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In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. [1] With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships, which are not repaid, and grants, which rarely have ...
Student loan interest rates, repayment terms and account balances should remain the same on any existing accounts. For borrowers in need of assistance should contact the Federal Student Aid ...
EdFinancial is a federal student loan servicer that works with the U.S. Department of Education to manage and process federal student loans. EdFinancial has been in the student loan industry for ...
The Federal Direct Loan Program has accumulated a very large outstanding loan portfolio of about $1.5 trillion and this number will continue to rise along with the percentage of defaults. A common concern associated with the program is the effect on the economy and repercussions for students that must repay these loans.
A borrower is a "new borrower" if, when receiving a federal student loan on or after October 1, 2007, the borrower did not have an outstanding balance on another federal student loan.
When you accept a federal student loan or get approved for a private student loan, the loan servicer or lender will report the new account to the credit bureaus.
Once you know your loan servicer, you'll log into your account with them to access your student loan balance, monthly payment amount and interest rate.
The Consumer Financial Protection Bureau (CFPB) found that credit card and auto loan delinquencies were higher among those with large student loan balances, even while the payments were paused.