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Private Student Loans: What payment options can I choose from?

 

We offer a variety of options to help you pay back your loan while you work towards completing your education.  Take a look at the chart below to see what option will work best for you.

 

 

Deferred

Available for cosigned and independent loans

Fixed      

Available for cosigned and independent loans

Interest-only 

Available for cosigned loans only

Full repayment

Available for cosigned loans only

How will my payments be set up? $0 due until 9 months after graduation, full payments due thereafter.

Pay $25 fixed monthly payments until 9 months after graduation, full payments due thereafter

Pay just the interest that accrues on your loan each month until 9 months after graduation, full payments due thereafter

Start making full principal & interest payments while in school and continuing after that
When will my first payment be due? 9 months after graduation 

 $25/fixed payments: 23-58 days after the first disbursement of your loan

Full repayments: 9 months after you graduate

Interest only payments: 23-58 days after the first disbursement of your loan

Full repayments: 9 months after you graduate 

23-58 days after the first disbursement of your loan 

Enrollment Requirement? 

Must be enrolled at least “half time,” without interruption, until the date of your graduation.

Yes, if your school reports to us that you’re enrolled less than half time, or provides a last date of attendance, your loan will then enter grace period and, full repayments will be due once your grace period ends Yes, if your school reports to us that you’re enrolled less than half time, or provides a last date of attendance, your loan will then enter grace period and, full repayments will be due once your grace period ends Yes, if your school reports to us that you’re enrolled less than half time, or provides a last date of attendance, your loan will then enter grace period and, full repayments will be due once your grace period ends Not applicable

Interest rate options

Fixed/Variable Fixed/Variable  Fixed/Variable  Fixed/Variable

Grace Period

Amount of time between when you graduate (or your last date of attendance) and when your first full payment will be due on your loan

9 months 9 months 9 months Not applicable
Overall loan cost Results in the highest total loan cost. Results in a small reduction to your total loan cost.

Results in a larger reduction to your total loan cost.

Results in the lowest total loan cost.

 

 

 

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