Repayment terms and conditions can vary from lender to lender. Generally private education loans begin repayment six months after graduation or enrollment less than half time.

Check with your lender and refer to your private loan agreement you signed when you applied for and accepted your private educational loan.

Repayment periods for private student loans are typically 7-15 years. Some lenders offer extended repayment periods of up to 30 years, depending on the amount of debt.


Refinancing is taking out a new loan from a private lender to pay off one or more of your old loans. If you qualify, you could snag a lower interest rate on this new loan. You can also choose new repayment terms to pay off your debt faster or lower your monthly bills.

Eligible borrowers can refinance student loans for several reasons:

  • Saving money on interest
  • Adjusting your monthly payments to match your goals
  • Combining multiple loans into one repayment
  • Removing a cosigner
  • Switching to a new loan servicer or lender

Refinancing can be a good strategy for managing your student loan debt.

How do I refinance my student loans?

Many lenders offer student loan refinancing. Research them and compare your offers. Many lenders offer an instant rate quote online with no impact on your credit score. Checking your rates with a variety of providers will help you find a refinanced student loan with the best possible terms.

Visit ElmSelect  to view lenders who offer refinancing which Delaware Valley University students and their families have used.

Am I eligible for student loan refinancing?

You must meet the lender’s requirements for credit and income. A credit score of 650 or higher, along with a steady source of income or an offer of employment are usually required. You may still qualify with a creditworthy cosigner, such as a parent, if you can’t meet these requirements on your own.

Some lenders also consider your savings and debt-to-income ratio.  Proof of graduation may also be required. There are only a few student loan refinance providers that work with students who leave school before completing their degree.