No guaranteed hardship options. Private student loans aren't eligible for federally mandated deferment options, forbearance programs and income-driven repayment plans. Some private student loan lenders offer deferment or forbearance options, but they might not be as flexible as your options with federal...
If you have a financial hardship and are struggling to repay private student loans, don't give up. Private student loan lenders don't have mandatory rules to follow to help you through financial hardship, but you do have options. The good news is that many private lenders do...
Drawbacks of Private Student Loans The biggest disadvantage of private student loans is that they don't qualify for valuable federal loan protections like income-driven repayment plans, hardship programs and most student loan forgiveness options. "If you need to borrow private student loans, remember...
Private student loans generally cannot be discharged when a borrower files for bankruptcy. Due to an overhaul of the bankruptcy code in 1978, borrowers must now prove that their student loan payments cause “undue hardship” and prevent them from a minimum standard of living before the courts ...
You should also look at hardship repayment options if the lender has any. These might include things like forbearance or deferment, which let you put your payments on pause for a certain period if you fall on hard times. Discounts You should also look at any potential discounts a lender ...
private student loans, as each has different interest rates, repayment terms, hardship options and fees.In most cases, federal student loans are preferable because of the benefits they come with. But if you’ve maxed out your federal loans, it may be worth considering private student loa...
options such as aParent PLUS Loan. While PLUS loans can also come with high interest rates and origination fees (which most private lenders do not charge), federal loans do have hardship protections that may be valuable. Private student loans are also not eligible forPublic Service Loan ...
Some private lenders offer special benefits or incentives to borrowers, such as autopay rate discounts, hardship programs, and cash bonuses for good grades. SoFi offers reward points for paying bills and checking your credit score, which you can apply to your loan balance. ...
Federal Benefits:Private student loans do not offer the same borrower benefits and protections as federal student loans. This means borrowers may miss out on options such as income-driven repayment plans, loan forgiveness programs, or deferment and forbearance options in times of financial hardship. ...
Loan terms: 10 years. Perks: Autopay discount (0.25%), available to students enrolled less than half time and forbearance available during economic hardship or military deployment. Fees: None. Requirements: Must borrow at least $1,000, be a U.S. citizen or noncitizen with proof of residency...