The majority
of student loan companies offer student loans with interest, but the federal government has some student loans available that are interest - free.
If you've spent any time looking at student loan scams, and seeing the complaints
about student loan companies, you know there are hundreds more companies just like these out there.
As of late, there have been
many student loan companies popping up claiming to be able to help those with student loan debt lower their interest rate and consolidate loans.
The fact that they charge an origination fee is also a drawback since many
newer student loan companies are no longer charging origination fees.
This means that they focus on lending to all students instead of those that get the highest marks or have the most career potential like some other recently launched
online student loan companies.
There has also been mention of plans to end public access to its online consumer complaints database where complaints
against student loan companies are found.
However, it is also important to look back and pay off the private
student loan companies who assisted and helped you through college expenses and tuition fees.
Not only will interest continue to accrue during this period,
most student loan companies will provide forbearance for only a short period of time.
While some private
student loan companies do discharge loans in the event of death, other lenders may try to get the balance of the loans from your estate or your cosigner.
I've dealt with a number
of student loan companies and they all usually apply it towards principal if you do the extra payment on the same day as the minimum payment.
College savings data
from student loan company Sallie Mae7 suggests that parents are paying a little more than half of college costs from three sources: income, savings, and borrowing.
Sallie Mae, one of the largest
student loan companies in the United States, has renewed its Bridging the Dream Scholarship Program for a second year.
Attorney General Madigan released the following statement: «For too long, student loan borrowers have been put into more difficult and more expensive repayment plans because of fraudulent practices
by student loan companies.
The difficulty that arises from dealing
with student loan companies and servicers leads to many student loan borrowers becoming vulnerable to student loan scams.
Established in 2005 via the sale of CHELA, a
nonprofit student loan company, College Futures Foundation awards nearly $ 20 million in grants annually and has an endowment of nearly $ 500 million.
Another concern is that many EU students will be deterred by a full international student fee and, even if they continue to be charged domestic level fees, they would no longer be eligible
for Student Loans Company loans.
Though this may be because the company has exceptional customer service and gives its effort to help borrowers, it is unusual to see even the best
student loans company receive no complaints at all due to the nature of the business.
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Over the past couple of years, numerous local lawmakers imposed a number of different regulations
requiring student loan companies to get state - valid licenses and cater more towards borrower instructions.
A group of 25 state attorneys general sent a letter to Betsy DeVos, the Secretary of Education, urging her not to intervene in their issues
involving student loan companies according to the Consumerist.
SLM Corp., the giant
student loan company known as Sallie Mae, agreed to be acquired by buyout firm J.C. Flowers & Co., Bank of America BAC, -1.79 % and J.P. Morgan Chase JPM, -1.62 % earlier this year for $ 60 a share.
Within the first 12 months of repayment,
student loan companies use normal debt - collection tactics to contact borrowers, including making repeated phone calls and sending letters and emails to the borrower, his or her employer and family members.
Better Business Bureau (BBB) has assigned an «F» rating to Strategic Student Solutions LLC, a
fraudulent student loan company that has been temporarily shut down by the Federal Trade Commission (FTC).
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