11 Pieces of Student Loan Advice From the Experts

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With so much information out there about how to manage your student loan debt, how do you know which tips actually work? To gather the best repayment strategies, we reached out to experts for their student loan advice.

From making in-school payments to refinancing for lower interest rates, here’s what the experts have to say about paying off your student loans:

  1. Student loan advice starts with knowing your loan
  2. Track down your loan servicers
  3. Consider paying off the interest while you’re in school
  4. Avoid borrowing more than you need
  5. Understand your options for repayment
  6. Sign up for automatic payments
  7. Keep living like a student
  8. Pursue jobs that could lead to loan forgiveness
  9. Make debt payoff the focus (not your loan balance)
  10. Consider refinancing your student loans at lower rates
  11. Don’t ignore financial problems

1. Student loan advice starts with knowing your loan

One of the first steps to take as a student or new grad facing student loan payments is to get organized. It’s crucial to track down the details of your loans, from how much you borrowed to what your interest rates are.

“The most important thing is to understand the full cost of a loan,” said Sabrina Manville, cofounder of Edmit, a company that helps families financially plan for college. “This includes, of course, the interest — but also any up-front origination fees, and when the interest actually starts accruing.”

Before anything else, make sure you understand the following about your student loans:

  • How much you’ve borrowed or are planning to borrow
  • Your interest rate, which could be fixed or variable, and how it will affect your cost of borrowing
  • The issue date on your loan, and whether you’ll have to pay an upfront fee
  • Your first payment date, and whether you have a grace period
  • How many years your loan term runs for

Once you have this information, use a student loan calculator to estimate your monthly payments and see how much interest you’ll be charged. This will give you a clearer sense of how much you owe on a month-by-month basis.

The interest costs are worth paying special attention to, since they’re the part of the loan you can affect, whether by refinancing or repaying your debt early. Knowing how much you pay in interest might even get you motivated to make extra payments to save money over time.

2. Track down your loan servicers

When repayment starts, the last thing you want is to be caught unaware. So along with going over the details of your loans, make sure you know exactly who your loan servicers are.

Attorney Adam Minsky of Boston Student Loan Lawyer sums up this advice on student loans best: “Figure out exactly what student loans you have and who is servicing them. … Make sure all of your loan servicers have updated contact info for you.”

If you have federal student loans, this is easy: You can find out which of the nine federal student loan servicers has your account by going to the National Student Loan Data System.

For private student loans, meanwhile, call your lender (whether it’s a bank, credit union, or online provider) for detailed information on your server. And if you’re not sure who the lender is, check your credit report via AnnualCreditReport.com — their name and info will be on there.

Finally, make sure to keep in touch with the servicer. If you’re moving or switching from a college email address to a personal one, share these details with them. Otherwise, you could run the risk of missing a payment simply because you never received correspondence about it.

3. Consider paying off the interest while you’re in school

Most student loans come with a grace period, meaning you don’t have to make payments until six months after you leave school. But if you can swing small or interest-only payments as a student, you could cut down on loan costs.

Brian Meiggs, founder of personal finance site MyMillennialGuide.com, was able to pay off his student loans ahead of schedule, partly because he made payments while in school. That’s why his advice for student loans includes getting a jump on repayment.

“If you do not have subsidized federal students, in which the government pays the accrued interest while you are in school, your student loans will accumulate interest the whole time you are taking classes,” said Meiggs.

“This is the case for unsubsidized federal student loans and private student loans. If you don’t make any payments during college, you will already owe thousands of more dollars than you took out in the first place once you graduate,” he said.

If you can cut away the interest while you’re in school, perhaps with income from a part-time job or work-study position, you can lower the cost of your loan. Plus, you can minimize the effects of “interest capitalization” (having your loan balance grow because unpaid interest is added).

“By making a few small payments a month, or even when you can, you can help ease the burden you will inevitably feel once you are required to start paying off your student loans,” said Meiggs. “Make a small sacrifice now to help yourself out in a big way in the future.”

4. Avoid borrowing more than you need

If you haven’t taken out student loans yet, be very careful about how much you borrow. A large portion of the 45 million Americans who owe student loans (to the tune of $1.56 trillion) probably wish they could turn back time and take out less debt.

“While student loans can be a large source of financing for college, planning for cost and taking only the amount needed will help to avoid being overly saddled with unneeded debt,” said Robert Farrington, the money expert behind The College Investor.

Remember, even if you’re offered a certain amount of student loans in your financial aid award letter, you’re not obligated to take the full amount. Instead, estimate your cost of attendance, and consider defraying costs with a part-time job or side hustle. By keeping borrowing to a minimum, you’ll be out of debt sooner.

