Pfizer Moderna hike up COVID-19 vaccines prices in EU: report – National


Pfizer Inc Moderna Inc have raised the prices of their COVID-19 vaccines in their latest European Union supply contracts, the Financial Times reported on Sunday.

The new price for the Pfizer shot was 19.50 euros (USD 23.15) against 15.50 euros previously, the newspaper said, citing portions of the contracts seen.


Click to play video: 'Trudeau announces major deal with Pfizer to provide COVID-19 booster shots'







Trudeau announces major deal with Pfizer to provide COVID-19 booster shots


Trudeau announces major deal with Pfizer to provide COVID-19 booster shots – Apr 23, 2021

The price of a Moderna vaccine was USD 25.50 a dose, the contracts show, up from about 19 euros in the first procurement deal but lower than the previously agreed USD 28.50 because the order had grown, the report said, citing one official close to the matter.

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The European Commission said on Tuesday that the EU is on course to hit a target of fully vaccinating at least 70% of the adult population by the end of the summer.

In May, the EU said it expects to have received more than a billion doses of vaccines by the end of September from four drugmakers.

Pfizer Moderna were not immediately available for comment to Reuters.

(USD1 = 0.8425 euros)

— Reporting by Sabahatjahan Contractor in Bengaluru

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I want to buy two flats by selling one. What are the income tax implications?


Can I buy two house properties from the sale proceeds of a one residential house held by me for more than 24 months, without paying any income tax? For smooth succession, I want to buy one property in the joint names of me my son second property in the name of me my daughter though entire investment will be made by me. If not, please guide me as to how I should go ahead to ensure that the property is passed on to my son daughter without any income tax implication.

Under Section 54 of the Income Tax Act, an individual tax payer is entitled to claim exemption from payment of tax on long term capital gains arising from sale of a residential house if he invests the capital gains for buying another residential house within specified time period. It may be noted that for availing the tax benefits under Section 54, you are required to invest only the indexed capital gains on sale not the full sale consideration of the existing house property. Thus the extent of money which you need to invest will be lower than what you are anticipating now. Exemption on long term capital gains from one residential house can only be claimed for investment in only one residential house property.

However, as per various judicial pronouncements of various income tax tribunals exemption can be claimed for buying more than two flats if these flats are used as a single residential unit like adjoining flat or a duplex in the same building. Even the benefits can be claimed for buying a full residential building if it is proposed to be used by a single family having one common kitchen.

There are no restrictions on you buying the proposed property jointly with your children as long as you are able to establish that you have made the requisite investment in the property.

Your son or daughter can be made joint owner in the agreement even if they do not invest any money in the property. In order to ensure that the property passes on smoothly to your children after your death, please prepare a Will specifying the share of your son daughter in all your assets whether movable or immovable. Your son or daughter will not have to pay any tax at the time when they inherit your assets on your demise you also will not have to pay any tax now if you invest the full indexed long term capital gain as discussed above.

Balwant Jain is a tax investment expert can be reached on [email protected] @jainbalwant on Twitter

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Can I get income tax benefit on home loan prepaid penalty charged?


I have fully repaid my housing loan to LICHFL in December, 2020 for my self-occupied flat. The lender has also charged me a prepaid penalty for this. Can I get any tax benefit for amount of loan repaid the prepayment penalty?

As per Section 80C an Individual is are entitled to a deduction upto Rs. 1.50 lakh in respect of amount repaid towards repayment of home loan taken from specified institutions. This deduction is no necessarily restricted to the component of principal repayment comprised in your monthly EMI but is also available for any part or full prepayment made during the year. Please note that the aggregate amount of deduction available under Section 80C shall not exceed Rs. 1.50 lakh irrespective of the amount of home loan repaid by you.

The deduction under Section 80 C for principal repayment of qualified home loan is available along with various other payments like Life Insurance Premium, ELSS, NSC, PPF, Provident Fund tax saving bank FD, tuition fee for children etc.

