Other loans are available to help students who are military personnel, have a high debt load, or may need additional loan sources to meet their financial obligations.
Loan Cancellation/Repayment Programs for Military
The U.S. Army offers a repayment program for eligible soldiers serving in certain military specialties. The Army repays $1,500 or one-third (1/3), whichever is greater, of an eligible soldier's Federal Loan for each year of active service completed in the occupational specialty.
One or more federal education loans may be combined or consolidated into a new loan. Students often consolidate loans to extend repayment when debt is high or when multiple loans with different interest rates are held. While consolidation can extend repayment for up to 30 years, consolidated loans often carry higher interest rates, and extending repayment terms increases the amount of interest paid. For more information, visit Loan Consolidation at http://studentaid.ed.gov/PORTALSWebApp/students/english/consolidation.jsp?tab=repaying.
Commercial banks offer a variety of loan options for college students. Take time to research several sources and compare rates and terms; the interest rates and associated costs of commercial loans may be higher than other types of student loans.