Student loan default is considered to have taken place under Section 435(i)Title IV of the Higher Education Act after default has continued for 270 days. During the delinquency period, the lender must exercise ‘due diligence’ which means that they need to make an effort to contact the borrower with regard to repayment. Should efforts fail, the loan could be passed on to a quaranty agency. This could mean that the entire balance becomes payable. Student loan forbearance and loan deferment are no longer possible once defaulted on.
The time has come to purchase a new car. Perhaps your old clunker finally gave out, or maybe it is finally time to trade in that gas guzzler for something with a little better mileage. Why there is need to get car is not as important as how you will manage to get the loan …
Amortization is just a way of saying that a debt is being paid off over a period of time. The big impact comes from the how the debt is paid off, quickly or slowly, and how high the interest rate is. Careful choices can help erase a debt in a much shorter time and cost …