Student loans are unlike almost any other kind of debt. Since the U.S. government essentially is your creditor, student loans are more like taxes than like conventional loans. If you fail to pay your bills, there is hardly a worse creditor to have than the government.
The legal steps that are necessary to garnish your wages are significant, even for the government. You do not have to worry about garnishment if you pay late on, or even miss, one or two payments. If you are habitually late with your payments or miss several in a row, however, you will be considered in default. In this case, the federal government can - and will - garnish your wages.
Educational Loan Forgiveness Programs for Teachers and Other Professionals
In addition to student educational loan forgiveness or cancellation programs available to teachers, here are some programs for those in other careers.
Rental Property Renfinancing RatesYes, although rental property refinancing can take longer and cost more than traditional home refinancing.
What is the scam that leads borrowers to take small amounts of cash in frequent refinances?Loan flipping promises a monthly paycheck from your home's equity, but it can drain your wallet and even lead to foreclosure.
Will Loan Borrowers Profit from Education Funding Proposals?The American Recovery and Reinvestment Act and the proposed federal Fiscal Year 2010 budget provide increased funding for education from "cradle to career." Will they also help the student loan borrower?
To Stay or Not to Stay with the FFEL ProgramAccording to a flash survey conducted by Student Lending Analytics, over 30 percent of responding postsecondary institutions are changing or considering a change from the FFEL program to the Direct Lending program for the 2009-10 academic year.
Guide to No Cosigner Student Loans
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