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Private Loan Repayment Plans

You have different options for repaying your private student loans and when you begin repaying will depend on the terms of your specific loans.

  • Many private loans we service automatically defer repayment of principal and interest while you are enrolled at least half time, as defined by your school, and during the separation period.
  • Newer private loans may require interest-only payments during those same periods.
  • A small number of private loans require principal and interest payments while you are in school.

Your specific credit agreement details when you must begin making monthly payments.

Reducing Interest

If payments are not required while you’re in school and during the separation period, your loans will be placed in deferment. While your loans are in deferment, you will receive monthly interest statements displaying the interest that is accruing on the loans. You may choose to make optional payments to cover the interest to prevent the interest from capitalizing, or being added to the principal balance of your loans, when the deferment ends.

Standard

The Standard Repayment Plan is the basic repayment plan for all private student loans. Using this plan, you will pay off your loans:

  • In the shortest amount of time.
  • With the least amount of interest.

The minimum monthly payment amount under the Standard Repayment Plan will be equal to the amount necessary to repay the loan in full by the end of the repayment term. Your repayment term may be up to 20 years. Please refer to your credit agreement for term information about your specific loan or contact us to determine your repayment term.

Graduated

The Graduated Repayment Plan lets you begin with lower payments that increase by 10% every two years. Using this plan, you will pay more in interest over the life of the loan because the principal balance will decrease at a slower rate.

If you have variable-rate loans, the 10% increase in payments is in addition to any adjustments made due to increases in the interest rate.

Your repayment term may be up to 20 years. Please refer to your credit agreement for term information about your specific loan or contact us to determine your repayment term.

Select 2

The Select 2 Repayment Plan lets you make mostly interest-only payments during the first two years of repayment. The amount increases to a level amount for the remainder of repayment term, which may be up to 20 years.

Using this plan, you will pay more in interest over the life of the loan because the principal balance will decrease at a slower rate. Please refer to your credit agreement for term information about your specific loan or contact us to determine your repayment term.

Find the Best Plan for You

If your payment amount under the Standard Repayment Plan is unmanageable, call us at (800) 243-7552 to speak with an experienced loan counselor to find the best plan for you.

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