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Home Student Loans Student Loan Refinance Repayment Plans for Private Student Loans
  • Contents
  • Private student loan repayment options
  • Federal vs. Private Student Loan Repayment Options
  • Making payments on student loans while in school
  • Private Student Loan Repayment After Graduation
  • Compare Top Refinance Lenders
  • Private Student Loans Income Based Repayment
  • Private Student Loan Deferment
  • Can I Deduct Private Student Loan Interest?
  • Other Ways to Save Money on Student Loans
  • Private Student Loan Relief

Repayment Plans for Private Student Loans

Photo of Elaine Rubin
By Elaine Rubin
Updated on June 16, 2021
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If you’re facing repayment on your private student loans, you may need to know about monthly payment options; especially if your budget is tight. Or if you’re shopping for an in-school loan and want to understand the types of repayment plans lenders offer, we have the insights to help you.

Private student loan repayment options

There are six primary repayment options available when it comes to private student loans. These include:

  • Immediate repayment (full principal and interest)
  • Interest only
  • Partial payments
  • Deferred repayment
  • Graduated repayment
  • Student loan refinancing

Depending on where you are in your student loan journey (i.e. still in school vs. in repayment) you will have different repayment options to choose from. For example, interest only payments are common while you’re still in school, but may not be available from most lenders during the repayment period unless you are approved for some type of hardship deferment. And it’s also important to note that not all lenders offer multiple repayment plans.

Could student loan refinancing save you money?
Learn More

Federal vs. Private Student Loan Repayment Options

While this article focuses on private student loan repayment options, it’s worth mentioning there is a difference between federal and private loan plans. If you have federal student loans, you may be eligible for a number of repayment plans that take your income into consideration, or that allow you to extend your repayment term based on your loan balance. 

Making payments on student loans while in school

Private student loan lenders give you the option (ok, strongly encourage you) to make payments while in school. Unlike a subsidized federal loan where payments are automatically deferred and the interest is paid by the government, private loans are not automatically deferred and interest is charged throughout the life of the loan. This includes the moment the loan is disbursed, as well as the entire time you’re in school, during the grace period, and during repayment. But lenders realize that most students are not in a situation to take on repayment while they’re in school. So they give you a number of options up front.

Immediate Repayment

Immediate repayment means you would start repaying both the principal and interest on your loan every month while you’re in school. It basically means you just enter repayment right away. The benefit to this, assuming you can afford this option, is you’d end up paying your loan off much faster and would save a considerable amount of money in interest fees over the life of the loan.

Interest Only Payments

A common choice among students, interest only payments mean you just pay the amount of interest that accrues on your loan every month. You would not be making a dent on your principal balance, but this option does mean you would avoid unpaid interest from being added on top of your outstanding principal balance. If that were to happen, your starting loan amount in repayment would be higher, and you’d essentially be paying interest on top of interest.

Flat Payment (or partial payments)

Lenders may offer to schedule a low, fixed monthly payment while you are in school. Some lenders may even talk about a partial payment. Whatever the name, know this. Any payment that is less than a regular monthly payment of principal and interest is not going to reduce the actual loan balance. It will simply help you stay up-to-date with the interest that continues to accumulate. And it can certainly help you avoid having too much interest added (capitalized) on top of your outstanding principal balance at the start of repayment, thereby increasing the overall cost of the loan. But even if your lender does not place you on a partial payment plan or flat payment plan, you can elect to send money whenever you are able. You may want to consider doing so if you come into extra cash throughout the year, such as a tax refund or birthday or holiday cash.

Deferred Repayment

If you are unable to make any payments while in school, no worries. You will be given the option of simply postponing payments altogether. Your lender would place your loan(s) in a deferred status and bill you for regular monthly payments after you graduate and complete your grace period. Make sure you read the terms and conditions with this option. Your lender could have certain conditions you must meet (i.e., at least half-time enrollment) in order to maintain your loan deferment.

Private Student Loan Repayment After Graduation

Depending on the repayment option you choose, the repayment of your private student loans typically begins after graduation and following a grace period, usually 6 months. Your lender will most often place your loans on a standard repayment plan to put you on a path of fully repaying your loan within 10 years, sometimes longer depending on your balance.

Some lenders offer modified repayment terms. But you usually must request this in writing. Here are some common examples:

Graduated Repayment

Lenders like Sallie Mae offer a Graduated Repayment Period that lets you pay a lower monthly payment for a year. The amount of the payment usually equals the interest. You can request this after your graduation or grace period ends. The benefit here is you’d be allowed time to get your bearings after you finish school, which may include landing a job, possibly relocating, and earning a regular salary while juggling other obligations. After the year is over, you would begin making payments of principal and interest.