5. Understand your options for repayment

Part of your process should also include researching and understanding your student loan repayment options.

With federal loans, you have access to the standard 10-year plan, income-driven plans, extended repayment, and others. This flexibility can be really helpful if your income is limited and you need to lower monthly payments.

Liz Stapleton, who runs the finance blog Less Debt More Wine, has this student loan debt advice: “The repayment plan you choose now does not have to be the repayment plan for the entire life of the loan. As your financial situation changes, so can your repayment plan, and it can be changed up to once a year.”

Private student loans don’t usually have as many options, but some lenders do offer deferment or forbearance if you run into financial hardship or go back to school. If you’re looking to adjust monthly payments, speak with your lender about what you can do.

6. Sign up for automatic payments

Did you know that some financial institutions offer a discount on interest when you sign up to pay your loans automatically?

“Contact the student loan issuer and ask about all of the available options,” said Taylor Schulte, a certified financial planner and founder of Define Financial.

With a simple phone call to the bank, Schulte’s family was able to lower the monthly interest rate on their loan.

“To our surprise, just by signing up for monthly auto-pay we lowered our rate by 0.25%. Pick up the phone and start asking questions — you might be surprised what you learn,” Schulte said.

Not only could autopay save you on interest, but it will also help you avoid missing a payment. You can “set it and forget it” — your loan repayment runs on autopilot, so you won’t have to manually pay your bills each month.

7. Keep living like a student

After graduating, it’s easy to start spending more money. You need professional clothing for interviews and furniture for your new place, right? It’s tempting, but do your best to avoid “lifestyle creep” during the early years after graduation.

“Keep living like a college student,” advised financial coach Whitney Hansen. “Even if you get a great job right out of college, continue living on your college student budget, and put all the extra income towards your debt. Your future self will thank you.”

Even as your income increases, avoid the temptation of lifestyle inflation. By sticking with a budget, you can repay your loans sooner and start enjoying that extra money without the uncomfortable feeling of debt breathing down your neck.

8. Pursue jobs that could lead to loan forgiveness

As you begin the job hunt, “research loan forgiveness plans to see if they exist in your field,” said Elizabeth Colegrove, who runs the real-estate investment site Reluctant Landlord. “Make sure you review [available student-loan forgiveness options] when considering positions.”

The Public Service Loan Forgiveness program, for instance, can wipe away your college debt after 10 years of working in a nonprofit, government agency or other qualifying workplace. Other professions — such as teacher, lawyer and doctor — can also sometimes qualify for loan forgiveness or repayment assistance.

At the same time, you can seek out jobs that offer loan payment plans as part of their employee benefits package.

“This can be worth a lot of money, so a lower-paying job might really be higher when considering this benefit,” Colegrove said.

9. Make debt payoff the focus (not your loan balance)

You might be overwhelmed at the amount of money you have to pay back. This can be discouraging for anyone who’s just starting out in the workforce and still getting a footing in the world.

Lindsay VanSomeren, finance blogger at Science Finance, shares her best student loan advice on this problem: “Don’t focus on the huge balance; it’s overwhelming. Make debt payoff a priority, but focus on tackling small chunks at a time — $1,000 increments or so. Each small chunk is mentally easier to deal with, and they do add up.”

Two tried-and-true strategies for student loan repayment are the debt snowball and debt avalanche methods.

With the debt snowball approach, you focus on closing out the loan with the smallest balance first, directing any extra payments to that debt. The sooner one of your loans drops off the list, the more you might feel more motivated to keep going.

The debt avalanche method has you target loans with the highest interest rate first. While the debt avalanche will save you the most money, you might not get the same boost if you’re slowly chipping away at a high-interest loan with a huge balance.

Consider trying both strategies of debt repayment to see which one’s more effective for you. And remember, making extra payments is key to seeing rapid progress on your repayment.

10. Consider refinancing your student loans at lower rates

Once you have a decent credit score and income — or can apply with a cosigner who does — you might qualify for student loan refinancing. Through refinancing, you can restructure your debt, adjust your terms and maybe score a lower interest rate as well.

But the benefits of refinancing aren’t for everyone, especially if you’re relying on federal protections.

“Once you refinance federal loans, you permanently lose access to the various federal aid programs, such as income-driven repayment plans and Public Service Loan Forgiveness,” warned Stephen Caplan, Certified Student Loan Professional and financial advisor at Neponset Valley Financial Partners.

