If so, federal student loans are a good place to start.
Older Federal Family Educational Loans (F.F.E.L.) that the U.S.
Graduate student loans also borrow PLUS loans to fund their graduate school education.
Installment loans include (1) automobile loans, (2) loans for other consumer goods, (3) home repair and modernization loans, (4) personal loans, and (5) credit card purchases.
Often, these loans have higher interest rates than federal student loans.
While going through your loan list, also note if they are federal student loans or private student loans.
Refinancing student loans can make a big difference for anyone who wants to pay off private student loans.
Any student loans on your credit report that aren’t listed in your Federal Student Aid account are private loans.
Texas had the most loans although it is the second-largest state; it had over 88,000 loans worth nearly $21.8 billion.
If you have both private and federal student loans, you'll almost certainly want to focus on paying off the private loans first.
Mortgage loans must be spent on home purchases, student loans on education expenses, and auto loans for the purchase of the car.
It's possible to refinance both federal and private loans together, but you will lose any repayment benefits of the federal loans in the process.
There are two types of student loans to consider: Federal loans offered through the federal government or private loans offered by private lenders.
Loans issued through the Federal Family Education Loan (FFEL) Program, like Parent PLUS loans or Stafford loans, won't receive automatic forbearance.
Private loans, refinanced loans, and FFEL and Perkins loans owned by private companies or colleges do not qualify for forbearance under the CARES Act.
Federal student loans that are not eligible, such as FFELP loans and Federal Perkins loans, may become eligible if they are included in a Federal Direct Consolidation Loan.
But not all federal loans are eligible for the benefits in the CARES Act, particularly Federal Family Education Loans owned by commercial lenders and Perkins loans owned by schools.
If you have a mix of federal and private student loans and can’t afford to make payments on all of them right now, focus on the private loans while your qualifying federal loans are suspended.
Several types of federally backed mortgages, including FHA loans, VA loans, USDA loans, and loans through Fannie Mae or Freddie Mac, qualify for some special forbearance provisions through the CARES Act.
Worth noting: Federal student loans are usually forgiven if the loan holder dies, while other types of loans, including private loans and those that are cosigned, may not be forgiven, so be sure to read the fine print on your student loans regarding loan forgiveness.
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