You may have been automatically enrolled in a loan repayment plan, but did you know there are actually seven
different types of student loan debt repayment plans?
The federal government offers a few programs for rehabilitation, but this might not be the best route depending on what
type of student loan debt you have.
Choosing
what type of student loan works for you will depend on your ability to absorb financial risk and the amount of student loan debt you will have.
While there have been efforts to address the tax consequences of some of the
other types of student loan cancellations, death and disability are often left out.
Combined with a loan forgiveness program and other
types of student loan aid, grants can make student loan payment easier for you.
Choosing what
type of student loan works for you will depend on your ability to absorb financial risk and the amount of student loan debt you will have.
Here's a simple overview of the different
types of student loan consolidation, how they differ from student loan refinancing, and how to evaluate whether you should do one of these things.
Various Types Of Loans Available - There are
many types of student loans, but mainly, they can be broken down into two parts, private loans and federal loans.
Stafford loans, also known as William D. Ford Federal Direct Loans, are by far the most common
type of student loans with 32.8 million recipients borrowing a total of $ 705.3 billion in 2017.
In addition to the many
types of student loans out there, you should also learn about repayment plans, forgiveness options, and how to properly track your student loans as you pay them off.
Although there are a lot of banks and private organizations who offer different
types of student loans according to the borrower's needs, it usually entails higher interest rates and additional fees, unlike CU student loans.
Chapter 7: Other Ways To Discharge Or Cancel A Student Loan — This chapter discusses the more uncommon
types of student loan discharge, including disability and closed school discharges.
According to StudentAid.gov, the
following types of student loans are eligible for consolidation: • Direct Subsidized Loans • Direct Unsubsidized Loans • Subsidized Federal Stafford Loans • Unsubsidized Federal Stafford Loans • Direct PLUS Loans • PLUS Loans from the FFEL Program • Supplemental Loans for Students (SLS) • Federal Perkins Loans • Federal Nursing Loans • Health Education Assistance Loans • Some previous consolidation loans
Phrases with «types of student loans»