Consolidating student loans faq
Depending on the type of discharge, the amount of a loan that is discharged may be treated as taxable income.
The addition of unpaid interest to the principal balance of a loan.
"Loan cancellation" and "loan forgiveness" generally refer to the cancellation of a borrower's obligation to repay some or all of the remaining amount owed on a loan if the borrower works full-time for a specified period of time in certain occupations or for certain types of employers.
"Loan cancellation" is usually used in reference to the various Perkins Loan Program cancellation benefits.
An organization that tracks and reports your credit, including your history of paying bills and calculates your ability to repay future loans.Confirms that the college or career school meets certain minimum academic standards, as defined by an accrediting body recognized by the U. From the 2017–18 award year and forward, eligible students could receive up to one and one-half Federal Pell Grants within a single award year.The Additional Eligibility field on the “Grant Detail” page in a student’s “My Federal Student Aid” account indicates whether a student was eligible for one and one-half Pell Grants in a single award year.Academic years change from school to school and even from educational program to educational program at the same school.For purposes of the Teacher Loan Forgiveness Program, an academic year is defined as one complete school year at the same school, or two complete and consecutive half years at different schools, or two complete and consecutive half years from different school years (at either the same school or different schools).
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You need this number if you contact the Federal Student Aid Information Center to make corrections to your mailing address or the schools you listed on your FAFSA form.