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If several student loans are about to go off the 7-year time of your credit report would making a payment cause the missed payments to stay on there another 7 years?
Wiki User
∙ 17y ago
IMO-most unpaid debts fall off the credit report after seven years FROM THE LAST PAYMENT!!! Ex-If you have not paid down a debt after six yrs then pay 1/3 of the debt yesterday, the 7 yrs begins again as of yesterday. IMO- I believe the 7 yrs may also begin again if the debt is sold to a collection agency because now you owe a different company therefore-new debt.
It is illegal for a collection agency to change the date on a debt. It is not a new debt. Agencies that do that violate the fair debt collection practices act.
Wiki User
∙ 10y ago
Wiki User
∙ 17y agoyes
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Can you pay your student loan payments through your small business?
Yes. The business could account for the payment in several ways. The business could set up a receivable from the student who could then re-pay the loan over a longer term. Or the business could treat the payments as compensation to the student which would be taxable income to the student. Or, the business could treat the payments as an employee benefit expense under a tuition re-imbursement plan.
How will a deferred payment look on your credit?
If it is a student loan, there will be a statement on the credit report. It will also show the date that payments were deferred.
What debt assistance options are available to an out of work student?
There are several options available for students to repay their loans if they are out of work. You can delay payments at most universities and many universities also offer payment plans to make less of a burden.
What is a subsidized loan?
A subsidized student loan is a loan in which the interest payments are subsidized. In general terms there is no interest added to the loan until it comes due for payment. A non-subsidized loan requires interest payments during the time a student is in school
What does a student loan consolidation interest rate determine?
A student loan consolidation interest rate determines the amount of your monthly payment on your student loan. Higher interest rates would result in higher monthly payments.
What is a direct loan and what are the benefits of it?
Direct loans are federal student consolidation loans. The government pays off your various student loans, then you pay the government directly, one payment each month. This is very convenient, for rather than making several payments each month for your student loans, you just make one, right to the Department of Education.
Federal Student Loan Payment Based on Income?
Borrowers who enter the repayment period on their student loans, but have trouble affording their payments have an option. The federal loan service allows borrowers to make payments on their student loans based on their income. Borrowers must submit records of their income to qualify for income-contingent payments. The lender will evaluate the borrowers' income and set their payment amount accordingly. Borrowers still accrue interest during the period of time that they are making income-contingent payments. However, borrowers may still save money by making these lower payments if they do so in a timely manner, thereby avoiding earning late fees or defaulting on payments.
What are my options if I'm not earning enough to pay back my student loans?
There are several options available for loan repayment. Usually they have you make monthly installment payments, or certain loans will let you make payment arrangements if employed using the education you received.
Sherri has a gross monthly salary of 4700 She has a 425 car loan payment and a 330 student loan payment due each month She also has two credit card loan payments each month one of 127 and the?
Sherri has a gross monthly salary of 4700 She has a 425 car loan payment and a 330 student loan payment due each month She also has two credit card loan payments each month one of 127 and the other is 527.
Are interest rates the only benefit of a consolidated student loan?
Consolidating your student loans enables you to have one payment each month rather that having multiple payments to multiple lenders and multiple billing invoices.
Relief for Federal Student Loan Payment?
If you have fallen behind on student loan payments due to unemployment or health expenses, relief is available. Federal student loan payment assistance programs include consolidation of multiple loans into one affordable payment, as well as income-based repayment (IBR) restructuring of loan payments. An economic hardship deferral is also available which enables a financially distressed borrower to defer paying all or part of her Federal student loan payment for a given period. However, interest still accrues during the deferral period and this is meant only as an emergency measure. These programs only apply to loans that are in good standing.
Fafsa Student Loan Payment and Payment Options?
Fafsa is not a student loan payment option, but rather the Free Application for Federal Student Aid that helps determine your eligibility for various financial aid programs, including loans. Once you have obtained a federal student loan, you can choose from various payment options, typically including standard repayment, income-based repayment, and extended repayment. These options allow you to make monthly payments based on your financial situation and income level.