As regards claim of prepayment penalty paid by you, as per the provisions of income tax any fee or charges paid in connection with the loan is also treated as interest therefore you will be able to claim the amount of processing fee paid by you under Section 24(b) along with the amount of interest paid by you during the year but only within the overall limit of Rs. 2 lakhs applicable for a self-occupied house property.

Balwant Jain is a tax investment expert can be reached on [email protected] @jainbalwant on Twitter

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Best MBA Loans of 2021


Going to business graduate school can be expensive – the top schools can charge in the six figures – so it’s important to take steps early to determine how MBA loans can help you finance your education.

The Best MBA Student Loan Companies in 2021

College Ave

3.24% to 12.99% with autopay Fixed APR
Cost of attendance, minus aid Max. Loan Amount
Mid 600s Min. Credit Score

Earnest

3.34% to 12.78% with autopay* Fixed APR
No maximum Max. Loan Amount
650 Min. Credit Score

Ascent Funding

3.27% – 12.16% with autopay Fixed APR
$200,000 Max. Loan Amount
540 Min. Credit Score

U-fi

3.59% to 12.37% Fixed APR
$500,000 Max. Loan Amount
680 Min. Credit Score

Sallie Mae

3.50% to 12.60% with autopay Fixed APR
Cost of attendance, minus aid Max. Loan Amount
Mid 600s Min. Credit Score

SoFi

3.49% to 10.66% with autopay Fixed APR
Cost of attendance, minus aid Max. Loan Amount
Not disclosed Min. Credit Score

Citizens Bank

4.18% to 10.95% Fixed APR
$150,000 Max. Loan Amount
Not disclosed Min. Credit Score

Discover

4.24% to 11.99% Fixed APR
No maximum Max. Loan Amount
Not disclosed Min. Credit Score

CommonBond

3.74% to 10.74% with autopay Fixed APR
$500,000 Max. Loan Amount
Not disclosed Min. Credit Score

Prodigy Finance

Not available Fixed APR
Not disclosed Max. Loan Amount
Not disclosed Min. Credit Score

Find the Best Student Loans for You

Best for instant approval

College Ave exclusively offers student loans. Founded in 2014 based in Wilmington, Delaware, College Ave offers undergraduate, graduate parent loans for students enrolled at schools affiliated with College Ave in all 50 states the District of Columbia. College Ave’s advantage is speed, with applications that take a few minutes to complete instant decisions.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loan, Refinance, MBA, Law School, Dental School, Medical School, International Student Loan.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: Yes.
  • Better Business Bureau rating: A+.

Best Features

  • Rapid application approval process.

  • Career loan programs with a completion incentive available.

  • College Ave Student Loans have no origination fees.

See full profile

Best for fair credit

Earnest is an online lender offering private student loans to current college graduate students student loan refinancing to graduates. The company was founded in 2013. Borrowers can choose their loan terms to fund up to the full cost of their education.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loans, Refinance, MBA, Law School, Medical School.
  • Minimum FICO credit score: 650.
  • Co-signer required: No.
  • Better Business Bureau rating: A.

Best Features

  • There are no origination, application or late fees.

  • You can choose your monthly payment loan term length.

  • You can use a co-signer on undergraduate or graduate student loans, student loan refinancing is available.

See full profile

Best for customer service

Education Loan Finance, also known as ELFI, is a student loan refinancing program offered by SouthEast Bank. Options are available in all 50 states to refinance private federal student loans, including undergraduate, graduate, parent MBA loans, as well as loans for law, dental medical school.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loan, Refinance, Medical School, Dental School, MBA, Law School.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A-.

Best Features

  • There’s no maximum loan amount.

  • All types of student loans are eligible for refinancing.

  • Borrowers with up to a 50% debt-to-income ratio may be approved.

See full profile

Best for bad credit

Ascent Funding is an online lender offering undergraduate graduate student loans at more than 2,200 eligible schools nationwide. U.S. citizens permanent residents can apply for an Ascent loan as a solo borrower or with a creditworthy co-signer, as can those with Deferred Action for Childhood Arrivals status – aka “Dreamers.” Other applicants must have a co-signer who is creditworthy a U.S. citizen or permanent resident. Ascent Funding is based in San Diego.

