Everyone has to repay the federal student loans. However some people are eligible, dependent on the job that they get after graduation, to have loan forgiveness for a portion of their loan. In that case they will only have to repay the portion of the loan that is not forgiven.
You may want to consider a federal student loan as these types do not require a cosigner.
The maximum interest rate for consolidating FEDERAL student loans is 8.25%. If your student loans are not federal loans, though, there is no maximum interest rate.
One can consolidate their Federal Student Loans from the following sources: Debt Free Direct, Consolidation Loan Centre, Student Aid, Loan Consolidation, Fin Aid.
YES
If you are getting a Federal Student Loan credit is not an issues. I just got a Federal Student loan and my credit is BAD!!! The thing is, is that it's a Federal Loan so you will always owe that money, even if you claim chapter 7 or 13. I was worried about that too, but I got one just fine.
The Higher Education Act does provide student loan consolidation under the Federal Family Education Loan and Direct Loan programs. The loan consolidation may lower interest rate and extend the amount of time to repay.
There are many federal student loan programs to choose from. They include Federal Perkins Loan, Federal Direct Subsidized Loan, Federal Student PLUS Loan, etc. When it comes to deciding which is the best, it depends on one's circumstances.
If the student loan is a federal loan and not a private loan then the answer is no. Federal student loans can not be included in bankruptcy, you will always be responsible for repayment of FEDERAL student loans.
Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
If a student is unable to repay a loan, then he or she should first talk to their lender. This will give the person a better chance of reaching an agreement, rather than ignoring the payments and defaulting on the loan.
Yes.
A student loan calculator's purpose is to estimate the size of your monthly payments when you get a student loan. It will also help you find out how much you will end up paying in interest and how long it will take to completely repay the loan.
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?
Yes, felons can be eligible for federal student loans. However, individuals convicted of drug-related offenses may face limitations and restrictions on their eligibility for federal aid. It's recommended to complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility.
Donald Conner has written: 'Federal student loan programs data book, FY 94-96' -- subject(s): Federal Direct Student Loan Program (U.S.), Federal Family Education Loan Program, Government policy, Student aid, Student loan funds
If you do not start classes that you have paid for with a student loan, you should obtain a refund of the tuition and then use the refund to repay the loan.