Usually private lenders offer these programs to the students who are in military, nursing, or in teaching fields etc. Student can also use consolidation program so that they combine all their loans into one to save some money. There are also student loan payoff grants that help during the repayment of student loans. These grants are provided to the students who are intelligent and suffering from very bad credit problem. You can also choose National Association of State Student Grants and Aid Program which is very popular in US. You can find these grants near your city and can avail money up $4000. It also depends on the number of subjects that you are studying per semester.
Private student loan payoff usually starts after six months from the date of course completion. It is important that you choose long time period of repayment so that it is easy to repay the loan without any financial trouble. The main advantage of pay off private student loan is that the amount of loan you would pay monthly would be very small than in the previous case.
There are different payment plans are available for the student such as Pay in Full, Standard payment and Income based payment. In pay in full you can pay your full loan amount at one time without paying for any additional interest. If you go for standard payment then you can pay the loan in 10 years. Income based payment is the best long term payment in which you can repay your loan in 30 years.