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Loan Resources Repayment
Applicant should make all requested loan payments by the due date until applicant confirm their SU Loans are in deferment status. In order to make loan repayment manageable, it is possible to consolidate certain federal student loans into one new loan, with a single payment. The interest on the consolidated loan will be the weighted average on their existing loans rounded up to the next one-eighth of one percent. Depending upon the size of the consolidated loan, a repayment period of up to 30 years is possible. Delinquent or defaulted loans will affect their ability to obtain future loans. Scholarship General was established to encourage individuals to enter and continue full time public service employment by forgiving the remaining balance of the individuals Direct Loans.
This plan is available to low-income borrowers who have a Direct Subsidized Loan, Direct Unsubsidized Loan, Direct Graduate PLUS Loan and or a Direct Consolidation Loan This plan allows students who do not qualify for the Income Based Repayment or the Pay As applicant Earn plans to make lower Direct Loan payments. Loan deferment is a period of time during which repayment of the principal balance of their loan is temporarily delayed. Depending on the type of loan applicant have, the federal government may pay the interest on their loan during a period of deferment. Documentation may need to be provided to the loan servicer to show why applicant should be granted forbearance.
Leaving College Repaying Loans
SFA encourages all students to pursue federal student loan options before borrowing private loans.National Student Loan Data System The the students.S. Education National Student Loan Data System provides information on their federal loans including loan types, disbursed amounts, outstanding principal and interest, and the total amount of all their loans. Information avoiding default, and steps applicant can take if applicant have defaulted can be found on this Federal Student Aid page on default issues. A Direct Consolidation Loan allows a borrower to consolidate multiple federal student loans into one loan. Always work with their federal loan servicer to determine the appropriate course of action that works for applicant.
Loan Repayment Plans
Example, if applicant have $35,000 in outstanding FFEL Program loans and $10,000 in outstanding Direct Loans, applicant can choose the extended repayment plan for their FFEL Program loans, but not for their Direct Loans. Loans applicant received under the Federal Family Education Loan Program, the Federal Perkins Loan Program, or any other student loan program are not eligible for PSLF. If applicant have FFEL Program or Perkins Loan Program loans, applicant may consolidate them into a Direct Consolidation Loan to take advantage of PSLF. Payments made on their FFEL Program or Perkins Loan Program loans before applicant consolidated them, even if they were made under a qualifying repayment plan, do not count as qualifying PSLF payments.
Federal Loan Consolidation
With Federal Loan Consolidation, applicant can consolidate all or some of their outstanding education loans, even if their loans are currently held by than one lender and are of different loan types. In order to be eligible for a Federal Consolidation Loan under the Federal Family Education Loan program , applicant must be in the grace period or already in repayment on each loan applicant select to consolidate. Federal PLUS Loans Private Alternative loan repayment options may be available through private lenders, but they may not include the same benefits as the Federal Loan Consolidation program. Once their loan has been funded, applicant will receive a Federal Loan Consolidation Disclosure Statement and Repayment Schedule from the servicer of their new Consolidation loan.
Federal Loan Consolidation
To qualify for a Direct Consolidation Loan, borrowers must have at least one Direct Loan or Federal Family Education Loan that is in grace, repayment, deferment or default status. Borrowers can consolidate most defaulted education loans, if they make satisfactory repayment arrangements with the current loan holders or agree to repay their new Direct Consolidation Loan under the Income Contingent Repayment Plan. The Direct Loan Servicing Center has information on the Public Service Loan Forgiveness Program. Federal PLUS Loans The interest rate for FFEL and Direct Consolidation Loans is set according to a formula established by federal statute. Convenience easier to manage one loan versus loans with multiple lenders.
Graduate Tuition Aid
Determine what type of aid applicant will be using and how much loan money applicant will need. Used to supplement Direct Unsubsidized Loans if additional loan money is needed. Can be consolidated at fixed rate with other federal loans. It is important to make sure applicant have completed all necessary paperwork, and that applicant are aware of the loan disbursement dates. The real story on money, student loans, and life. Sign in with their FSA ID to keep track of the details of all of their federal student loans.