For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information about refinancing ParentPlus loans.
You can compare private student loan options on our site. Keep in mind there are a number of popular private student loan names you may see and hear, and it is bound to be confusing. Sometimes the names will be generic, and other times the name will refer to a specific lender’s program or brand name. The name of the student loan program is not as critical as an understanding of how the particular loan terms work, or how they may impact you. To give you a quick primer on some of the most popular private student loan names you may encounter, see the list below.
There are several ways to have your student loans forgiven, such as the Public Service Loan Forgiveness Program, which applies to qualifying loans after 10 years of payments. You can work for a government agency, non-profit organization or other qualifying organizations. Your state may also offer some repayment assistance in which they repay part of your loan, but you need to work in an area in which the state needs assistance.
Disclaimer: Views expressed may not necessarily reflect those of Citizens Bank. The information contained herein is for informational purposes only, as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.
CommonBond has no application or pre-payment fees, interest rates are competitive, and co-signed loans have no origination fee. (Its medical school, dental school, and MBA loans have a 2% origination fee.) Loans are available for undergrads, grad students, and parents. Interest rates for those loans range from 3.69 to 9.74% APR with 5 to 15 year payback periods.
No matter who the lender is, private student loan applicants may need a cosigner, especially undergraduates or students who don’t have a credit history or steady income or meet the age of majority for their state of residence. However, a cosigner is not required in order to apply. Even if you have an established credit history, a cosigner may improve your ability to get approved, enable you to secure a lower interest rate, and speed up the credit decision process. Student borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).
When it comes to Stafford, Perkins, PLUS, and Direct Consolidation loans—which make up 85 percent of education debt—there are five repayment options. They range from the standard plan, which requires a minimum payment of $50 every month for up to 10 years, to the new, income-based plan that caps your monthly payments at a “reasonable percentage” of your income (determined by the federal government)and forgives any debt remaining after 25 years. So which schedule is best for you?
If you or your recent grad has this type of loan—which makes up 15 percent of total U.S. education debt—this may seem like an odd move. After all, the interest rates on variable private loans (given by banks and credit unions) are currently lower than the fixed rates on federally backed and private loans. But historically this situation is unusual, and if the economy improves, interest hikes are probable in the near future. “Rates could climb 5 to 6 percent over the next four years, making your monthly burden unmanageable,” says Kantrowitz. That’s why it’s wise to unload these balances as soon as possible. If you can, pay twice the required amount until you have eliminated this debt and make only the minimum monthly contribution toward your fixed-rate federal loans, since those rates cannot increase.
Lastly, accept the financial aid package from your chosen school, if you choose to receive aid. Your financial aid award letter will have an itemized list of all available types of aid, including grants and federal student loans. Remember, even after you've accepted your award letter, you should check with your school's financial aid office to see what other forms or documents you will need to complete in order to secure your funding (for example, completing your Direct Loan Master Promissory Note, or MPN).
We’ve updated our Top 10 List of student loan tips for students preparing to graduate and enter “the real world.” Many students are looking at their student loans more closely now than they ever have before, and wondering how they will handle the burden. Our tips can help young people keep payments affordable, avoid fees and extra interest costs, and protect their credit rating.
Compare offers from multiple lenders including banks, credit unions and online lenders to find the lowest interest rate. Depending on the lender, you may be able to choose a fixed or a variable interest rate. A fixed rate stays the same throughout the life of a loan. A variable rate may start out lower than a fixed rate, but could increase or decrease over time depending on economic conditions.
“People are borrowing twice as much as they were a decade ago because grants and scholarships are not keeping up with the escalating costs of college,” says Mark Kantrowitz, the publisher of FinAid.org and FastWeb.com, free online financial-aid resources. To wit: Graduates of the class of 2011 have an average of $27,200 in debt, up from about $17,600 in 2001.
For example, you could apply part of your yearly bonus from work or a tax refund to your debt, said Brian Walsh, a certified financial planner and financial planning manager at SoFi. Or you could participate in a challenge like dry January or a no-spend month to come up with the extra cash. It might feel painful to put something fun like a cash windfall toward your student loan debt, but the results can be dramatic.
Each federal student loan borrower is assigned to a loan servicer (some borrowers may have more than one servicer, depending on the types of loans you have). Your loan servicer is a company that collects your student loan payments and provides customer service on behalf of the U.S. Department of Education. This is a FREE service. There are many companies out there who offer to help you with your student loans for a fee. Do not trust these companies. Remember: You never have to pay for help with your student loans. If you need advice, assistance, or help applying for one of our repayment programs, contact your loan servicer. They can help you for free. Just remember to keep your contact information up to date so they can reach you when they need to.