Explore what a loan is. Learn about the types of loans with examples. Understand the entire process of a loan and some of the common advantages and disadvantages. Related to this QuestionWhat is a forgiven loan? What is a 7(a) loan? What is an installment loan? What is a loan advance...
When a loan is forgiven the debt obligation to the borrower has been removed, usually for part or all of the principal of the loan. There are several different reasons for doing this. Most lenders do not intend to forgive their loans, because collecting both the principal and the interest i...
Before you apply, consider prequalifying for a loan to see what amount you may be eligible for and the terms you might receive. This process typically involves a soft credit check, which won’t impact your credit score, and can provide insight into whether a payday loan is a viable option...
If you’re a parent, you might be interested in helping your children attend college via a loan. Here’s what you need to know about federal parent PLUS loans.
What is a payroll loan? Payroll loans arebusiness loansthat provide funding for businesses that may be short on cash for things like employee benefits, wages and payroll taxes. Payroll loans refer to how you use the lending funds instead of a specific financial product. You can use short-term...
Through 2025, exceptions to federal tax laws allow some homeowners to escape additional tax liability when going through foreclosure.
“Private loans generally have a cap on the total months of forbearance allowed over the life of a student loan, [and] the maximum cap can differ between lenders,” says Leah Young, accredited financial counselor (AFC) and northeast regional director at the AccessLex Institute. “It is import...
If you don’t already have a budget, now’s a good time to create one. You can use the 50/30/20 framework to help decide where you can apply those student debt funds now that your loan has been forgiven. Do you need to put any of that extra money toward essentials? Next consi...
Loan forgivenessmeans a debt (or part of a debt) is eliminated or canceled—relieving the borrower of the obligation to repay it. Although any student loan can theoretically be forgiven, student loan forgiveness (also known as cancellation) generally applies to U.S. government-issued or governmen...
Public Service Loan Forgiveness (PSLF) is a federal program that allows eligible borrowers to have some of their education debt forgiven. The program was established in 2007 for the benefit of borrowers pursuing careers in the public service sector and began accepting applications in 2017.1In additio...