The Direct Consolidation Loan Program offers four repayment plans with various term selections: Standard Repayment Plan – Under this plan, you will pay a fixed amount of at least $50 each month for up to 10 to 30 years, based on your total education indebtedness. This plan may result in lower total interest paid when [...]
Posts from ‘May, 2009’
What you need to know about repaying student loans
After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This “grace period” will be * six months for a Federal (FFEL) or Direct Stafford Loan. * nine months for Federal Perkins Loans The repayment period for all PLUS loans begins on the [...]
Student Loan Cancellation & Discharge
All loans received under programs authorized by Title IV, of the Higher Education Act can be canceled for several different circumstances including: (1) in the event of your death; or (2) if you become totally and permanently disabled after the loan is disbursed. In addition, some loan types may qualify for loan discharge under a [...]
Advantages of rehabilitating your defaulted student loan(s)
You may want to consider rehabilitating your defaulted loan(s). Advantages of rehabilitation include: Your loan(s) will no longer be considered to be in a default status. The default status reported by your loan holder to the national credit bureaus will be deleted. You will be eligible for the same benefits that were available on the [...]