Learn more"Term" refers to the length of the loan, typically in years.In general, the shorter the term, the lower the interest rate and the higher the monthly payments.
Disclosure: Student Loan Hero is a free website to help student loan borrowers.We only evaluate lenders and do not issue student loans.This report was not chartered by or created on behalf of any lender listed below.Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life.Borrowers typically have the option to make interest-only payments during this period in order to prevent accruing interest from increasing their balance.
Many parents take out "Parent PLUS" loans to pay for their children to attend college.
If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation!
If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.
Variable-rate student loans have interest rates that can change during the repayment period.
Interest rates may increase or decrease at any time and typically do so based on changes to LIBOR.
If approved for this benefit, the lender will put the borrower's loans into forbearance, suspending their monthly loan payments.