shouldn’t find yourself getting lost along the way.

How to Apply for a LendKey Loan

LendKey operates in a different fashion. You can pre-apply for rates that are personalized to your needs. It performs a soft check on your credit, but it doesn’t ding your score at all.

You can end up with several offers from the soft check. Choose the most attractive one, and apply through the website.

Applicants will hear from that individual lender as the process moves forward. Admittedly, it’s a bit of a commitment on your part before you have any solid figures.

CommonBond Vs LendKey Summary

If you want to work with a single provider with a moral compass, CommonBond is a spectacular choice for students.

Professionals who are looking for a wide variety of options will do well with LendKey. The platform connects you with credit unions and local banks that may have some flexibility with their terms.

With every offer, read over the details regarding interest rates and term lengths. There’s a loan built just for you with either platform.

From co-signer requirements to payback options, both CommonBond and LendKey offer distinct value for your loan dollar. Every person is unique, and your loan options should reflect that. Secure a private or refinanced loan today, and you can concentrate on a successful career tomorrow.

Check Rates at CommonBond >>

The article CommonBond Vs LendKey Comparison was originally posted on Investormint

CommonBond is a marketplace lender specializing in student loans and loan refinancings. The company was founded in 2011 by university graduates who were struggling with student debt and wanted to provide a better alternative to other student loan borrowers.

Since then, CommonBond has grown rapidly to fund more than $2 billion in new student loans and loan refinancings with an approach that involves competitive interest rates and simple loan options.

COMMONBOND SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 5 out of 5 stars	Best Feature: Low rates Products: Student loan refinancing + private student loans Get Started via Commonbond secure site

CommonBond offers three refinancing options:

• Fixed
• Variable
• Hybrid loans

The latter has a fixed interest rate for five years and a variable rate for the remainder of the loan.

Refinance loans have terms of 5, 7, 10, 15, or 20 years with variable rates starting as low as 2.55%.

These competitive interest rates are among the main reasons to consider CommonBond to refinance your student loan debt.

Like SoFi, its major competitor, CommonBond targets prime borrowers, so you will need good or very good credit to be eligible. Before signing up, here’s what you should know about CommonBond student loan refinancing solutions.

What Types of Refinancing Does CommonBond Offer?

CommonBond refinances student loans of $5,000 to $500,000 with fixed, variable, and hybrid loans for up to 20 years.

The APR depends on the loan type as well as your credit profile and other factors.

Why Choose Fixed Rate Loans?

A fixed refinance loan is a good option to lock in a low interest rate that won’t change over the life of your loan.

You will always know how much you will pay each month.

Many student borrowers choose to refinance from a variable rate to a fixed rate for greater predictability and stability of monthly payments.

CommonBond offers fixed loans with an APR of 3.2% → 7.25% and a term of 5, 7, 10, 15, or 20 years.

Why Choose Variable Rate Loans?

Variable rate loans offer lower interest rates ranging from 2.55% → 7.25%, but your rate can rise or fall with market conditions.

Because rates have been at historic lows, there is a good chance that your interest rate will rise in the future, especially with a longer-term loan.

CommonBond offers variable rate loans with terms of 5, 7, 10, 15, or 20 years.

Why Choose Hybrid Rate Loans?

CommonBond also offers a hybrid refinancing option.

This loan option has an APR of 4.3% → 6.31% and a term of 10 years.

The loan has a fixed rate for the first five years and a variable rate for the final five years.

The hybrid loan option gives you predictable payments early on, and it is usually less expensive than a seven-year fixed-rate loan if you know you can’t repay your balance in five to seven years.

Check Rates At CommonBond >>

Is CommonBond
Student Loan Refinancing Worth It?

If you qualify, CommonBond refinancing can save you a substantial amount of money.

Federal Student Loan Rates

Federal student loan rates have climbed to over 6% for Direct loans, and Stafford loans now have a rate of 5.04%.

Parents who take on federal student loans to help children will pay 7.59% on new loans.

Federal student loan rates are tied to the market and currently have a cap of 10.5% for parent loans, 9.5% for graduate loans, and 8.25% for undergraduate loans.

Private Student Loan Rates

Private student loans often have even higher interest rates.

A recent report found the average variable rate for a private student loan is more than 7.8%, and the average fixed rate is 9.66%.

