Things to Consider
The type of student loan you borrow can make a big difference in interest rates, repayment terms and deferment options. Private student loans are offered by financial institutions such as the Arkansas Student Loan Authority. These loans are based on credit scores and may require a co-signer. Below are some questions you may want to ask when considering a private student loan:
- Will I have to make payments while in school?
- If not, when does repayment begin?
- How is the interest rate determined?
- Is there an origination fee?
- Is a co-signer required?
- Are deferments available in the event that I lose my job or I am temporarily disabled?
- Are discounts available for auto-debit payments?