Are student loans contingent liabilities?

What are examples of contingent liabilities?

Description: A contingent liability is a liability or a potential loss that may occur in the future depending on the outcome of a specific event. Potential lawsuits, product warranties, and pending investigation are some examples of contingent liability.

How does Freddie Mac treat student loans?

For student loans in repayment, grace period, deferment or forbearance, Freddie Mac will use either: the monthly payment amount reported on your credit report if that amount is greater than $0; or. 0.5% of the outstanding balance of your student loans if the monthly payment amount on your credit report is $0.

What is the 36% rule?

A Critical Number For Homebuyers. One way to decide how much of your income should go toward your mortgage is to use the 28/36 rule. According to this rule, your mortgage payment shouldn’t be more than 28% of your monthly pre-tax income and 36% of your total debt. This is also known as the debt-to-income (DTI) ratio.

Does Freddie Mac allow income based repayment student loans?

Fannie Mae-Freddie Mac Student Loan Guidelines

Fannie Mae and Freddie Mac Guidelines on student loans allow IBR Payments: Conventional Loans are the only mortgage program that allows Income-Based Repayment: The IBR Payment needs to report on all three credit bureaus.

Is Rent A current liabilities?

Current liabilities include: Trade and other payables – such as Accounts Payable, Notes Payable, Interest Payable, Rent Payable, Accrued Expenses, etc. … Example: For long-term loans that are to be paid in annual installments, the portion to be paid next year is considered current liability; the rest, non-current.

IT IS IMPORTANT:  You asked: What is junior college in China?

What comes under other current liabilities?

Other Current Liabilities means all liabilities of the Company or any Newly Granted Permittee that would, in accordance with GAAP, be classified as current liabilities other than Accounts Payable, but including, without limitation, any accrued Taxes, deferred revenue obligations and accrued payroll expenses.