Cosigner Release: If you are approved for a student loan with a cosigner, some lenders will allow you to release the cosigner from your loan (making them no longer responsible for repayment) after you make a certain number of on-time monthly payments. If this is something that is important for you, be sure to check if the lenders you are considering offer it and how long it takes.

If you have no income and either no credit or bad credit, you’ll need a co-signer to get a private student loan. Without bills in your name, such as a credit card, car loan or utility, you have no way to demonstrate that you can pay bills on time. Your co-signer will need to have a steady income as well as good to excellent credit scores, typically at least in the high 600s. Signing with a co-signer means they’re on the hook for your loan bill if you can’t pay.
to have an outstanding balance on a Federal Student Loan received under the Direct Loan Program and not the ones under the  Family Education Loan (FFEL) Program, the Stafford Loan Program, the Perkins Loan Program, the Grad Plus Loans Program, or others Federal loan programs. If you have FFEL or Perkins Loan program, you can consolidate it. Learn more about a federal student loan consolidation.

You can compare private student loan options on our site. Keep in mind there are a number of popular private student loan names you may see and hear, and it is bound to be confusing. Sometimes the names will be generic, and other times the name will refer to a specific lender’s program or brand name. The name of the student loan program is not as critical as an understanding of how the particular loan terms work, or how they may impact you. To give you a quick primer on some of the most popular private student loan names you may encounter, see the list below.
When it comes to paying for college, sometimes you need a little extra help. If you have already exhausted savings, scholarships, grants, and Federal student aid, private student loans are the next place to look to pay the bills. While private student loans tend to charge a bit more than Federal ones, when they go to use for a valuable degree, they can be very much worthwhile.
There are legitimate ways to have your loans forgiven, but there are often very specific requirements you must meet in order to qualify. Research forgiveness programs ASAP, as it may affect your repayment strategy. For example, if you’re interested in Public Service Loan Forgiveness, you’ll want to make sure you have the right type of loans from the get-go (which may mean you have to consolidate), and you’ll want to make sure to get on an income-driven repayment plan.
“Before aggressively paying down your student loans, you should make sure you paid off high-interest debt such as credit cards or personal loans,” said Walsh. “You should also make sure you are saving enough for your long-term goals,” he said ― think retirement ― since, over time, the returns from investing have been higher than the interest rate most people pay on student loans.
Fixed rates currently run from 4.99 to 10.49% APR. LendKey is able to offer better than average rates because of the unique funding model. Credit unions are not for profit financial institutions, so they tend to offer more favorable rates and fees for all available products. With LendKey in the middle, you get a simple, high-tech experience with the savings and community power of a credit union.
Then the Ensuring Continued Access to Student Loans Act of 2008 increased the annual and aggregate loan limits on the federal Stafford loan starting July 1, 2008. This shifted significant loan volume from private student loan programs to federal. Private student loan volume dropped in half in 2008-09, according to the College Board's Trends in Student Aid 2009.

College/universities may charge a credit card processing fee (or convenience fee). This is in addition to the interest charges the credit card company imposes. Many lenders waive the origination fee. For certain borrowers, this may even make private student loans an attractive option over federal loan options (such as Parent PLUS and Grad PLUS programs).

Ascent student loans is not as well known as some other student lenders, but its unique Independent loan makes it a good option for upper-class undergrads and grad students. It also offers a cosigned loan, which is more typical in the private student loan market. But for full-time juniors, seniors, and grad students, Ascent may be one of the few options to qualify for private loans and rates are competitive.
One final thought concerning the use of private student loans: get a strong understanding of the interest rates as well as the loan’s other terms and conditions. Most lenders offer you a choice between a variable or fixed APR (annual percentage rate), so be sure to read up on the differences between the two interest rate options. Keep in mind that the rates advertised may not necessarily be the rates you qualify for based on your creditworthiness — or that of a qualifying cosigner.

This page provides a basic comparison chart that highlights the key characteristics of the major private education loans. FinAid also provides a separate list of private consolidation loans. In addition to the private student loan programs, there are several websites like Credible and other student loan comparison sites that provide tools for comparing private student loans which help identify the loans that match your criteria.
We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
Next, you’ll receive your Student Aid Report, which outlines your expected family contribution. The form will automatically be forwarded to the schools listed on your application. The financial aid offices of those institutions will send you a financial aid award letter outlining the aid package they will offer. It’s your job to compare those offers and choose the school that best fits your future goals and family budget.

I think everyone can agree that student loans are no fun to pay back, but ignoring them can have serious consequences (and it won’t make them go away.) If you’re worried about your student loans or don’t think you can afford your payments, contact us for help. No matter what your financial situation is, we can help you find an affordable repayment option. For many, that could mean payments as low as $0 per month.
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