The decision to cosign a student loan is not one to take lightly, so we provide a few items to consider before cosigning that student loan.
Federal Student Loans
We help identify the FOUR things every cosigner should know before they sign a student loan promissory note.
Repaying your student loans may seem overwhelming, but the repayment plan(s) you choose may affect how much you will pay overall.
A forbearance is a period during which your monthly loan payments are suspended or reduced helping you to avoid having a past due balance.
It’s important to take the right steps with your student loans because they must be repaid and cannot be discharged, even during bankruptcy.
If you’re having a tough time making your student loan payments, you should contact your lender to see if you are eligible for a deferment.
Interest rates are low right now. Have you considered refinancing your student loans? Bank of North Dakota’s program may save you money.
Understanding the types of student loans and their benefits, along with interest rate options, will help determine if refinancing is right for you.