Edmunod Daco, Author at Stilt Blog

At a Glance Student loan delinquency starts after 30 days of missed payments, while default typically occurs after 270 days. Both delinquency and default can have significant financial repercussions, including damage to your credit score, accrual of interest, and potential legal actions. There are s…

At a Glance The student loan statute of limitations, which varies by state, can limit how long a lender can sue for unpaid debt. Private student loan debt generally falls off your credit report after seven years, but the debt still exists and lenders can still attempt collection. Defaulting on stude…

At a Glance Financial aid can be taxable depending on the type. Grants, scholarships, and fellowships are usually tax-free, but work-study and part-time job earnings are subject to taxes. Student loans are typically not considered taxable income, and interest on these loans may be tax-deductible. Lo…

At a Glance Building credit with student loans involves making timely payments, exploring suitable repayment plans, and considering refinancing if it suits your circumstances. A healthy credit score can reduce interest rates on loans and credit cards, leading to substantial long-term savings. Managi…

At a Glance Discretionary income is the surplus income after covering all essential expenses and plays a crucial role in managing student loans effectively. Understanding the link between discretionary income and student loans empowers individuals to make well-informed decisions about resource alloc…

At a Glance Explore federal loan programs first, as they often provide lower interest rates and more flexible repayment options. If federal loans do not cover all costs, private loans from lenders such as Sallie Mae and Citizens Bank can help bridge the gap. Interest rates vary between lenders, so i…

At a Glance Understanding and managing key factors that influence your credit score can pave the way for a more secure financial future. Paying off debt yields numerous long-lasting benefits, influencing both financial stability and overall well-being. Recognizing the distinctions between various ty…

At a Glance Proving undue hardship for student loans is a challenging process. You must meet the strict criteria of the Brunner Test, demonstrating an inability to maintain a minimal standard of living, persistent financial difficulties, and good faith efforts to repay loans. Alternatives to bankrup…

At a Glance Understanding the tax implications of financial aid and student loans is crucial. While grants and scholarships are usually tax-free, work-study earnings and part-time job income are taxable. Student loans are generally not taxable, but loan forgiveness programs may have tax implications…