Consolidating private loans sallie mae
Federal loans are the most accessible to students, and offer the best repayment terms. These distinct types of loans are available to students and parents seeking Federal Financial Aid: Stafford Loans To be considered for Stafford Loans and other Federal Student Aid, you must submit a Free Application for Federal Student Aid (FAFSA).Private loans, also referred to as personal loans and alternative loans can be difficult for students to secure without cosigners. Repayment begins six-months after graduation, and is governed by repayment schedules ranging in length from 10 to 25 years.
Student loans are funded by a variety of sources including The United States Federal Government and private lenders like banks and credit unions.As the families of many deceased borrowers know, the process can be confusing. Department of Education says federal student loans will be discharged upon death.Here, we outline how to deal with the debt after a death. Parent PLUS federal loans can be discharged if either the student or the parent borrower dies. For a subsidized Perkins loan, a family member or representative must send a copy of the death certificate to the student’s school.Co-signers who find themselves in this sad situation should send a certified copy of the student’s death certificate to the bank, and request consideration as soon as if they don’t co-sign a loan.
Community property states require that debts be assigned to the surviving spouse.
Direct PLUS Loans Parents of dependent undergraduatestudents can borrow money under this federal program.