CommonBond, on the other hand, offers competitive rates as low as 2.55% for a variable loan and 3.2% for a fixed loan.

Repayment Calculation: How Much Can You Save?

To estimate how much you can save, let’s assume you have an excellent credit rating and a student loan balance of $37,000, which is average. Further assume that you pay 9.9% on your current loan.

If you qualify for a new 10-year loan with a fixed rate of 3.2% through CommonBond, your monthly payment drops from $487 to $361.

You will pay $6,200 in interest over 10 years instead of $21,400.

This creates total savings of more than $15,000!

CommonBond has a student loan refinancing calculator to help you personalize the results and explore your loan options.

Why Choose CommonBond Refinancing?

CommonBond offers a few features that are rare among student loan refinancing companies.

One of the biggest perks is that they charge no origination fees or prepayment penalties.

The interest rate you are quoted is what you get. This means that you don’t have to worry about fees added to your balance, any out-of-pocket money to refinance, or penalties for making extra payments.

CommonBond also offers a forbearance option.

This safety net is a form of protection that temporarily postpones payments due to a financial hardship, such as the loss of expected income.

You must be less than 60 days delinquent to qualify, but CommonBond offers forbearance for up to two years.

If you suffer a major setback in the future, you can rest easy knowing that you have a backup option with your loan.

The Good & Bad of
CommonBond Loan Consolidation

When considering CommonBond to refinance your student loan, make sure that you are aware of the lending platform’s unique pluses and minuses.

In general, CommonBond offers competitive low rates on fixed, variable, and hybrid refinance loans with a range of term options and forbearance programs. However, it isn’t available in every state.

Check Rates At CommonBond >>

Is CommonBond Refinancing
Right for You?

A CommonBond refinance loan isn’t for everyone. CommonBond has a high hurdle to get approved because it targets borrowers with excellent credit and a high-wage job.

If you meet the qualifications, however, CommonBond can be a good choice to potentially save hundreds or thousands per year on your student loan repayment with very competitive interest rates and flexible loan terms.

To qualify for CommonBond refinancing, you must be a:

• College graduate with at least a bachelor’s degree
• Graduate of an approved Title IV-accredited graduate school or university
• U.S. citizen or permanent resident

You must also have:

• Between $5,000 and $500,000 in private or federal student loan debt
• A credit score of 680+
• A demonstrable ability to repay

When applying, you will need to provide personal, educational, and employment information on your application.

CommonBond tries to automatically verify the information you provide, but you may need to give supporting documentation such as:

• Proof of residency in the form of a recent bank statement or utility bill
• A recent loan statement for every loan you want to refinance
• Proof of employment in the form of two years’ tax returns, a recent pay stub, or an employer’s letter of acceptance

How to Apply for a
CommonBond Loan

CommonBond makes it fairly easy to apply for a loan.

After creating an account, you will need to provide basic information, including your date of birth, address, citizenship status, and monthly mortgage or rent payment amounts.

You will also need to provide information about your education and employment. This includes:

• Your highest degree achieved
• Your major
• The name of your school and your graduation date
• Your employment status
• Your work industry, job title, salary, and length of employment

After providing the estimated amount you need to refinance, you will agree to federal disclosures, and a soft credit inquiry will be performed.

If you do not qualify for refinancing, you will be asked to provide a co-signer.

If you are approved after the soft credit pull, you can choose the term for your loan. You will see several loan quotes with estimated APRs and monthly payments based on the term you select.

Once you select the loan term you want, you will need to provide your full Social Security number for a hard credit pull. This will give you actual loan offers with real rates.

You may need to upload supporting documents with the rest of the application. The documents may include:

• Recent loan statements for all loans you want to refinance
• Recent pay stubs or a letter of acceptance from an employer
• Two years’ tax returns
• A utility bill or bank statement to verify your address

The final step is choosing the loan quote you want and e-signing the loan documents.

Once your application is approved, your student loans will be paid off by CommonBond with payments sent to your loan servicers.

Check Rates At CommonBond >>

CommonBond vs Other Lenders

SoFi is CommonBond’s biggest competitor, and they have a lot in common. Both offer competitive rates, no origination fees, and no prepayment penalties. However, there are subtle differences between the two that are important to compare.

When it comes to interest rates, SoFi offers fixed rates starting at 3.899% and variable rates starting at 2.48%, including the autopay discount of 0.25%. By comparison, CommonBond offers fixed loans as low as 3.2% and variable loans as low as 2.55%.

