Compare Our Loans
Until now, many families relied on home equity loans, retirement savings or, worse yet, credit cards to pay the college expenses. But those options may not give families all the features they want and need when paying for education.
If students need help paying for college, they should first turn to the federal Stafford loan program. Stafford loans are offered at very attractive interest rates and terms which private loans simply can’t match. But because of their low loan limits, most families need more assistance. In our comparison chart, we outline the distinct advantages of Think student loans compared to other, non-education specific loans like home equity and credit cards.
Our comparison chart details the distinct advantages of a Think student loan and the distinct disadvantages of using non-education specific loans to pay for school.
Loan comparison chart
| THINK STUDENT LOAN | FEDERAL STAFFORD LOAN | FEDERAL PLUS LOAN | CREDIT CARD | HOME EQUITY LOAN | |
| LOAN COLLATERAL | None | None | None | None | House |
| LOAN LIMIT | up to $40k per year¹ | Beginning on July 1, freshmen $3500, sophomore $4500, juniors and seniors $5500 | cost of attendance less other aid | varies by credit limit | varies by available equity |
| APPLICATION PROCESS | Apply online or over the phone in 15 minutes | Fill out FAFSA form first, then fill out Stafford Loan Application. Forms can take hours to complete | Graduate students must complete FAFSA form first. Forms can take hours to complete. | Apply online or over the phone in short period of time | Fill out credit application, timeline depends on individual lender |
| APPLICATION DEADLINE | None | In most states, FAFSA must be submitted by March 1. | In most states, FAFSA must be submitted by March 1. | None | None |
| APPROVAL TIMELINE | Conditional approval in as few as 15 minutes | FAFSA review takes weeks to months | FAFSA review takes weeks to months | Depends on individual credit card provider | Usually takes hours or days, depending on individual lender |
| DISBURSEMENT TIMELINE | Check in as little as 5 business days from receipt of completed application | Entire process takes weeks to months | Entire process takes weeks to months | Card usually sent in days or weeks | Home equity proceeds sent in days or weeks |
| DISBURSEMENT PROCESS | Check sent directly to borrower | Loan proceeds sent to school | Loan proceeds sent to school | Card sent directly to borrower | Depends on individual lender, but receiving loan proceeds can take weeks |
| DEFERMENT PROVISIONS | Varies by Program. Undergraduates may defer repayment until after graduation up to 4 years (5 years for borrowers in 5 year programs)² | Defer all payments while in school for up to 5 years | Defer all payments while in school for up to years | Usually no deferment provisions | Usually no deferment provisions |
Read more about Think student loans: About Think Student Loans, Overview of Think Student Loans.
¹ Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $30,000 ($40,000 for certain schools where it has determined that the annual cost of attendance exceeds $30,000). Borrowers in Continuing Education and K-12 loan programs may borrow annually up to $30,000.
² Undergraduate students may choose to defer repayment until six months after graduation or ceasing to be enrolled at least half time in school. Interest only and immediate repayment options are also available. Graduate repayment is automatically deferred. Continuing education borrowers begin repayment the earlier of a) 180 days after the student graduates or earns a certificate; b) 180 days after the student ceases to be enrolled; or c) two years after the date of the loan disbursement. K-12 loans are immediate repayment loans.
