Options for consolidating student loans ways to be more intimidating

There are lifetime aggregate limits to the total amounts you may borrow based on degree level.The ‘Total Citizens Bank student loan debt’ column shows the maximum you can borrow from Citizens Bank, while the ‘Total private and federal student loan debt’ column indicates the maximum amount you may borrow with federal and private student loans combined.Other assumptions include a 21 month in‑school period, 6 month grace period, a standard repayment account, and the student remains in school through the expected graduation date. Actual rates and payment information may vary based on applicable terms. Citizens Bank reserves the right to modify interest rates at any time without notice., depending on the interest rate during the 45 month in-school period and the 6 month grace period. Such changes will only apply to applications taken after the effective date of change.Citizens Bank Student Loan repayment examples assume a ,000 loan in the first year of school with two equal disbursements, the repayment term and interest rate type selected above, and is based on an application with a borrower and a co-signer.Lowest rate shown requires borrower to take advantage of available ACH and loyalty discount to achieve the 0.50 percentage point interest rate savings.However, spreading payments out over such a long period can cost you more in interest overall.

ICR caps monthly student loan payments at 20 percent of the borrower’s discretionary income.

Co-signers can now start the student loan application online.

When your loan payments become due, borrowers may apply to release the co-signer from their loan after making 36 consecutive on-time payments of principal and interest. How to apply: Submit the fast, easy Citizens Bank Student Loan application online.

For the 2016-17 school year, the rate is 6.31%, and older Parent PLUS loans could have rates above 7%.

So what can parents do to ease the strain on their finances?