Refinance My Student Loans

Since repayment plans and loan terms vary by lender, and since interest rates change over time, you may want to consider refinancing your student loans. This can be a very effective way to manage your repayment by restructuring your loans. Refinancing allows you to combine multiple loans together (including both federal and private student loans), or you can refinance a single loan. Reasons you may want to consider refinancing as part of your repayment strategy include:

  • Qualifying for a lower interest rate – You could save money in the long run by paying less interest on your loan, potentially thousands of dollars.
  • Reducing your monthly payment – By extending your repayment term, you could lower your monthly payment amount. Depending on your outstanding balance (and in some cases your career field), you may be able to extend your term to 25 years. And there are no prepayment penalties, so you can always accelerate your repayment later in order shave time—and money—off the clock.
  • Releasing a cosigner – Thank God for mom or dad, or some other equally saintly person who helped you pay for your higher education! But it is doubtful they want to be on the hook as a cosigner for the rest of their lives. Refinancing results of paying off your underlying loan(s) that may have been cosigned. And once that happens, your cosigner is basically released from their obligations. But know this. 1) You will need to qualify for the refinance on your own merit. This is a credit-based loan. 2) There are some lenders that also offer parent loan refinancing where the parent’s loan can be transferred to the student.

Compare Top Refinance Lenders

Lender

College Ave Student Loans

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 5.99% APR1

Fixed as low as: 5.99% APR1

Repayment Terms

5, 10, or 15 years2

Apply Now More Info
College Ave Student Loans

College Ave Student Loans

  • Variable rate range: 5.99% – 11.99% APR1
  • Fixed rate range: 5.99% – 11.99% APR1
  • No application or prepayment fees
  • Apply in 3 minutes or less for instant credit decision

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a refi borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3$5,000 is the minimum requirement to refinance. The maximum loan amount is $250,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.

Information advertised valid as of 03/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

Lender

Nelnet Bank Logo

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable Rates between 6.59% - 13.25% APR1

Fixed Rates between 4.49% - 9.44% APR1

Repayment Terms

Multiple terms available

Apply Now More Info
Nelnet Bank Logo

You Put in the Work. Now Reap the Rewards.

  • Variable Rates between 6.59% - 13.25% APR1
  • Fixed Rates between 4.49% - 9.44% APR1
  • No application or prepayment fees
  • Cosigner release with 24 consecutive on-time payments2

Nelnet Bank Logo

1Interest Rates

Fixed interest rates range from 4.49% APR (with auto debit discount) to 9.44% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 6.59% APR (with auto debit discount) to 13.25% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated as the One-Month SOFR plus the applicable Margin percentage. Variable rates will be based on the highest One-Month SOFR as published by the Federal Reserve Bank of New York and/or the Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 4.32% as of January 1, 2023.

Auto Debit Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

2Cosigner Release. A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

  • The account must have been in full principal and interest repayment for at least 24 months.
  • Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made. NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.
  • The loan must be current at the time of request.
  • The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
  • The loan must not have been permanently modified from its original terms in the credit agreement.
  • The primary borrower must be a U.S. citizen or have permanent residency in the United States.
  • The primary borrower must meet the age of majority requirement in their permanent state of residency.

Requirements are subject to change. If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

3Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You, or your eligible cosigner, must have an annual income of at least $36,000. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Limits:

Minimum loan amount: $5,000

Maximum student loan limits:

$125,000 for borrowers with an undergraduate degree.

$175,000 for borrowers with a graduate, MBA, or law degree.

$500,000 for borrowers with a graduate health professional degree.

Nelnet Bank, and any associated logos or design marks, are trademarks or service marks of Nelnet, Inc. All loan programs and terms are subject to change or may be discontinued at any time without notice. Certain restrictions and limitations may apply.

Lender

ELFI Student Loan Refinance

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 4.53% APR1

Fixed as low as: 5.08% APR1

Repayment Terms

5 - 20 years2

Apply Now More Info
ELFI Student Loan Refinance

ELFI Student Loan Refinance

  • Customers are saving an average of $309 every month and an average of $20,936 in total savings after refinancing their student loans with Education Loan Finance1
  • Variable and fixed rates starting from 4.53% APR and 5.08% APR2
  • Prequalify in as little as two minutes
  • Award winning customer service from your dedicated Student Loan Advisor who is matched to you from the moment you sign up
ELFI Student Loan Refinance

1Average savings calculations are based on information provided by SouthEast Bank/ Education Loan Finance customers who refinanced their student loans between 8/16/2016 and 10/25/2018. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon a number of factors.

