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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.
What is the definition of student loan?
student loan is designed to help students pay for college tuition, books, and living expenses. It differs from other types of loans in that the interest rate is substantially lower and the repayment schedule is deferred while the student is still in school. ...
Do you have to be a full time student in order to defer your student loans?
You can defer your student loan payments while in school. Typically student loan payments are not deferred due to employment status.
Do student loans freeze while your in school?
The federal Stafford loan, which is the most common US student loan, is deferred while you are in school, meaning you don't have to start repaying until six months after you graduate, leave school, or drop less than half time. A subsidized Stafford loan does not accrue interest while you're in school, but an unsubsidized Stafford will, so in essence, it keeps "growing" while you're in school.
If you cosign a student loan will you still be eligible for a student loan for yourself?
YES
If you defer your student loan does it accrue interest while you are at school?
the deferment period is the period when the borrower makes no payments and the loan accrues no interest
What is the purpose of direct loan?
A direct loan is a student loan that is made to the student directly by the federal government, which then subsidizes the interest on the loan while the student is in school. A direct loan is not a consolidation loan, neither for student loans or for people who have general debt. Direct loans are made to those who are determined eligible based on need, which is determined by FAFSA (www.fafsa.ed.gov). Keep in mind that student loans, once consolidated, are no longer "student loans" and as such are no longer eligible for any of the benefits of a student loan.
What to do if reached student loan limit and still have to pay for college?
If a student reaches their aggregate loan limit, they must pay down their loan first in order to be eligible for additional financial aid. Otherwise, the student will need to pay the remaining cost of school with cash out of pocket or take out a private loan.
How do you obtain a federal student loan?
Go to student loan area--financial assistance--at the school where you are applying.
What will happen with your federal student loan eligibility if you file for bankruptcy while attending school?
Bankruptcy will not get U off the hook for the federal student loan. They used to have a hardship deferral, but I do not know for how long it lasts, or if that still hold true. Check the financial aid office for the latest laws and regulations.
Do you still have to pay back student loans if the school is no longer in business?
Possibly - it depends on the terms of your student loans. If you took out a private student loan through a bank, you will probably need to pay back the loan. If you took federal student loans, depending on when and why the school closed, you may not need to pay the loans back. You should check with the institution that you have been sending your student loan payments to.
What happens if you get a student loan and then decide not to go to school?
Probably nothing PROVIDED you pay back the loan. It depends upon whether it was a condition of the loan that you DO go to school. In any event, whether or not you go to school, by its very nature it is a student LOAN and not a student GIFT so you must expect to repay it - one way or another. By its very name it is a student LOAN and not a student GIFT. So whether or not you actrually go to school you will have to repay it. What ELSE did you imagine?
