Federal Perkins Promissory Note: Fill & Download for Free

Aaron and Cliff give accurate answers, but there are a few nuances:Federal Perkins: Discharged upon death of the student borrower.Federal Stafford: Discharged upon death of the student borrower.Federal Parent PLUS: Discharged upon death of the parent borrower or upon death of the student for whom the debt was incurred. (Death of the student is only for new loans borrowed on or after 7/23/1992.) This is the case even for loans with an endorser.Federal Grad PLUS: Discharged upon death of the student borrower. This is the case even for loans with an endorser.Private student loans: Depends on the terms of the promissory note. Recently some lenders have added death and disability discharges. These include the Sallie Mae Smart Option loan, New York HESC's NYHELPs loan and Wells Fargo private student loans. See http://www.fastweb.com/financial-aid/articles/2935-wells-fargo-adds-death-and-disability-discharges-to-private-student-loansOtherwise, when the student dies, private student loans are normally charged against the student's estate. If the estate does not pay off all the debt, then any remaining amount owed may be charged against the cosigners, if any. If a relative did not cosign the loan, they are not responsible for repaying the debt. It's generally a good idea for cosigners to ask the lender for a compassionate review in the event of the student borrower's death, especially if the student was killed in action while serving in the military or public safety or if the cosigners are incapable of repaying the debt.Note that cancellation of debt can sometimes lead to a tax liability, since the cancellation is treated like income to the borrower. This mostly affects borrowers of Parent PLUS loans. While the tax burden is less than the original debt, it can still represent a significant burden on the borrower.

For searching for records on the web go to backgroundtool.com Its both general public as well as non-public information. It goes over and above what a single resource can do for you or what engines like google can provide you with. You will have accessibility to public record information, social networking summary, a general online lookup, court records, records of criminals, telephone records (both general public and privately owned directories ), driving records and even more.Are US federal student loans accessible on a public record?If you apply for financial aid, your school will likely include student loans as part of your financial aid package. It’s important to understand what types of loans you are offered. Generally, there are two types of student loans:Federal student loans: These loans are funded by the federal government.Private student loans: These loans are nonfederal loans, made by a lender such as a bank, credit union, state agency, or a school.If you need to borrow money to pay for college or career school, start with federal student loans.Federal student loans are:Direct Subsidized Loans and Direct Unsubsidized Loans;Direct PLUS Loans (for graduate and professional students or parents); andFederal Perkins Loans.What are the differences between federal and private student loans?Federal student loans include many benefits (such as fixed interest rates and income-driven repayment plans) not typically offered with private loans. In contrast, private loans are generally more expensive than federal student loans.The chart below provides a summary of the differences.More about privacy and your student aid recordsIf you have applied for federal student aid or have received a federal student loan, the Office of Federal Student Aid is authorized to maintain a record of all transactions related to your application or loan.Review the System of Records notices, which list the authorized disclosures and the safeguards for Office of Federal Student Aid systems under the Privacy Act of 1974, as amended. The systems that apply specifically to loans that you receive under the Direct Loan Program are #18-11-05 called Title IV Program Files and #18-11-06 called National Student Loan Data System (NSLDS).The fact that you have completed an electronic Master Promissory Note (MPN), Direct PLUS Loan Request or Entrance Counseling will be communicated to the school for which you are borrowing the money. The privacy of financial aid records (and admission, enrollment, and other records) kept by an educational institution is protected by the Family Educational Rights and Privacy Act. Click here to read the FERPA regulations.INTRODUCTION TO PRIVACY IMPACT ASSESSMENTSection 208 of the E-Government Act of 2002 (P.L.107-347) requires FSA to complete a Privacy Impact Assessment for each new system that collects information from the public through the Internet.During the Definition Phase of the FSA Solution Lifecycle, the System Security Officer must make sure that the team completes the attached Privacy Impact Assessment Questionnaire, must have it reviewed by the Chief Information Officer or equivalent official, and must file the completed form in the system's Security Notebook as part of the system's documentation. This Privacy Impact Assessment must also be made publicly