TruFit Student Loan
About TruFit Student Loan
The rising cost of college tuition leaves many students and parents confused and worried about funding. As federal and institutional aid do not always cover all the expenses of college, TruFit student loans are a huge help. While students are always encouraged to look for gift aid such as scholarships and grants, there will always be those who do not qualify or who do not obtain a sufficient amount of aid to meet their expenses.
Trufit Student Loan Options
TruFit offers fixed and variable rate loans with several repayment plans. Fixed rate loans are available for rates as low as 5.75%, while variable rate loans are available at one month LIBOR (London Inter-Bank Offer Rate) plus 2.50%. If the LIBOR goes up, the total amount a student owes will also increase. The actual rate a student receives depends on various factors such as credit history, the presence of a cosigner with a good credit standing and the selected repayment plan. Furthermore, the maximum borrowing limit depends on a student’s unmet financial need. The amount lent under a Citizens TruFit student loan will not exceed the total cost of attendance. And notably, there are three types of payment options that students can obtain. The “immediate” payment method allows students to makes payments while in school, the interest-only option allows students to lower their total debt amount by paying off the interest on their loans while still at school and the Deferred repayment option allows students to defer all payments until six months after graduation.
A TruFit Student Loan does not have any origination fees and there are no penalties for early repayment. There are no strict eligibility requirements either, as applicants must show that they are enrolled in a degree-granting program or eligible college. In order to apply, students are required to fill out a TruFit student loan application online.
There are other private lenders that offer funding to college students, so if you are unable to meet all your expenses through TruFit student loans, then you can always apply for a private student loan. Helpfully, the student loan comparison tool on our website shows you key information about different private loans, allowing you to select the loan that best matches your needs and goals.
- The TruFit student loan is one of many options you can use to finance a college education. Before committing to one loan, though, be sure to compare your options.
- To better educate potential borrowers, we have a loan comparison tool that helps you understand all the private loan options available to you.
- Be sure to research your options carefully, and if you find one that you like, we can help you begin your loan application with a lender of your choice.
- Remember, you should always pursue federal loans and free money sources of aid (like scholarships and grants) before turning to private student loans.