What loan status means?
The loan status indicates where your loan is in the process. Some statuses include in-school, grace, repayment, and forbearance.
What does loan status in school mean?
What does loan status mean? The loan status code reflects the loan servicer’s current disposition for collecting the loan. If you are currently in school or in your grace period, your loan is in deferred status, and you do not have to make payments.
How do I check my fafsa loan status?
How do I check the status of my FAFSA® application?
- Log in to fafsa.gov.
- Your FAFSA status can be found on the “My FAFSA” page, which displays immediately after you log in if you’ve already started or completed a FAFSA form.
How do you check your student loan status?
To access StudentAid.gov: Go to StudentAid.gov….At StudentAid.gov, you can find:
- Your student loan amounts and balances.
- Your loan servicer(s) and their contact information.
- Your interest rates.
- Your current loan status (in repayment, in default, etc.)
What does it mean if my loan status is pending?
Pending Submission: Pending means your application is in progress and has not yet been submitted by the borrower.
What is a loan status end date?
Loan Period End-The ending date of when classes ended (or were to end) for the period covered by the loan. Sched. Repayment Date-The date the student entered or is scheduled to enter repayment. Date of Default for CDR-The date on which the loan defaulted used for cohort default rate calculation.
What are loan terms for student loans?
Your student loan term refers to how long the lender expects it will take you to repay your debt. Student loan terms range from relatively short to almost as long as a traditional mortgage. Most refinancing lenders typically offer student loan terms of five, seven, 10, 15 or 20 years.
How long does a student loan take to process?
Short answer: it takes around 1 to 3 weeks to process a federal student loan, and 2 to 10 weeks to process a private student loan.
What does status approved mean?
It means they accepted your application. Doesn’t mean anything more than that. Upvote Downvote. Report.
How long will my loan be pending?
Once you request a loan, the loan status will be “Pending” which means the offer is now available for investors to make an offer. Your loan request will be valid for 30 days, however, each investor’s offer is only valid for 48 hours.
What does repayment status mean?
(C) Definition For the purpose of earning the default aversion fee, the term “current repayment status” means that the borrower is not delinquent in the payment of any principal or interest on the loan.
Are all student loans on hold?
Not all student loans are on hold. Not even all federal student loans are on hold. Besides paused payments and interest charges, there are other benefits of the repayment suspension.
What is an ‚IA loan?
IA Loan Originated A loan that is guaranteed. IA also includes PLUS loans not fully disbursed A loan remains in an IA status until it enters grace or other appropriate code. Report the Date of Guaranty. For borrowers completing a period of ‚In Military Grace™ who re-enroll, report the day the borrower re- enrolled in school. OPEN STUDENT ELIGIBLE
What is an IA status for a student loan?
If the student continued or returned to school before the grace period expired, the loan is reported in an IA status. Also applies to an SLS loan linked to a Stafford loan that has not entered repayment, or a non-linked SLS loan where the borrower has maintained continuous enrollment since obtaining the SLS loan.
What is the date of loan status?
The Date of Loan Status equals the Date Deferment Starts. For SLS loans still in initial in-school deferment period, this is the day of the final disbursement on the loan. OPEN STUDENT ELIGIBLE There must be a positive balance in the sum of Amount of Outstanding Principal Balance and Amount of Outstanding Accrued Interest Balance.
What is an IM loan in the military?
IM In Military Grace A loan not in repayment (i.e., in IA or IG status) and the borrower is called or ordered to active military duty for longer than 30 days. The IM status should not be confused with a military deferment which is used for loans that have entered repayment.