Student Loan


Loan Consolidation




Student Loan Consolidation (Contd...2)



Delinquency status indicates that borrowers’ accounts have become past due on payment. This occurs when borrowers’ loan payments are not received by the due dates.

Accounts remain delinquent until borrowers bring their accounts current with payments, deferments, or forbearances. If borrowers’ accounts have become delinquent and the borrowers are unable to make payments, deferments or forbearances should be considered.

Dependent student (dependent undergraduate student):

A student who does not meet any of the criteria for an independent student. An independent student is at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, or someone with legal dependents other than a spouse.

Direct Loan Servicing Center:
The U.S. Department of Education's agent contracted to collect Direct Loans and handle deferments, forbearances, and repayment options.

Direct PLUS Loan (PLUS Loan):
Direct PLUS Loans are unsubsidized loans available to parents of dependent students, and to students enrolled in graduate or professional programs. These loans are available regardless of financial need and the amount of eligibility depends on the total cost of education.

Payment of loan proceeds by the lender. During consolidation, this term refers to sending payoffs to the loan holders of the underlying loans being consolidated.

Disclosure Statement
A statement showing a borrower's loan term, payment schedules and monthly payment amount for their loans.
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Eligible Loans:
The following federal education loans are eligible for consolidation into a Direct Consolidation Loan:
Direct Subsidized and Unsubsidized Loans
Federal Subsidized and Unsubsidized Stafford Loans
Direct PLUS Loans and Federal PLUS Loans
Direct Consolidation Loans and Federal Consolidation Loans
Guaranteed Student Loans
Federal Insured Student Loans
Supplemental Loans for Students
Auxiliary Loans to Assist Students

Federal Perkins Loans  
National Direct Student Loans
National Defense Student Loans
Health Education Assistance Loans
Health Professions Student Loans
Loans for Disadvantaged Students
Nursing Student Loans
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Federal Family Education Loan Program(FFEL Program):

A Federal program authorized under Title IV of the Higher Education Act that provides loans to eligible student and parent borrowers. The program consists of Subsidized and Unsubsidized Federal Stafford Loans, Federal PLUS Loans, and Subsidized and Unsubsidized Federal Consolidation Loans.
Funds are provided by private lenders such as banks, credit unions, and other private financial institutions. The loans are backed by the Federal government.

A period during which your monthly loan payments are temporarily suspended or reduced. You may qualify for forbearance if you are willing but unable to make loan payments due to certain types of financial hardships.

Grace Period
After borrowers graduate, leave school, or drop below half-time enrollment, loans that were made for that period of study have several months before payments are due. This period is called the "grace period."
Grace periods extend from 6 to 12 months after borrowers leave school:

Most FFEL and Direct Loans have 6-month grace periods.
Perkins Loans have grace periods of either 6 or 9 months, depending on when the loan was first disbursed. Health professions loans have grace periods of 9-12 months.
During the grace period, no interest accrues on Subsidized loans. Interest accrues on Unsubsidized loans during grace periods, and this interest is capitalized when borrowers’ loans enter repayment.

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Borrower's repayment periods begins the day after the grace period ends. First payments will be due within 60 days after the repayment period begins.

Each loan has only one grace period. If borrowers return to school after the grace periods has expired, the borrowers’ loans qualify for deferment while borrowers are enrolled but return to repayment after borrowers leave school. There is no additional grace period.

Grace Period End Date
The date on which a grace period for a loan is expected to end.
When applying for a Direct Consolidation Loan, a grace period end date must be less than nine (9) months from the date you apply, or your Consolidation application cannot be accepted.

A student is considered half-time when carrying at least one half the academic workload of a full-time student as determined by the school.

Health Professions Loans
Loan programs authorized by the Public Health Services Act and administered by the U.S. Department of Health and Human Services (HHS) rather than the U.S. Department of Education. Although health professions loans can be included in consolidation loans, borrowers should be aware of the advantages and disadvantages of consolidating these loan types because of the differences between the programs. See the benefits comparison chart for details.
HHS loans include:
Health Professions Student Loans (HPSL)
Loans for Disadvantaged Students (LDS)
Health Education Assistance Loans (HEAL)
Nursing Student Loans (NSL)
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Holder (also holder of loans/loan holder)
A holder (loan holder) is an entity that holds a loan promissory note and has the right to collect from the borrower.


Student Loan

Loan Consolidation



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