Keizer University is a private, non-profit institution that offers a variety of programs and degrees. While there is no specific loan forgiveness program for Keizer University students, there are several federal loan forgiveness and repayment options available for eligible borrowers. keiser university loan forgiveness program
One of the most well-known federal loan forgiveness programs is the Public Service Loan Forgiveness (PSLF) program. This program forgives the remaining balance on Direct Loans after the borrower has made 120 qualifying monthly payments while working full-time for a qualifying employer, such as a government or non-profit organization.
Another option is the Income-Driven Repayment (IDR) plans, which are designed to make your monthly loan payments more affordable by capping your payment amount based on your income and family size. Under these plans, any remaining balance on your loans after 20-25 years of payments may be forgiven.
It’s important to note that loan forgiveness programs have specific eligibility requirements, and not all borrowers will qualify. To learn more about your options for loan forgiveness or repayment, you can contact your loan servicer or visit the Federal Student Aid website at studentaid.gov.
what happens when you default on a private student loan:
When you default on a private student loan, it means that you have failed to make your loan payments according to the terms of your loan agreement. This can happen if you miss one or more payments, or if you fail to make payments for an extended period of time. The exact consequences of defaulting on a private student loan can vary depending on the terms of your loan agreement and the policies of your lender, but here are some potential outcomes:
- Late fees and interest charges: When you miss a payment, your lender may charge you late fees and additional interest, which can add to the overall amount you owe.
- Collection calls and letters: If you continue to miss payments, your lender may start contacting you to request payment. This can involve phone calls, emails, and letters.
- Damage to your credit score: When you default on a private student loan, it can have a negative impact on your credit score. This can make it harder to qualify for future loans or credit cards, and can also lead to higher interest rates.
- Legal action: In some cases, lenders may take legal action against borrowers who have defaulted on their loans. This may involve a lawsuit or a wage garnishment, which may allow the lender to take a portion of your paycheck to pay off your debt.
Overall, defaulting on a private student loan can have serious consequences, and it’s important to communicate with your lender if you’re having trouble making payments. Many lenders offer options for deferment or forbearance, which can help you temporarily pause or reduce your payments.
can you settle on student loan debt:
It is possible to settle on student loan debt, but it can be challenging and may not be an option for everyone. Here are some things to keep in mind:
- Federal vs. private student loans: Settlement options vary depending on whether you have federal or private student loans. Federal student loans typically have more flexible repayment options, including income-driven repayment plans and loan forgiveness programs, but they do not generally allow for debt settlement. Private student loans may offer settlement options, but the terms and conditions of the settlement will depend on your lender and your individual circumstances.
- Negotiating a settlement: If you have private student loans and are struggling to make payments, you may be able to negotiate a settlement with your lender. This can involve working with a debt settlement company or negotiating directly with your lender to reach a reduced lump-sum payment. However, settling on student loan debt can have long-term consequences, such as damage to your credit score, so it’s important to carefully consider all your options and the potential impact of settlement before proceeding.
- Seek professional advice: If you’re considering settling on your student loan debt, it may be helpful to seek professional advice from a financial advisor, a student loan counselor, or a debt settlement company. These professionals can help you understand your options and negotiate with your lender to potentially reduce your debt.
In general, settling on student loan debt can be a challenging process, and it’s important to explore all your options and seek professional advice before making any decisions.