Not exact matches
When you refinance your federal student loans, you are giving up
repayment options, including the
options to
defer payments or enroll in an income - driven
repayment plan.
Repayment options include both
deferred plans and an interest - only
plan that lets parents wait until their child graduates school in order to begin principal payments, only paying interest during the student's time in school.
Those
options include income - based
repayment plans, which cap your monthly bill to an affordable percentage of your income, and the ability to
defer payments if, say, you lose your job.
It's the other $ 90,000 in private student loans that have got me backed into a corner: From what I can tell, I have no
options as far as
repayment plans go, deferment or forbearance (I'm currently in AmeriCorps — which is like the domestic version of the PeaceCorps — and my loans would not
defer!)
Private student loan lenders do not typically offer income - based
repayment plans, nor do many give the
option to
defer payments should an economic hardship take place.
Law school loans with College Ave have flexible
options, with terms extending up to 15 years and
plans that include full
repayment,
deferred repayment, or interest - only
repayment.
In part, this is because federal student loans offer loan forgiveness programs,
repayment plans and guaranteed
options to
defer payments or put your loans in forbearance that aren't available from private student lenders.