So before applying for refinancing, first learn about all the pros and cons of this move.

“I have seen way too many borrowers jump at the first chance to lower the interest rate on their student loans without carefully weighing their options and considering the consequences,” Caplan said. “Make sure you do a thorough analysis before refinancing your federal loans through a private lender.”

If you don’t need those federal programs, however, refinancing could be a savvy way to adjust your monthly payments and save money on interest.

11. Don’t ignore financial problems

The final piece of student loan debt advice may seem obvious, but it’s an easy trap to fall into: Don’t default on your student loans if you can possibly avoid it. If you’re struggling to make payments, contact your loan servicer right away.

You might be able to pause payments temporarily so your loans don’t become delinquent or go into default. Defaulting on debt will likely just make a bad situation worse, as it can destroy your credit score, and in the case of federal loans, lead to wage garnishment.

Ignoring student loan problems won’t make them go away, so be proactive about dealing with your debt. Even though getting on top of your student loans might take time, applying this tried-and-tested student loan advice from experts will help you come out on top.

Carrie Smith contributed to this report.

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1 Important Disclosures for Earnest.

Earnest Disclosures

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 will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.47% APR (with Auto Pay) to 7.59% APR (with Auto Pay). Variable rate loan rates range from 2.27% APR (with Auto Pay) to 6.89% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 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% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of August 15, 2019, and are subject to change based on market conditions and borrower eligibility.

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.

The information provided on this page is updated as of 08/15/2019. 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 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.49% APR to 7.94% APR (with AutoPay). Variable rates from 2.27% APR to 7.55% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.27% APR assumes current 1 month LIBOR rate of 2.27% minus 0.15% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details.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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.  
  2. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

3 Important Disclosures for Laurel Road.

Laurel Road Disclosures

FIXED APR
Fixed rate options consist of a range from 3.50% per year to 5.55% per year for a 5-year term, 4.00% per year to 6.00% per year for a 7-year term, 4.30% per year to 6.40% per year for a 10-year term, 4.60% per year to 6.80% per year for a 15-year term, or 5.05% per year to 7.02% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.50% per year to 5.55% per year for a 5-year term would be from $184.00 to $193.00. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.00% per year for a 7-year term would be from $138 to $148. The monthly payment for a sample $10,000 loan at a range of 4.30% per year to 6.40% per year for a 10-year term would be from $104 to $115. The monthly payment for a sample $10,000 loan at a range of 4.60% per year to 6.80% per year for a 15-year term would be from $79 to $91. The monthly payment for a sample $10,000 loan at a range of 5.05% per year to 7.02% per year for a 20-year term would be from $68 to $80.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

VARIABLE APR
Variable rate options consist of a range from 2.43% per year to 6.05% per year for a 5-year term, 3.75% per year to 6.10% per year for a 7-year term, 4.00% per year to 6.15% per year for a 10-year term, 4.25% per year to 6.40% per year for a 15-year term, or 4.50% per year to 6.65% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.25% to 3.80% for the 5-year term loan, 1.50% to 3.85% for the 7-year term loan, 1.75% to 3.90% for the 10-year term loan, 2.00% to 4.15% for the 15-year term loan, and 2.25% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 2.43% per year to 6.05% per year for a 5-year term would be from $179 to $195. The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 6.10% per year for a 7-year term would be from $137 to $148. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.15% per year for a 10-year term would be from $103 to $114. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 15-year term would be from $77 to $88. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 20-year term would be from $65 to $77.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.


4 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.  All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.37% effective July 10, 2019.


6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2019, the one-month LIBOR rate is 2.26%. Variable interest rates range from 2.46%-9.24% (2.46%-9.24% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.45%-9.62% (3.45%-9.62% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan. 
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance,including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. 
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 
  7. Citizens Bank Education Refinance Loan and Education Refinance Loan for Parents Eligibility: For the Citizens Bank Education Refinance Loan and Education Refinance Loan for Parents, primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not reached the age of majority in their state of residence, a co-signer will be required and may not be eligible for co-signer release. For the Citizens Bank Education Refinance Loan, applicants may not be currently enrolled in school and applicants with an Associate’s degree, or with no degree, must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Citizens Bank observes the right to modify or discontinue these benefits at any time. Both Education Refinance Loans and Education Refinance Loan for Parents are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned or affordability, as applicable. The minimum student loan refinance amount is $10,000. Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. Resources are available to help the borrower make a decision, including a comparison of federal and private student loan benefits, at https://studentaid.ed.gov/sa/types/loans/federal-vs-private.
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