What are the options for private loan repayment?
An example of an AI chatbot conversation about private loan repayment options.
What are the options for private loan repayment?
There are several options for repaying private loans, including standard repayment, graduated repayment, and income-driven repayment plans.
Can you explain the graduated repayment plan?
Sure! A graduated repayment plan starts with lower payments that gradually increase over time, typically every two years.
What if I can't afford my payments?
If you're struggling to make payments, you might consider deferment, forbearance, or refinancing your loan.
How does refinancing work?
Refinancing involves taking out a new loan to pay off your existing loan, often with a lower interest rate or better terms.
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