How to lower interest on student loans?
Stephen W is correct. See if your student loan provider offers an interest rate discount for setting up automatic payments. Otherwise, the only way out of this is making extra payments toward debt. You are making progress on paying off the loan, it's just slow going right now. Interest is calculated based on the principal of the loan (annual percentage rate broken down into a daily rate multiplied times the principal every day). Each payment you make first pays off the interest that's accrued since your last payment and the rest goes toward reducing the principal. Every time you make a payment, it reduces the principal, which reduces the interest charge the next month (although it doesn't seem that way right now given the numbers)... which means more of your next payment goes toward reducing the principal, and further reduces the next interest charge. It's a snowball effect, it just doesn't seem that way right now. That same concept probably applies to your car loan. If *all* the following apply, I would put extra money toward paying off the car and once the car is paid off put those "car" payments toward the student loan: -car loan is at a higher interest rate than the student loan -student loan is at a fixed percentage rate (not variable - i.e. rate and payment amount changes each year) -car loan is compound interest (versus total dollar amount owed regardless of early payment) -car loan does not have pre-payment penalties (fee for paying early/extra) If *any* of these do not apply to your situation, ask another question for better advice.
STUDENT LOANS AND GRANTS FOR 17 YEAR OLD?
You can apply for grants through www.fafsa.ed.gov Your school will likely direct you to apply for the Stafford Loan through the Direct Loan website. Until you are 18 there are no other loans you can apply for. Honestly, if your school starts on Monday and they have not offered any assistance in getting your financial aid together, I'd rethink going to that school.
Is there a way to get my husband's student loans forgiven with my disability forgiveness?
Federal student loans can be discharged if the borrower has a total and permanent disability. There is no provision for discharging the debt if the borrower’s spouse is disabled.Some private student loans offer a disability discharge that is similar to the disability discharge on federal student loans. Like the federal disability discharge, private student loans cannot be discharged if the borrower’s spouse is disabled. However, there are a few circumstances in which there’s a chance for a discharge, albeit a very small chance:If the borrower’s spouse cosigned the loans, the spouse could apply for a disability discharge. Usually, however, this will discharge only the spouse’s responsibility to repay the debt. It will not discharge the primary borrower’s responsibility to repay the debt.The borrower could appeal for a compassionate review by the lender. Again, unless the spouse’s disability affects the borrower’s ability to work, it usually will not result in a discharge.Be sure to tell the lender if the spouse became disabled while on active duty in the U.S. Armed Forces, as some lenders are more accommodating for service-related disabilities.
What happens if you dont pay your student loan?
She can say that now, but the government doesn't forget about student loan obligations. This will haunt her forever, so she better make arrangements to get it paid. She will have a very difficult time getting a home, car, etc., if she has defaulted on student loans. NOT smart thinking for a recent college grad!!!
How does federal student loan work ?
Hey everyone , I was just wondering if anyone can explain to me how student loan works ? since it is my first time doing it I am a little confused. I have filled out and submitted my FAFSA and other necessary forms and I have also been accepted to a college , but I am confused about what happens now ? do I need to fill any other forms ? will the government will mail me a check or will the school call me to go pick up the money or will the government give all the money just to the college ? and what time of the year this will happen ? Thanks