Before You Apply

  • Loan types: Undergraduate, Graduate, MBA, Law School, Dental, Medical, International Student Loan.
  • Minimum FICO credit score: 540.
  • Co-signer accepted: No.
  • Better Business Bureau rating: A+.

Best Features

  • Borrowers can receive a 1% cash back graduation reward when they meet certain terms conditions.

  • Undergraduate juniors seniors may qualify for Ascent Funding’s Non-Cosigned Outcomes-Based Loans depending on their major, cost of attendance, graduation date other factors. These loans are eligible for a rate discount of one percentage point with automatic payments.

  • Ascent Funding student loans have no application, origination or disbursement fees.

See full profile

Best for low minimum loan amount

U-fi offers private student loans to borrowers in 49 states. Undergraduate graduate are available. The lender specializes in offering flexible repayment options.

Before You Apply

  • Loan types: Undergraduate, Graduate, MBA, Law School, Health Professions Loans.
  • Minimum FICO credit score: 680.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Borrowers can get up to 15 years to pay off the loan.

  • The lender offers an interest rate discount for automatic payments.

  • While enrolled at least half time, borrowers can make full payments, pay only interest or defer payments.

See full profile

Best for product availability

Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate specialty degrees. The company started in 1973 as a government entity that serviced federal student loans. It went private in 2004 has a range of student loan products. Beyond student loans, Sallie Mae Bank offers savings products credit cards with incentives for using cash back rewards to pay back student loans.

Before You Apply

  • Loan types: Undergraduate, Parent Loan, Graduate, MBA, Medical School, Dental School, Law School.
  • Minimum FICO credit score: Mid 600s.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Student loans completely cover school-certified expenses – tuition, fees, books, housing, meals, travel a laptop.

  • Customer service is 100% U.S.-based.

See full profile

Best for multiple repayment options no fees

SoFi is an online lender founded by Stanford business school students in 2011. Originally focused on student loan refinancing, the company added private student loans in 2019. Its student loans for undergraduates, graduates parents start at $5,000 charge no fees.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loan, MBA, Medical School, Law School, Refinance.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Zero fees: You won’t have to pay origination fees, application fees, late fees or insufficient funds fees.

  • Flexible repayment options: SoFi offers co-signer release options, plus borrowers hit by financial hardship can access programs benefits.

  • Prequalify: Whether seeking undergraduate, graduate or parent loans, you your co-signer can check rates terms before submitting a full loan application without hurting your credit scores.

See full profile

Best for streamlined approval process

Citizens Bank was founded in the 1800s in Rhode Island. Today, it’s one of the largest commercial banks in the U.S., with branches in 12 states in New England, the mid-Atlantic the Midwest. U.S. citizens permanent residents can apply for Citizens Bank student loans, as can non-citizens with creditworthy citizen or permanent resident co-signers.

Before You Apply

  • Loan types: Undergraduate, Graduate, Refinance, Parent Loan, MBA, Medical School, Dental School, Law School, International Student Loan.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Citizens Bank offers multiyear approval loans, meaning that once you get started, you will continue to secure funding for subsequent years in school without needing to go through a credit check every year.

  • Borrowers who sign up for automatic payments can reduce their interest rates by 0.25 percentage points.

  • If you have a qualifying Citizens Bank account, you can earn an additional 0.25 percentage point discount.

  • International students can apply if they have a co-signer who is a U.S. citizen or permanent resident with good credit.

See full profile

Best for no fees

Discover Bank has been operating for more than 100 years, it currently offers private student loans to students attending more than 2,400 colleges universities. Loans as small as $1,000 up to 100% of education costs with fixed or variable rates are available.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loans, Refinance, MBA, Law School, Health Professions, International Student Loan.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Loans as small as $1,000 are available. This can help families bridge the gap between financial aid out-of-pocket college expenses.

  • Co-signers are accepted. Parents or grandparents may choose to co-sign a loan for their student to help them qualify for a lower interest rate.

  • Discover has no origination, application or late fees.

