The source of funds for a college loan does not alter the expectations of the student who is awarded that loan. Every lender of a college student loan has certain obligations.
Every lender of such a loan needs to supply the borrower with certain information. For example, anyone who receives one of the college based student loans should receive a detailed repayment schedule.
Yet a borrower looks for more than just a repayment schedule. A borrower needs to know the loan rates and the loan fees.
A person who is awarded one of these student loans should also be provided with information about the balance owing on the loan and the payment options. Once the borrower has paid the loan in full, then he or she should get written confirmation of that fact.
Rights of Students Awarded One of the College Student Loans
A student who struggles to make payments on a student loan has a right to defer payments for a defined period.
A student who feels unable to fully repay a loan might qualify for forbearance on that loan. College student loans give qualified students the right to request such forbearance.
A student provided with money through a college student loan should look into the possibility of getting a graduated payment schedule. An income-based payment schedule might also be an option.
Some private lenders of college student loans (and all sources of government loans) allow for early repayment of that loan, without charging a prepayment penalty.
Obligations of Students Receiving One of the College Student Loans
While any student can request deferment on a loan, or forbearance on a loan, the student making that request cannot assume that it is granted.
The student must continue making payments on his or her college loan. Moreover, the student must keep the lender informed of any changes to his or her vital information.
Suppose, for example, that someone getting one of the student loans available from colleges, changes his or her address. The lender must then be provided with the new address. Suppose a student awarded a college loan changes his or her job.
A name change for a loan recipient should not be hidden from the eyes of a loan lender. By the same token, a student awarded one of the college student loans needs to keep the lender apprised of any change in his or her phone number or Social Security number.
A student can maintain a respectable credit score if he or she fulfills all the above-mentioned obligations. Such a student has clearly shown a willingness to act "in good faith" towards the lender of the loan money.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Work
By: jgilm23910 | 17-07-2008
How is this place as far as a place to work?
What can i do?
By: mailman704 | 16-07-2008
My credit rating is poor from some bad decisions and helping others. Is there someone i can obtain a loan from from that the int. rate isnt through the roof. i really need a second chance.
Loans
By: bernadette | 11-07-2008
what is the best finance company in the n.y. area that i can get a small loan with. I don't have the best credit.
Defaulting on student loans?
By: Maggie31053 | 17-06-2008
I co-signed for my daughter's student loans which she now cannot afford to pay. I cannot either as I was recently unemployed and am still in debt. I do own my home, the only asset I have, and I am afraid that I will lose it because my daughter is defaulting. How can I protect it, or should I sell it and rent somewhere?
How to get student funding when student loan said no
By: lorraine217 | 11-06-2008
when i was 16 i took a student loan out and i didn't pay it back as i thought you had to earn 17000 a year to pay it back, i am now 28 three kids and have just finished my 1st year business degree i would like to go on and do my HND in business and have been told i will not get the funding as i owed this loan previous when i said i would pay it back monthly if they would fund i also suggested a guarantor for the payments this was also refused said i had to pay this in full. could any one else help
Business
By: cezar | 03-06-2008
I have one idea for a business andI wold like to know , step-by-step for open and run
Q&A Powered by:
Latest Debt Consolidation Articles
Living Debt Free Through Debt Management
By: Christina Costa | 23/07/2008
Debt management should be learned early in life, but unfortunately it isn't. It is never too soon to learn how to manage your finances and learn how to live debt free!
Control Your Spending and Get Out of Debt
By: Christina Costa | 23/07/2008
For some reason, no matter how far Americans find themselves in debt they have trouble managing their finances. The more money they bring in each month, the greater the need is to turn around and spend it. By simply controlling your spending, that is the first step to taking control of your finances and settling your debts.
Eliminating Your Credit Card Debt
By: Christina Costa | 23/07/2008
Either you or someone you know has found themselves deep in credit card debt. It is possible to get out of, but it will require some time and planning from you!
