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Loan default9/16/2023 Pay by Phone- Call us to make a payment over the phone.Since your loan payment happens automatically, it's applied effective on your due date, even if your due date falls on a weekend or holiday. You are able to pick your due date and the frequency in which payments are automatically deducted. Direct Debit- Direct Debit allows you to set up an electronic deduction from your checking or savings account.Therefore, we offer three options to make your payments: We want to make it as easy as possible to make your voluntary payments. If you can’t pay your account in full, we may be able to set-up voluntary payments based on your outstanding principal balance, interest, and late fees. If your account enters default for a second time, your balance is considered due in full. We help defaulted student loan borrowers by providing repayment options and other programs to remove their account’s defaulted status, such as the Default Loan Rehabilitation Program. So, if your account would default because of lack of payment, it would be transferred from your servicer to your loan guarantor for all collection efforts. Having a guarantor lessens a lender's risk, since most students have little credit history and little collateral with which to repay a student loan. Assistance if you are having trouble paying, etc.Selecting a different repayment option (if applicable).This is the company, selected by your loan’s lender, to help you handle the day-to-day management of your student loans, such as: Although, they lent you the money, they don’t handle the daily management of your student loans that would be your loan servicer. Most likely, your lender was selected when you completed your FAFSA® (Free Application for Federal Student Aid). The lender is the bank or other financial institution that provided the money for your student loan. To understand who they are and how they work together, review the relationship below between your lender, servicer, and guarantor. There are three key groups in the student loan life cycle. Don’t worry PHEAA is here to assist you! Who’s Who Additional action including wage garnishment and seizure of income tax returns may occur. Failure to pay the full balance may result in collection fees. If your loan defaults, your account will transfer to your guarantor and your balance becomes due in full immediately. Default on a Federal Family Education Loan Program (FFELP) Loan occurs when you fail to make payments and your loan reaches 270 days of delinquency.
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