Federal student loans are not always enough to cater for all the college expenses. Sometimes you need a little extra cash to fill in the financial gaps. Suntrust and PNC banks offer an alternative source of college funding for students. The sun trust student loans and the PNC college loans are the best options for students.
Top Private Student Loans: Suntrust and PNC Bank Student Loans
Suntrust bank student loans
Suntrust bank offers one of the best student loans you will ever get in the country. Student loans from sun trust are specifically tailored to give the students a relatively cheap alternative to financing their college education. They offer loans with competitive APR. Currently, they have two interest options – the variable interest rates which range from 3.751-10.800% per annum and the fixed interest rates that can be anywhere between the 4.751-11.500% per annum. These rates compete with the federal government loans whose APR range between 4-6% depending on the type of loan taken.
Other incentives of this loan include the lack of origination and application fees, absence of prepayment charges, flexible repayment options that allows in-school deferment of payment and special rewards, for example, a one percent reduction in the principal loan amount upon graduation from school.
Some of the Suntrust education loans include:
- Custom choice student loan- the custom choice loan is available for local students. Both the undergraduate and the graduate students.
- Union Federal private student loan- this loan is an equivalent of the custom choice option, only that foreign students can also apply for this loan product.
- Graduate business school loan- from the name you can tell that this loan is open for students wishing to pursue graduate studies in business. The graduate business school loan has a slightly lower APR range than the others. It comes with a fixed rate of between 4.751-9.318% and a variable rate of between 3.751-8.760%.
PNC bank education loans
PNC Bank, one of the biggest banks in the country, also supports education through the provision of PNC education loans. Just like any other private loan, you should ensure that you have exhausted your options of getting federal aid first. The main advantages of taking PNC student loans include:
- Release the cosigner option
The bank allows borrowers to release the cosigners after the borrower has made forty-eight consecutive installments without default. This option is encouraging even to potential cosigners.
- No hidden charges
PNC banks do not levy any origination or application fees. The only fees that apply are the interest charged. The borrower has an option of reducing the interest rate by 0.5 percent if he/she uses automated payment.
- The borrower can choose the rates
PNC bank provides its customer with the privilege of choosing whether they would like to pay a fixed or a variable interest rate. The fixed rates range from 6.26-12.99% while the variable rates range between 4.77-11.85%.
- Longer repayment duration
PNC bank allows its customers up to fifteen years to repay the loan. When the student is still in school, there is an option of deferring the payment up until six months after graduation.
Are The Loans Too Much? Consolidating Student Loans Pros and Cons
As you continue with your studies you will realize that federal loans aren’t enough, you might end up borrowing from a different lender every academic year or semester. After finishing your studies, you will realize that you have several student loans from different lenders that call for your attention. The numerous loans might become too much to handle. This is where consolidation comes in. Consolidating loans means taking a bigger loan to pay off all the small loans. You can opt to use refinance student loans PNC education option or other lenders offering these services.
When it comes to student loans, it is advisable to consolidate the private and the federal loans differently.
Pros and cons of consolidating student loans
There are upsides and downsides to loan consolidation, whether it is a student or otherwise.
- Lower payment. Big loans take longer to pay. Consolidation will help lower your monthly payments by lengthening your repayment period.
- Simpler payment schedules. Instead of having numerous payment schedules for individual loans, you can consolidate them and remain with only one or two payments per month.
- Improves your credit ratings. Consolidating your loans reduces the chances of missing out on a payment. Strict adherence to the payment schedule significantly improves your credit score.
- Foregoing of benefits. Once you round up all your loans, you will lose the benefits that come with certain loans. For instance, you will stop being eligible for forgiveness.
- Variable rates. Whenever you are consolidating your loans, avoid variable rates at all costs. Variable rates may increase at any moment leaving you with an even bigger debt than before.
- Longer repayment. Much as the monthly remittances are reduced, the repayment period is increased. You will have to pay the loan for longer.
Should You or Should You Not? Pros and Cons of PNC School Loans
Student loans aren’t always fun to have, especially when it comes to repayment. The situation is even worse when dealing with private loans. Student loans pros and cons should always be carefully considered before signing the loan contract form.
The main pros and cons of student loans include:
Student loans are normally a huge burden for people who took them. Many students end up paying the their loans for the better part of their productive lives. Always ask yourself if you need the loan. Poor judgment when taking a simple student loan may haunt you for the rest of your life.