Protect your Financial Status with Defaulted Student Loan Help

Protect your Financial Status with Defaulted Student Loan Help

Education is valuable for each and every human being. However, there are certain families who do not have the capability to provide money for meeting the expenses of their kids. Failing to provide education to their kids is almost a crime and therefore they are compelled to seek assistance from banks. Well, the majority of banks grant loans but only after considering a good number of factors. Now, if you are one of them, who badly need support to let your kids pursue their college studies, get in touch with any of the private institutions and apply for Stafford loan.

Stafford loan is one of those government loans for all undergraduates, graduates and even professional aspirants in the United States. It belongs to the category of educational loans and falls under the jurisdiction of the US Department of Education. Stafford loan helps students cover the costs of higher studies pursued from a recognized university, school or college.

Stafford loan is categorized into Federal Family Education Loan Program and Federal Direct Loan Program. Now, the Federal Family Education Loan Program is provided by private lenders while the Federal Direct Loan Program is given by the Federal Department of Education. Stafford loan can be further classified into a subsidized and an unsubsidized loan.

In case of the subsidized Stafford loan, the government keeps paying the loan interest as long as the student is in school and the principle amount gets deferred. In this case, the student expresses his need for the loan. In case of unsubsidized Stafford loan, the student does not usually express any financial need for the loan. Here, although the principle amount is deferred, the applicant himself must cover for the interest amount.

As far as the eligibility criteria is concerned, the applicant must enroll for at least a part-time course to show that he is involved in some academic course. To qualify a Stafford loan, the student must fill up the FAFSA or the Free Application of Federal Student Aid form. They can either fill up online or call some agent and do the same. The annual amount that is sanctioned actually rests on certain criteria. For instance, he is a graduate or an undergraduate; the program he is pursuing is academic or professional etc.

On the other hand, if you fail to repay the student loan in time, your loan is said to be categorized as defaulted. Defaulted student loan help lets you qualify for all those previous benefits that you were previously entitled. The best part is that the stains in your credit reports will all be wiped off once you apply for defaulted student loan help. Moreover, the entire process aims to end all your multiplying worries.

The consequences of defaulted student loan are dangerous. Once your status gets marked as defaulted, strict legal actions can follow you and you might be robbed off all the facilities provided by banks. So, until and unless, you are seeking defaulted student loan help, it's not easy to get out of all such dire consequences. For further queries, you can talk to any of the online agents.

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