Although SoFi is more competitive with variable loans, the advantage definitely goes to CommonBond when it comes to fixed refinance loans. With 5-, 7-, 10-, 15-, and 20-year refinance loans available, both companies offer the same durations. Only CommonBond offers a hybrid loan option, however.

There are a couple of ways in which CommonBond comes out ahead. Only CommonBond allows co-signer release, and CommonBond has a much longer period of forbearance.

SoFi only offers unemployment protection with forbearance if you are terminated through no fault of your own. This feature suspends payments for three months initially and up to 12 months over the life of your loan.

There is one area in which SoFi is the winner: qualification requirements. While CommonBond requires at least a Bachelor’s degree, SoFi accepts borrowers who graduated with an Associate degree.

CommonBond Social Promise

One of the more unique aspects of CommonBond is its Social Promise.

The lending marketplace has partnered with Pencils of Promise, a nonprofit that helps fund overseas education in developing nations.

For every loan refinanced through the CommonBond platform, the company funds a child’s tuition in Ghana for one year. CommonBond has already donated more than $1 million to students through its Social Promise initiative.

Summary of CommonBond
Student Loan Refinancing

If you have excellent credit, you may be a good candidate for student loan refinancing with CommonBond.

The interest rates are hard to beat, with flexible options on fixed, variable, and hybrid loans over terms of 5 to 20 years.

CommonBond also offers benefits that are hard to come by with other student loan refinancing options. These include no prepayment penalties or origination fees.

Additionally, the company offers co-signer release, transfers of parent loans, and a long forbearance option.

The main downside to CommonBond is the approval process, which requires super-prime credit and a high-paying job.

Check Rates At CommonBond >>

The article CommonBond Student Loan Refinancing was originally posted on Investormint

Shopping around for student loans can be a daunting task. But for Rhode Island students and residents, RISLA is a top-rated lender that offers private student loans and student loan refinancing.

Whether you are looking for an undergraduate student loan, graduate student loan, or refinancing, RISLA provides low interest rate loans for terms of up to 15 years.

As long as you are a resident of Rhode Island, you can qualify for a private student loan even if you attend school elsewhere. Or if you are not from Rhode Island but attending college in the state, you are also eligible to apply.

If you meet the eligibility criteria, RISLA is a top rated lender that should be on your radar. Here’s why…

RISLA Spotlight

RISLA SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4 out of 5 stars	Private Student Loans: Up to $150,000 Student Loan Refinancing: Up to $250,000 Loan Duration: Up to 15 years Get Started via RISLA secure site

RISLA Review: Private Student Loans

RISLA, which is short for Rhode Island Student Loan Authority, makes private student loans available for term lengths of 10 and 15 years.

To qualify for a RISLA private student loan, you will need to be a resident of the state of Rhode Island or attend an eligible school there, and be a permanent resident or U.S. citizen.

Loan amounts as low as $1,500 and as high as $150,000 per borrower are available to eligible undergraduate students who need to possess a good credit score.

As a student, it may be too high a hurdle to jump to have a good credit score. But fear not, RISLA wins high marks with borrowers for its flexibility, which is evident in all sorts of ways, including:

• Co-signer friendly policy
• Income-based repayment plans
• Competitive interest rates

View Current Rates

Is My Co-Signer Eligible?

If you don’t have a good credit score but your co-signer does, you may still be eligible for a loan.

Co-signers must meet the following minimum standards:

1. Credit score of 680 or higher
2. Income of $40,000 per year or higher
3. Debt-to-income of 50% or lower

The reality is most students do borrow with the help of a co-signer, and it improves your odds of winning loan approval because RISLA’s risk is reduced.

After making on-time payments for 24 months consecutively, your co-signer may be released from the loan provided you meet the minimum requirements for annual income and creditworthiness.

How Income-Based Repayments Work

Not all lenders are on the side of borrowers. Some predatory lenders set high rates and demand repayment regardless of how affordable it is for you.

But RISLA earns brownie points for its repayment policy, which enables you to make repayments based on your income. This helps to ensure that student debt repayments fit your budget.

Credit Score vs Loan Term

As a private student loan applicant, your credit score is less important in setting your interest rate than your loan term.

The usual rule of thumb is that the longer the loan duration the higher the interest rate charged so expect a higher rate by choosing a 15 year term versus a 10 year term.

