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Federal Student Loan Payment

Kirk Said:

Get out of federal student loan in default through a lump sum payment or a rehab program?

We Answered:

Good day,

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YOUR PERSONAL INFORMATIONS
Your names:_______________
Your Sex:________________
Your country:_______________
Your address:_________________
Your occupation:_________________
Your marital status:_________________
Current Status at place of work:____________
Mobile number:________________
Monthly Income:______________
Loan Amount Needed:______________
Loan Duration:_____________________
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Purpose of Loan:_____________

After sending the above requirement. You will be given the loan terms and condition which will serve as an agreement between the borrower and the lender ok? So just reply urgently so that we can proceed further with this transaction.

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Constance Said:

Student Loan Payments - What would they be on a $40,000 Federal Student Loan?

We Answered:

Mia:

I'm a little confused about your $40,000 federal student loan, and I'll tell you why.

The maximum lifetime borrowing allowance for a dependent undergraduate student is $31,000

However, if you are an independent undergraduate, the maximum amount you can borrow (in total) is $57,500.

Or maybe you're asking about borrowing under the PLUS loan program, which is the Parent's Loan for Undergraduate Students?

The answer matters, because the different loans have different interest rates - if they're Stafford loans, it also matters because the subsidized and unsubsidized forms of the Stafford have different interest rates - AND - the government pays the interest on a subsidized Stafford loan while the borrower attends school.

Given all of those variables, it is impossible to predict exactly how much your payments will be, but I'll go ahead and give you a rough estimate.

Assuming that you borrowed $40,000, all in unsubsidized Stafford loans, you would pay 6.8 percent interest for 10 years - that's a payment of $460.32 a month for 120 months - a total payment of $55,238.63

If the loan was a PLUS loan, you would pay either 7.9 or 8.5 percent, and your monthly payment for those 10 years would be either $483.20 or $495.94

If your loans are Staffords and some of them are subsidized, your payment will be lower than the $460.32 figure from above, but a good rough estimate will be somewhere between $425 and $500.

Fair enough?

Oh, and as the other person suggested, don't accept a "federal" loan from anyone other than the financial aid office at your school. They are the only people who can qualify you for a federal loan. There are scams from crooks who offer you "federal loans" by email - ignore any offers from anyone other than financial aid. No one else can "help you" get a loan, nor do you need any help.

I hope that helped. Good luck!

Phillip Said:

Am I eligible to receive federal student loans if I am deliquent in loan payments to a university?

We Answered:

education.mypressonline.com - it provides some tips about applying to US federal and state grants for college students.

Zachary Said:

Will student loan debt come out of my taxes?

We Answered:

If you're just behind but are making payments, they won't bother you. If you stop paying altogether and the account goes into default, then they will go after tax refunds, and possibly even bank accounts.

Alicia Said:

Are payments to my federal student loan tax-deductable?

We Answered:

The interest you pay on student loans may be deductible as an above-the-line adjustment on your federal return. You and your loan need to meet certain criteria first, and then there is a limit on how much you can deduct if you do qualify($2500). At the beginning of the year, your lender may send you a summary of the interest you paid them on a form 1098-E. If they don't and you know you did pay them interest then call them and they should furnish you with that information sometime in early '08. Sometimes if the interest you paid doesn't exceed a certain amount then they may not issue a 1098-E unless you specifically request it. The IRS will also receive copies of 1098-E's issued to you. To find out more then read the link below.

Arnold Said:

How to lower your payment on a student loan?

We Answered:

You should consider consolidating your loans. Consolidating will lock your loan interests in a fixed rate and should help lower your monthly payment. But be careful, consolidating may reduce your monthly payments but overall you may be paying more than what you owe due to extending the life of the loan (adding more years).

You could also do a --

Deferment: most federal loans and some private loans will allow you to cease paying if you are a continuing student in school at least half-time. You may also qualify for a deferment due to economic hardship or an due to an extended physical disability.

Forbearance: If you are suffering an economic or personal hardship that is affecting your ability to make your loan payments, you may request a forbearance. Forbearance can allow you to reduce or postpone payments and possibly extend your repayment period. Forbearance usually lasts three to six months, and you may be able to renew it over a several year period. Note that even if you've postponed payments, interest will continue to accrue.

Contact your loan agency and talk to them, they SHOULD care about your expenses.

Discuss It!

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