Can my child get financial aid if I owe student loans?
In general, the answer is yes. Eligibility for most federal student loans does not depend on the student’s or parent’s credit history. Parents should discuss the situation with their child so they will understand the impact it may have on their college choices and how to pay for school.
Do federal student loans go to the school or you?
Typically, the school first applies your grant or loan money toward your tuition, fees, and (if you live on campus) room and board. Any money left over is paid to you directly for other education expenses.
Can my child get a student loan on their own?
You don’t need any parent information to apply for federal student loans if you’re an independent student. You can borrow up to $57,000 in total federal student loans as an independent student, rather than $31,000 as a dependent student. The answers you provide on the FAFSA determine your dependency status.
Can federal student loans be removed from credit report?
As you may have gleaned, you can’t actually remove your student loans from your credit report. The only thing you can do is dispute the student loans on your credit report if they are being reported incorrectly. If you’re paying them on time each month, that looks good on your credit report.
How Long Can student loans stay on credit report?
seven years
Do student loans prevent you from buying a house?
You can still buy a home with student debt if you have a solid, reliable income and a handle on your payments. However, unreliable income or payments may make up a large amount of your total monthly budget, and you might have trouble finding a loan.
Can student loans be removed from credit?
Student loans can be removed from your credit report if they’re reported inaccurately, or if you’ve paid them off (but they’re still on your report). In either case, you need to dispute the record to erase it from your credit report.
How do I remove a student loan delinquency from my credit report?
There are typically three options for getting out of default: 1) pay the debt off in full, 2) consolidate your student loans and begin making payments, or 3) rehabilitate your loans. I chose to rehabilitate my loan.
Why was my student loan removed from credit?
They just dropped off your report due to the timing. Your student loan debt is not actually gone, as you seem to think. It’s just not being reported at this point in time. In some ways they are just like any other debt, but depending on the type of student loans you have defaulted on, they could be very different.
Who pays my student loans if I die?
If the primary borrower dies, the lender typically will discharge the co-signer’s responsibility to repay the loan. However, the primary borrower usually is still responsible for repaying the loan if the co-signer passes away. Many private lenders used to automatically place a loan into default if a co-signer died.