FinAid | Loans | Private Student Loans | (school, financial aid, year) - Colleges and Universities

Until now, many families relied on home equity loans, retirement savings or, worse yet, credit cards to pay college expenses. But those options may not give families all the features they want and need when paying for education.

If students need help paying for college, they should first turn to the federal Stafford loan program. Stafford loans are offered at very attractive interest rates and terms which private loans simply can’t match. But because of their low loan limits, most families need more assistance. In our comparison chart, we outline the distinct advantages of Think student loans compared to other, non-education specific loans like home equity and credit cards.

Our comparison chart details the distinct advantages of a Think student loan and the distinct disadvantages of using non-education specific loans to pay for school.

Loan comparison chart

	THINK STUDENT LOAN	FEDERAL STAFFORD LOAN	FEDERAL PLUS LOAN	CREDIT CARD	HOME EQUITY LOAN
LOAN COLLATERAL	None	None	None	None	House
LOAN LIMIT	Up to the cost of attendance with a lifetime aggregate maximum of $250,000	Beginning on July 1, freshmen $3500, sophomore $4500, juniors and seniors $5500	cost of attendance less other aid	varies by credit limit	varies by available equity
APPLICATION PROCESS	Apply online or over the phone in 15 minutes	Fill out FAFSA form first, then fill out Stafford Loan Application. Forms can take hours to complete	Graduate students must complete FAFSA form first. Forms can take hours to complete.	Apply online or over the phone in short period of time	Fill out credit application, timeline depends on individual lender
APPLICATION DEADLINE	None	In most states, FAFSA must be submitted by March 1.	In most states, FAFSA must be submitted by March 1.	None	None
APPROVAL TIMELINE	Preliminary approval in as fast as 60 seconds after application submitted	FAFSA review takes weeks to months	FAFSA review takes weeks to months	Depends on individual credit card provider	Usually takes hours or days, depending on individual lender
DISBURSEMENT TIMELINE	Check sent as fast as 48 hours from final approval1	Entire process takes weeks to months	Entire process takes weeks to months	Card usually sent in days or weeks	Home equity proceeds sent in days or weeks
DISBURSEMENT PROCESS	Check sent directly to applicant(s)2	Loan proceeds sent to school	Loan proceeds sent to school	Card sent directly to applicant(s)	Depends on individual lender, but receiving loan proceeds can take weeks
DEFERMENT PROVISIONS	Repayment begins 6 months after graduation or six months after you cease to be enrolled on at least a half-time basis. Repayment will begin no later than 5 years from disbursement.	Defer all payments while in school for up to 5 years	Defer all payments while in school for up to years	Usually no deferment provisions	Usually no deferment provisions

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