2Rates accurate as of 3/15/23. The interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. To qualify for refinancing or student loan consolidation through Education Loan Finance, you must have at least $10,000 in qualified student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary Education Loan Finance institution. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term.

Lender

SoFi Student Loan Refinance

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 5.09% APR1

Fixed as low as: 4.49% APR1

Repayment Terms

5, 7, 10, 15, 20 years

Apply Now More Info
SoFi Student Loan Refinance

SoFi Student Loans

  • Rates as low as 5.09% variable and 4.49% fixed1
  • No fees or prepayment penalties
  • Unemployment protection

Private student loans lenders: SoFi Student Loan Refinancing

1Fixed rates range from 4.49% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 5.09% APR to 8.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Lender

Splash Financial Logo

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 4.59% APR1

Fixed as low as: 4.47% APR1

Repayment Terms

5, 10, or 15, 20 years

Apply Now More Info
Splash Financial Logo

Splash Financial Refinance Loan

  • Rates as low as 4.59%1 Variable APR and 4.47%1 Fixed APR
  • No pre-payment penalties, origination, or application fees
  • See rates in 3 minutes without affecting your credit score2

1The rates displayed may include a 0.25% autopay discount.

2To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Lender

refinance student loans with earnest

Recommendation
Best for Student Loan Refinancing
Interest Rates

Variable as low as: 4.99% APR (with Autopay)*

Fixed as low as: 4.96% APR (with Autopay)*

Repayment Terms

5, 10, 15, or 20 years

Apply Now More Info
refinance student loans with earnest

Earnest Student Loan Refinancing

  • Variable rates starting at 4.99% APR (including 0.25% Auto Pay discount)*
  • Fixed rates starting at 4.96% APR (including 0.25% Auto Pay discount)*
  • Choose your own monthly payment
  • No fees of any kind and exceptional customer service for the life of your loan
  • Check your rate in under 2 minutes
refinance student loans with earnest

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.21% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 9.19% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

*Auto Pay Discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance. Not all borrowers will qualify for our lowest rates, and your rate will be based on creditworthiness at time of application.

The information provided on this page is updated as of 03/09/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

 

Private Student Loans Income Based Repayment

Unfortunately, there really aren’t any income-based repayment plans for private student loans. These exist under the federal student loan program, but they are not generally available for private loans. However, if you are having challenges in repaying your loan, it’s best to contact your lender to explain your situation and explore options such as those explained above or in the next section.

Private Student Loan Deferment

If you encounter a hardship, private student loan deferment may be an option. This means you can ask your lender for a temporary postponement of payments where monthly obligations could be waived for a short period of time, such as 3 or 6 months. Some lenders may offer a forbearance, but it’s practically the same thing. Regardless of the lender calls it, a deferment or forbearance gives you time to get back on your feet. Some lenders may still require that you make interest payments each month, others may allow you to postpone both interest and principal. If you’re not in a position to pay the interest during this time, it will be added to your principal balance at the end of the deferment resulting in not only a higher balance, but often a higher monthly payment.

Can I Deduct Private Student Loan Interest?

Yes, you may be able to deduct the amount you paid on private student loan interest on your tax returns. Most private student loans are eligible for the student loan interest deduction, which allows you to deduct up to $2,500 in interest on federal and private student loans each year on your tax filings. Of course, this is subject to income limits.

Other Ways to Save Money on Student Loans

Most lenders offer auto-debit discounts, such as a 0.25% or 0.50% interest rate if you agree to have your monthly payments automatically deducted from a bank account. You’ll want to sign up for this service at the start of repayment, if possible, to take advantage of what could be sizeable savings over time.

Private Student Loan Relief

During the COVID-19 pandemic, most lenders chose to help borrowers with some form of private student loan relief. What this means is they offer a temporary forbearance (sometimes called an emergency forbearance or hardship deferment) to give you a break on your regular student loan payments. This does not mean lenders are waiving interest or automatically postponing payments as part of the CARES Act, the way the federal government has done on federal student loan loans owned by the U.S. Department of Education (ED). 

For those impacted by COVID-19, private student loan lenders began offering temporary relief—anywhere from 30 days to 12 months—from regularly scheduled monthly payments. Because this is discretionary, policies and programs will vary by lender. If you are still having difficulty making your private student loan payments due to impacts from COVID, you should contact your lender.    

Learn more tips strategies for paying off private student loans.  

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