The primary cardholder is responsible for the debt. There is no cosigner release option. Cosigners may be released after a series of qualifying, on-time monthly payments. This varies by lender. Cosigners may also be released via student loan refinancing. And this includes the option to transfer debt from the parent to the student (through select partners). Eligibility is based on credit an income verification.
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.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.

For example, you may see variable rates advertised as low as 2.5% APR and fixed rates starting around 3.9% APR. But this is a sunny day scenario. You and/or your cosigner would need to have the right qualifying credit score or credit factors to achieve the lowest rate, and the lender may impose requirements such as signing up for auto-debit from a checking or savings account to lock in these low rates. When comparing lenders, look for the asterisks and footnotes along with the fine print to understand what it takes to achieve or put you in the running for the advertised rates.

If you or your child graduated before July 1, 2006, it pays to roll multiple federal loans into one—you’ll lock in an interest rate that’s lower than what you’re paying on each separate loan. Earned a diploma since then? All federal student loans now carry fixed interest rates, so there’s no financial benefit to consolidating. (And it’s highly unlikely that you’ll be able to combine any variable private loans.) Nevertheless, if you have trouble keeping track of payment deadlines and have been hit with late fees on occasion, go ahead and consolidate. (For more information, go to SimpleTuition.com.) You’ll save some dough by doing so.


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.

If you are totally and permanently disabled you may be eligible for TPD discharge of your federal student loans. After you prove that you have mental or physical disability your debt will be removed completely. You can do so by providing service-related injury documentation from the Veteran Affairs office, a notice of award for SSDI or SSA with the next review in 5 years or more or a certified form from your physician.
“Students who are able to pay off their loan relatively quickly have often sided with a variable rate,” said Dayan. “However, the longer it takes a student to pay off the loan with variable rates, the more chances there are for the rates to change over the lifetime of the loan. If a student’s future income is uncertain, and they don’t plan on paying off the loan quickly, many students consider fixed-rate student loans for more consistency.”
Comparisons based on information obtained on lenders' websites or from customer service representatives and are based on student loans where students are the primary borrower as of October 2019. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Terms and Conditions. Aggregate loan limits apply.
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