An independent student is at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, or someone with legal dependents other than a spouse.
Posts under ‘Student Loan Repayment’
What is Unsubsidized Loan?
A loan for which a borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan. Unsubsidized loans include: Direct Unsubsidized Loans, Direct PLUS Loans, Direct Unsubsidized Consolidation Loans, and Federal Unsubsidized Stafford Loans, Federal [...]
Using Preauthorized Debit Program to Repay Student Loans
What is a Preauthorized Debit Account? A Preauthorized Debit Account (PDA) is an account that gives your bank the authority to automatically deduct your loan repayments from your checking/savings account. What Are the Benefits? The benefits of PDA are: your repayments will always be made on time, you will save on postage fees, and you [...]
Repaying Student Loans Held by the U.S. Department of Education
After you graduate, leave school, or drop below half-time enrollment, you have six or nine months before you begin repayment. You will receive information about repayment and will be notified by your loan provider of the date loan repayment begins. Addressing Your Defaulted Student Loan If you default on your student loan, the maturity date [...]
Total Education Indebtedness
Total Education Indebtedness is the sum of a Direct Consolidation Loan, and other eligible education indebtedness, up to an amount equal to the Direct Consolidation Loan. Total Education Indebtedness is used to calculate the number of payments under the Standard and Graduated Repayment Plans.
Student Loan Status
The present state of your Subsidized, Unsubsidized, PLUS, or Consolidation loan(s). An account will be either: in-School in-Military grace repayment-current repayment-delinquent deferment forbearance paid-in-full suspended default