available.Privacy Impact Assessment QuestionnaireSystem Name: Common Origination and Disbursement (COD)System Owner: William LeithSystem Manager: Nancy HooverSystem Security Officer: Don DorseyPrivacy Impact Assessment Questionnaire Author: Don DorseyDate: 1/22/2008Officials and organizational components involved in the analysis and review of the Privacy Impact Assessment included the following: Department of Education Office of the Chief Information Officer, Federal Student Aid (FSA) CIO Computer Security Officer, and COD management, including the System Security Officer.What information will be collected for the system (Ex. Name, Social Security Number, annual income, etc)?The COD system receives, processes and stores privacy act related data, such as names, social security numbers, current address, date of birth, place of birth, telephone numbers, and dollar amounts.The general public does not have access to COD.Why is this information being collected?The information is provided by the student applicants and the schools participating in the Title IV Higher Education Student Financial Aid Programs to enable the administration of the Federal Title IV grants and loans by the Department. The Title IV loans and grants are used by eligible students to attend those schools.How will FSA use this information?FSA/COD uses this student-level detail to book loans, account for awarded grants and to enable the Department to reconcile school cash drawdowns from the Treasury to individual student disbursements.This information also is used to ensure the respective schools receive the appropriate amount of dollars during the respective time periods.Will this information be shared with any other agency? If so, with which agency or agencies?Not routinely (This information can be made available for a civil or criminal law enforcement activity that is authorized by law, upon a written request by the agency).Describe the notice or opportunities for consent would be/ or are provided to individuals about what information is collected and how that information is shared with others organizations. (e.g., posted Privacy Notice)Extensive Privacy Act notices are posted at the web site of the Free Application for Federal Student Aid (FAFSA - Free Application for Federal Student Aid). The basis for the data sent to COD by colleges is the FAFSA®, which is filled out by student applicants first. The FAFSA® is an OMB approved data collection instrument (OMB #1845-0001)

You should not! Go to a community college in your state of domicile. Knock out 2 years. Work a job during this time and save for the reminder to go to a state public university. If you get accepted to an IVY Legue, make sure there is some kind of scholarship attached to the offer. The rest, finance only through private student loans.The below article is from the Wall Street Journal. It might discourage you from obtaining Federal Loans. They are available to pretty much anyone even without a good credit score.Journal Reports:“What to Know About Missing a Student-Loan PaymentDefault and delinquency are handled differently for federal and private loansMany student-loan borrowers have difficulty making repayments, but they don’t always realize the devastating, long-lasting financial consequences that can result from missed payments.Being delinquent—or, worse, defaulting—on student loans can affect borrowers in many ways. Consequences can include severely damaged credit, wage garnishment, lost employment opportunities and, in some cases, rescinding of professional licenses. Understanding some basic tenets about delinquency and default may help borrowers avoid these adverse outcomes.The first thing borrowers need to know is the kind of loans they hold—federal, private or some combination. They should go to the National Student Loan Data System to get a list of their federal loans, then match up those loans with the ones listed on their credit report, available from one of the three credit-reporting companies. The loans that aren’t listed in the NSLDS database are most likely private loans.The distinction is important because default and delinquency are handled differently for federal and private loans.Federal student loansThe timeline: With federal loans, a borrower becomes delinquent the first day after missing a payment. Even if the borrower misses only one monthly payment and then starts making payments again, the loan account remains delinquent until the borrower repays the past-due amount or makes other arrangements, according to the Federal Student Aid office’s website, http://studentaid.gov. Those arrangements include deferment or forbearance, which let you temporarily halt or reduce monthly payments, or changing repayment plans.After 90 days, the delinquency will be reported to the three major national credit bureaus. This will lower the borrower’s credit score and could have long-lasting effects. If the loan continues to be delinquent, it could go into default; exactly when this happens depends on the type of loan. For a loan made under the William D. Ford Federal Direct Loan Program or the Federal Family Education Loan Program, borrowers are considered to be in default if they don’t make their