Consolidating student loans faq
A tool that allows the federal government or a guaranty agency to have your employer withhold a portion of your earnings to collect unpaid non-tax debts that you owe to the federal government.If you have a federal student loan in default, up to 15% of your disposable pay could be taken by the federal government or a guaranty agency to repay your debt.
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).
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.
This is a term sometimes used for an offer from a college or career school that states the type and amount of financial aid the school is willing to provide if you accept admission and register to take classes at that school.
Forgiveness, cancellation, and discharge all refer to the cancellation of a borrower's obligation to repay all or a portion of the remaining principal and interest owed on a student loan, but are generally used in different contexts.