You may have both federal and private student loans and it’s crucial that you know the difference. It’s often confusing to tell the difference between the loans because the same lenders are often involved. Schools will sometimes put their names on the loan, and you may be getting bills and correspondence from people you have never heard of about your student loan.
The 4 Tips That You Need To Know About Telling The Difference Between a Federal and Private Student Loan
These tips include:
1. Visit the National Student Loan Data System (NSLDS) to find out the type of federal loans you have, the amount of your loan, outstanding balances, loan status and disbursement.
2. Pull your credit report. If there is no central database for private student loan information. The best way to determine if you have a private student loan is to pull your credit report.
3. Federal loan promissory notes and applications will have the name of the federal loan, like Stafford, Capitol Plus, Perkins, Pell, William D. Ford Direct Loan Program, at the top of your monthly bill and loan contract.
4. Most private student loans have a disclosure statement like a loan statement if you have taken out a mortgage or car loan. These can include the sample application and solicitation disclosure, sample approval disclosure form and sample financial disclosures. As you look through your documents look for those types of disclosures.
What Should I Do About My Student Loans If I’m Having Problems Paying Them Back?
It’s time for you to call student loan attorney, Nancy L. Cavey who has written a go to book called Student Loans What They Didn’t Tell You! She can advise you with a:
(1) Comprehensive analysis of your student loans and,
(2) Explain to you your options. She can also provide you with a,
(3) Roadmap for the implementation of your personalized student loans.
Call today (727) 828-9955 for a complimentary consultation.