Late payments will have a negative impact on your credit report.
This can make it harder and more expensive to get a car loan or a mortgage.
These payments can be as low as per month if your income is low. But when it comes to private student loans, people are always getting confused and think they are like government student loans. A private student loan is a closer cousin to your car loan than your government student loan.[[ || ]]
If the unexpected happens (e.g., unemployment, illness or other events that make it impossible to pay back your loans) contact your loan servicer immediately.
They may be able to modify your repayment plan based on your income or other factors.
If any of these loans were used for graduate studies, not all schools are eligible.
According to the So Fi website, only graduate expenses from the following schools are eligible.
With all these lenders the ultimate rate you will pay will be based on your credit history and credit score.