As the number of graduates continues to rise annually, the conversation around student debt is becoming more pertinent.
Considering the significance of student loans in financial aid programs, it is important to initiate your application process for them as soon as possible to gain access to all the advantages that loans offer.With the rising cost of college tuition, Education Loan Finance provides a lifeline to those who are unable to afford it. It offers a way for them to acquire higher education without putting an extra strain on their finances.
Education Loan Finance has made access to higher education easier by providing low-rate loans. There’s no need to worry about application or origination fees – their loan process is free of cost. This makes their loans an attractive and viable option for those looking to pursue higher education.
Education Loan Finance Interest Rates and Fees
Education Loan Finance offers its borrowers two different options for their student loans & loan refinancing. For student loans, the variable APR ranges from 1.96% to 11.52%, while for loan refinancing it varies from 1.86% to 7.98%. Compared to other student loan lenders, these numbers are considered to be quite reasonable.
Education Loan Finance provide loan refinancing and student loans without incurring any origination fees.
Missing a payment date can be expensive, as there are fees associated with it. If a borrower fails to pay on time, they will be subject to a late payment fee of 5% of the past-due amount or $50 – whichever is lower. Student loans and refinancing have the same fee structure; however, those who choose to pay off their debts earlier than expected won’t incur any prepayment fees.
If a parent has taken out an Education Loan Finance student loan or refinanced an existing loan, they can transfer the liability to their child.
Qualifying for Education Loan Finance
Student loans are undoubtedly a key source of debt in our society. We must acknowledge their importance and strive to help those affected by it. Technologies are revolutionizing the way in which people study, paving the way for more efficient post-graduate course options. A loan from Education Loan Finance requires certain criteria to be met, such as having a good credit history or being of a certain age.
- Must be a U.S. Citizen
- Prerequisite for this job is to possess a bachelor’s degree or have proof of graduation.
- Only those who have attended educational institutions that are eligible to receive federal support are eligible.
- No bankruptcy petitions in the last 7 years are allowed.Must have a debt to income ratio of 55%
- An individual must have an annual income of more than $140,000 annually to be eligible.
- To qualify, your credit score must be 773 or higher.
Education Loan Finance’s annual income requirements may be a drawback if you are earning an average salary and striving to pay off your student loan debt. Before committing to a loan, it is essential to make sure you have met all criteria as Education Loan Finance conduct thorough background checks on applicants. Therefore, it is essential to be well-prepared beforehand in order to be eligible.
If your loan application has been approved, Education Loan Finance will get in touch with your school and make sure all the correct documents are in place. Once certified, they will directly disburse the loan to the chosen institution.
Final thoughts
Education Loan Finance works just like a bank. Your loan will be approved depending on your credit/debit history & the amount you need to borrow. With them, you can get access to the necessary funds for your education goals. Education Loan Finance can provide financial aid to students when it comes to covering the costs of their tuition, books, supplies and even basic living expenses. This way they can focus on their studies without worrying about money.
Before applying for Education Loan Finance, you must make sure to check that you are qualified and fulfill the program’s highly regarded requirements. It is essential to be aware of this before submitting an application.
How to apply for Education Loan Finance?
You can get your Education Loan Finance in no more than an hour! All you need to do is go to their website and fill out a few basic pieces of information about yourself, such as the school you attend, the degree you hold, and your current employer.
Education Loan Finance will also want to verify your annual income to make sure you meet their eligibility requirements. If everything checks out, they then proceed to do a thorough background check before informing you about the loans that are available.