Students who work for the government or non-profit sector are eligible for public service loan forgiveness (PSLF). All public service workers are included, including teachers, firefighters, nurses, and military personnel. However, because of the program’s stringent guidelines, many would-be borrowers are turned down. Before submitting an application to PSLF, make sure you know all of…
A personal line of credit (PLC) is a set amount of money that you can borrow (up to the limit) for a set period of time, known as your draw period. You draw only the amount you need from the available balance, and you pay interest on that amount, similar to a credit card. A…
Despite the fact that the Department of Education issues Federal loans to students, it does not interact with borrowers on an individual basis. Instead, it contracts with third-party loan servicers to handle the administrative burden of student loan debt. At the moment, the Federal Student Aid Office collaborates (or has collaborated) with eleven different loan…
If you owe money on student loans and are in default, ignoring the debt is rarely the best course of action. Federal student loan default can result in income garnishment, tax refund garnishment, and even garnishment of social security benefits. They are persistent, and they do not go away when you ignore them. Private student…
