Repayment
Questions to ask when you’re researching your student loan options:
- When does repayment begin?
- Are there any prepayment penalties?
- Are there any forbearance or deferment benefits?
Repaying Your Private Student Loan
Some private student loan programs will allow you to defer payments while you’re still in school. Others will require you to begin repayment right away or after a certain grace period.
Private student loans that require you to make payments while you’re in school may allow you to make interest-only payments. By paying the monthly interest while you’re in school, you’ll keep that interest from being added to your principal and capitalized, which can save you thousands of dollars in interest once you graduate.
Private student loans that require you to make payments while you’re in school may allow you to make interest-only payments. By paying the monthly interest while you’re in school, you’ll keep that interest from being added to your principal and capitalized, which can save you thousands of dollars in interest once you graduate.
Prepayment Penalties
Most private student loans don’t carry any prepayment penalties. A prepayment penalty is a fee assessed if you pay off your student loan early.
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