Heartland Student Loans

What happens if I default?

If you miss any payments on your loan or fail to make payments for at least 90 days, your lender can file a claim against you with the U.S. Department of Education (ED) and start repossessing your loans. Your lender may also report the delinquency to consumer reporting agencies, which could have negative consequences for your credit rating. If your student loan becomes delinquent, contact the Department of Education to work out payment arrangements that are affordable for you. You might want to consider consolidating your federal student loans into one loan to pay off faster.

Are my loans dischargeable in bankruptcy?

Discharge means lenders can no longer try to collect money they’ve lent to you. However, some private student loans are not covered under bankruptcy laws. Private student loans do not become “bankruptcy-proof” until 2018. In addition, private student loans cannot be discharged if you were defrauded, committed fraud, or obtained them by false pretenses. See the Department’s complete Discharge Information Guide for additional information about how your individual situation affects your eligibility for loan forgiveness or debt relief.

How much am I paying per year?

The current average undergraduate annual cost of attendance (AACO) is $21,000, including tuition, room and board, fees, books, supplies, transportation, etc. The AACO does vary based on location, school type, program, career aspirations, and many other factors. Visit our FAQ page for more information.

What are interest rates?

Interest rates for federal student loans range between 1% and 6%. Some private loans have variable interest rates ranging from 2% to 15%. Interest rates are set annually and change each July 1st.

What does repayment mean?

Repayment means making monthly payments over ten years. Repaying your student loans will help control your total debt burden by reducing the amount owed. Over time, your monthly payments will decrease significantly.

Can I get financial aid to repay my loans?

Yes, you may qualify for financial aid to help you afford college. Visit ed.gov/offers for details about how you can use grants and scholarships to reduce your loan payments.

How do I apply for federal student loans?

Visit www.studentaid.ed.gov/GetStarted/ApplyNow for detailed instructions on applying for federal student loans.

Heartland Student Loans

This video was created for educational purposes only. No monetary value is being assigned to any concept or item discussed in this presentation. All investments entail risk; therefore, readers should always conduct their own due diligence and/or consult with a licensed professional prior to making any investment decisions. This message supersedes all previous messages of the same  previously posted on www.heartlandeducation.org.

Heartland is a U.S. based company that provides educational loans at low interest rates to students who have been approved for financial aid. To qualify for financial aid, students need to meet certain requirements including having a high school diploma or GED certificate and not having a previous history of defaulting on any federal student loan programs. In order to apply for heartland student loans, applicants should submit their FAFSA (Free Application for Federal Student Aid) application as well as a credit report. Once they are approved for financial aid, students then have two years to repay the loans. If they fail to do so, they will be subject to additional fees and penalties.

How does Heartland compare to other lenders?

There is no difference between Heartland and other traditional lenders. However, if someone chooses to borrow from Heartland instead of a conventional lender, they will save money on interest over time. Heartland’s average rate compared to its competitors is 4.5%. This is significantly lower than most lenders’ rates, which range between 6% – 8% APR. Additionally, borrowers pay $0 upfront upon signing the contract and have a grace period of 2-10 years before any payments are due.

What is the qualification requirement for applying for a Heartland loan?

In order to qualify for a loan, students must first complete their FAFSA application. Students who receive financial aid may use their award letter to determine how much money they can borrow. The maximum amount that can be borrowed is set by each student’s eligibility for financial aid. After completing the application, students will then receive a decision regarding their eligibility for education financing. While waiting for their decision, applicants can continue to work or attend classes. If the applicant receives approval for funding, Heartland will contact them directly to inform them of their acceptance. In addition to the FAFSA, students may be asked to provide additional documentation including proof of income, tax forms, bank statements, and W-2 forms.

Does Heartland offer auto finance products?

No, Heartland only offers education loans. If you are interested in borrowing money to buy a car, visit our Auto Finance page.

Heartland Student Loans

What type of education loans are student loans?

Student loans are a way for people to finance their higher education costs. There are many different types of student loans, including federal government-backed loans, private loan options, and subsidized loans. Federal loans (such as Stafford and Perkins) are backed by the U.S. Department of Education. Private loans (like Sallie Mae) are not insured by the federal government. Subsidized loans (like Direct PLUS), sometimes called “government+loan,” combine the financial aid provided by the federal government with additional money from a parent or guardian. Both federal and private student loans have varying repayment terms — some require payments over 10 years, while others have lower rates and shorter repayment periods.

How much can I borrow for undergraduate college?

The maximum amount of federal loans students can receive each year is $23,000. Students who attend four-year colleges are eligible for up to $31,500 per academic year, whereas students at two-year community colleges generally qualify for only $11,000 in student debt per year. If parents or guardians pay any portion of these loans, the total amount of money borrowed may go above what’s allowed under the law. As of August 2013, borrowers could choose between a fixed monthly payment plan or a graduated repayment plan. A fixed monthly payment plan requires monthly payments of about $50, though interest accrues even if you put off making a payment until after graduation. Under a graduated repayment plan, you make smaller monthly payments throughout your time in school. At the end of 20 years, you’ll have repaid the original principal plus interest accrued. All federal student loans offer forgiveness programs where the balance on the loan is forgiven after 10, 15, or 20 years of payments.

Do I need to save money before going to college?

No, it’s never too early to start saving. The earlier you start, the easier it will be later to build up a sizable emergency fund. You can begin by contributing 1% or 2% of your current income toward a savings account. The best place to keep money — whether you’re setting up a college fund for yourself or your child — is in a bank account. Money in a checking account earns less than money in a savings account, but banks often charge fees for keeping your money in a checking account. By putting money in a savings account instead, you avoid paying those fees.

Heartland Student Loans

What is Heartland?

The United States Department of Agriculture (USDA) provides financial assistance to eligible students who agree to enroll in agricultural education programs offered at public institutions. Students who receive these loans have their payments forgiven if they enter certain graduate degree programs, including those degrees in agriculture.

How do I qualify for USDA student loans?

To qualify for USDA student loans, applicants must be enrolled in undergraduate or postbaccalaureate programs at a public institution located in any state. Applicants must meet specific income eligibility requirements and must not owe any federal, state, or local taxes. Additionally, borrowers must have acceptable repayment plans in place and show proof that they intend to pursue an agricultural profession.

Do I need a cosigner?

A cosigner is someone who agrees to help pay off the loan either with a personal guarantee or by contributing money toward the monthly payment. Cosigning is optional and many lenders require you to have a cosigner before they give out a loan. If you don’t have anyone willing to help with the loan, you may be able to get approved without a cosigner.

Are there different types of student loans?

There are two types of student loans: direct and guaranteed. Direct loans only allow you to borrow what the government says you’re eligible for. Guaranteed loans let you borrow what you think you’ll actually use, so you won’t be penalized if you spend less than expected.

Is there anything else I should know about student loans?

Borrowing money for school doesn’t always have to mean taking out loans. Many community colleges offer grants, scholarships, and work-study programs that make higher education affordable. You might want to consider looking into them first.

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