To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners.While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products."Advertiser Disclosure Monday, August 21, 2017 The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.A cosigner is someone who shares responsibility with the borrower for repaying the loan.The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.It takes borrowers an average of 21 years to repay their student loans, while 28% of students are in default (or miss payments for 270 days or more) within five years of entering repayment.The picture painted by these statistics is clear: many borrowers are in over their heads with student loan debt and are looking for relief.Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.
Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.
Discounts reduce the amount of interest you pay over the life of the loan.
The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.
These 4 lenders also allow you to check your rate without impacting your score (using a soft credit pull), and offer the best rates of 2017: If you are in financial difficulty and can’t afford your monthly payments, a refinance is not the solution.
Instead, you should look at options to avoid a default on student loan debt.