Many students heading in to college avail loans to further their studies. Student loans can be used for any college released expenditure, including tuition, room and board, books, computers, and transport costs. Upon completion of the course, many are unable to pay back their loan. It is best to choose the lender and loan most suitable to your requirements, so as to minimize repayment difficulty.
Some of the most famous types of student loans are offered through:
Federal Government – These loans (financial aid) are often the cheapest as they are subsidized. For lower and middle income families, the federal loans are usually the only option. As a student, the first step in applying for a federal loan, is completing the FAFSA (free application for federal student aid). This loan is further classified as subsidized – the government pays the interest while the student is studying and unsubsidized. These loans are made regardless of the borrower’s credit history and approval is automatic if the student meets the program requirements. Federal student loans are also made to parents, where the credit history is looked into and the approval is not automatic.
PNC student loans – This private loan is offered from one of the biggest banks in the country. They provide the flexibility of having a fixed or variable interest rate and they do not charge any application fee or origination fees. The borrowing limits offered are more than their competitors. Another plus point of PNC, is their excellent customer service.
SallieMae – They are one of the biggest and well known private student loan providers. They have been in the business for the past forty years and have a reputation of having served million of Americans. They let the borrower choose an interest rate type and the repayment option that works best for them.
Wells Fargo student loan – Wells Fargo is one of the largest banks in the Country. They do not charge any application, origination or, early repayment fee. The interest rates they offer are competitive (both variable and fixed). A pro to consider “ students need not start repayment until six months after leaving school.
College Ave student loan – The feature that stands out with College Ave is, they provide flexibility to students to save more money. Flexibility is also given to start making repayments immediately, or after you graduate. The application process is swift and there is no penalty for paying early.
Be aware that all private loan providers seek credit qualification and the interest will continue to accrue during any deferment period.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.