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If a daughter received an unsubsidized Stafford Student Loan are the parents responsible for payments if she stops paying on it?
No. Only the student who signed the promissory note is legally obligated to repay the loan. Stafford loans do not have credit requirements or cosigners; in fact, the borrower no longer even needs to be 18.
Parents may be contacted by the loan holder if they were listed as references, but only for the purpose of trying to locate the borrower.
In the past, Guaranteed Student Loans did sometimes have parent "endorsers" who were responsible if their son or daughter did not pay.
What else can I help you with?
When do repayment for subsidized and unsubsidized federal Stafford loans begin?
Repayment for both subsidized and unsubsidized federal Stafford loans typically begins six months after the borrower graduates, leaves school, or drops below half-time enrollment. This six-month period is known as the grace period. Interest on subsidized loans does not accrue during this grace period, while interest on unsubsidized loans does. Borrowers can start making payments during the grace period if they choose to reduce the overall interest cost.
What do students Typically receive funds from a Direct Stafford Loan in payments.?
Typically, students receive funds from a Direct Stafford Loan in _____ payments.
Do I have to make payments on Sallie Mae student loans while enrolled in school?
No, you do not have to make payments on Sallie Mae student loans while enrolled in a qualified program. Depending on the type of loan you take out you will have payments deferred either six or nine months. It is important to remember that any unsubsidized loans will capitalize even though you are not required to make payments while enrolled.
What loan can student get that has the shortest repayment period?
The shortest repayment period also means the highest monthly payments. In the United States, your best option is to receive Federal student loans (Stafford subsidized or unsubsidized). The shortest repayment plan is 10 years, but there is no pre-payment penalty and you can pay off your loans faster than 10 years.
Stafford Loan Application?
Stafford Loans are generally considered to be the most common form of college financial aid that aspiring students will receive from year to year. In the most simplistic terms, if an aspiring college student completes the FAFSA, the FAFSA actually acts as the Stafford Loan application, which means a student is virtually guaranteed to receive one of the two types of Stafford Loans. From year to year, the loan amount that will be available to students through the Stafford Loan is preset. For instance, in the years of 2009-2010, dependent students were allowed to borrow five thousand five hundred dollars if student was freshman, six thousand five hundred dollars if student was sophomore and both juniors and seniors were allowed to borrow seven thousand five hundred during those years. However, it should be noted that independent students are allowed to borrow more from year to year. For instance, in those same years, independent freshmen could borrow nearly ten thousand dollars, sophomores could borrow just over ten thousand and juniors and seniors could borrow over eleven thousand. For the Stafford Loan application, there are well defined questions to determine the dependency of a student so that proper loan amounts can be offered. This is especially so when a student goes through filling out their FAFSA documents. However, it should be noted that if you are older than twenty-three years of age, you will automatically be considered independent on your Stafford Loan application. When applying for one of these loans, whether through FAFSA filing or straight Stafford Loan filing, it is important to know that there are subsidized and unsubsidized Stafford Loans. Of course, the type of loan that will be given to a student will be decided by the Department of Education. Subsidized Stafford Loans will have no interest and no payments while a student is in college while unsubsidized loans will accumulate interest while the student is in school. The FAFSA application information that a student submits will be the deciding factor in what kind of loan they are offered. Subsidized and unsubsidized Stafford Loans differ in interest rates. As of July first, 2011, the interest rate for subsidized Stafford Loans was 3.4% and 4.5% the year before. For unsubsidized Stafford Loans, the interest rate is always 6.8%.
Can daughter continue to pay mother's mortgage after notifying the mortgage company?
I assume you notified the mortgage company that the daughter is making the monthly mortgage payments on behalf of the mother. If that is the case, the daughter really isn't benefitting from making these payments from the credit agencies, proving mortgage history, and establishing credit on her own. Essentially, the mother would have to refinance the loan to get the daughter on the mortgage with her in order for the daughter to benefit. Even a quit claim deed would only add the daughter to the title, and the mother would ultimately be responsible for the monthly mortgage payments. I hope this information helps. Regards, Total Mortgage Services
Should I make payments on your student loans while im in college?
In the US, the interest on any unsubsidized stafford loans acrues, so you should pay on them if you can afford it. If it is a hardship to pay, then you do not need to since you are protected under an in-school deferment. Don't forget to consolidate your loans during your first 6 moths out of school, because this is when your loans are at the lowest interest rate and you can lock the rate in.
Can a father sign a lease for his 17 year old daughter?
Yes. However, the father will be completely responsible for the lease as though it was his own lease. The father will be held legally responsible for payments and damages if the daughter doesn't pay her rent, if she moves out before the lease is up or if she causes any damages to the property.
If you give your manufactured home back to the bank are you still responsible for the payments?
You may be responsible for the difference in what you owe on the home and what the bank is able to sell it for. You are not still responsible for the payments.
If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?
The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.
When someone assumes your finance payments are you no longer responsible for the vehicle?
IF you transfer the title and loan out of your name you are not responsible. IF NOT, and they don't make the payments, or have insurance on it, YOU are responsible for all aspects of the vehicle as you still OWN it. the name on the title & loan is the responsible party.
Does a co buyer have rights to the auto loan payments?
The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.The lender has the right to receive all the payments. A co-buyer has no rights TO the payments.The co-buyer is equally responsible for making the payments.
