IRVINGTON, N.Y. -- College students are back in class, getting ready for not only a new year of learning, but of tuition expenses, room and board and textbook purchases as well. While receiving a great education can take a bite out of your bank account, there are several ways to combat university costs.
Private student loans are an easy way for students to cover common expenses like books and classes. Sunnyside Federal, a community bank based in Irvington, offers private student loans that allow students to borrow money at a competitive rate to cover extra costs. "Students who take out private loans can get lower rates and fees compared to federal student loans," said Elaine Soliman, project coordinator at Sunnyside Federal.
Though many students have federal loans and scholarships to help them pay for tuition costs, that isn't always enough money. Living costs and learning materials are not always covered, so many students need to branch out to help offset the costs. "Some lenders are really trying to point out that with today's interest rate, in many cases, private loans are actually cheaper," said Soliman. "You're starting to hear more about the differences or the benefits of private borrowing in terms of the cost structure versus some of the federal options."
Students can review different interest rates and apply for more than one loan to see which offers the best rate. Besides looking for the best deal, students should also be aware of hidden perks. For example, some lenders offer a lower rate for good grades, while others offer the ability to release your cosigner. Sunnyside Federal has a wide variety of private loan options, based on each person's financial situation.
College may be some of the best years of a student's life, but can also be the most expensive. That's why it's important to balance costs as efficiently as possible. "We have a lot of options for a lot of different kinds of students," said Soliman. "Speaking with one of our team members can help ensure which solution is best for you."
Find out more about Sunnyside Federal, Member FDIC, by clicking here.
Sunnyside Federal is an equal opportunity lender.