Did you know that when you leave school which includes graduating, withdrawing, or dropping below half-time attendance, you have 6 months of grace period before you have to make student loan payments. This applies to direct subsidized and unsubsidized loans. But be very careful with one scenario: There’s no second grace period. If you have [...]
Posts Tagged ‘Student Loan Repayment’
You have the Borrower Grace Periods no matter what the lender says
You are graduating, or you have graduated for 3 moths and yet there’s no sign of a full time job. You’re still hunting for that job and you’re losing sleep over the upcoming payment of your student loans. You are worried that someone from the lender will call you soon and you will receive a [...]
Special Considerations for Consolidation of Federal Loans
Student loan consolidation is combining several loans into one with a new repayment term and interest rate. This is generally offered in connection with federal loans. Here’s how to help identify potential problems related to loan consolidation: Avoid lenders and marketers who use high-pressure sales tactics. Some marketers pitch that “your interest rates may go [...]
Student Loan Balance Disputes
If you claim to have repaid a portion of the loan which is not reflected in your current balance, or to have repaid the loan in full, you should send copies of the canceled payment instruments (i.e. checks, money orders, etc.) used toward repayment of the loan and any other pertinent information to the agency [...]
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
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.