0
No, you cannot use a Stafford student loan to pay off personal debt. The only debt that should be paid off with an educational Stafford loan is your college debt.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
What is a graduate plus student loan?
The Graduate Stafford student loan is the best available option for students to finance their education and future. Mainly these loans are of two type 1) Subsidized Graduate Stafford Loan 2) Unsubsidized Graduate Stafford Loan 1)- Subsidized Graduate Stafford Loan These loans are dependable on the financial needs of the applicant. The government is responsible to pay off the interest and you are not required to pay off it during the periods of deferment or until your repayment period starts. 2) Unsubsidized Graduate Stafford Loan These loans are dependable on the financial needs of the applicant. The students are charged with the interest through out the period of the loan. The interest is charged from the time of the enrollment of the student to the periods of deferment until the student repays the loan
Student Loan Consolidation and Debt Payoff Calculator?
Student Loan Consolidation and Debt Payoff CalculatorThe Student Loan Consolidation and Debt Payoff Calculator applies two simple principles to paying off high-interest debt.Consolidate your existing student loansUse your extra cash every month to pay off your higher interest debt soonerWe apply the amount of payment savings you choose to your non-student loan debt with the highest rate. When that balance is paid in full, the balance with the next highest rate will be paid down. This continues until you have rolled through all of your balances and your non-student loan debt is paid in full. Click the "View Report" button for a detailed look at the results.
What is a Federal Unsubsidized Stafford Loan?
It is a Federally Guaranteed student loan that accrues interest from the day you receive it until the day you pay it off, even during deferment periods. A Federal Stafford Subsidized loan does not accrue interest during deferment periods, including while in school.
Don't Put Off Your Student Loan Payments?
A great way for students to get a handle on finances is by taking care of student loan debt as early as possible. By taking care of this great burden as early as possible, a student will make his or her life easier later on. A person will be able to possibly save thousands of dollars by paying off student loan debt as early as possible. The longer a student waits to make federal student loan payments, the more interest he or she will accrue on such loans. A student should always seek to pay off student loans right after graduation, rather than postpone paying off such loans. There are even government programs students should research that may potentially cover the cost of student loans, if a student takes a public service job for a certain number of years. For example, the government will pay off the law school student loan debt of students that take on a public service job for a certain number of years after graduation. This can be a great way to pay off debt in an easy way and it will allow a student to save money.
How can one get out of student loan default?
The easiest way for an individual to get out of student loan default is to pay off the remaining balance of the debt in full. This would also be the quickest way to rectify the issue.
How can one pay off student credit card debt?
There are many ways to pay off student credit card debt. Some of the ways to pay off credit card debt are borrow against life insurance, get a home equity loan, renegotiate the term with a creditor and many more.
What is the difference between a student loan calculator and a debt calculator?
A student loan calculator helps a student calculate their loan payments based on how much they are expected to earn in their new profession. A debt calculator helps a person know how long it will take to pay off all of their debts and become debt free. The amount entered into the calculator will depend on how much the debtor thinks they will be able to pay over a period of time.
If you take subsidised student loan and pay off before graduation do you have to pay interest for the money that you borrowed?
No, interest does not accrue on subsidized stafford loans while in school.
How can single mom pay off student loan debt?
There is a free budgeting web app with a feature called Credit Card Debt Terminator which can be used as a Student Loan Terminator. This feature is built right into the budget and it makes it very easy to maximize the loan payment as part of an overall budgeting strategy to help pay off the loan as fast as possible in each personal situation. Short of getting an inheritance to pay off the loan, this is a very good way to optimize a student loan payout strategy. The free web app is called Out Of The Dark (OOTD) Budgeting at: www.myootd.org
How much money will be needed to pay off a student loan on the average human person?
Depends on your school, the terms in which you pay it back. Average student debt load is $25k.
Im a cosigner on a loan need to get my name off and file a civil suite on the primary person?
If you are a cosigner on a Federal Student loan, then the only way to get your name off the debt is to get the primary borrower to consolidate the student loan in only his/her name. This will remove you from the debt. If it's not a student loan, you are stuck. You can file a civil suit regardless, though. It has nothing to do with the loan papers. You signed them and if the other person is not paying, you are next in line for the collection agency. If the civil suit is because the person is not paying the loan, it's not a civil suit. You can't have the person pay YOU so you can pay the loan. They have to pay the loan and if they don't, you are just as responsible as if it was your loan to begin with. Never co-sign!
How do debt consolidation services work?
Most debt consolidation services work by consolidating your debt into one loan. The debt consolidation service will pay off all of your debt balances and then make a loan to you for the amount of your debt plus any service fees. Normally the consolidated loan will have a lower interest rate than your previous debt balances.