See full profile

Best for forbearance options

Founded in 2011, CommonBond has funded more than $2 billion in student loans. The lender offers undergraduate, graduate, medical, dental Master of Business Administration loans, along with student loan refinancing.

You need a co-signer for undergraduate graduate loans, but not for medical, dental MBA loans. It can take from five days to three weveks for your school to confirm your loan amount enrollment status after CommonBond approves your loan. Fees are generally low, though there is an origination fee for MBA, dental medical loans.

Before You Apply

  • Loan types: Undergraduate, Graduate, Refinance, MBA, Dental School, Medical School.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: Yes.
  • Better Business Bureau rating: B+.

Best Features

  • Loans are available from $1,000.

  • Borrowers can defer payments while in school or elect to make up to full payments each month, depending on their loan type.

See full profile

Find the Best Student Loans for You

What Is an MBA Student Loan?

An MBA loan is a student loan designed to help students pay for a Master of Business Administration degree.

These loans typically have higher interest rates than what you’re paying on your undergraduate loans, but they may also provide you with more financing so you can afford the higher costs of graduate school.

What Are the Different Types of MBA Student Loans?

There are a few different types of MBA loans you can get. While some are marketed as such, others may simply be general student loans:

  • Private MBA loans. Some lenders advertise loans specifically to help MBA students pay for their degree. Terms can vary depending on the lender, but you can typically borrow up to the total cost of attendance at your school.
  • Private graduate loans. Most private student loan companies offer general graduate student loans that you can use for any type of graduate degree. Interest rates, repayment terms other features will differ from lender to lender, but you can usually borrow whatever you need to pay your tuition bill other eligible costs.
  • Federal Direct Unsubsidized Loans: These federal loans limit how much you can borrow each year, as well as in total. However, they also offer certain benefits that private lenders don’t provide, such as loan forgiveness programs income-driven repayment plans.
  • Federal Graduate Direct PLUS Loans: There’s no limit on how much you can borrow with these loans, but the interest rate loan fee are higher than what you’d get with a Direct Unsubsidized Loan. You’ll also get access to the same federal loan benefits.

Are MBA Loans Worth It?

Ultimately, the decision whether or not to borrow money to complete your MBA depends on your goals future prospects. Take a look at what you expect to borrow to get through the program compare it with the average starting salary for someone with an MBA in your field.

According to Department of Education data analyzed by the Brookings Institution, the median first-year salary for MBA graduates is $73,868.

Mark Kantrowitz, a student loan expert who has written about student aid policy, suggests using the rule of thumb that your graduate student loan debt should be less than your annual starting salary.

“It’s a rule of thumb for undergraduate student loan debt applies to graduate degrees,” he says, “except you include any outstanding undergraduate debt along with the new debt that you incurred during graduate school.”

The real key is whether you’ll get a job, Kantrowitz adds. If you’re already employed have a secure place to lat your company after you complete your degree, business school may be a no-brainer. But if you’ve previously struggled to gain employment think an MBA might do the trick, your prospects may not be as high.

How to Choose the Best MBA Loan for You

Not all MBA loans are created equal, so it’s important to take your time to shop around compare multiple options before you make a decision. Here are some features to keep in mind as you do your research:

  • Qualifications. Private student loans typically require a credit check when you apply, if your credit isn’t in great shape you have no co-signer, it can be tough to qualify get a favorable interest rate. Direct PLUS Loans also require a credit check, but it’s only to ensure you don’t have any significant negative items on your credit reports. If you want to avoid a credit check altogether, Direct Unsubsidized Loans are the only option.
  • Interest rates. Federal student loan interest rates are standardized, so you know what you’re going to get before you apply. “The government offers some good rates for which you don’t need a co-signer,” says Steve Muszynski, founder CEO of Splash Financial, an online student loan refinance marketplace. “However, you may be able to get a better rate via a private lender.” Just be sure you’re comparing apples to apples. Some private student loan companies offer both variable fixed interest rates – unless you’re planning to pay off the debt quickly, a fixed rate is usually best because it won’t change with market rates.
  • Fees. In addition to the interest rate, you’ll also want to compare fees. In most cases, private lenders don’t charge origination fees, though you may be assessed a charge if you pay late. In contrast, federal student loans include an upfront loan fee, which is deducted from your loan disbursement. Federal loan fees can change from year to year, so check the Federal Student Aid website to get the latest information.
  • Repayment options. With federal student loans, you’ll get a variety of repayment options, including income-driven repayment plans. Private student loans also offer several different repayment schedules, but most of them don’t offer any kind of income-driven repayment plan.
  • Other features. Some MBA loans come with other features that could be appealing for you. For example, if you think you might qualify for a loan forgiveness program or loan repayment assistance program, federal loans may be the way to go. If not, compare the different benefits private student lenders offer to determine which one makes the most sense.

