* 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 [...]
Posts Tagged ‘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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Student Loan Consolidation Checklist
The very first step: Take inventory of your student loans. For information on your student loans, review your loan documents, and contact your lender or loan servicer. Monthly Payment Amount If you are not in repayment status yet, estimate your monthly non- consolidated loan payment based on the current interest rate and your loan balance. [...]
What are the benefits of a Direct Consolidation Loan?
Direct Consolidation Loans allow borrowers to combine one or more of their Federal education loans into a new loan that offers several advantages. One Lender and One Monthly Payment With only one lender and one monthly bill, it is easier than ever for borrowers to manage their debt. Borrowers have only one lender, the U.S. [...]
What is student loan consolidation?
The process of combining one or more eligible educational loans into a single new loan. The Direct Loan Program offers a Direct Consolidation Loan for those borrowers who are interested in consolidating their eligible educational loans.