Private Loan RepaymentPrivate loan repayment plans and incentives vary from lender to lender. You must contact your specific lender for repayment information. The promissory note you signed when applying for the loan outlines the terms specific to your loan and is a useful reference resource.
Interest Rate - Typically variable - Based on credit history, usually calculated using an index (Libor or Prime) plus a spread margin.
Interest Payment - Accured interest is either paid by the borrower or capitalized at repayment.
Grace Period - Check with your lender.
Repayment Plans - Standard, Graduated, other... Income-based options likely are not available.
Repayment Period - 10 to 30 years (depends on lender).
Minimum Payment - Depends on lender.
Deferment/Forbearance - Depends on lender.
Private Student Loan Repayment Checklist
For a checklist of loan repayment actions, please click here.