Your loan servicer is the company that sends you your bill each month. Servicers are private companies that collect payments on a loan, respond to customer service inquiries, and perform other administrative tasks associated with maintaining a loan. Loan servicers ...
If you are financially able to do so, it may make sense for you to pay down your student loan more quickly than your schedule requires. Lenders typically call this “prepayment.” In general, you are entitled to make a payment ...
For private student loans, your lender or servicer should provide you with information on how, when, and to whom to pay your loan. This can come in the form of a monthly email or a billing statement that is sent ...
There may be a tax deduction available for interest paid on qualifying private student loans. Check with your loan servicer to see if your loan meets the qualifications. At the end of each year, your servicer will send you by ...
Forbearance is a temporary postponement or reduction of your student loan payments for a period of time because you are experiencing financial difficulty. You can receive forbearance if you’re not eligible for a deferment. With forbearance, you will eventually owe ...
Graduated repayment is a way to repay your student loans that works for those who expect their incomes to rise over time. In graduated repayment, payments start off low and increase every two years. You can contact your loan servicer ...
Unlike federal student loans, there are no standard options to lower your monthly payments on a private student loan. Every lender is different. Some lenders will offer modified repayment plans that are similar to the federal programs, particularly graduated repayment. ...
Private student loans may or may not have a deferment option, and the rules vary among lenders. Contact your loan servicer as early as possible if you want to explore this option.
Private student loans often go into default as soon as you miss three monthly payments (120 days). You can also default on a private student loan if you declare bankruptcy, default on another loan, or die. You should review your ...