Why You May Have to Repay Part of a Grant
Unlike loans, grants do not usually have to be repaid. However, there are two reasons why you may have to repay part of a Federal grant:
1) The amount given to you was more than you were eligible to receive (this is called an over-award). This can happen if the school makes an error when calculating [...]
In: Student Loans · Tagged with: Repay Part of a Grant, repay student loans,
Bankruptcy and a Federal Student Loan
By Richard Shelmerdine
If you are looking for information on bankruptcy and a federal student loan then you have come to the right place. You may feel that your federal student loan is making your financial life hell at the moment but it does not have to be like that. Bankruptcy is and should always be [...]
In: Student Loan Default, Student Loans · Tagged with: repay student loans,, student loan status,
The Direct Consolidation Loan Program offers four repayment plans
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 compared [...]
In: Student Loan Consolidation, Student Loan Repayment · Tagged with: repay student loans,
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 [...]
In: Student Loan Repayment · Tagged with: repay student loans,
Repaying Defaulted Student Loans Held By a Guaranty Agency
Under the Federal Family Education Loan (FFEL) Program, after your student loan is placed in default by the holder of the loan, an insurance claim for the amount of the loan is paid by the guaranty agency (the organization that administers the FFEL Program for your state) to the holder of the loan. To find [...]
In: Student Loan Repayment · Tagged with: repay student loans,
Your student loan may be discharged (forgiven) if you become totally and permanently disabled
* Your student loan may be discharged (forgiven) if you become totally and permanently disabled. If a physician (doctor of medicine or osteopathy) certified that you are totally and permanently disabled and you meet other requirements during a 3 year conditional discharge period your loan(s) may be discharged. It is important to note that: You [...]
In: Student Loans · Tagged with: repay student loans,
Can I consolidate my loans if I am enrolled in school?
Yes and No. Effective for Direct Consolidation Loan applications received on or after July 1, 2006, borrowers who are enrolled in school cannot consolidate loans that are in an in-school status. These are loans that have not yet entered or used up the 6-month grace period entitlement.
Borrowers still can consolidate loans that are in grace, [...]
In: Student Loan Repayment · Tagged with: repay student loans,
Consolidate Perkins Loans into a Direct Consolidation Loan
It is possible to consolidate Perkins Loans into a Direct Consolidation Loan if borrowers include at least one Direct Loan or Federal Family Education Loan (FFEL) in their request. Perkins Loans cannot be included in a Direct Consolidation Loan by themselves. Furthermore, all Perkins Loans consolidated into the Direct Loan Program will be included in [...]
In: Student Loan Consolidation · Tagged with: repay student loans,
Borrowers Currently Enrolled in school can no longer Consolidate Their Loans
The Higher Education Reconciliation Act of 2005 eliminated the provision that allowed a FFEL or Direct Loan borrower who is enrolled in school on at least a half-time basis to request to enter repayment early on his or her Stafford Loans if the lender approves. Repayment is now defined as not beginning until 6 months [...]
In: Student Loan Repayment · Tagged with: repay student loans,
Student Loan Repayment period
Repayment of Consolidation Loans begins within 60 days of the disbursement of the loan. The payback term ranges from 10 to 30 years, depending on the amount of education debt being repaid and the repayment option you select. Education loans not included in the Consolidation Loan are considered in determining the maximum payback period. You [...]
In: Student Loan Repayment · Tagged with: repay student loans,, repayment period,