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Private Student Loan Repayment Options
When applying for a private student loan it is very important to consider your repayment options. Many borrowers are not aware of the different types of helpful budget friendly repayment plans offered through their lender.
In most cases, lenders generally offer the same type of repayment options. These include full loan deferral, interest only repayment, or immediate interest and principle repayment.
Standard Private Student Loan Repayment Plans
Full Deferral: No principal or interest payments are due while enrolled in school (up to four consecutive years). Payment of principal and interest will begin 6 months after graduation, or if enrollment drops below half time. Interest will continue to accrue during the deferment period and will be capitalized (added to the loan) at the time of repayment.
Interest Only: Pay only accrued interest while enrolled in school (up to four consecutive years). Payment of principal and interest will begin either 45 days after graduation or if enrollment drops below half time.
Immediate Repayment: Payment of principal and interest will begin immediately after the loan is fully disbursed.
Choose and Apply For A Private Student Loan
Private Loan Repayment Term
Depending on the total amount borrowed, repayment terms for private student loans typically range from 10 - 25 years. Usually, the higher the loan amount, the longer the term.
Private student loan consolidation is an option available to borrowers once they begin repaying their loans. Consolidation allows borrowers to refinance their loan, potentially secure a lower interest rate, and lengthen the term of repayment in order to lower monthly payments.
Deferment options such as economic hardship, public service, unemployment, etc. may be offered to those borrowers who qualify. We recommend that you contact your lender for a full list of deferment options.
For more information about private student loans, check out our private loan comparison page, or simply get started and apply online.
