The Department of Education is partnering with the Department of Veterans Affairs to contact disabled veterans who are eligible for student loan forgiveness. Last month, the Education Department announced it will send eligible veterans applications for a total and permanent disability discharge (TPD discharge) in the mail. The TPD discharge has existed for many years. Many borrowers who are eligible for this option, including tens of thousands of veterans, are unaware this option for student loan forgiveness exists. This is why the Education Department and Veterans Affairs Department are teaming up to notify thousands of disabled veterans who are eligible. The Education Department will cross reference data in the National Student Loan Data System with information from the Veterans Affairs Department to identify eligible borrowers. There is more good news for veterans who are eligible for this student loan forgiveness option. For many years, disabled borrowers who received a disability…
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Credit scores are calculated from the information contained in your credit reports. Payment history and credit utilization are examples of factors that affect your scores. Like other types of debts, your student loans also have an impact on your creditworthiness. The following facts about student loans may help you understand how higher education debt can affect your credit scores. Student loans can improve your credit scores if you pay on time. Out of all the factors that affect your credit scores, payment history is the most important. Your student loan payment history accounts for 35 percent of your FICO scores. Paying your student loans in full on time each month can improve your scores. Late payments could hurt your scores, but not always. It would depend on whether your servicer reports your late payments to the credit bureaus. Student loans can tank your credit scores if you default. Your credit…
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You can face multiple consequences if you default on your student loans. The possible consequences include lower credit scores, wage garnishment and thousands of dollars in fees. However, there could also be professional consequences for defaulting. You could have your professional license suspended or made ineligible for renewal. While Missouri and Kansas licensure boards will not take away your professional license for defaulting, you may run into problems if you move to another state. How you could be affected depends on the state and other factors. In Texas, licensing agencies will not renew your professional license if you are in default. This applies to all professions. In Illinois, licensing agencies can deny you a professional license or they can refuse to renew one. States also have different rules for how you can contest or correct your student loan default. You should determine your state’s options for scheduling a hearing or…
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