Homework Help

Business Law Unit 6 Homework If a borrower defaults on a federal student loan

Page Count
2 pages
Word Count
481 words
Book Title
Business Law: Text and Cases 14th Edition
Authors
Frank B. Cross, Kenneth W. Clarkson, Roger LeRoy Miller
1
UNIT 6
APPLICATION AND ETHICS
FEDERAL STUDENT LOANS
DEFAULT AND DISCHARGE
ANSWERS TO THE QUESTIONS
AT THE END OF THE FEATURE
ETHICS QUESTION
In addition to the borrowers listed in this feature, who deserves to have their federal
student loans forgiven? Why? The occupations of borrowers who can have their student
loans forgiven, cancelled, or discharged include teaching, military service, nursing and other
medical positions, law enforcement, childcare, professions involved in service to the disabled,
and volunteer service (for such organizations as the Peace Corps and VISTA). These are listed
in the feature.
Individuals in other occupations that can qualify their members for cancellation of student
loans include firefighters, librarians in low-income schools, attorneys in public service, speech
pathologists in low-income schools, special education teachers, teachers in fields designated as
CRITICAL THINKING
What are the consequences in addition to those stated in this feature of failing to make
timely payments on federal student loans? Discuss. The feature notes that one of the
consequences for failing to make a timely payment on a federal student loan can be a
2 UNIT SIX: CREDITORS’ RIGHTS AND BANKRUPTCY
determination of default. If a borrower defaults on a federal student loan, the entire balance of
the loan, including both principal and interest, can become due in a single payment.
Failing to make a timely payment on a federal student loan can have other effects. A loan

Trusted by Thousands of
Students

Here are what students say about us.

Copyright ©2022 All rights reserved. | CoursePaper is not sponsored or endorsed by any college or university.