View Current Rates

RISLA Payment Methods

RISLA makes two repayment options available to borrowers of private student loans:

1. Immediate
2. Deferred

The cheaper option is immediate repayments because the time span is shorter, 10 years versus 15 years for deferred repayments, so less interest will accrue.

However, it may be difficult to pay back your loan while in school, especially as the clock starts ticking within a few weeks of receiving your loan proceeds.

For many borrowers, the only option is to begin making student loan repayments upon graduation. In that case, RISLA provides a 6 month grace period post-graduation in order to allow you a window of time to find a job and start earning a salary.

Repayment Alternatives

Compared to many other private lenders, RISLA goes above and beyond in helping borrowers to pay back their loans.

While they don’t go as far as SoFi in helping you to actually find a job if you are out of work, they do offer income-based repayment, deferment, and forbearance options.

Forbearance is available for a period of up to 12 months and may be available to borrowers who are struggling to find employment.

Another possibility is to defer payments to a later date but your overall loan balance will increase during the additional time period because the interest clock keeps ticking and adding to your total debt balance.

The final option is to choose an income-based repayment plan that can extend the life of the loan from 10 or 15 years to 25 years.

The maximum amount of your salary that can be applied to the loan is 15% but the extra 10 years could cause your total balance to balloon higher when factoring in accumulated interest rate charges.

Before choosing the income-based repayment option, calculate the total interest charges you will pay over the life of the loan. You might be surprised to discover just how much extra money you will need to pay over the life of the loan, so it is best to explore other alternatives first.

View Current Rates

RISLA Student Loan Refinancing

Top tier private lenders these days, like SoFi and CommonBond, provide student loan refinancing offers at attractive rates.

The idea is to help students consolidate debt and pay less each month than they are currently being charged.

Like other top private lenders, RISLA provides refinancing options to borrowers with good credit and a track record of making on-time payments.

Unlike many other private lenders, RISLA makes income-based repayment options available and even accepts some students who failed to graduate.

Loan Term Lengths

When you are approved for refinancing, you will have the option to choose between a 5, 10 or 15 year loan term length.

As with almost any other loan you might select, the shortest duration will cost you the least in interest rate charges.

However, short loan durations are not always affordable when you run the numbers on your monthly budget, so make sure to balance the cost of interest charges over time with your capacity to make monthly payments.

Maximum Loan Amounts

If you have multiple student loans from private lenders and want to consolidate to a lower interest-rate loan, RISLA has the capacity to refinance anywhere from $7,500 →  $250,000 of student loan debt.

View Current Rates

Student Loan Refinancing At A Glance

Penalty Fees

When you choose to refinance your student loan through RISLA, you won’t pay any origination fees nor any prepayment penalty fees if you decide to pay off your loan early.

However, a late fee penalty of 6% will be applied, just as it is to private student loan borrowers.

Are Co-Signers Permitted?

You are permitted to apply for student loan refinancing with the help of a co-signer. In fact, most applicants do add co-signers.

If you hadn’t previously considered a co-signer, it is well worth evaluating the pros and cons of adding an eligible one to the refinancing application because they likely have greater financial stability which should translate to a lower interest rate on your debt.

Qualification Criteria

To qualify for refinancing, you or your co-signer will need a credit score of 680 or above, an income of $40,000 annually or higher, and a debt-to-income ratio of 50% or less.

You will also need to be a permanent resident or a U.S. citizen, who has previously attended an eligible school.

Even if you didn’t graduate, you may still be eligible for refinancing through RISLA, which services all loans.

Repayment Options

For active duty military service personnel, it is possible to defer debt repayments. However, you are not permitted to defer if you choose to return to school.

As with private student loans, you may elect the forbearance option in cases of hardship, such as loss of a job or for medical reasons, for a period of up to 12 months.

And you can also extend your loan term to 25 years as part of an income-based repayment plan as you can with private student loans. But do the math before choosing this option because the interest payments over such a long time period could be larger than you might first expect.

View Current Rates

RISLA Reviews: Student Loans and Refinancing

RISLA earns high marks as a borrower-friendly lender. From highly competitive interest rates to generous repayment options, the Rhode Island Student Loan Authority is among the best private lending alternatives for Rhode Island residents and those attending school in the state.

