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FCAA

The Financial Counseling Association of America

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Private Student Loan Options

Unlike the standardized options provided for federal student loans, repayment options for institutional, private, and state loans can vary significantly. If you are having trouble repaying a private student loan, it is important to stay in touch with your lender, and ask for assistance when experiencing hardship. Depending on the lender, and the circumstance, a borrower may obtain assistance in managing their private student loans.

Borrowers should contact their private lender to ask about temporarily stopping payments in the following instances:

  1. Return to school at least half-time
  2. Unemployment
  3. Economic hardship
  4. Military Deployment
  5. Natural Disaster

Certain private lenders may also provide options for lowering payments. Borrowers can contact their private lender to ask about:

  • Extending the loan term
  • Interest-only or reduced payments

Borrowers may also qualify for lower payments or a lower interest rate with a private consolidation loan. A borrower’s eligibility for a private consolidation loan will depend on his or her credit score, and some borrowers may require a co-signer for approval.

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Repayment Plans

  • Standard Repayment
  • Graduated Repayment
  • Extended Repayment
  • Income Sensitive Repayment
  • Income-Based Repayment
  • Income-Contingent Repayment
  • Pay As You Earn
  • Revised Pay As You Earn (REPAYE)
  • Deferment & Forebearance
  • Loan Discharge
  • Student Loan Forgiveness for Teachers
  • Student Loan Forgiveness for Public Service
  • Perkins Loan Cancellation
  • Federal Consolidation
  • Federal Student Loan Default
  • Private Student Loan Options

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