Muszynski says the loan’s interest rate should be at the top of your priority list. After all, even a slightly lower rate could save you hundreds or even thousands of dollars over the life of your loan. But plan to look at each option holistically, especially if the rates are comparable.

How to Apply for an MBA Student Loan

The steps to apply for an MBA loan will vary depending on whether you’re applying for a federal or private loan. With federal loans, here’s what you’ll need to do:

  • Complete submit the Free Application for Federal Student Aid, or FAFSA, in which you’ll share information about yourself your financial situation.
  • Review the financial aid award letter you receive from your school after it processes your FAFSA.
  • Once approved, choose how much you wish to borrow, up to the amount listed in your award letter.

In contrast, if you have private student loans, here are the steps you may need to take:

  • Get prequalified with multiple private lenders, so you can compare interest rates other terms.
  • Choose a lender submit an application through its website, including information about yourself, your creditworthiness your financial situation.
  • Once the lender approves your application, you’ll be able to see the final offer, which you can accept or decline.

How Long Does an MBA Loan Typically Take to Pay Off?

The amount of time it’ll take to pay off your MBA loans will depend on a variety of factors. For example, the standard repayment term for federal student loans is 10 years, but you can stretch that out for up to 30 years through consolidation, says Kantrowitz. Just keep in mind that consolidating your loans will result in a slightly higher interest rate.

You can’t opt for a shorter repayment plan on federal loans, but you can make additional payments to eliminate the debt faster.

With private student loans, repayment terms can range from five to 20 years, depending on the lender what you chose when you applied. If you want a shorter or longer repayment term after the fact, you’ll need to refinance the loans with a new private lender.

If you want to pay off the debt faster without refinancing, you can simply make extra payments until you’ve reached a zero balance.

How Much Do MBA Students Typically Borrow?

However, your debt balance will depend on several things, including which school you attend, which nontuition expenses you need to finance whether you’re working while in school.

“Consider how much debt you’re taking on what your job prospects will be coming out of your MBA program,” says Muszynski. “If you borrow $200,000, will you be able to repay that amount of debt, in what time frame? Running the numbers could be eye-opening.”

Also, keep in mind that there may be other ways to reduce how much you need to borrow, which can pay off in the long run. Check with your school websites like Scholarships.com Fastweb to see if you qualify for grants scholarships, which you don’t have to repay.

View More Best MBA Finance Loans

Best for online service

Prodigy Finance offers postgraduate student loans student loan refinancing for qualified borrowers who are studying abroad.

Before You Apply

  • Loan types: Graduate, MBA, Law School, Medical, International Student Loan.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.

Best Features

  • No co-signer or collateral is required to apply.

  • Loans are available to students in 150 countries.

  • Borrowers can get discounts on housing phone plans.

See full profile

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



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Best Parent Student Loans of August 2021 | Find the Best Loan for You


As a parent, it’s natural to want to do anything you can to help your child. So it’s no surprise that some 3.6 million parents had outstanding loans through the federal student loan program at the end of 2019, according to a study by Trellis Research. If you’re considering helping your child by taking out parent student loans, here’s what you should know.

