Graduate Private Student Loan Repayment

One very important feature to consider when applying for a private student loan is the repayment options offered. In many cases, borrowers are not aware that their lender offers different types of repayment plans.

Most lenders generally offer the same type of repayment options. These include full loan deferral, interest only repayment, or immediate interest and principle repayment.

Standard Graduate 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.

Graduate Loan Repayment Term

Depending on the total amount borrowed, repayment terms for private student loans typically range from 10 - 25 years - The higher the loan amount, the longer the term. We always recommend checking with your lender to determine exactly what your repayment term will be.

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. It is recommended that you contact your lender for a full list of deferment options.

Apply Online for a Private Student Loan

Undergraduate students may apply for Private Student Loans for College at www.PrivateStudentLoans.com