Student Loan Finance – Finding the Best Money When It Comes to Education
The Student Loan Finance Corporation (SLFC()) is recognized in the lending industry as an Independent secondary market. It works in collaboration with dozens of community colleges and post-high school institutions nationwide and has a three-decade history in offering seamless account administration of student loans. The corporation is currently undergoing an expansion that will ultimately add nearly two hundred new branches by the end of 2020. In addition, it processes loan applications from companies and individuals directly, rather than having them go through a broker or lender. This makes the Student Loan finance corporation a good choice for both borrowers and lenders alike.
SLFC thrives on a strong relationship with its customers. The corporation’s current expansion will allow it to offer new services such as loan application services directly to student loan finance institutions, cutting out the middleman. Currently, the corporation holds over thirteen percent of the secondary market for student loan finance. It processes thousands of loan applications annually for individuals and companies alike. SLFC expects that growth to continue, which would allow it to add even more unique offerings to its existing portfolio of student loan finance products.
In order to process credit unions, SLFC must have direct access to the banks from which they get their loan approvals. This means that the Student Loan Finance Corporation must have either a direct branch to the offices of various credit unions or they must partner with a nationwide network of banks that are willing to work with the independent corporation on a long-term basis. This does leave the student loan finance company open to some risks. Since it lacks direct access to the regional banks that most entities are associated with, the Student Loan Finance Corp. is left with partners that are often less-than-ethical in lending and with a difficult time withdrawing money due to state laws governing banking relationships.
One way that the Student Loan Finance Corp. helps reduce the risk associated with working with these lenders is by allowing them to participate in a reinsurance program. This partnership allows both lenders and borrowers to benefit from lower interest rates, as well as payment protection benefits. This is good news for students who are facing high-interest rates from their higher education loan repayment companies.
In addition to working with respected lenders, the Student Loan Finance Corp. also has developed an excellent relationship with several national banks. Two of these banks, Bank of America and Wells Fargo, offer Iowa student loan finance products. The Iowa brand is well-known for providing interest rates that are very competitive, but not too steep. These competitive Iowa student loan interest rates are usually only a quarter of what other similar competitors are offering. In addition to offering competitive interest rates, Iowa students have access to a number of additional services including online loan calculators and application forms.
Another national bank student loan provider that is available through the Student Loan Corp. is MetLife. MetLife offers a number of attractive products that meet the needs of both borrowers and lender. This bank provides low-interest rates, flexible payment options, fixed or adjustable interest rates, as well as a host of other unique services. With many college campuses experiencing financial hardships due to budget constraints, and job layoffs, some students may find themselves in a difficult position financially, and in need of assistance from a national bank like MetLife.
Students working with a national bank like MetLife should also be aware of the benefits that they are entitled to receive through their association with the student loan corp. While borrowers are still required to work with the corp, it gives them access to a host of extra services. Borrowers will have access to a host of free online tools that allow them to budget their money and make smart credit decisions.
Although there are many outstanding lending institutions when it comes to student loans and financing, students must be wary when it comes to going through any secondary market lending institutions. Some secondary market lenders will not offer the same customer service benefits that are offered from major lending institutions and will not offer the same low-interest rates and flexible payment options that are commonly associated with these larger institutions. It is important for student finance applicants to do a good amount of research into which lending institutions can help them with their student finance needs. Some students will not have much trouble finding good quality lending institutions on their own, but others will want to work with a trusted broker who can help them identify the best institutions in the secondary market for their student loans. The right broker will be able to match an applicant’s needs with the appropriate lender.