The Best Parent Student Loans for College in 2021

College Ave

3.24% to 12.99% with autopay Fixed APR
Cost of attendance, minus aid Max. Loan Amount
Mid 600s Min. Credit Score

Earnest

3.34% to 12.78% with autopay* Fixed APR
No maximum Max. Loan Amount
650 Min. Credit Score

U-fi

3.59% to 12.37% Fixed APR
$500,000 Max. Loan Amount
680 Min. Credit Score

Sallie Mae

3.50% to 12.60% with autopay Fixed APR
Cost of attendance, minus aid Max. Loan Amount
Mid 600s Min. Credit Score

RISLA

As low as 2.99% Fixed APR
Not disclosed Max. Loan Amount
680 Min. Credit Score

SoFi

3.49% to 10.66% with autopay Fixed APR
Cost of attendance, minus aid Max. Loan Amount
Not disclosed Min. Credit Score

Citizens Bank

4.18% to 10.95% Fixed APR
$150,000 Max. Loan Amount
Not disclosed Min. Credit Score

Discover

4.24% to 11.99% Fixed APR
No maximum Max. Loan Amount
Not disclosed Min. Credit Score

Find the Best Student Loans for You

Best for instant approval

College Ave exclusively offers student loans. Founded in 2014 based in Wilmington, Delaware, College Ave offers undergraduate, graduate parent loans for students enrolled at schools affiliated with College Ave in all 50 states the District of Columbia. College Ave’s advantage is speed, with applications that take a few minutes to complete instant decisions.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loan, Refinance, MBA, Law School, Dental School, Medical School, International Student Loan.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: Yes.
  • Better Business Bureau rating: A+.

Best Features

  • Rapid application approval process.

  • Career loan programs with a completion incentive available.

  • College Ave Student Loans have no origination fees.

See full profile

Best for fair credit

Earnest is an online lender offering private student loans to current college graduate students student loan refinancing to graduates. The company was founded in 2013. Borrowers can choose their loan terms to fund up to the full cost of their education.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loans, Refinance, MBA, Law School, Medical School.
  • Minimum FICO credit score: 650.
  • Co-signer required: No.
  • Better Business Bureau rating: A.

Best Features

  • There are no origination, application or late fees.

  • You can choose your monthly payment loan term length.

  • You can use a co-signer on undergraduate or graduate student loans, student loan refinancing is available.

See full profile

Best for customer service

Education Loan Finance, also known as ELFI, is a student loan refinancing program offered by SouthEast Bank. Options are available in all 50 states to refinance private federal student loans, including undergraduate, graduate, parent MBA loans, as well as loans for law, dental medical school.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loan, Refinance, Medical School, Dental School, MBA, Law School.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A-.

Best Features

  • There’s no maximum loan amount.

  • All types of student loans are eligible for refinancing.

  • Borrowers with up to a 50% debt-to-income ratio may be approved.

See full profile

Best for low minimum loan amount

U-fi offers private student loans to borrowers in 49 states. Undergraduate graduate are available. The lender specializes in offering flexible repayment options.

Before You Apply

  • Loan types: Undergraduate, Graduate, MBA, Law School, Health Professions Loans.
  • Minimum FICO credit score: 680.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Borrowers can get up to 15 years to pay off the loan.

  • The lender offers an interest rate discount for automatic payments.

  • While enrolled at least half time, borrowers can make full payments, pay only interest or defer payments.

See full profile

Best for product availability

Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate specialty degrees. The company started in 1973 as a government entity that serviced federal student loans. It went private in 2004 has a range of student loan products. Beyond student loans, Sallie Mae Bank offers savings products credit cards with incentives for using cash back rewards to pay back student loans.

Before You Apply

  • Loan types: Undergraduate, Parent Loan, Graduate, MBA, Medical School, Dental School, Law School.
  • Minimum FICO credit score: Mid 600s.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Student loans completely cover school-certified expenses – tuition, fees, books, housing, meals, travel a laptop.

  • Customer service is 100% U.S.-based.

See full profile

Best for fixed APR

The Rhode IslStudent Loan Authority is a nonprofit quasi-state authority that provides college financing to students parents. The lender specializes in providing loans to Rhode Islresidents students, though not all loans have residency requirements.

