The U.S. Department of Education offers students several federal loan options to help pay for college. These loans are designed specifically for students.
FFELP student loans are federally backed student loans originally funded by private lenders. The FFEL Program ended in 2010, but you may still be repaying them.
It's important to note that when your loans are in forbearance or deferment, you aren't making progress toward student loan forgiveness.12 The idea is that you might be able to see a pause or a reduction in your student loan payments if you're struggling to pay the full amount.3It's ...
What are the different types of 529 plans? Sponsored by states, state agencies, or educational institutions, there are two types of 529 plans to choose from: 529 savings plan: This 529 plan allows families to set aside funds for future college costs. It works much like an IRA, allowing th...
What Are the Different Income-Driven Repayment Plans? There is no clear winner among the various repayment plans, experts say, since the right option is based on a borrower's financial circumstances. "The ideal plan will depend on when you borrowed your first loan, the types of...
Payments under standard repayment are larger than under other plans that extend your repayment term. But you’ll pay the least interest and finish repayment the fastest using standard repayment. » MORE: Student loan repayment options: Find the best plan for you If standard payments are too ...
There are four types of federal student loans, including those for dependents, parents helping children enrolled in school, and borrowers consolidating their debts.
Graduated repayment plans for consolidated and nonconsolidated student loans are different. Federal student loan holders can choose from several repayment options, including standard and graduated repayment plans. Unlike the standard repayment plan, which has fixed payments, the graduated repayment plan be...
How are federal and private loans different? Federal student loans generally have more favorable terms. They offer forgiveness, cancellation and discharge alternatives in addition to the recentplan announced by the Biden administration. Private loans can fill a gap when public loans, scholarships, fello...
The rules are different for private student loans. If you have private student loans in default, you may be able to negotiate a settlement on your debt in collections. You could also try to work with your loan servicer to get up to date. Start by reaching out and explaining your situatio...