Understanding Private Student Loans and How Stratus Can Help You!
Like any other aspiring pilot, you have to deal with flight school loans which include the interest rates as well. It’s important to remember that loans are legal agreements. Before signing them, you have to make sure you understand all the terms and conditions. Don’t be afraid to ask if there’s something that isn’t clear to you.
Here is everything you need to know about private student loans!
Stratus loans work like any other student loan but there are a few key differences. Certain requirements and eligibilities need to be met first before you can receive financial aid. If you are unsure and have more questions regarding flight school loans, don’t hesitate to email us here or call us at (855) 301-3335.
Private student loans are offered by banks and credit unions.
You might’ve thought that the government provides all types of student loans. But that’s not necessarily the case when it comes to private student loans. What the government offers are federal loans and financial aid. On the other hand, Stratus lends its own money to you to invest in your future. We are not backed by any government agency, and all of the risk of your flight school loan is borne by Stratus (and you, of course, as the Borrower) to perform on them.
Private student loans are credit-based, but at Stratus, we see the whole you.
You have to ensure your credit score is good to avail of a private student loan. In Stratus, applying with us won’t really affect your credit score as we will only conduct a soft pull on your credit. Further, we look beyond the numbers, such as your income, assets and your motivation and drive to become a pilot.
If your credit score isn’t great, but you make great income, or if you have assets, these factors help in getting your credit score approved. Perhaps you don’t have any of that, but have a strong co-borrower, or strong performance in the armed forces. We will look at every scenario and help you.
You are able to choose a fixed or variable interest rate.
There are two types of interest rates: fixed or variable. A fixed interest rate refers to a type of rate where everything is already budgeted the same for the rest of your life, which means your monthly payments are predictable. On the other hand, a variable interest rate doesn’t offer the same consistency. It may go up and down because of the loan’s index, which may increase or decrease at times. This means that your monthly student loan payments can differ over time.
Apply for a private student loan with a co-borrower. What is the difference between a co-borrower & cosigner?
Co – borrower means equally obligated on the loan with the borrower while a Co – signor is obligated to pay only if the borrower does not. Both are usually brought into the picture when a person or a student doesn’t have enough experience or time to build up their own credit score or history. You can tap an adult to get you signed up with a private student loan in no time!
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