The Traditions of Gift Giving in the Philippines
By: Timothy Spencer | 23/07/2008
Because of the generally warm nature of Filipinos, the tradition of gift giving in the Philippines is as varied and diverse as the number of islands it has. In summary, there is no "wrong occasion" to giving out gifts. From family events to formal functions - personal or business, a small token or a gift delivery is always appreciated.
Mother’s Day Memories
By: Timothy Spencer | 23/07/2008
The first time I gave my mom flowers was many years ago. It was mother’s day and I wanted to get her something special. I was sixteen and was in denial with the knowledge that I was her one and only love. The early mid 90’s was a time when fresh flowers were being replaced by the artificial flower arrangements craze in Philippines.
Meaning of Bad Debt Consolidation Loan
By: Minkesh Sood | 23/07/2008
This article will provide you the knowledge about the Bad Debt Consolidation Loan about the procedure you can get such loans.
Students Should Start Paying off Debts Now
By: Christina Costa | 23/07/2008
It is very easy for the average student to fall into debt. With credit card applications being passed out on campus, it is hard to resist. Yet, the reality will quickly set in after you rack up those bills. Make a plan and start now paying off your debts. You will be very happy that you did!
Practical Debt Management Ideas
By: Christina Costa | 23/07/2008
As easy as it is to get into debt, managing that debt and getting out of it can be challenging. It is possible and here a just a few practical tips to get you started.
More from Martin Haworth
Loan Consolidation Student Style - The Deal That Works For You
By: Martin Haworth | 22/01/2008 | Debt Consolidation
Loan consolidation is when accumulated loans are paid off, by taking out one new loan. So you can reschedule all your loans in one go, making one nice, easy payment on a regular basis. Sounds simple and it is. If you are a student, then student loan consolidation is a vital step to take when you graduate. And you don't have much time.
Dental Insurance Cover - Why It Saves You Money
By: Martin Haworth | 22/01/2008 | Insurance
Dental treatment is very expensive in most places, especially in the western world. Apart from the simplest of treatments, dental work is often not paid for by health services and so it will cost you at least something, maybe even a lot, to pay for the work you have done. Or you can get dental insurance cover, which may well save you money over time.
Muscle Building Training - Your Perfect Body Awaits You!
By: Martin Haworth | 20/01/2008 | Muscle Building
Bodybuilding workouts are the most important factor in muscle building and giving you a great body. And there are some specialist programs geared to focus on key muscle sets and their definition. Depending on what you want from your bodybuilding exercises, maybe it's time to get clear on what's most important for you and your goals.
Easy Lawn Treatments For The Green, Green Grass Of Home!
By: Martin Haworth | 18/01/2008 | Gardening
Carefully treating your lawn, is a vital step towards ensuring healthy, strong growth and green, green grass! And it only takes a little knowledge to make the most of inexpensive and easy to apply lawn treatments to get what you want. Here's how...
Why Clone Golf Clubs Are Seriously Worth A Second Look
By: Martin Haworth | 18/01/2008 | Golf
Clone golf clubs are the perfect starting point for anyone who is just starting to play golf. Whilst they aren't the cheapest clubs you can get, they are great value and they come with a pedigree pretty close to the top club manufacturers. Intrigued by this idea? Then read on for more...
Student Loan Consolidation - A Great Boost For Your Bank Balance!
By: Martin Haworth | 03/01/2008 | Debt Consolidation
Student loan consolidation is a way of placing all your student loans into one special type of loan, so that you have a single monthly payment with special lower interest rates. Pretty well anyo0ne can avail themselves of this opportunity. Here's how...
Personal Health Insurance - Key Reasons To Buy
By: Martin Haworth | 27/11/2007 | Health
There are so many illnesses in the world today, no-one knows when they will get sick. Every day, new strains of viruses seem to come from the middle of nowhere. So you need to take care of every eventuality. Here are some real benefits from having good quality and affordable health insurance...
Student Loan Consolidation - Balance Your College Books Right Now
By: Martin Haworth | 21/11/2007 | Debt Consolidation
School is finally over. You have studied and worked hard on obtaining your degree. You are now out there in the world trying to make your mark. Yet you have these debts to pay and it's looking tough. Time to consolidate all your loans then...
Finance 
