9 Best Student Loans for Community College of October 2019

Key facts

Best first option for all student loan borrowers.

Pros

• More flexible repayment options for struggling borrowers than other lenders.

• Subsidized loans do not collect interest while in school or during deferment.

• Lower interest rates compared with private lenders.

Cons

• You pay an origination fee.

Qualifications

• No credit check or minimum income is needed to borrow.

• Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000

• Independent students and graduate students have higher loan limits.

Available Term Lengths

10 to 25 years once repayment begins, depending on the repayment plan.

Disclaimer

Key facts

Best for international students and students with Deferred Action for Childhood Arrivals, or DACA, status.

Pros

• Offers a hard-to-find option: non-co-signed student loans for international and DACA students.

• Borrowers are assigned a dedicated student loan advisor.

• Forbearance of 24 months is longer than many lenders offer, and borrowers can access national disaster forbearance as well.

Cons

• Payment required while in school and during the grace period.

• Offers only one repayment term: 10 years.

Qualifications

• MPOWER considers future income potential but does not factor in credit scores.

• Loan amounts: Minimum $2,001. Maximum loan is $50,000, limited to $25,000 per academic period.

Available Term Lengths

10 years

Disclaimer

Key facts

Best for Rhode Island students who may need wiggle room on payments in the future.

Pros

• Income-based repayment plan available, with forgiveness after 25 years.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.

Cons

• Loans available only to Rhode Island residents or those who attend school there.

Qualifications

• Typical credit score of approved borrowers: 768.

• Minimum income: $40,000.

• Loan amounts: $1,500 to $45,000.

Available Term Lengths

10 or 15 years

Disclaimer

Key facts

Best for part-time students and those who want flexibility with repayment.

Pros

• One of the few lenders to provide loans to part-time students.

• Borrowers can access online tutoring and free credit score tracking.

• Non-U.S. citizens, including DACA students, can apply with a co-signer.

Cons

• You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

• Information not available on minimum qualifying credit scores or income.

Qualifications

• Typical credit score of approved borrowers or co-signers: Does not disclose.

• Minimum income: Did not disclose.

• Loan amounts: $1,000 up to 100% of the school-certified expenses.

Available Term Lengths

5 to 15 years

Disclaimer

Lowest rates shown include the auto debit discount: Fixed 4.74% - 11.35% APR and Variable 3.12% - 10.54% APR. Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You're charged interest starting at disbursement, while in school, during your separation/grace period, and until the loan is paid in full. The repayment option that is selected will apply during the in-school and separation/grace periods. When you enter principal and interest repayment, Unpaid Interest will be added to your loan's Current Principal. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs are valid as of 09/25/2019 and assume a $10,000 loan to a freshman with no other Sallie Mae loans. Additional information regarding the auto debit discount: Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan. Loan amounts: $1000 up to 100% of the school certified expenses: Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Repayment term of 5 to 15 years: This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.44% fixed APR. It works out to 51 payments of $25.00, 119 payments of $156.04 and one payment of $118.97, for a Total Loan Cost of $19,962.73.

Key facts

An option for borrowers who want flexible repayment.

Pros

• Option to skip one payment every 12 months.

• No late fees.

• Nine-month grace period is longer than most lenders offer.

Cons

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

• Loans aren't available in Alaska, Connecticut, Hawaii, Illinois, Nevada, New Hampshire, Texas and Virginia.

Qualifications

• Typical credit score of approved borrowers: Did not disclose.

• Minimum income: $35,000.

• Loan amounts: $1,000 up to your total cost of attendance.

Available Term Lengths

5, 7, 10, 12 or 15 years

Disclaimer