Before You Apply

  • Loan types: Undergraduate, Graduate, Refinance, Parent Loan.
  • Minimum FICO credit score: 680.
  • Co-signer required: No.

Best Features

  • Students can be enrolled less than half time still qualify.

  • Refinancing loans do not have residency requirements.

See full profile

Best for multiple repayment options no fees

SoFi is an online lender founded by Stanford business school students in 2011. Originally focused on student loan refinancing, the company added private student loans in 2019. Its student loans for undergraduates, graduates parents start at $5,000 charge no fees.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loan, MBA, Medical School, Law School, Refinance.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Zero fees: You won’t have to pay origination fees, application fees, late fees or insufficient funds fees.

  • Flexible repayment options: SoFi offers co-signer release options, plus borrowers hit by financial hardship can access programs benefits.

  • Prequalify: Whether seeking undergraduate, graduate or parent loans, you your co-signer can check rates terms before submitting a full loan application without hurting your credit scores.

See full profile

Best for streamlined approval process

Citizens Bank was founded in the 1800s in Rhode Island. Today, it’s one of the largest commercial banks in the U.S., with branches in 12 states in New England, the mid-Atlantic the Midwest. U.S. citizens permanent residents can apply for Citizens Bank student loans, as can non-citizens with creditworthy citizen or permanent resident co-signers.

Before You Apply

  • Loan types: Undergraduate, Graduate, Refinance, Parent Loan, MBA, Medical School, Dental School, Law School, International Student Loan.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Citizens Bank offers multiyear approval loans, meaning that once you get started, you will continue to secure funding for subsequent years in school without needing to go through a credit check every year.

  • Borrowers who sign up for automatic payments can reduce their interest rates by 0.25 percentage points.

  • If you have a qualifying Citizens Bank account, you can earn an additional 0.25 percentage point discount.

  • International students can apply if they have a co-signer who is a U.S. citizen or permanent resident with good credit.

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Best for no fees

Discover Bank has been operating for more than 100 years, it currently offers private student loans to students attending more than 2,400 colleges universities. Loans as small as $1,000 up to 100% of education costs with fixed or variable rates are available.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loans, Refinance, MBA, Law School, Health Professions, International Student Loan.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Loans as small as $1,000 are available. This can help families bridge the gap between financial aid out-of-pocket college expenses.

  • Co-signers are accepted. Parents or grandparents may choose to co-sign a loan for their student to help them qualify for a lower interest rate.

  • Discover has no origination, application or late fees.

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What Is a Parent Student Loan?

A parent student loan is a type of federal or private student loan that’s designed specifically for parents who are helping a child pay for school.

These loans tend to have higher interest rates fees than undergraduate student loans. However, parent loans can also come with higher limits, which could come in handy if your child is attending an expensive school needs more financial aid than the Department of Education offers.

When it comes to how parent student loan funds can be used, they’re generally no different from what a student can do with a traditional student loan.

What Are the Different Types of Parent Student Loans?

There are two types of student loans that parents can choose from: Parent PLUS Loans private parent student loans.

Parent PLUS Loans

The Direct PLUS Loan program is a federal student loan program includes Parent PLUS Loans. Only biological or adoptive parents are eligible to apply for a Parent PLUS Loan, so it’s not an option if you’re a grandparent or other guardian. Additionally, Parent PLUS Loans are only usable for undergraduate educational costs, so they aren’t an option to help a child get through graduate school.

When you apply for a Parent PLUS Loan, which you’ll do by filling out the Free Application for Federal Student Aid, or FAFSA, the Department of Education will run a credit check to ensure you don’t have any adverse credit items on your reports. Examples include significant delinquencies collection accounts or a recent foreclosure, bankruptcy or repossession.

Parent PLUS Loans come with the highest interest rates of all federal student loans, but they’re standardized, so everyone who qualifies gets the same rate. Borrowers are limited to just one of the federal program’s four available income-driven repayment plans – the Income-Contingent Repayment Plan.

Private Parent Student Loans

These loans are offered by private lenders outside of the federal student loan program. As a result, they don’t qualify for federal benefits.

