Private Student Loans: Costs, Requirements and Repayment
Compare the contract for the years ahead.Evaluate repayment during school and afterwardAsk whether payments start immediately, cover only interest during school or are deferred. A deferred payment does not necessarily mean interest stops. Compare the projected balance when full repayment begins and the total expected payments, using the same school-year borrowing amount.Review fixed and variable rates separately. For a variable offer, ask how the rate changes and request an illustration at a higher rate. Check hardship options, co-signer release criteria …
