Thursday, 5 November 2009

Some Key Facts to Know About College Student Loans

The basis of funds for a college loan does not modify the potential of the student who is awarded that loan. Every lender of a college student loan has certain obligations.

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.


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.

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.

A student can maintain a decent credit score if he/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.

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