Unsecured Student Loans in Youngsville, LA
Updated: May 4, 2022
Unsecured loans do not require the borrower to provide any assets or collateral in exchange for the loan. Obtaining an unsecured loan rests solely on your creditworthiness. Most educational loans are unsecured loans. Small personal loans are also usually unsecured.
Are student loans considered unsecured?
While student loans fall under the unsecured category, they are not treated the same way when it comes to nonpayment. Failure to pay any debt will result in some type of collection effort by the creditor.
What happens if you leave the US with student loan debt?
Leaving the country and private student loan debt When you move to a foreign country with private student loan debt, you're still required to make your monthly payments. However, if you can't afford to make those payments, your student loan servicer has limited power to collect.
Private student loans come from banks, credit unions and online lenders, and unlike federal student loans for undergraduates, they require a credit check. That means most undergrads will need a co-signer in order to qualify. Private student loans also are more expensive than federal loans—especially now that federal loan rates are at historic lows—and typically don’t offer the flexible repayment options their federal counterparts do.
Do you have to pay back your student loan if you emigrate?
Will your student loan be written off when you're living abroad? ... Your student loan won't be cancelled just because you're moving overseas. You'll still have to pay it back. If you don't, the penalty is a “fixed monthly payment” that you have to pay instead of the normal monthly repayment amount.
Bottom line
A college education is an investment, but that doesn’t mean you should put yourself in a financially tricky situation to pay for it. Luckily, there are several federal loan options for students, most of which don’t depend on your credit history to qualify.
If there are gaps in your financial aid, then you may decide to consider a private loan for students — and maybe even a personal loan, if you have no other choice. But before you agree to one of these loans, read the fine print to understand the loan terms, repayment options, whether the interest rate is fixed or variable, and what the loan will truly cost you once you’ve finished repaying it.
Once you have all this information, you can make an informed decision about whether taking on this additional debt is worth it.
Before You Apply
Loan types: Undergraduate, Graduate, Parent Loan, Refinance, MBA, Law School, Dental School, Medical School, International Student Loan.
Minimum FICO credit score: Not disclosed.
Co-signer required: Yes.
Better Business Bureau rating: A+.