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1 year= principal + interest
suppose cx not able to repay then,
2 year he/ she has to play = (1 year principals + interest) + interest
again cx not repay the the loan then,
3 year he/she has to pay = (2 year principal+ interest) + interest
example-
1 year = 10000+ 10% interest = 10100
2 year = 10100+ 10% interest
----CONSOLIDATION----
the combination of multiple loans is consolidation.
like- a cx have 4 loans, and when we ask cx for consolidate the loans and he/she said yes then, we have to do is combine the all four loans into one loan as simple as that.
long term - bad
short term- good
but we have to say it is best for you .
----LOAN REHABILITATION----
if a cx is defaulter, then he/she has to pay a particular amount for 9 months, so he/she will be a non-defaulter.
he/she have to visit the court and amount will decided by the judge.
----DEFEMENT---
unschool deferment, student has to pay his loan after 6 month of his school/college.
---AWG---
if a cx not paying his student loan then for then he/she comes in default list.
after that when cx is filled his taxes then lander will take some percentage from his tax.
around 15%
---FFEL (FEDERAL FAMILY EDUCATION LOAN)----
suppose jack need 50000 loan, and gov. will allow only 25000,
then, jack needs a cosigner - and cosigner will be of his family only .
like in this case cosigner will be his father, then they will take loan together.
for this jack father FICO/ CREDIT score should be good.
if in case the they guys not repay the loans on time then it will effect in both persons credit score or fico
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