Open main menu
Home
Random
Recent changes
Special pages
Community portal
Preferences
About Wikipedia
Disclaimers
Incubator escapee wiki
Search
User menu
Talk
Dark mode
Contributions
Create account
Log in
Editing
Debt consolidation
(section)
Warning:
You are not logged in. Your IP address will be publicly visible if you make any edits. If you
log in
or
create an account
, your edits will be attributed to your username, along with other benefits.
Anti-spam check. Do
not
fill this in!
==Student loan consolidation== In the United States, [[student loan]]s which are part of the [[Federal Direct Student Loan Program]] are consolidated somewhat differently from in the UK, as federal student loans are guaranteed by the U.S. government. ===United States=== In a [[federal student loan consolidation]], a weighted average interest rate is assigned to the consolidation loan, rounded up to the nearest eighth. Federal student loan consolidation is sometimes incorrectly referred to as refinancing. Unlike some private sector debt consolidation, student loan consolidation does not incur any fees for the borrower.<ref>{{cite web |title=Should I consolidate or refinance my student loans? |url=https://www.consumerfinance.gov/ask-cfpb/should-i-consolidate-refinance-student-loans-en-561/ |website=Consumer Financial Protection Bureau |access-date=25 November 2023}}</ref> ===United Kingdom=== In the UK [[student loan]] entitlements are guaranteed, and are recovered using a means-tested system from the student's future income. Student loans in the UK can not be included in [[bankruptcy]], but do not affect a person's [[credit rating]] because the repayments are deducted from salary at source by employers, similar to [[income tax]] and [[National Insurance]] contributions. Many students, however, struggle with commercial debt well after their courses have finished.<ref>{{cite web|url=http://creditaction.org.uk/assets/PDF/statistics/2011/august-2011.pdf|title=Debt Facts and Figures - Compiled August 2011|date=August 2011|publisher=creditaction.org.uk|access-date=10 May 2012}}</ref> ===Australia=== Australia's student loan system once allowed 35 years to pay back loans, but currently allows 15. Those seriously delinquent on student loans face arrest at the border.<ref name=Studentloands /> ===Japan=== In Japan, an increasing number of student loans are in arrears. In response, the nation is taking harsher steps when it comes to lending determinations. In an effort to prevent future defaults, Japan has begun associating loan approvals to academic performance.<ref name=Studentloands />
Edit summary
(Briefly describe your changes)
By publishing changes, you agree to the
Terms of Use
, and you irrevocably agree to release your contribution under the
CC BY-SA 4.0 License
and the
GFDL
. You agree that a hyperlink or URL is sufficient attribution under the Creative Commons license.
Cancel
Editing help
(opens in new window)