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Private Loan Repayment Plans

You may have different options for repaying your private loans and when you begin repaying will depend on the terms of your specific loans.

  • Many private loans we service automatically defer repayment of principal and interest while you are enrolled at least half time, as defined by your school, and during the separation period.
  • Some private loans may require interest-only, partial or full principal and interest payments during those same periods or under other circumstances.
  • Most refinance loans go into immediate repayment.
  • Non-traditional school and refinance loans may have other payment program and assistance options.
  • If your account was transferred from Higher Education Servicing Corporation or is owned by Baptist Credit Union, your private student loans are eligible for the Standard Repayment Plan only.

Your specific credit agreement provides details when you must begin making monthly payments. Contact us for more information if you need help understanding what options are available to you.

Reducing Accrued Interest

When payments are not required, such as when you’re in school or when your loans are on deferment, interest is accruing on the loans. You may make optional payments to cover the accrued interest during these periods. Doing so can help reduce the amount of interest you will repay over time if interest capitalizes, or is added to the principal balance of your loans, when the deferment ends.

Standard

The Standard Repayment Plan is the basic repayment plan for all private student loans. Using this plan, you will pay off your loans:

  • In the shortest amount of time.
  • With the least amount of interest.

The minimum monthly payment amount under the Standard Repayment Plan will be equal to the amount necessary to repay the loan in full by the end of the repayment term. Your repayment term may vary. Please refer to your credit agreement for term information about your specific loan or contact us to determine your repayment term.

Graduated

The Graduated Repayment Plan lets you begin with lower payments that increase by 10% every two years. Using this plan, you will pay more in interest over the life of the loan because the principal balance will decrease at a slower rate.

If you have variable-rate loans, the 10% increase in payments is in addition to any adjustments made due to increases in the interest rate.

This plan is typically not available for loans with repayment terms of less than 10 years. Your repayment term may vary. Please refer to your credit agreement for term information about your specific loan or contact us to determine your repayment term.

Select 2

The Select 2 Repayment Plan lets you make mostly interest-only payments during the first two years of repayment. The amount increases to a standard amount for the remainder of repayment term, which may vary. Approval for this repayment plan is dependent on remaining loan term and other factors, including remaining principal balance.

Using this plan, you will pay more in interest over the life of the loan because the principal balance will decrease at a slower rate. Please refer to your credit agreement for term information about your specific loan or contact us to determine your repayment term.

Find the Best Plan for You

If your payment amount under the Standard Repayment Plan is unmanageable, call us at (800) 243-7552 to speak with an experienced customer service representative to find the best plan for you.

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