After exhausting your federal student loan options or if the idea of a Graduate Plus Loan with a 7.9% interest rate and upfront 4% origination fee is not an attractive loan option, you should consider a private student loan to help “fill the gap” between federal aid, scholarships and grants you have received and the cost of attendance.
One such lender is Cedar Education. The Cedar Education Private Graduate Student Loan has the following borrower attributes:
Borrow as little as $2,000 or up to COA per year
Borrow up to $160,000 in graduate loan debt
Variable interest loan based upon 3-Month LIBOR index plus margin (Recent rates for approved loans range from 3.0%-9.0%)
Borrower must choose between making interest-only payments or a nominal $25 proactive payment towards the loan while in school
No prepayment penalty and 30-day loan cancellation policy
No Origination Fee
1% Interest Rate Reduction once you have entered the full repayment period and have repaid 10% of the loan principal
Cosigner Release is available after 24 consecutive on-time principal and interest payments
Learn more here
Private Student Loan Consolidation
For those students that are about to graduate and have more than $7,500 in private student loans, a private student loan consolidation might make sense. These loans have the following attributes:
Consolidate all private student loan payments into one easy monthly payment.
You can potentially lower your payments, reduce your interest rate, and extend your repayment term.
A cosigner release is available for creditworthy borrowers after 12 consecutive on-time principal and interest payments.
You can choose from interest-only payments for the first four years or a fully amortized 15 year term repayment.