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With federal student loans, wage garnishment can continue until your loan balances plus interest and fees are paid back, but it can also end if your loan is removed from default. The federal ...
3. Federal Student Loan Consolidation. Consolidating your federal student loans offers another pathway to get out of student loan default. With a Direct Consolidation Loan, you’ll pay off one or ...
The situation for student loans has drastically changed due to the impact of the coronavirus pandemic, with the government temporarily suspending all federal student loan payments and interest ...
The Voluntary Flexible Agreement (VFA) was created by the United States Congress in 1998 during a reauthorization of the Higher Education Act of 1965.The VFA enables Federal Family Education Loan Program (FFELP) guarantors to develop programs and techniques to help borrowers avoid student-loan default and all of its negative consequences.
Defaulting on a loan happens when repayments are not made for a certain period of time as defined in the loan's terms of agreement, typically a promissory note. For federal student loans, default requires non-payment for a period of 270 days. For private student loans, default generally occurs after 120 days of non-payment. [1]
Refinancing student loans can potentially save you money in the long run by securing a lower interest rate. Refinancing can also simplify the repayment process by consolidating multiple loans into ...
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