Comerica Bank Student Loans
One-Stop-Shop for Financial Aid
While Comerica Bank doesn’t focus solely on student loans, they do have a website particularly helpful to current and prospective students who may be considering financing their college education with the help of a loan. The company also has a rich, 150-year history and has been ranked number 524 on the list of Fortune magazine’s largest U.S. companies.
*Disclaimer - Since the implementation of the Direct Loan Program in 2010, Comerica and other private loan companies no longer handle federal student loans. Comerica does, however, still administer the Sallie Mae Smart Option Student Loan. They continue to be a valuable source for financial planning as well. The following information has been retained for archival reference.
Get the Edge
Although Comerica Bank has a private student loan, the Comerica EDGEucational Loan, they also support federal loans as well. The online application is an easy process offering several options.
Those who take advantage of the Comerica EDGEucational loan won’t have to make any payments until graduation. Obtaining this loan is dependent upon the creditworthiness of the applicant and can be used for tuition, books, fees and many of the other costs associated with attending college such as room and board and transportation to and from school.
The Comerica Bank website has a lot more than loans to offer. It has an extensive section not only on student loans, but the entire financial aspect of higher education, including ways to save for college, alternative types of financial aid, tools and calculators to help you prepare for college and college-related expenses and a tutorial that expounds upon several different subjects that have to do with college tuition costs.
Comerica has a strong history of giving back to the communities they serve by providing among other things, educational programs for students as well as large corporations and small businesses. The Sources of Financial Aid section of their website goes into great detail about grants, loans and scholarships.
Financial Aid Tutorials
While this extremely successful financial institution generates revenue from making student loans, they are also interested in helping students complete their education utilizing a variety of financial options, many of which don’t benefit the company at all. It is for this reason they have compiled the tutorials and tools that cover all of the student financial aid options and not just the ones for which they make a profit
Within this same section, there’s a very informative tutorial regarding student loan repayment including information on grace periods, interest rates and student loan consolidation.
Visit the Calculators section to work out a budget for college or to calculate how much you’ll need to borrow for college. There are also calculators to help you to determine what sort of pre-college expenses you’ll have to bear such as test fees, any tutoring expenses and travel expenses in the event you decided to visit one or more college campuses.
What Comerica offers is much more than a loan for college; Comerica offers an entire plan for college; a strategic plan that will work for any family. The most important aspect of "the plan" is quite simply, planning.
It’s not difficult in today’s world to get student loans, grants and scholarships. In fact, it may be too easy considering the enormous student loan debt that graduates face. The key to successfully managing your higher education financial resources is planning. Comerica is here to help you do that.