Whether you are returning to college, or you are going off to school for the first time, it is important to understand the way that the US Department of Education student loans work. To apply for any type of government financial aid, you first need to go to your schools financial aid office, or go online, and fill out a Federal Application for Financial Aid, or FASFA. This applies to both US Department of Education student loans, as well as to any Federal Pell grants. Your Responsibilities As a borrower, you will have the same responsibilities for repaying US Department of Education student loans as you would with any other type of loan. The exception to this is if you are the recipient of any grants. Grants are basically gifts from the government to help you pay for your tuition; you can remain eligible for Federal grants as long as you maintain a certain number of credit hours. Unlike scholarships and grants, student loans must be repaid. If you fail to make the payments on your US Department of Education student loans, it will be reported to the three credit reporting agencies, and the negative mark will follow your until you repay your debt. This is called being ‘in default’ on your loans. Defaulting on your US Department of Education student loans is regarded in much the same way as if you were to stop paying your mortgage suddenly. Although your house may not be repossessed when you don’t pay your student loan obligations, your credit can be ruined by the negative report; and you may end up having a difficult time getting a job, an auto loan, a mortgage, or even renting an apartment, as many landlords will check your credit report before renting to you. If you have suffered temporary financial difficulties and are unable to repay your US Department of Education student loans on time, you should contact your lender immediately to discuss the possibility of having your loans deferred. This is when your student loans, both subsidized and unsubsidized, are backed by the Department of Education for an extended period so as to allow you more time to repay. As you can see, it is important to understand your responsibilities when you apply for any type of US Department of Education student loans. These loans can be quite instrumental in helping you to complete your education and better your future. But if you shirk your repayment obligations on your US Department of Education student loans, it can literally ruin your financial future if not taken care of immediately.
Sunday, December 9, 2007
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