If you are having provisional issues trying to repay your federal student loans, it is helpful to contact your loan servicer to see if you are eligible for deferment. A deferment allows you to temporarily stop making payments on your federal student loans. However, if you do not qualify for deferment it is possible that […]
To help you get a firm financial foundation, it is important to understand the student loan repayment process. No matter what your financial situation is at any given time, student loans cannot be terminated, and must be paid. Loan servicers will be who you make your payments to, so it is important to stay in […]
Americans owe $1 trillion in student loan debt. How did that happen, and what’s the impact on the nation’s economy? Economics correspondent Paul Solman reports as part of his Making Sen$e of financial news series.
The Income based or IBR repayment plan is designed to make your student loan payment affordable. The payment is determine using your adjusted gross income, income tax information and your family size. To qualify for this plan you must have a partial hardship. You can calculate your repayment visiting the official loan calculator.
Here are the […]
Generally, Federal education loan(s) in default may be consolidated in a Direct Consolidation Loan if borrowers:
Make satisfactory repayment arrangements on the defaulted loans with the current loan holder(s) before consolidating.
Agree to repay the new Direct Consolidation Loan under either the Income Contingent or Income-Based Repayment Plan.
If, before applying for consolidation, borrowers who want to completely […]
Due to Congress’s failure to vote on whether or not to keep interest rates on student loans at 3.4 percent, on Monday that number doubled to 6.8 percent. Lawmakers had more than a year to decide on whether to alleviate the financial burden on college students. This increase will affect approximately 7 million students but […]