Please choose any article that is related to household debt (credit cards, loans, student loans or other debt) and summarize it
Student Loan:
Loan is borrowed money that is repaid over the time. In addition to
repaying the amount borrowed, most borrowers also have to pay a
fee, called interest. A student loan is used to pay for college
costs.
Interest is a fee charged for the use of someone else’s money. It
is typically charged once a month based on the unpaid loan balance.
It is not a one-time fee, as some borrowers incorrectly assume. The
interest rate is expressed as a percentage of the loan balance.
Most new student loans have fixed interest rates, which do not
change over the life of the loan. A variable interest rate will
change periodically, such as every month, quarter or year. Student
loans are available from many sources. Most new student loans and
parent loans come from the federal government through the U.S.
Department of Education’s Federal Direct Loan program. Other
student and parent loans come from private lenders, such as banks
and other financial institutions, state governments and
colleges.
Generally, students should always borrow federal first, because
federal student loans are cheaper, more available and have better
repayment terms
A loan limit specifies the maximum amount you can borrow. Some
student loans allow you to borrow up to the full cost of college,
reduced by the amount of the other student financial aid. Other
student loans have lower fixed annual and cumulative loan
limits.
Student loans may be good debt, because they are an investment in
your future. But too much of a good thing can hurt you. So, borrow
as little as you need, not as much as you can
To apply for federal student loans, file the FAFSA (Free
Application for Federal Student Aid). The loans will be obtained
through the college’s financial aid office.
To apply for a private student loan, contact the lender.
Eligibility for most private student loans is based on the
borrower’s credit. Most students do not have long enough or good
enough of a credit history and will be required to apply with a
creditworthy cosigner. A cosigner is a co-borrower, equally
responsible for repaying the debt. After the loan is approved, the
borrower will need to sign a promissory note, which describes the
terms and conditions of the loan, such as the interest rate and
repayment options. For federal student loans, there is a Master
Promissory Note (MPN), which lasts for up to ten years of
continuous enrollment at a single college or university.
Federal student loan money is sent to the college financial aid
office while private student loan funds are sent either to the
borrower or to the college financial aid office. If the loan
proceeds are received by the financial aid office, they will be
applied to the college’s charges for tuition and fees, and also
room and board if the student lives in college-controlled housing.
Any money left over is refunded to the student to pay for books,
supplies and other college-related costs.
After the student graduates or drops below half-time enrollment,
the borrower will be required to start repaying his or her student
loans. Most student loans offer a grace period, typically 6 months,
before repayment begins.
Standard repayment on federal loans involves a 10-year repayment
term with equal monthly loan payments. Federal loans also offer
extended repayment, which has a longer repayment term, and income
dependent repayment, which base the monthly payment on the
borrower’s discretionary income. These repayment plans reduce the
monthly payment by increasing the term of the loan.
The lender or the loan provider will send the borrower a coupon
book before the start of repayment. The borrower should send in
each month’s payment with the correct coupon. Some lenders send
borrowers statements instead of a coupon book. Borrowers can also
sign up for auto-debit, where the monthly loan payment is
automatically transferred from the borrower’s bank account to the
lender. Some lenders provide borrowers with an interest rate
reduction as an incentive to sign up for auto-debit and electronic
billing.
If a borrower does not make a loan payment by the due date, they
are considered to be delinquent. Late fees may be charged to
delinquent borrowers.
If a borrower is very late with a loan payment – 120 days on
private student loans and 360 days on federal student loans – the
borrower will be in default. Bad things happen when a borrower is
in default. For example, collection charges of up to 20% will be
deducted from every payment after a borrower is in default on
federal loans. The federal government may also seize up to 15% of
the borrower’s wages and intercept federal and state income tax
refunds.
Please choose any article that is related to household debt (credit cards, loans, student loans or...
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