Consolidating student loans faq
For example, if you default on a student loan, it is reported to a credit bureau, and other lenders may be less likely to extend credit to you in the future.
The addition of unpaid interest to the principal balance of a loan."Loan cancellation" and "loan forgiveness" generally refer to the cancellation of a borrower's obligation to repay some or all of the remaining amount owed on a loan if the borrower works full-time for a specified period of time in certain occupations or for certain types of employers."Loan cancellation" is usually used in reference to the various Perkins Loan Program cancellation benefits.Academic years change from school to school and even from educational program to educational program at the same school.For purposes of the Teacher Loan Forgiveness Program, an academic year is defined as one complete school year at the same school, or two complete and consecutive half years at different schools, or two complete and consecutive half years from different school years (at either the same school or different schools).