Several types of private loans are available to students pursuing undergraduate degrees.
A private loan can help fill in the gaps once federal financial aid has been exhausted.
Assuming a ,000 loan amount, a 2.90% APR, and the level repayment option, you would make 180 monthly payments of .58 to repay this loan.
For more information about the automatic payment rate reduction, see #3 below. Requires continued enrollment of automatic payments. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. This loan has a variable interest rate that is based on a publicly available index, the 1-Month LIBOR, as published in The Wall Street Journal.
Assuming a $10,000 loan amount, a 3.10% APR and the full payments option, you would make 54 (48 months in school 6 month grace period) monthly payments of $25 while enrolled in school followed by 15 monthly payments of $98.09, and then 105 monthly payments of $97.35 to repay this loan. As a result, during the forbearance or suspension period, and/or if the automatic payment is cancelled, any increase will take the form of higher payments. Your rate may change each month and will be calculated by adding the 1-Month LIBOR to a margin between 2.99% and 7.19%.
If you're wondering how to bridge the gap between what federal loans, financial aid, and scholarships are paying and what you still owe, consider a SEFCU Private Student loan to pay for your education. Already have private student loans that you'd like to consolidate?
As an undergraduate or graduate student you may be able to refinance multiple private loans into one and make one monthly payment with this private loan option. Helpful resources Deciding how you're going to pay for college can be confusing and difficult.
** By refinancing federal student loans, you may lose certain borrower benefits from your original loans, such as interest-rate discounts, principal rebates, or some cancellation benefits that can significantly reduce the cost of repaying your loans.
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Private loans are made through private banks, credit unions, state agencies, and financial institutions.
Private loans should only be considered once federal student loans, grants, work study, and scholarship funds have been exhausted.
This allows you to have one monthly payment instead of several, and may allow you to lower your monthly payment and/or give you a better interest rate if your credit has improved since you originally took out the loan.