Federal student loan programs have been around for decades. Many new programs have been added over the years that created different types of federal loans. For example, these programs have created Direct Loans, FFEL Loans and Perkins Loans. There are many different types of federal loans, so do not feel bad if you do not know which loans you carry. However, it is vital to know this information. If you do not know which types of loans you carry, then you may miss out on helpful income-driven repayment, loan forgiveness and loan rehabilitation programs. The Department of Education operates the National Student Loan Data System (NSLDS), which compiles personal information on all federal student loan borrowers. You can use this tool to discover which types of federal student loans you carry. Step 1: How to Access the NSLDS There are several aspects to NSLDS. For the purposes of this article,…
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More than 44 million Americans are currently paying back $1.44 trillion in federal student loans. More than 1.1 million of those borrowers defaulted for the first time during 2016. Defaults are increasing because borrowers are not being given information that could help them manage payments. As a result, it has become very easy to make mistakes during the repayment process. Fortunately, there are ways you can avoid making some of the most common mistakes while repaying your student loans. When it comes to repaying your federal student loans, knowledge is power. Mistake #1: Not Setting Up Autopay Setting up autopay with your bank and servicer can help you manage your monthly student loan payments. Instead of having to worry about remembering your payment due date each month, the funds would be automatically deducted from your bank account. While autopay is very helpful for many borrowers, there are also ways to…
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More than 44 million Americans owe $1.44 trillion in student loan debt. For many of these borrowers, they pay several hundred or even thousand dollars per month. Student loans can make it difficult to afford a mortgage, start a business or pay down other debts. However, borrowers with federal student loans may have several options to forgive or discharge their remaining balances. The Department of Education has several options for student loan forgiveness. If you are struggling to pay back your student loans, or if you want to explore options for loan forgiveness, then we encourage you to continue reading. How Does Public Service Loan Forgiveness Work? In 2007, the Public Service Loan Forgiveness (PSLF) program was passed by Congress and signed into law by President George W. Bush as a way to entice graduates with federal student loan debt to enter jobs in the nonprofit and public sectors. The…
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