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Published:Tue, 07 Feb 2012 05:43:09 -0800
BOSTON - The University of Massachusetts has announced that it is boosting financial aid for students by $25 million this academic year to a record high $158 million.......
Published:Tue, 07 Feb 2012 00:24:38 -0800
Recipients of state scholarships could see their aid packages trimmed unless the Mississippi Legislature puts more money into financial aid.......
Published:Sun, 05 Feb 2012 21:06:17 -0800
HUNTINGTON -- It's all about the color of green on Marshall campus this week as the office of Student Financial Assistance will present a week of programs and events regarding......
Published:Mon, 06 Feb 2012 21:16:34 -0800
UMass to increase financial aid $25m The University of Massachusetts announced yesterday that it is channeling $158 million of the university’s state-appropriated funding toward......
Published:Tue, 07 Feb 2012 06:44:03 -0800
If you or someone you know is considering attending college this fall, getting started on a financial aid packet should be at the top of the list. Local 6 helps explain the proces......
Student Loan Repayment
Why is it important to repay your student loans on time?
The provider of your student loan will give you the information you need to repay your loan and will let you know the date repayment of your student loan begins.
Remember it is very important that you make your full student loan payment on time. If you don't you could end up in default which you really want to avoid. You have to repay your student loans.
Student Loan Default:
If you don't make your student loan payments according to the terms of the promissory note that you signed when you got your loan, then you will be in default.
If you default, your school, the loan guarantor, and the federal government can all take action to recover the money that you owe.
Some of the problems that occur when you default are:
-You will be ineligible for federal student aid if you decide to return to school.
-National credit bureaus can be notified of your default, which can impact your credit score.
-Loan payments can be deducted from your paycheck.
-You will have to pay late fees and collection costs.
-State and federal income tax refunds can be withheld.
-You can be sued.
Now you can see why it is so important to repay your student loans on time.
Student Loan Repayment Plans:
Fortunately, you have the option of several different student loan repayment plans. The loan repayment plans are designed to meet the needs of each borrower. The amount you pay and the length of time to repay your loan will vary depending on the repayment plan you select.
What if you are having trouble making your loan payments?
At one time or another, most everyone will have difficulty making their loan payments. If you are having difficulty making your payments on your student loans, contact your loan servicer as soon as you can. Your loan servicer will work with you to come up with a repayment option that will help with your situation.
Some of the loan repayment options are:
-Change your student loan repayment plan.
-Request a deferment, which temporarily allows you to stop making loan payments.
-Request a forebearance. If you aren't eligible for a loan deferment, a forebearance allows you to temporarily stop making payments, temporarily make smaller payments, or extend the time for making payments.
If you stop making payments and don't get a deferment or forebearance, your student loan could go into default.