scheduled payments for a period of at least 270 days. By contrast, borrowers who have a Federal Perkins Loan could be deemed in default immediately after missing just one payment.The consequences: Borrowers in default can no longer receive deferment or forbearance, and they lose eligibility for other benefits, such as the ability to choose a repayment plan. What’s more, the entire unpaid loan balance and any owed interest will be due immediately, according to the Federal Student Aid office.Wage garnishment is another possible—and increasingly likely—consequence. From July 2015 to September 2018, debt collectors recovered $2.3 billion in wage garnishments, according to an analysis of Education Department data by LendingTree’s Student Loan Hero division, which helps borrowers manage and eliminate student-loan debt. In the third quarter of last year, $230 million in owed funds were reclaimed through wage garnishments—the highest level over the three-year study period, according to the analysis. (Note that it’s not just wages at stake: Tax refunds may be garnished, as well.)There are significant long-term consequences, as well.For one thing, default can do meaningful damage to a borrower’s credit. Because student debt is generally larger than other types—such as credit-card debt—defaulting on a student loan can have a greater impact on a credit score, and can mean the difference between a higher and lower rate on a future loan such as a mortgage, says Theresa Williams-Barrett, vice president of consumer lending and loan administration for Affinity Federal Credit Union in Basking Ridge, N.J.Moreover, there are at least 18 states where default on federal student loans can mean suspension of a driver’s license or professional license, says Jessica Thompson, director of policy and planning at the Institute for College Access & Success, a nonprofit research and advocacy organization that focus on issues such as higher-education affordability and student debt.When borrowers default on a loan, it’s also common for schools to withhold their transcripts—which can be problematic for borrowers who need this type of documentation for a job, she says.Finally, be aware that it’s difficult to get rid of a federal student loan you can’t repay. Such loans are no longer subject to a statute of limitations, meaning borrowers in default can be pursued for their outstanding debt for an unlimited period. And federal student loans are difficult to discharge in bankruptcy.Resources: Borrowers should know who their servicer is and should not hesitate to reach out if they run into trouble paying off their federal student debt. They can ask about temporary relief options and longer-term possibilities such as repayment tied to income level, Ms. Thompson says. Borrowers can also use the Education Department’s Repayment Estimator at studentloans.gov to compare payment amounts among applicable repayment plans. “You want to avoid default at any cost,” Ms. Thompson says.Private student loansThe timeline: In some cases, private loans go into default as soon as a borrower misses a payment, skipping the delinquency process. Other lenders consider private student loans to be in default after borrowers are delinquent for 120 days. Every lender makes its own policies, so borrowers should be sure to read their promissory notes carefully.The consequences: Like federal student-loan default, private student-loan default has many negative consequences. For instance, once a borrower is in default on a private student loan, the lender will require immediate payment of the loan’s full balance. The lender will also seek repayment from the loan’s cosigner, if there is one. The borrower’s account could be referred to a debt collector, and the defaulted loan may be reported to the national credit bureaus. Collection charges may be added to the loan balance, and the lender could even decide to sue the borrower and/or cosigner to collect the debt. If such a suit is successful, the borrower may be subject to wage garnishment or asset seizure.Unlike federal loans, private student loans generally have statutes of limitations for legal action against borrowers. The time period varies from state to state—up to 15 years, but usually from three to 10 years—with six years being the most common, according to Edvisors, a provider of free information on paying for college and financial aid.Resources: Borrowers who have trouble paying their private student loan should call their servicer right away and see what options, if any, may be available, and what the requirements are. It is a good idea to do this before missing a payment and risking default. There may be some options to negotiate that aren’t available with federal loans, though private lenders are under no obligation to offer debt-rehabilitation programs, says Natalia Abrams, executive director of Student Debt Crisis, an advocacy organization for borrowers.Private loans can be discharged during bankruptcy—although it’s difficult. Borrowers who are considering this option should contact a bankruptcy or legal-aid attorney for help, Ms. Abrams says.Ms. Winokur Munk is a writer in West Orange, N.J. She can be reached at [email protected].”