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Higher Education Act of 1965
The Higher Education Act of 1965 (Pub. L. No. 89-329) (the “HEA”) was a legislation which was signed into law in the United States. The law was part of the then President Lyndon Johnson’s agenda and its aim was “to strengthen the educational resources of our colleges and universities and to provide financial assistance for
American Opportunity Tax Credit
The American Opportunity Tax Credit is a partially refundable tax credit given in the section 1004 of the American Recovery and Reinvestment Act of 2009. Originally proposed by President Barack Obama to help students and families pay for post secondary education, the act required a person to perform community service to avail of the tax
Private Student Loans
Private student loans are those that are provided by private entities or lenders without any backing. In federal loans the capital is backed or guaranteed by the government; however in private loans that is not the case. Such private loans are provided by banks and other financial institutions and advocates of these loans suggest that
Perkins Loans
Perkins Loans are arranged so that the interest of the loan does not accumulate whilst a student is attending school. Moreover, the interest on these loans do not mount up during a student’s grace period after finishing school, which widens for nine months after a student has either left school or finished it by graduating. In
Federal Direct Stafford Loan: ED’s Support
Stafford loans are fixed-rate student loans typically from the U.S. government. They are generally accessible at a lesser interest rate than private student loans or further categories of student loans. Stafford loans are offered by numerous different loan service providers, save for a federal direct Stafford loan that is a loan given directly from the
United States Department of Education: An Overview
The United States Department of Education which is also referred to as ED or DoEd was created by the Department of Education Organization Act in 1979 by signing into law by Jimmy Carter. It started operations on May 16, 1980 and is the smallest cabinet ...
American Opportunity Tax Credit
The American Opportunity Tax Credit is a partially refundable tax credit given in the section 1004 of the American Recovery and Reinvestment Act of 2009. Originally proposed by President Barack Obama to help students and families pay for post secondary ...
Student Loan Default: Consequences and Remedies
A student loan default occurs when there is no payment on the loan for 270 days and may have long term negative repercussions. The consequences of defaulting on a student loan can range from loan forgiveness to being sued by ...
Student Loan Guarantor: An Overview
A guarantor is a person or an agency that agrees to pay a loan, which has gone into default, because of non-payment by the borrower. A student loan in the United States is guaranteed by the government in case it ...
Free Application to Federal Student Aid
The Free Application to Federal Student Aid is a form that needs to be filled by prospective and current students (graduate or undergraduate) in order to determine the eligibility for student aid in the United States. These aids may take ...
Higher Education Act of 1965
The Higher Education Act of 1965 (Pub. L. No. 89-329) (the “HEA”) was a legislation which was signed into law in the United States. The law was part of the then President Lyndon Johnson’s agenda and its aim was “to ...
Coverdell Education Savings Account: 529 Alternative
Coverdell Education Savings Account which is named after the late Senator Paul Coverdell is a tax exempt savings plan in the United States that promotes savings for expenses incurred towards education. It is also known as the Education Savings Account ...
Upromise : They “Deliver”
Upromise is the largest private source of college funding contributions in the United States. Members obtain contributions when making daily purchases of goods and services at more than 21,000 grocery and drug stores, 14,000 gas stations, and 8,000 restaurants, in ...
The 529 Plan : Pros and Cons
A 529 plan is a tax-advantaged investment vehicle in the United States intended to promote saving for the upcoming higher education costs of a nominated recipient. There are two types of 529 plans: prepaid and savings. Prepaid plans allow one ...
Sallie Mae
SLM Corporation or Sallie Mae as it is commonly known is a publicly funded U.S corporation whose functions include originating, servicing, and collecting on student loans. Simply put, this corporation helps students in paying for their graduate and undergraduate programs. ...
Loan Forgiveness: How It Works
Loan forgiveness is a plan in which student loans are entirely or moderately written down, provided a contender accomplishes certain requirements. In countries where students are obliged to finance their learning with student loans, loan forgiveness programs are planned to ...
