Do You Have a Federal or Private Student Loan?

Posted by on March 17, 2022 · Leave a Comment 

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Student Loan Extended Repayment Plans

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Neither private nor federally backed student loans may be discharged in a bankruptcy filing. If the options outlined above are not right for you, you might want to consider various repayment options www.paydayloan4less.com/payday-loans-wa/.

If you have a school-issued loan (like a Perkins loan), you should ask your school about any repayment options that are available to you.

If you took out a loan from a private lender (such as a bank), you might be limited in your repayment options. Whatever the case, it is not wise to wait until your loans go into default before trying to figure out a solution. If you wait, some of your options may expire.

Also, keep in mind that the holder of your federal loan must allow you to change your repayment plan at least once a year.

Options discussed in this article are mostly limited to federal student loan repayment. If you are unsure what types of student loans you have, visit the National Student Loan System Website or call 1-800-4-FED-AID.

Standard Student Loan Repayment Terms

Although the monthly payments may be higher if you go with a standard repayment plan, it is still probably the best option for you if you can afford it. Read more

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