Unlike some other private lenders, you won’t pay origination or prepayment penalty fees. But don’t pay late or you will be stung with a 6% late fee.

And if you are worried about whether your credit score or income are up to par, you can always add a co-signer, provided they meet the minimum eligibility requirements, such as a credit score of 680 or above and income of $40,000 or higher annually.

As private lenders go, RISLA ranks among the very best for undergraduate and graduate student loans, as well as for student loan refinancing.

View Current Rates

The article RISLA Student Loans Review was originally posted on Investormint

The American Journal of Pharmaceutical Education reports that the average indebtedness for pharmacy students has exceeded the average first year salary in recent years.

Almost 300,000 pharmacist jobs exist in the U.S. and the total student indebtedness is closing in on almost $200,000, which means that collectively pharmacists are shouldering a debt burden of tens of billions of dollars.

To lessen the financial obligations upon graduating, consider applying for one of the many pharmacy school scholarships on offer.

Tylenol Scholarship

Colloquially known as the Tylenol Scholarship, the official name is the Tylenol Future Care Scholarship.

Each year 30 students are awarded scholarships of $5,000 and 10 students are awarded scholarships of $10,000 for combining academic excellence, community involvement, leadership, and commitment to a career caring for others.

To be eligible for the Tylenol scholarship, you will need to attend an accredited institution which may be a two or four year college or University in the United States.

And you must be either a student or practitioner seeking a degree to actively treat patients.

As long as you have at least one or more academic years remaining and are not an employee or family member of Johnson & Johnson Consumer Inc. or McNeil Consumer Healthcare Division or affiliated companies, you will most likely be eligible.

If you are fortunate enough to win, you can apply your scholarship award to tuition, fees, books, supplies, and equipment required for courses.

Visit here for more information about the Tylenol Scholarship.

Pharmacy School Scholarship:
APhA Foundation Scholarship

The American Pharmacists Association Foundation Student Scholarship Program awards students who dedicate time to their school’s APhA – ASP Chapter.

You will need to have a cumulative grade point average of 2.75 or higher on a 4.0 scale to be eligible to apply.

And while you don’t have to hold a leadership position in your chapter of the APhA Academy of Student Pharmacists, you do need to be an active member.

Plus, you must complete at least one academic year in the professional sequence of courses.

The application requirements include:

• 2 letters of recommendation from faculty and non-faculty
• Evidence of community involvement and skills (both pharmacy and non-pharmacy related activities)
• An essay no longer than 500 words on the impact you aspire to have on your patients and profession
• Your academic transcripts and resume or CV

For more details about the APhA Foundation Student Scholarship Program, visit this link.

> Check Out The Best Life Insurance Options

ASHP Student Leadership
Award Program

The ASHP Student Leadership Award Program recognizes students with demonstrated leadership qualities who have an interest in pharmacy practice.

A maximum of twelve awards are handed out annually to students who represent the best attributes of ASHP members and have a proven history of accomplishments.

Only pharmacy students in their second to fourth years are eligible to apply.

You must also be a full-time pharmacy student enrolled in a professional Doctor of Pharmacy program at an ACPE-accredited college of pharmacy.

Applicants must have a cumulative GPA of at least 2.75 to apply (based on a 4.0 scale or equivalent).

To apply for the $2,000 cash award from the ASHP Research and Education Foundation as well as the award plaque, you will need to:

• Write an essay of no more than 750 words about how you would increase awareness and understanding of the Practice Advancement Initiative among student colleagues
• Provide 3 recommendation forms signed by each recommender
• Complete a Certification of Acceptance signature page
• Complete a Professional Activities questionnaire
• Send in a resume or curriculum vitae

For more details, visit this website.

NCPA Foundation Scholarships

The NCPA Foundation is a non-profit, philanthropic 501(c)(3) organization that relies on support from individuals and corporations to help develop future leaders and entrepreneurs in the pharmacy profession.

The NCPA Foundation provides scholarships to pharmacy students, research programs dedicated to improving the success of independent pharmacy and patient care, aid to community pharmacy owners, and community health awareness programs.

The core focus of the non-profit is to stimulate pharmacy ownership and entrepreneurship in pharmacy students, provide educational support to pharmacy students and independent pharmacies in the event of natural disaster, support research to advance the competitive status of independent pharmacies, and educate communities to the benefits of independent pharmacy services.

