![goal of graduating](/assets/files/hbaVedt8/graduate.jpg)
![goal of graduating](/assets/files/hbaVedt8/graduate.jpg)
Student Loans
Keep the Memories. Ditch the Debt.
Private Student Loans & Student Loan Refinance
best student loan in a matter of minutes, not months.
Discover the benefits of our student loan marketplace:
- Search for in-school and refinance loans that suit your unique situation
- Explore competitive fixed and variable interest rates for ultimate personalization
- Enjoy flexible repayment terms and options that fit your budget
- Say goodbye to origination fees and prepayment penalties
Eligible Students
![two people](/assets/files/FeaD38ca/ManageUsers.png)
Expenses Covered
![bag of money](/assets/files/adocUPEi/Savings.png)
Personalized Rates
![calculator icon](/assets/files/Rd6nU6Ug/Calculator.png)
DISCLOSURES: Please include the following disclosure at the bottom of your student loan web pages. Borrow responsibly. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan. This student loan marketplace is powered by Sparrow. These loans are made by Sparrow’s lending partners. TLC Community Credit Union is not the creditor for these loans and is compensated by Sparrow for the referral of loan customers. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
SPARROW RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. © 2023 Sparrow Labs Inc. All rights reserved. Sparrow, the Sparrow logo, and other Sparrow names and logos are service marks or registered service marks of Sparrow Labs Inc. All other names and logos used are the trademarks or service marks of their respective owners. Sparrow is not sponsored by or an agency of the United States of America.
- Tuition and fees
- Room and board
- Housing utilities
- Meals and groceries
- Books
- Supplies
- A personal computer you’ll use for school
- Dependent childcare expenses
- Federal student loans are offered by the U.S. Department of Education and have interest rates set by Congress. These loans also provide benefits and protections that private student loans don’t offer, such as access to federal deferment and forbearance options,
income-driven repayment programs, and student loan forgiveness programs. - Undergraduate student loans include both federal and private student loans that are used to pay for your undergraduate studies.
- Parent PLUS Loans are available to parents who want to help their child pay for school. Unlike other federal student loans, PLUS loans require a credit check, and you might not qualify if you have an adverse credit history, such as a default, delinquent account, or
repossession. Keep in mind that some private lenders offer parent student loans, too — though these don’t come with the federal protections that PLUS Loans offer. - Graduate student loans can be used to help you pay for grad school. Direct Unsubsidized Loans and Grad PLUS Loans are two types of federal student loans that can be used for graduate programs. There are also several private lenders that offer graduate
student loans. - MBA student loans can help you finance a business degree. While you might be able to use a general graduate student loan to pay for these costs, there are also private lenders that offer specialized MBA loans.
- Law school student loans can be used to pay for a law degree. You can take out general graduate student loans for this, or borrow specialized law school loans from certain private lenders.
- Medical school student loans can help you cover expenses while attending med school. Some medical school loans also sometimes let you defer payments until after residency.
Here’s the difference between the two:
● A fixed-rate will stay the same over the course of your loan term. This also means your
payments won’t ever change.
● A variable rate can fluctuate and possibly even increase over time. Because of this, your
payments might rise or fall.
drawbacks to keep in mind, including:
- No federal benefits: Private student loans don’t come with federal benefits and protections. For example, you won’t be eligible for student loan forgiveness programs or federal deferment and forbearance options.
- Lack of repayment options: Unlike federal student loans, private student loans don’t provide a variety of repayment options. For example, private student loans typically don’t offer income-driven repayment or graduated repayment plans.
- Potentially higher interest rates: If you have excellent credit, you might get approved for a lower interest rate on a private student loan compared to a federal loan. However, many college students haven’t yet established enough of a credit history to qualify for these
rates — so unless you have a cosigner, you’ll likely get a higher rate on a private student loan.
How much you can actually borrow will vary by lender and can include annual or cumulative borrowing limits. Other private lender criteria that can affect how much you can borrow might include your credit history, the credit quality of your cosigner, your school’s certified cost of attendance, the degree you’re earning, and more.
For student loan refinancing, no new funds are disbursed. Instead, your new private lender pays off your existing loan(s) and gives you a new loan with new terms. This generally happens within a few days, but always check with your lender(s).
Although it varies depending on the lender and your school, it can sometimes take 3 to 5 weeks for you to receive the funds. So, if you’re trying to decide when to apply for a private student loan, be sure to give yourself some time and apply sooner rather than later.
- Have a qualifying credit score (or a cosigner with one)
- Have a qualifying income and debt-to-income ratio (DTI) (or a cosigner with one)
- Be enrolled in an eligible education program
- Be a U.S. citizen or legal resident with a Social Security number
- Be at least 18 years old and hold a high school diploma or equivalent (or have a cosigner)
- Use the loan for education purposes only
Private student loans require a credit application that examines income, employment, and a credit report. The lower your credit score, the higher the risk for the lender, which translates into higher interest rates. One way to get approved for a loan with a lower rate can be to add a creditworthy cosigner to your loan application.
you the best rate.