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.
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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.
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.
When it comes to paying for college, sometimes you need a little extra help. If you have already exhausted savings, scholarships, grants, and Federal student aid, private student loans are the next place to look to pay the bills. While private student loans tend to charge a bit more than Federal ones, when they go to use for a valuable degree, they can be very much worthwhile.
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.
Many people who are overwhelmed by student loan debt hope that bankruptcy may offer a solution to their problem. However, if you declare bankruptcy, you still must pay your student loans back. One of the only ways you can get out of paying your student loans is in the event of your death, or if you qualify for certain student loan forgiveness programs.
If you’re more about saving as much money as possible, you might want to give the debt avalanche a shot. “With this method, you throw the largest payment you can at your highest-interest-rate debt every month, while paying the minimum payments on your other debts.” By focusing on interest rates rather than the balances, you save more money overall.
This site does not negotiate, adjust or settle debts. All federal student borrowers are able and encouraged to apply for any federal repayment or forgiveness programs through the US Department of Education for free without paying fees to any entity. Nothing on this site constitutes official qualification or guarantee of result. StudentDebtRelief.us is a private company not affiliated with the Department of Education of the Federal Government.
Federal student loans offer borrowers protections and alternative repayment options that private loans may not, such as income-based repayment and forgiveness programs. Federal student loans also have flat interest rates set by Congress, while the interest rate on a private student loan depends on your or your co-signer’s credit. Without a credit score of at least 690, you'll likely pay a higher interest rate for a private loan than you would for a federal loan.
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
I think everyone can agree that student loans are no fun to pay back, but ignoring them can have serious consequences (and it won’t make them go away.) If you’re worried about your student loans or don’t think you can afford your payments, contact us for help. No matter what your financial situation is, we can help you find an affordable repayment option. For many, that could mean payments as low as $0 per month.