The NCPA Foundation Scholarship awards students with distinguished leadership qualities, an interest in pharmacy management, and a demonstrated history of academic excellence.

Historically, companies like McKesson have sponsored a range of pharmacy scholarships, including:

• Presidential Scholarships are for candidates with outstanding leadership qualities and academic credentials. The award payable to the school is for $2,000 plus a $300 travel stipend
• Partners in Pharmacy is for pharmacy students who are student members of the NCPA and enrolled in an accredited U.S. school who have demonstrated leadership qualities and academic achievement. The award is for $2,000 in addition to a $300 travel stipend
• Neil Pruitt Sr. Memorial Scholarship in Entrepreneurism is for applicants with a demonstrated interest in entrepreneurism, proven leadership and academic qualities. Recipients are awarded $2,500 plus a $300 travel stipend
• William B. Simmons Memorial Scholarship for Pharmacy Management is intended for applicants who have a demonstrated interest in independent pharmacy management, a history of scholastic success, and leadership accomplishments that are adjudicated by the NCPA Foundation Scholarship Committee. The award is for $2,000 in addition to a travel stipend of $300
• J.C. and Rheba Cobb Memorial Scholarship for Excellence in Government Affairs is for applicants who have demonstrated an interest in government activities, and have a background of academic excellence and leadership accomplishments. The award is for $2,000 along with a $300 travel stipend

AFPE Scholarships

The American Foundation for Pharmaceutical Education has a mission to advance and support pharmaceutical sciences education at U.S. schools and colleges of pharmacy by funding first year graduate school and pre-doctoral fellows in the pharmaceutical sciences, pre-doctoral fellowships in the clinical pharmaceutical sciences, and pharmacy faculty development research grants.

AFPE First Year Graduate Fellowships are designed to encourage students to pursue careers in pharmaceutical sciences. They support leading Pharm.D degree candidates in the first year of graduate school.

AFPE Pre-doctoral Fellowships in the Pharmaceutical Sciences and Pre-Doctoral Fellowships in the Clinical Pharmaceutical Sciences awards exceptional Ph.D students to help them focus on industry-oriented subjects, such as drug delivery, drug development, clinical trial design and management, manufacturing quality control, and pharmaeconomics.

AFPE Pharmacy Faculty Development Fellowships in Community Pharmacy Practice and in Geriatric Pharmacy support full-time PharmD and PhD pharmacy college faculty members as they pursue six month projects designed to benefit the pharmaceutical industry, pharmacy industry, science education, and national health.

AFPE grants, scholarships, and awards include:

• Pre-Doctoral Fellowship in Pharmaceutical Sciences
• Pre-Doctoral Fellowship in Health Outcome Disparities
• Kappa Epsilon – AFPE Fellowship
• Phi Lambda Sigma – AFPE First Year Graduate School Fellowship
• Rho Chi – AFPE First Year Graduate School Fellowship
• Gateway to Research Scholarship
• William M. Heller Mentor of the Year Award

RESPy Award

RESPy award winners are nominated by Pharmacy School Deans or School Faculty & Administration with endorsement from a Dean.

The award honors extraordinary humanitarian work in the community by pharmacy students.

Each year, Pharmacy Times® awards students a scholarship of $1,000, a featured article about their service, a hand-crafted mortar and pestle, plus an invitation to the Walmart pharmacy intern program.

IHS Scholarships

Indian Health Service Scholarships are available to American Indian and Alaska Native students.

They are designed to educate and coach health professionals for careers in Indian Health programs.

Three scholarships are available:

Preparatory Scholarship

American Indian and Alaska Native undergraduate students can receive financial aid provided that they are descendants or members of state-recognized, federally-recognized or terminated Tribes.

Candidates must be enrolled in eligible courses that lead to qualified health professional degree programs.

Pre-Graduate Scholarship

Candidates must have similar lineages as Preparatory Scholarship applicants and must be enrolled in courses leading to a bachelor’s degree in one of the following areas:

• Pre-medicine
• Pre-dentistry
• Pre-podiatry
• Or other subjects needed by the Indian Health programs

Health Professions Scholarship

Recipients of the Health Professions Scholarship are obliged to fulfill a service commitment in full-time clinical practice upon completion of post-clinical or academic training.

The scholarship covers tuition, fees, and living expenses.

Next Steps

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The article Pharmacy School Scholarships was originally posted on Investormint