Aggregate Loan Limits are the limits on the amount of subsidized or unsubsidized loans you are permitted to borrow for graduate and undergraduate programs. If you reach your aggregate loan limit before ending your studies, you will not be allowed to borrow any more money. However, by paying off part of your loans and bringing down your outstanding loan debt below the aggregate loan limit, you are eligible to borrow again until reaching the aggregate loan limit.
Adjusted Gross Income, also known as AGI, is used when calculating your income tax liability, and whether can determine your eligibility for specific student loan tax benefits, as well as lowering your payment options and deferment. Your eligibility for different financial aid programs is determined by adjusted gross income. Adjusted gross income takes into account your gross income, social security, alimony, and other variables.
Bankruptcy is a term used often by student loan help programs, meaning a person who cannot pay off their debts. Bankruptcy often cannot terminate federal and private student loans, with exceptions for extreme cases where repayment is seen as a hardship for the borrower.
Claims are where the borrower requests for reimbursement from a guarantor for losses on a federal student loan. Loan discharges such as death or school closure and default can cause claims to be initiated.
If you postpone payment past its due date for more than 270 days, FFELP and Federal loans enter a status known as default. These are methods of repayment which require monthly payment. Payments that don’t require repayment as frequently as every month and private loans may vary in their frame of time for default. Also, default can happen if you do not meet other agreements as stated by the loan holder, causing the loan holder to believe you are not going to honor your repayments for the loans.
Student loan forgiveness programs are not a quick fix, but in time they can greatly help you pay off your school debts. By using them you can pay off the loans you never thought you could otherwise. Continue to visit and check back for more tips and help on paying off your student loans - Bruce Mesnekoff
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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America
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