Overview: Discover stands out, partly for its repayment flexibility. Enrolled students can either defer or begin repaying their loan right away, while graduates might qualify to postpone payments if necessary. The lender is also a top choice for borrowers who don’t have a Social Security number but do have a permanent resident or citizen cosigner. Drawbacks could include Discover’s lone 15-year repayment term option for undergrads and its lack of a cosigner release policy.
Private student loan volume is expected to return to the 25% annual growth rate unless there is another increase in federal loan limits or an expansion of the availability of federal student loans. For example, the proposal for expanding Perkins loan funding from $1 billion a year to $8.5 billion a year will cause a significant decline in private student loan volume. But so long as federal loan limits do not increase every year, private student loan volume will continue to grow at double-digit rates.
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.

Hi Rebecca. Your federal student loans enter repayment once you drop below half-time enrollment. You can get help to pay back your loans! Have you considered applying for income-driven repayment. Your payment could be capped at 10% of your discretionary income. Learn more and apply: https://blog.ed.gov/2016/02/which-income-driven-repayment-plan-is-right-for-you/


There is a narrow window (billing cycle of between 21-25 days) to avoid interest charges if balances are paid in full. Loans may be deferred until after graduation, or interest-only payment may be made during school. If you don't pay the interest, it will be added (capitalized) to your loan balance following the grace period, at the start of repayment.
If you don’t like thinking about your student loans, this is a great solution! Ok, ok, so you’ll still have to think about your loans and make sure you have the money in your account to cover your monthly payments, but you won’t have to worry about missing payments, writing checks, or logging into websites every month to pay your loans manually. Sign up for automatic debit through your loan servicer and your payments will be automatically taken from your bank account each month. As an added bonus, you get a 0.25% interest rate deduction when you enroll!
No, as long as you continue to work full-time for a government or not-for-profit agency (and meet all the other requirements), a second job won’t impact your eligibility. That said, the additional income from the second job will probably cause your payment to go up assuming you’re on an income-driven repayment plan (which you should be if you want PSLF.)
Before you take out a loan, it’s important to understand that a loan is a legal obligation that makes you responsible for repaying the amount you borrow with interest. Even though you don’t have to begin repaying your federal student loans right away, you shouldn’t wait to understand your responsibilities as a borrower. Get the scoop: Watch this video about responsible borrowing or browse the tips below it.
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