We’ll talk about what is a qualified loan and what may not qualify as one. Getting the best education possible is something you’ve been considering for a while. Yet, you need financial aid to pay for the tuition. A student loan can help, of course. But you must be prepared to ...
What is a student loan guarantor? Loans: Loans refer to money given out by a financial institution like a bank to borrowers. However, for a financial institution to give out a loan, the borrower should meet certain conditions. For example, the borrower must earn an income capable of repayin...
To be considered a qualified student loan, the loan must meet certain criteria set by the IRS. One of the main requirements is that the loan must be used solely for qualified educational expenses, such as tuition, fees, books, and supplies. This means that the funds cannot be used for pe...
For the majority of Americans, taking on a student loan is a requirement to pay for college. A 2019 report estimated that43 million American adults have federal student loans– with a combined total balance of $1.5 billion. What many people may not know is that different student loan options...
Withfederal student loans, your loan is usually considered in default when you don’t make your scheduled payments for 270 days. One exception is Perkins Loans, which can be considered default if you miss a single payment. Withprivate student loans, you are usually considered in default after ...
For most student loan borrowers, a good interest rate is one that is between 2% and 4%. However, many other circumstances need to be considered. Written By: Michael P. Lux, Esq. Last Updated:August 12, 2021 Affiliate Disclosure and Integrity Pledge ...
Around 45 million Americans have federal student loan debt, and many people struggle to make a dent in their balance. Some people in that circumstance wonder if there is a time limit for debt and what happens if they stop paying. It’s helpful to understand the statute of limitations when ...
Learn everything you need to know about student loans with this Student Loans 101 guide. From loan basics to how to pay off your loan, we have you covered.
Can I afford to make a reduced loan payment?If you can’t pay anything, deferment may provide some breathing room until you restart payments. Deferment is considered a temporary measure. If you need a long-termlower payment, then anincome-driven repayment (IDR) planmay make more sense. ...
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...