Getting A Loan
If you are hard up on your finances and still want to pursue your studies and go to college; there are various ways on how you can get through. If you plan to get a loan, you have to learn the differences between a federal and a private loan. This chart shows the differences between the two.
- Different types of federal student loans
- To be able to make comparisons and widen your options, you can visit Know Before You Owe Student Loan
How To Repay A Student Loan
- A “grace period” is the time given to you before you start paying your student loan after graduating, dropping out or leaving school.
- There are different repayment options that can help you especially if you cannot afford your payments. You can also learn how a loan debt is forgiven, discharged or forfeited in this guide.
- For more information regarding student loans, you may check this list of resources for specific topics.
- If you have questions, you may contact the Department of Education’s Office of Federal Student Affairs
- For questions regarding your repayment information; you can contact your loan originator.
- If you are unable to contact your loan originators, you can search a list of Federal Student Aid Loan Services
- You can also log on to the National Student Loan Data System, but you have to make your own personal account
How To Resolve A Student Loan Dispute
- If there is a disagreement of misunderstanding between you and your loan services; you can follow these steps to help you resolve your loan dispute on your own. You can use the Self-Resolution Checklist (PDF, Download Adobe Reader) to ensure that you did everything that you can to resolve the dispute
- If you did all the things you can and the dispute was not resolved, you can contact the Federal Student Aid Ombudsman Group. The FSA Ombudsman Group helps borrowers to resolve issues informally. You can contact them online or call 1-877-557-2575. Before you contact the group, make sure that you have these information (PDF, Download Adobe Reader)
What To Do When Unable To Pay A Student Loan
- You can call the Federal Student Aid Information Center if you are not sure of the agency servicing your defaulted student loan
- For all your account information, you can retrieve it from the National Student Loan Data System.
- If you are in default arrangement with your debt payment, the Default Resolution Group can help you. You can contact the Default Resolution Group at 1-800-621-3115
- For unresolved disputes with your loan lender, you can ask the Federal Student Aid Ombudsman for help
- There are special cases when your loan can be cancelled or discharged. Continue making your payments until you are informed that you loan is discharged.