Whether you’re just starting out on your college journey or dealing with student loans from years ago, here is a glossary of helpful terms you may need to know: Accredited: If your college and program is accredited, it means that it has met specific requirements by the U. Administrative Wage Garnishment: If your federal student loans go into default, the federal government has the ability to take up to 15% of your disposable income directly from your employer.
You’ll have to attend an accredited school to get federal loans or use any federal aid.
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These private student loans are highly beneficial for the students who need money for college to pursue a thriving career.
Parents of students can also get money to finance their children's education.
You’ll also see your Expected Family Contribution and your school’s Cost of Attendance.
Borrower: This is the person who is legally responsible for the student loans.
You may have loans where you are the borrower, and loans where a parent is the borrower.
Cancellation: In very rare circumstances, you may hear of a student loan being cancelled.
Any loan is a serious commitment, and should not be entered into lightly.
Having said that, student loans are often necessary to make it possible for a young person to fulfill their college dreams.
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The wide array of options allows students as well as parents to get money for college in a convenient manner. To apply for Wells Fargo student loans students need to have a good credit history.