College Loan Help

If you are thinking about obtaining a college loan to pay for or help pay for college, you will find this page to be indispensible. Paying for college tuition and other expenses is not easy. There are a number of banks and institutions that will help fund your or your child's education.

Lowering Existing Loan Payments

Right now is probably the best time in the history of college student loans, to refinance due to the historically low interest rates we are seeing. But, as many of you know, the Fed has announced that they intend on raising the Fed Funds Rate slowly for the forseeable future. But, the great news is, that you can lower your payments by a significant amount each month. Cut your monthly student loan payment by up to 60%. This is your chance to help your financial health no matter what kind of money you make, there is every reason to refinance your student loans now. Next Student is a service that we have found to be helpful in making the refinance process easy and almost work free.

Who do I Get a Loan From?

There are many banks that provide loans for college. Most colleges and universities have "preferred" lenders that most likely give the school better service and don't necessarily provide you with the best rate and terms. So who do you use? As we said above, we have had a lot of positive feedback about FinancialAid's Plus loan program, but here are some alternatives if that does not work for you.

California Residents

CA residents should use Chelafin. 0% origination fee + immediate discounts at repayment and if you consolidate with them they give you a reduction of $300 and $1,200 depending on how much is owed.

All Other States

All others should use Northstar. 0% origination fee and immediate discounts and immediate discounts for consolidation.

The PLUS Loan

For the PLUS loan - Parents should go to Commerce Bank. You can get an immediate 2.5% discount on the loan, for the 2004/20005 school year instead of paying 4.17% you would pay only 1.67%. A savings of over $1,000 for every $10,000 borrowed. With Commerce you need to ask them that you want them to use the MO guarantor, no one else.

Consolidation Loans

Either Chelafin or Northstar. Unless you have these lenders for your loans, you will not be able to consolidate with them, so during the SR year or your last year in school, change lenders. The savings will be substantial.