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Repayment Plans: Private Student Loans

Private Student Loan Repayment

Questions to ask when researching private student loan options:

  • When does repayment begin?
  • Are there any prepayment penalties?
  • Are there any forbearance or deferment benefits?

Repaying Your Private Student Loan

Some private student loan programs will allow you to defer payments while you’re still in school. Others will require you to begin repayment right away or after a certain grace period.  Private student loans that require you to make payments while you’re in school may allow you to make interest-only payments. By paying the monthly interest while you’re in school, you’ll keep that interest from being capitalized and added to your principal balance, which can save you thousands of dollars in interest after graduation.

APPLY NOW or CALL 800-639-3043 for a FREE PRE-APPROVAL and FREE CONSULTATION!

Prepayment Penalties

Most private student loans don’t carry any prepayment penalties. A prepayment penalty is a fee assessed if you pay off your student loan early.  Be sure to ask the lender if a loan you are applying for carries a prepayment penalty.

Forbearance & Deferment

Forbearance and deferment benefits allow you to postpone making your student loan payments. Forbearance and deferment options will vary depending on each lender for private student loans.  Be sure to ask the lender if a loan has any forbearance or deferment options, as well as the eligibility requirements.

APPLY NOW or CALL 800-639-3043 for a FREE CONSULTATION and FREE PRE-APPROVAL!

e-Student Loan Program Features:

  • Loans amounts from $2,000.00 up to the Cost of Attendance per year.
  • Loans up to $120,000.00 for undergraduate debt.
  • Loans up to $160,000.00 for graduate debt.
  • Variable Interest loan based upon 3-month LIBOR index plus margin.
  • (Recent rates for approved loans range from 2.99%-8.99%)
  • Interest paid on loans may be tax deductible.  Please consult a tax advisor.
  • Borrowers can choose to make an interest only payment or pay a $25.00 Proactive Payment towards the loan while in enrolled in school.
  • Funds can be utilized for any qualified expense, including past due tuition.
  • No prepayment penalties
  • 30 day cancellation policy
  • Fast Pre-Approval

Borrower Benefits:

  • Credit + Academic based underwriting:  Underwriting is based on the FACS Grade, which bases each borrowers qualifying rate on credit history as well as the students academic standing.  Good academics along with getting  closer to graduation means qualifying for lower interest rates
  • 1% Interest Rate Reduction:  After entering the full repayment period and 10% of the loan principal is paid back, borrowers qualify for rate reduction
  • 30 Day No-Fee Cancellation:  Borrowers can cancel a loan within 30 days of disbursement and owe no interest or penalties.
  • Cosigner Release:  Upon 24 consecutive on-time principal and interest payments, credit worthy borrowers can apply to have the co-signer released.

APPLY NOW or CALL 800-639-3043 for a FREE CONSULTATION and FREE PRE-APPROVAL!

Eligibility Requirements:

  • Borrower must be enrolled in an eligible school and be pursuing a degree program.
  • Borrower must be a member or join a participating credit union during the application process.
  • Borrower must be a U.S. Citizen or permanent resident.
  • Creditworthy student borrowers can apply without a cosigner.

 Applying with a cosigner is highly recommended to ensure the lowest qualifying rates!

Supporting Documentation:

  • Identification: Government issued ID (passport, drivers license, or state issued ID card)
  • Proof of Enrollment: Copy of unofficial transcript (not required for incoming freshman)
  • Proof of Income: Two recent pay stubs within 60 days for both borrowers and cosigners