Availing Education Loans from Panhandle Plains Moneylender
What is Panhandle Plains?
Panhandle Plains is a private moneylender that provides student loan to the students to bear their necessary educational expenses. Panhandle plains is now partnering with ACS which is a fortune 500 company and a leader in providing student loan to provide student loan services to the needy students. It offers 2 kinds of loan program; one federal and other private. The federal loan program is registered and approved by the US government and the private loan is an independent loan that does not come under the purview of US government.
What are the different Federal loans offered?
The different kinds of Federal Loan offered by panhandle Plains are:
- Stafford Loan: This loan is either subsidized or unsubsidized. If the loan is subsidized, the government pays for the interest rate till the completion of the course. The unsubsidized loan is that loan where the students would have to bear the interest rate.
- Parent plus Loan: This loan is not directly given to the students but to the parents of the students enrolled either full time or part time in any college or professional school.
- Graduate Plus Loan: This loan is meant for the graduates who have completed their undergraduate courses. The loan is directly made available to the students.
What are the main features of the Federal loan?
The main features of the Federal Loan are:
- It is a low interest loan at 8.5% per annum
- The repayment option begins after six months of course completion
- The repayment period is fixed at 7-10 years
- The loan covers basic education expenses like paying for tuition fees and living expenses
- The rate of interest is fixed and does not vary
What are the main features of the Private loans?
Panhandle also provides Private Student Loan. Though the interest rate is a bit high around 10% per annum, but this loan covers all the expenses that are not covered under the Federal Loan program. The main features of the loan are:
- The maximum amount that you can borrow is the cost of the total education
- The interest rate can be paid monthly or when the repayment period begins
- There is no pre payment penalties
- The maximum time set for the repayment of the loan is 25 years
- There is no need to put anything valuable as collateral
What are the benefits of availing student loan from Panhandle Plains?
There are many advantages of availing student loan from Panhandle Plains like:
- The loan procedure is not very difficult
- The repayment options are very east
- The interest rate charged is not very high and is affordable
- No cosigner is required for the federal loan
- The interest rate can be minimized by applying with a creditworthy cosigner
What are the eligibility criteria?
In order to avail the loan from Panhandle Plains, the student would have to be more than 18 years of age and they must be permanent citizen of USA. The college or the professional school has to be recognized by the Department of Education. The student also needs to have a valid bank account so that the loan amount after when it is sanctioned can be transferred to that account.
Financial Institutions
- Nelnet
- Panhandle Plains
- Regions Bank
- Sallie Mae
- SLFC (Student Loan Finance Corporation)
- Suntrust
- US Bank
- Wells Fargo
- Xpress
- Zions Bank