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What happens to a person who does not repay student loans?
Federal student loans have no statute of limitation, meaning they can collect forever. The can garnish your wages without taking you to court, take your tax refund, and sue you in court for property and bank accounts. Student loans are also almost impossible to discharge in bankruptcy. There are people now who did not repay their student loans from the 1970s who are having their social security garnished. Not paying is a very bad idea.
Can student credit cards be used to repay loans?
Whether or not a you can repay loans with a credit card depnds on the policies of you debtors. You can pay some student loans with a credit card, if you are in default. However private lenders are under no obligation to accept credit card payments.
Is there a standard length of time to repay student loans?
10 years. However, students with large loans can get longer repayment terms.
Does congress get intersts free loans?
An email presently in circulation states that dependents of members of congress do not have to repay student loans. Is this true?
Do you have to repay a federal student loan?
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.
What happens to a person who does not repay student loans?
Federal student loans have no statute of limitation, meaning they can collect forever. The can garnish your wages without taking you to court, take your tax refund, and sue you in court for property and bank accounts. Student loans are also almost impossible to discharge in bankruptcy. There are people now who did not repay their student loans from the 1970s who are having their social security garnished. Not paying is a very bad idea.
Do student loans automatically come with filing bankruptcy?
Federal Student loans cannot be discharged in bankruptcy. You must repay them.
Can student credit cards be used to repay loans?
Whether or not a you can repay loans with a credit card depnds on the policies of you debtors. You can pay some student loans with a credit card, if you are in default. However private lenders are under no obligation to accept credit card payments.
Is there a standard length of time to repay student loans?
10 years. However, students with large loans can get longer repayment terms.
Does congress get intersts free loans?
An email presently in circulation states that dependents of members of congress do not have to repay student loans. Is this true?
Do you have to repay a federal student loan?
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.
What happens if you default on a graduate student loan?
Most loans have consequences when you default like reporting negatively to the credit bureaus, garnishment of wages to repay the loan, ineligibility to get another student loan if needed; many late fees, and even a lawsuit to collect on the loan.
Can student loans be used for things such as an apartment or a car if it is necessary to complete the education?
Your student loans are yours. You have to repay them later, so you do what you want to with them now. Yes, they are supposed to be for help in your education, but I am raising two kids and going to school only with my student loans. The only demand by the lenders is to payoff your loans on time, otherwise you can do anything with your loan as you want.
Both your husband and you have student loans will you be responsible for his in a divorce?
Federally Guaranteed student loans are linked to the borrower by their social security number. Only the person listed on the loan by SS# is obligated to repay the loan, not spouses, parents, children, or anyone else.
Taking out Loans for College ?
Many students are unable to afford college without a student loan of some sort. Student loans are necessary for a good majority of students that attend school. For the student that wants to attend college but does not have the financial means possible, student loans can open up a world of opportunity. If a student wants to know how to find some great student loans for college, then there are all sorts of resources he or she can consult. First off, a person will want to look for loans for college that have a good interest rate. It is a good idea for a student to apply for loans through the government. One of the smartest choices that a person can make is to apply for loans through the government. The government can truly be a great aid and rescue to any person that is applying for student loans. The government is here to help as many students go to school as possible. A student should never underestimate the government as a resource for disbursing student loans. The majority of students with loans receive all of their loans directly from the government. A student will likely pay for all of his or her tuition with loans from the government. Some people do not like this, while others do not really care. A student truly needs to be careful that he or she does not take out too many loans for college. Taking out too many loans for college can truly be risky for any student. When a student takes out too many loans for college, then he or she can end up in a tremendous amount of debt. A student may never be able to repay all of the loans that he or she takes out. It is never a good idea for a person to take on more debt than he or she can handle. If a person can not handle all of the debt that he or she faces, then this can be a very stressful situation. A person may end up having to declare bankruptcy as a result of having so much debt. It really is stressful for people.
What happens if you cant reach the student to repay your loan?
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.
Why are student loans considered in secured?
Student loans are considered unsecured because they are not backed by collateral, such as property or assets, which lenders can seize if the borrower defaults. Instead, these loans are based on the borrower's creditworthiness and promise to repay. This lack of security means that lenders face a higher risk, which can result in higher interest rates compared to secured loans. Additionally, in the case of bankruptcy, student loans are often difficult to discharge, further complicating the borrower's financial situation.
