Three Free Student Loan iPhone Apps

Being technologically savvy in university can almost be as important as obtaining those student loans, so chances are college students throughout the nation know their way around a smart phone. Why not combine the two?

Thanks to Apple’s iPhone and iPod Touch, there are a few free applications that can make the task of finding, applying, securing, and paying off student loans both mobile and hassle free.

The Student Loan Insider

With a recent site redesign, streaming the latest news, laws, and valuable information regarding student loans in an easily navigated format, The Student Loan Insider is a 100 percent free app that can be downloaded for you iPhone or iPod Touch.

College Loan Helper

By simply combining the amount owed, interest rate, and number of payments in a basic template, the College Loan Helper on your iPhone, iPod Touch or Google homepage can help you easily calculate and manage your student loan debt.

Student Loan Calculator

Similar to the College Loan Helper, along with assisting you with how long it might take you to pay off your student loans, the Student Loan Calculator will also help you consolidate your loans if need be.

Student Loans: Stafford Versus Private

When it comes to planning for your financial aid to pay for college, the most common options include applying for either a federal Stafford loan and private loans. Here’s are some of the basics to help you decide which one might suit you best.

To Be Eligible.

Federal student aids require you to complete a Free Application for Federal Student Aid (FAFSA) and you must be a U.S. citizen, permanent resident, as well as at least a half-time undergraduate or graduate student.

Private loans are based on credit criteria established by the lender, which may vary depending on whether you have a co-signer. You must also be at least a half-time student at a university approved by the U.S. Education Dept.

Interest.

Federal loan interest rates are variable each year, but they are capped at 8.25 percent.

Private loan interest rates are based on how good your credit is. The best rates are achieved when both you and a cosigner of yours are credit-approved. Interest is based on the prime rate and could change monthly if the prime changes.

Fees.

Federal loans have a three percent origination fee as well as a one percent guarantee fee.

Private loans may have a repayment fee of three percent in some credit tiers.

Max. Loan Available.

Federal loans are set by Congress.

Private Loans allow you to borrow up to the cost of attending the establishment. The requested loan amount must also be certified.The maximum loan limit is $100,000 without a co-signer.

Repayment.

Federal loans have a general 10-year repayment term, however extended repayment plans can extend up to 25 years. Borrowers have a six month grace period after graduation before its necessary to begin making payments, and federal loan consolidation is an option.

Private loans have a general 15-year repayment plan, and extended repayment plans can extend up to 25 years as well. Private loans are not eligible for federal loan consolidation, however combined billing to make single payments is an option.

Philadelphia Student Loan Rates

Are you a high school student who’s been accepted to the University of Pennsylvania? If so, congratulations are in order. Penn is one of the most competitive schools in the nation, just like the rest of the Ivy League.

It’s also very expensive, and if you’re wondering how youre going to pay for it you should see what Philadelphia Banking Rates could do to help. We find low student loan rates for people every single day.

We could also help people find the student loan consolidation rate they’re looking for, to help lower monthly payments. Philadelphia Banking Rates is here to help.

Paying Back Student Loans in Philadelphia, PA

A nice feature of a student loan is that typically students or parents do not have to start paying back loans until after graduation. There are even many loans that allow graduates to defer payments for an even longer term after graduation in case they do not get jobs immediately or choose to continue their education for an advanced degree. Upon graduation, students can also look to consolidate their student loans by refinancing them into one loan at potentially lower student loan rates and lower their overall payment.
Learn more about student loan options.