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.
Student Loan FAQ’s – Frequently Asked Questions About Student Loans
Student Loan FAQ’s (frequently asked questions)
Who do I contact if my lender or lender servicer has closed? You can contact the guaranty agency that is listed for additional information about your loan.
Who do I contact if the guaranty agency is closed? Staff at the U.S. Department of Education’s Federal Student Aid Information Center will take your information and forward it to the appropriate parties for research and a response. You can contact them at 1-800-4-FED-AID or TDD 1-800-730-8913.
Federal Student Loans – Steps To Apply
Federal Student Loans
Applying For a Federal Student Loan doesn’t have to be complex. If you follow these easy steps, you should have no problem applying for a variety of Federal Student Loans.
- Step 1:Your school conselor has free information plus you can find information at the financial aid office at the college or career school you plan to attend, or the U.S. Department of Education (ED) at www.FederalStudentAid.ed.gov or 1-800-4-FED-AID (1-800-433-3243). You can get free help anytime during the process. You should never have to pay for help.
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