Consolidating private and federal student education loans insider internet dating pdf
In addition, if you die with outstanding private student loan debt or if you become permanently disabled, private student loans may not be canceled, meaning that your cosigners, your estate or your spouse might be responsible for them.Borrowers serving in the military are also at risk of losing special benefits associated with federal student loans, though all military borrowers are eligible for the benefits defined by the Servicemembers Civil Relief Act, which limits interest on loans taken out before joining the military to 6%.(See .) Private student loans can have either a fixed or a variable interest rate.A variable rate is based on a market index such as LIBOR or the prime rate plus a margin, and it may change as often as once a month.
Some private lenders may even allow a child to refinance a parent PLUS loan in the child’s name.At what point do you become eligible to refinance with a private lender? One lender might require you to already have a 24-month repayment history on your student loans.Another might allow you to refinance while you’re still in school.Still another might require you to be enrolled less than half time or on track to graduate by the end of the semester.These differences underscore one of the most important things you need to know when refinancing with a private lender: Every lender’s terms are different; peruse the website’s FAQs and read every sentence of your loan paperwork before you commit.