When you submit an application for a private parent student loan, the lender will run a credit check to determine your creditworthiness. Your approval, as well as the terms of the loan, are dependent on your credit history, income other factors.

Interest rates can vary from lender to lender, as well as from borrower to borrower. One benefit of private parent student loans is companies typically don’t charge an upfront loan fee as the federal government does. Unlike the federal government, private lenders don’t offer income-driven repayment plans.

What to Consider When Choosing a Parent Loan for College

Before you start shopping around for parent loans, it’s important to consider whether borrowing money is the right decision.

“Parents need to think about how the additional parent debt impacts their own financial goals,” says Matthew Carpenter, CEO of College Funding Services. “Will this harm plans for retirement, their daily lifestyle or household budget? What is the likelihood of a return on the investment?”

Also, because parent student loans tend to be more expensive than undergraduate student loans, it may make more sense to have your child apply for student loans, says Travis Hornsby, founder of Student Loan Planner. Then once your student receives the financial aid award letter, you may choose to borrow via parent loans to cover the gap.

If you’re certain you want to apply for parent student loans, follow these steps to help you choose the right option for you your child:

  • Check your credit score. A high credit score – a high income – are key to qualifying for the best interest rates private student loan companies have to offer. If you can manage to score a lower interest rate than what the federal government offers, it could save you big time. But if your credit is average, Parent PLUS Loans may give you a better offer.

  • Shop around. If you’re considering private loans, it’s crucial that you take the time to compare rates from several lenders. Remember, different lenders can have different interest rate ranges, they may also differ in how they underwrite applications. The good news is that you can get prequalified with multiple lenders to get rate quotes there’s no hard credit check or commitment involved.

  • Think ahead. Even if you can score a lower interest rate on a private loan, it might not be the right fit. “Where private loans may have lower rates overall, they are the least flexible in repayment terms,” says Carpenter. “Federal loans may have higher interest rates – not always – but they offer the most flexibility in repayment terms, which helps to protect the borrower in case of job loss or another unplanned event.”

How to Apply for a Parent Student Loan

If you’re applying for a Parent PLUS Loan, here are the steps you’ll need to take to receive the financing you need:

  • Fill out the FAFSA with your child, with the child’s information as the student yours as the parent.
  • Fill out a separate application for Parent PLUS Loans after your child has submitted the FAFSA.
  • Make sure you don’t have a freeze in place on any of your credit reports.
  • Sign the promissory note.
  • If there are excess funds beyond what’s paid to the school for tuition fees, designate whether the school should send the remaining balance to you or your child.

“Be aware that Parent PLUS Loans don’t have a grace period,” says Hornsby. “Repayment starts immediately when you take out the loan. You can always request deferment, but there isn’t a guarantee you will get the loans deferred.”

With private student loans, the process doesn’t require filling out the FAFSA, but it’s still a good idea for students to fill out the form in case they qualify for any other types of federal financial aid.

To apply for a private parent student loan, you’ll need to:

  • Shop around compare rate quotes from multiple lenders.
  • Choose the best lender for you submit an application via its website.
  • Provide any documentation required by the lender, such as pay stubs or a government-issued photo ID.
  • Determine how long the repayment term will be.
  • Once the lender returns a final offer, decide whether to accept.
  • If you accept, complete the process by agreeing to the terms conditions of the contract.

Once you’ve completed the process, the private lender may choose to send the loan funds directly to you or disburse them to your child’s school. You’ll typically start making payments immediately.

Who Is Responsible for the Repayment of a Parent Student Loan?

As the borrower on a parent student loan, you are the only person responsible for repaying it. Even if children agree to take over payments after graduation, they’re not legally obligated to make good on that promise.

By refinancing, it’s possible to transfer parent student loan debt to the child after graduation, says Hornsby. “This is an option that a lot of parents their children do,” he adds. “You can transfer the loan by having your child refinance it into their name as long as they have good credit history are able to make the student loan payments.”

Because of the responsibility associated with parent student loans, it’s crucial that you consider how taking one out can impact your financial well-being, both now in the future.

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