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What happens if your private student loan lender goes bankrupt?
JDCrae
To you...nothing at all. Their BK uses their assets. your loan is one, to pay their debts. Your loan will be sold to someone else. You may have to send your payments to a different address. Their BK effects you in virtually no way.
Wiki User
∙ 15y ago
Wiki User
∙ 11y agoTo you, just about nothing.
Your loan, as an asset of the company, will be taken over (or sold by the trustee) to a creditor or another to provide the funds to pay the Cos debts. (The loan probably already has been sold many times, you don't know it). Loans are financial instruments and bought and sold all the time.
If you are behind in payments, you can expect the creditors and the court to become much more interested in having you get paid up to date, and increase collection actions...once again so those funds due to the BK company can be received and used to pay the debt of the company.
If anything, under the purview and power of the court, with lots of interested parties who will get paid by it, your compliance with the loan agreement is if anything, much more closely looked at.
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Can you consolidate Private student loans into federal student loans?
no. you will have to consolidate separately. with a federal lender then a private lender.
If you default on a private student loan through a private lender not associated with your school or financial aid office are you still eligible for a federal student loan through your school?
Yes you are.
Can private student loans be consolidated with federal student loans?
Sometimes private student loans can be consolidated depending on certain factors including the rules of your lender, whether you are in deferrment or default and your credit score. You cannot however, consolidate federal student loans and private student loans together.
Are private student loans due immediately after graduation?
Private student loans are not due immediately after graduation. The loan terms can differ from state to state and details can be obtained directly from the lender.
What are the qualifications for a private student loan?
A private student loan is like any other private loan. Each private lender will determine what qualifications they require the student to meet before they will lend out their money. Some lenders will want some form of collateral and others will base their decision solely on the student's ability to repay the loan.
Are private student loan cosigners in danger if you default on other loans they didn't cosign?
OP here with more details: the private student loans they are cosigned on are current/paid on time, but other private student loans (with the same lender) are about to default. Can this in any way cause problems for my cosigner?
Can people get a student loan with a class E felony for DWI?
Student loans are issued by private lenders whose qualifications may differ. Probably not -HOWEVER- check with your lender.
What is a private loan lender?
A private loan lender is a lender that is acting on behalf of a privately owned organization or business, as opposed to a government regulated or non profit lender.
Can you defer alternative student loan payment if you go into the peace corp?
Only if it's part of the terms of your alternative student loan. Read the loan agreement or ask your lender. There is no law that requires the lender of a private/alternative student loan to offer you that option, and alternative student loans in general have none or very limited deferments other then in-school.
Which lenders offer private student loans?
When looking for student loans many students choose private loans with Chase and FinAid or a local business. This varies from student to student based on personal scholarships, credit, financial aid, etc.
How do you find out how much you owe in a private student loan eg BOA's student maximizer loan?
WWW.AESSUCCESS.ORG that is the new lender, not Bank of America (anymore). So from now on you will be paying bills directly to them.
When did the student loan lender FinAid establish?
FinAid is actually not a student loan lender. It is simply just a website that gives potential students advice on how to apply for financial aid. There is a note in the article that mentions that as of July 1st, 2010, private lenders can no longer make federal loans.
