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Private Loan Repayment

Private 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


Accrued 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