FACTS ABOUT STUDENT LOAN CONSOLIDATION:
37 Million People have Student Loan Debt.
10 Million People Have Past Due Balances.
40% Of People Under 30 Have Student Loan Debt.
The Average Outstanding Debt Is 23,000.00 Dollars.
We Facilitate Student Loan Consolidations exclusively Through The Dep"t Of Education's Student Loan Consolidation Program.
One Payment instead of multiple payments.
Lower Payment--Income Based Payment Plans Assure An Affordable Payment.
Get out of Default.
Much Lower Interest Rates.
Existing Defaulted Loans Are Paid Off--Positively Effecting Credit Scores.
Restores Federal Privileges
Restores Eligability To Place Loans Back Into Deferrment.
STANDARD RepaymentPlan: This repayment plan saves the client money
over time because the monthly payments may be slightly higher than
payments made under other plans, but client will pay off the student
loan in the shortest time. For this reason, client will pay the least
amount of interest over the life of the loan. Under this plan, monthly
payments are a fixed amount of at least $50 each month, and made for up
to 25 years.
If client’s income is low now, but client
expects it to increase steadily over time, this plan may be right for
them. This option is especially ideal for individuals that are just
starting with their career. Payments start out low and increase every
two years for a 25 year period.
INCOME BASED Repayment (IBR) Plan: To qualify for IBR, the client must have a
partial financial hardship. Under this plan, the monthly payments are
based on income and family size. The client’s payment amount may
increase or decrease each year based on the client’s income and family
size (this information is automatically reviewed yearly by the
Department of Education). Once the client is initially qualified for
IBR, the client may continue to make payments under the plan even if the
client no longer has a partial financial hardship. Payments are
typically lower on this plan, and the terms are calculated over a period
of 25 years.
If the monthly IBR payment amount doesn’t cover the interest that
accrues (accumulates) on the loans each month, the government will pay
the unpaid accrued interest for up to three consecutive years from
repayment of the loan under this plan.
If the client repays under IBR for 25 years, any remaining balance will
INCOME CONTINGENT Repayment (ICR) Plan:This repayment plan is similar to the IBR;
requirements and guidelines are the same, however, the repayment amount
is calculated with different formulas.
NOTE: Specific loans will qualify for IBR only, whereas others will only
qualify for ICR.
PUBLIC SERVICE Forgiveness Program:
this program, borrowers may qualify for forgiveness of the remaining
balance due on their eligible federal student loans (Direct Loans) after
they have made 120 payments under the IBR, or ICR plan while employed
full time by certain public service employers.
Organizations that meet the definition of “public service organization”
for purposes of the PSLF Program are listed below (for a directory of
government agencies and departments, go to www.usa.gov/Agencies.shtml):
A government organization (including a federal, state, local, or tribal
organization, agency, or entity; a public child or family service
agency; or a tribal college or university);
A non-profit, tax-exempt organization under section 501(c)(3) of the
Internal Revenue Code (includes most not-for profit private schools,
colleges, and universities);
A private, non-profit organization (that is not a labor union or a
partisan political organization) that provides one or more of the
following public services: Emergency management
Public interest law services
Early childhood education (including licensed or regulated health care, Head Start, and state-funded pre- kindergarten)
Public service for individuals with disabilities and the elderly
Public health (including nurses, nurse practitioners, nurses in a
clinical setting, and full-time professionals engaged in health care
practitioner occupations and health care support occupations) Public education
Public library services
School library or other school-based service
TEACHER LOAN Forgiveness Program: To qualify for this program, client must
have been employed as a full-time teacher for five complete and
consecutive academic years, and at least one of those years must have
been after the 1997–98 academic year.
Client must have been employed in an elementary or secondary school
is in a school district that qualifies for funds under Title I of the
Elementary and Secondary Education Act of 1965, as amended;
has been selected by the U.S. Department of Education based on a
determination that more than 30 percent of the school’s total enrollment
is made up of children who qualify for services provided under Title I;
is listed in the Annual Directory of Designated Low-Income Schools for
Teacher Cancellation Benefits. If this directory is not available before
May 1 of any year, the previous year’s directory may be used.
If client meets these qualifications (additional prerequisites may be
required, final determination of eligibility for this program will be
made by the SDE processing department during the welcome call with the
client); a portion of their outstanding student loan debt may be
Article: Easy Fix For Federal Student Loan Debt:
Federal student loan debt is pushing one trillion dollars nationally. If you are not currently drowning in your student loan debt this may not be meaningful to you, but it does effect you because it drags the entire economy. If you are having trouble managing your student loans then by all means read on, because we have the answer for you.
Click Here for more on how to consolidate student loans.
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