First off all a student loan is designed for those who can't afford paying for tuition, so the biggest advantage is that you will obtain your degree. Of course nobody can guarantee that after graduation you'll find a nice job with a decent salary and that you'll be able to repay your loan faster, but still it increases your chances. Without a proper job you won't be able to apply for a mortgage, obtain a low APR credit card, buy a sports car etc... You can always repay your student loan even with a simple credit card if you use wisely your "no APR" period.
Here's a link to a website that offers information on student loans from the US Department of Education, and if it's right for you or not. http://www.ed.gov/
The website for the Us department of education for student loans is: www.direct.ed.gov There are also many other places to obtain student loans, or financial aid.
Don't apply for a student loan. A personal loan, maybe.
== == == == Go to nslds.ed.gov to find out about federal loans. For private loans, check your credit report.
Yes, there is no statute of limitations on the repayment of student loans. Federal collection agencies will try to collect on the loans even into retirement. In fact, the Dept. of Ed. will garnish Social Security income for defaulted student loans.
You could but you should return the money so not to get big dept.
In the US, if the student loan is Federally Guaranteed then the answer is no. The Dept of Ed. and it's collection agencies will not negotiate or settle a debt. If the student loans are private, then the answer is yes. If you need help with your defaulted student loans, the company listed at the bottom of this text box can help you.
You won't receive it. It will be forwarded to Dept of education
Call the Dept of Education help line at 1-800-4FEDAID
In the US, the Dept of Ed. does not reposes anything on the repayment of Federally Guaranteed Student Loans. They will only garnish wages, garnish social security, and keep tax returns. If you need help getting out of Default on your student loans, click on the link at the bottom of this text box.
If your Federally Guaranteed student loans go into default status, you could lose your GI bill benefits altogether. Once student loans are in default, you are inelligible for any other type of government help. You should consolidate your student loans and prevent any of this from happening. You can get an income-based repayment plan and pay as little as $0 a month, depending on your income and dependants. If you want help with the consolidation of your student loans, click on the link below.
Yes! If your student loans are with a collection agency they are in default. When student loans are in default the dept. of ed gives the collection agencies "CARTE BLANCHE" to collect the money by any means necessary. Wage garnishnent is only one.