Federal student loans generally have lower interest rates than private loans because the government takes on the risk of defaulting on the loans, plus they also allow you to use refi student loans programs later on.
Federal student loans, on the other hand, do not have the federal guarantee of repayment in bankruptcy. However, if you have private student loans, you can still discharge them from your bankruptcy.
Private Student Loans
A private student loan can be discharged in bankruptcy under certain circumstances. Before going to court, however, it’s important to understand the different types of private student loans as this can accumulate into debt, and then you will have to get resources for debt settlement to help you with this.
There are a variety of types of private student loans that can be discharged. Private student loans fall into five categories, including:
Direct Loans – Loans you make to the federal government directly, through the Department of Education. Direct loans are federal loans. However, you can visit shinyloans.com for more information on loans and financial advice.
- Loans you make to the federal government directly, through the Department of Education. Direct loans are federal loans. Federal Loans – Loans you make to the federal government through the Department of Education (for example, your FAFSA).
- Loans you make to the federal government through the Department of Education (for example, your FAFSA). Private Loans – Private loans are made to you by a third-party lender and made on your behalf. For example, your parent makes the payments on your Parent PLUS Loan or a parent loan you have made to your spouse for your education. These loans are not covered by the Department of Education’s FELA, as the Parent PLUS loan is underwritten for parents. – Private loans are made to you by a financial institution or other third party. These loans are usually secured by the property you occupy. – Federal student loans and loan forgiveness programs are for you. These loans are underwritten for students. You may be eligible for the following: – Consolidation Loan – This is a single-interest loan. It’s usually designed for lower-income borrowers. The interest rate is fixed at the federal government’s low 3.86%. – Income-based repayment plan – This is a repayment plan that is supposed to encourage people to maintain their standard of living. The rate is set by an independent agency. – Parent PLUS Loan – This is a private loan for parents of dependent children. It is supposed to be an alternative to the PLUS loan used to subsidize PLUS loans for low-income students. – Consolidation Loan (Parent PLUS) – This is the parent PLUS loan. It is typically for parents with dependent children. The interest rate is fixed at the federal government’s low 3.86%. – Consolidation Loan (Parent PLUS) – This is the parent PLUS loan. It is typically for parents with dependent children. The interest rate is fixed at the federal government’s low 3.86%. Parent PLUS Loans: What Do They Do? The PLUS loans are used by parents to purchase a home or refinance their home at a lower rate. PLUS loans are available in two principal forms, a conventional loan and an income-driven loan. Parent PLUS loans are generally used to purchase a home or refinance a home. If your loans have been approved by the PLUS Program Office, your loan documents are automatically converted to the PLUS Loan Program (PLUS) format. You must pay off your loans in the same loan term that you took out your loans.
Oh man. Am I the only one that finds this entire thing is crazy?
I also have an iPad. I now have iBooks and the Kindle reader. I saw the Borders add for their reader Ap and I’m also reluctant to have a collection of readers with books spread around each. What a nuisance to have to remember which Ap the book I want is stored in. While I prefer iBooks I’ve found Amazon to have the better selection of books by far. I’ve also been looking at the prices of eBooks and haven’t seen a big enough difference to get me to move away from print. I love the feel of a real book in my hands and at $10-15 for an eBook, I know that if I’m patient I’ll be able to get a print copy for that or less. I’ve had no problem with the free books available and have enjoyed several. There’s a reason why those books have been remembered over the years.
Just for info: Stanza, which I also,love, is not completely independent. Amazon bought Stanza this year.
After the purchase of an iPad I have taken to eBook/eMag reading, as an avid reader, this is a great thing. I have tried just about all the apps I can find for reading on an iPad. So far, for PDF’s, GoodReader is best. The ability to organize files and the ability to crop margins is critical in the world of fixed page PDF’s. In the ePub world iBooks is king in terms of experience, but Amazon, B&N, and Boarders selection of books is so much better that I end up buying from Amazon even though I like iBooks better; iBooks just does not have the books I want as often. When they do, I buy from Apple because the iBook reader is so nice.
What I want is a single reader that works with ePub and PDF, and syncs books from ANY of the ePub publishers (Apple, Amazon, B&N, Boarders, O’Riley, etc). I would pay for such an app.
eReader’s and eReading is great stuff, but still immature in many respects, and the Boarders app shows much of that immaturity (as does Kindle and the others).
Also, users take note of Stanza, which is a great free book reader not associated with a publisher. If Stanza can start to pull from Amazon and the other ePub vendors, it would take the market by storm.