Posts tagged "Federal Loans"

What happens to the status of my student loans if I transfer to a different college?

Andy M asks: I thinking about transferring to a different school but I still have student loans from my previous school (Sallie Mae and Federal Direct student loans). Are there clearing houses or other programs that my new enrollment status will be sent to so that the lenders are aware that I haven’t just stopped going to school (and thus cause my college loan payments to become due)? Do I have to obtain enrollment verification from my current school and send it to each of my lenders?

What Loan company will take over my federal student loans when the loans are in default?

Lem C asks:
What Loan company will take over my federal student loans when the loans are in default? My loans are government loans from Saillie Mae. I owe them under $5000. I heard about this company that will take over your school loans from them but I don’t know the name of the company. I am at the point where I can’t get a federal student loan until I pay this off. I really need some student loan advice!

How many kinds of federal student loans are there?

Harriet J. asks: How many kinds of federal student loans are there? I know about the Perkins Student Loan, Stafford and Grad PLUS Loans but I’m not sure about others. I also know you can get private student loans from different lenders. Also, I need to know when to apply for the student loans?

Will a Loan company take over my federal student loans if the loans are in forbearance?

Bob asked: Will a Loan company take over my federal student loans when the loans are in student loan forbearance? I need to go back to school. My loans are government loans from Saillie Mae. I owe them under $5000.
I heard about this company that will take over your school loans from them but I don’t know the name of the company.

Answer: You might be eligible to get all or part of the interest paid while you go to college. No one will “take over” your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments. Student loan forbearance does not lock the interest rates on your student loan.

What kind of loan can I get to consolidate private student loans?

Question: I have over 100k in private student loans from several private lenders. The interest rate is out of this world due to my bad credit. Is there a way to get another loan to pay this off at a lower interest rate? What kind of student loan debt consolidation program should I be looking for? Most student loan companies only deal with Federal loans it seems. I keep seeing ads for mortgage loans with low monthly payments. Is there something like this for people like me with private student loans?