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Federal Student Loan Repayment

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Questions and Answers

Which of the following repayment plans has fixed or graduated payments over 25 years?

Income-based repayment plan

Graduated repayment plan

Extended repayment plan (correct)

Standard repayment plan

What is the purpose of loan consolidation?

To lower monthly payments

To increase the interest rate

To reduce the loan balance

To simplify loan repayment (correct)

What options are available to help keep your loans in good standing if you're having trouble making payments?

Change your payment due date (correct)

Ignore your loans

Increase your loan balance

Get a higher paying job

Which of the following actions can help you avoid defaulting on your student loan?

All of the above Signup and view all the answers

What happens if you default on your student loan?

Your loan becomes delinquent Signup and view all the answers

What is the purpose of a promissory note?

To agree to repay the loan according to its terms Signup and view all the answers

Which of the following tax breaks is available for student loans?

All of the above Signup and view all the answers

Which of the following is true about the grace period for federal direct loans?

The grace period is 6 months after graduating or dropping below half-time enrollment Signup and view all the answers

Which repayment plan has fixed payments over 10 years?

Standard repayment plan Signup and view all the answers

What is the purpose of loan consolidation?

To simplify repayment by combining multiple loans into one Signup and view all the answers

What is the purpose of a Direct Consolidation Loan?

To simplify the repayment process by combining multiple student loans into one Signup and view all the answers

What happens if your student loan becomes delinquent?

Delinquency is reported to the 3 credit bureaus Signup and view all the answers

What happens if you default on your student loan?

Your loan goes into default Signup and view all the answers

What is the purpose of the American Opportunity Tax Credit (AOTC)?

To claim a tax credit up to $2500 Signup and view all the answers

Federal Student Loan Repayment

Choose a study mode

Podcast

Questions and Answers

Which of the following repayment plans has fixed or graduated payments over 25 years?

What is the purpose of loan consolidation?

What options are available to help keep your loans in good standing if you're having trouble making payments?

Which of the following actions can help you avoid defaulting on your student loan?

What happens if you default on your student loan?

What is the purpose of a promissory note?

Which of the following tax breaks is available for student loans?

Which of the following is true about the grace period for federal direct loans?

Which repayment plan has fixed payments over 10 years?

What is the purpose of loan consolidation?

What is the purpose of a Direct Consolidation Loan?

What happens if your student loan becomes delinquent?

What happens if you default on your student loan?

What is the purpose of the American Opportunity Tax Credit (AOTC)?

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