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3 ways to get a student loan during the pandemic

14th June 2020 Print

The thrill of being accepted in one of the best universities is something that should not be replaced by the fear and angst of how you’re supposed to pay for that kind of education. College is one of the best experiences in the world, it’s a moment when your education and personal growth are the most important things in your life and the ones that shape who you are and who you want to be. Going through some of the biggest changes in your life shouldn’t be worrying. You should have the confidence that you can go through those years without asking how you will pay for it.

Students loans are there to help those who need it to navigate financially through higher education, from undergraduate studies and even doctoral studies. With the COVID-19 pandemic going through, it’s been really hard for upcoming college students to visualize their short term future, but fortunately, student loans will help you achieve your personal goal.

There are some basic things you need to know before applying for a loan, they’re divided in two varieties: private and federal, and within them, there are different options, so we are going to talk about the most important ones.

Private Student Loans

This loans come from banks and private companies. There is wide range of possibilities here, and depending on your credit history, family income and more, you can be selected to certain loan. Private student loans have more flexibility when it comes to payments, but they also can change the rules overnight and you should look into everything before signing so you don’t have unexpected surprises through your experience with your loaner. Right now, one of the best private loans is CommonBond. 


This is one of the friendliest companies in the market. They promise to help you understand everything about their loans and guide you through the entire process and they live to that promise. They even support children education organizations for every loan they extend. CommonBond gives some of the best refinancing rates in the market, as low as 1.8%, that’s why they will ask you for a cosigner, but that should not be a problem, because with their low rates, it’s hard to get behind schedule. 

CommonBond can borrow up to $500,000 U.S. dollars for undergraduate, graduate, MBA, dental and medical students and has a repayment policy that lets you pay from 5 up to 20 years. 

Citizens One

There is one problem for a lot of aspirants, they have no cosigners and/or have bad credit. This is a big discouragement for a lot of people, but there are many ways to still get funded with bad credit. First of all, you should do your own research, look for the best alternative and the one that fits your interests. You can find options, both on private and federal loans that may be good for you, but we believe Citizens One is a great option for everyone. 

With this loan, you don’t have to apply every year, they have a multi-year approval, which is a big stress release when it's time to ask for another funding. Undergraduate loans can be up to $100,000 dollars, but with a student loan for parents, that number goes up to $350,000 dollars. 

Federal Student Loans

These are the student loans given by the government and there are a lot of different options. The good thing is that by being federal loans, they don’t ask for credit history, but that also means that they are sought by thousands of other students in the country. Federal loans can be subsidized and unsubsidized, can be forgiven and also have a specific interest rate depending on where you want to study. 

PLUS loans 

PLUS loans are given by the government, so it is a federal loan and functions in a different way than private loans. First of all, it doesn’t matter which loan you want to apply, if it is a federal one, first you must fill out the Free Application for Federal Student Aid form (FAFSA), You may have doubts on getting a federal loan, but right now those are the ones that fit perfectly on the coverage given by Student Loans Covered by The CARES Act. By being a federal loan, the CARES act will secure that you don’t have to pay anything while the pandemic is still going. If you can’t study, you can be eligible to be exempt from your payment and have the confidence that when everything passes, you can return to your studies with no increase of interest. It is also important to say that all Federal Family Education Loans and direct loans are covered by the CARES act.  

PLUS loans are available for students and parents, covering education and even more. You must have good credit and usually they have high interests (but they are fixed), but being a federal loan, it makes you eligible for Income-Driven Repayment, Student Loan Forgiveness, Student Loan Discharge and more, erasing part of your debt and in some cases even all of it. 

According to NPR, even though the CARES act only is meant for federal loans, there are a lot of private loaners helping their clients in this time of struggle, CommonBond and Citizens One are in that list, so you can be sure that looking out for a loan with them can be a reality even during this crisis. 

Bottom line

If you already have a federal loan, be sure to understand how the CARES act can help you, if you are looking to get a loan right now, don’t lose hope, you have a lot of alternatives that can help you get in the college of your dreams. Now more than ever is important to have something to hold on for the future, and knowing for sure that you can go to college not only will help you in the future, right now it will give you the stability everyone needs.