Student loans may be issued from the federal government or privately, through bank, credit unions, or financial institutions. Your repayment options and eligibility depends on the type/s of loans you have. Federal loans typically offer lower interest rates and have flexible repayment options for borrowers which are available to eligible undergraduate and graduate students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.

Payments may be required while you are in school and during grace/separation and deferment statuses if done through private loan. Interest rates may also be fixed or variable in such cases.
Private loans are not subsidized and interest is charged during all periods. Be aware that deferment and forbearance options may be limited if you take this route.

In order to make your payments, you must determine who you owe, what you owe (how much/how many and the interest rates) when to start paying them and how. At USA Debt Solutions, we help you get organized and reduce overall costs. We initiate the process by analyzing your current financial situation as far as employment and monthly income which helps us decide which plan is right for you.

Yes, student loans actually make a big impact on your credit – whether that impact is positive or negative is determined by your payment activity. You can greatly improve your credit score by making your student loan payments on time, while late or missed payment can adversely affect your score. Either way, your record of student loans payments can also influence other lenders’ decisions to approve or deny a loan. Our team will help keep your head above water so you don’t risk the chance of paying more than you can afford and getting into more troubling debt.

The terms forgiveness, cancellation, and discharge essentially mean the same thing, but are used for different purposes. If you are no longer required to make payments on your loans due to your job, this is considered loan forgiveness or cancellation. If other circumstances come into play, such as a total and permanent disability or the closure of the school where you received your loans, this is generally called discharge.

The unfortunate truth of the matter is that you must repay your loans even if you do not or did not complete your education. Also, it does not change the situation if you cannot find a job related to your program of study, or are unhappy with the education you paid for with your loan. You may be eligible for other solutions depending on the type of loan – contact us for details.