Consolidate Student Loans Debt

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FAQ’s

What do you need to consolidate student loans?

You need a minimum of $10,000 to get started and then after that we suggest saving at least 20% of your income before even thinking about applying. We were lucky and saved 50%. Most people think they need 40-50k to start immediately. That is not true. You can start below that amount and if you have good savings then apply directly after 90 days. If not, then apply after 120 days (when you save 30%) and 150 days (saving 20%).

How long does it take to get my loan funds?

We do want to make sure you get your money as soon as possible. So here’s a quick breakdown:

90 Days Before Application:

Your funds should clear your bank account at this point.

150 Day Marker Part 1:

Your funds should be ready with your lender.

15 day marker Part 2 :

Apply for capital access program (CASP)

Consolidate Student Loans Debt

Consolidate student loans debt

Student loan consolidation is a great way to reduce interest rates and payments in order to ease some financial burdens. There is no guarantee that consolidating your student loans will decrease the amount owed. However, it could lower your monthly payment significantly and help you pay back on time. If you have multiple federal student loans, contact your lender to determine whether they offer a consolidation program. You may be able to save money if you consolidate different types of student loans. You should always check with your lender first, since their policies change regularly.

Pay off school loans faster

If you’re paying off your college loans fast enough, you could earn thousands each year in tax-free income. While many people think about investing when making money decisions, consider how much money you could make with a side business idea instead. Consider starting a mobile notary service where you go around your community and give free copies of public documents (like birth certificates) at no charge to customers who want them. Notaries are allowed to sign legal documents on behalf of others, allowing you to work with small businesses as well as individuals. The best thing to do is start now—you need to get your notarizing license and practice working before you can open your business, so get started today!

Take advantage of tax breaks

There are tax breaks for those who attend college. To qualify for these deductions, you must file taxes by April 15th of 2015. Students can deduct certain costs associated with their education, including tuition, textbooks, supplies, transportation, childcare services, computer equipment, library fees, and even room and board. You can’t claim a deduction for any expenses incurred after December 31st of 2014, but you still might be able to take the standard deduction, which would probably cover the majority of what you’d spend. Be sure to fill out your tax return correctly the first time around. Don’t wait until the last minute to file your taxes, or you’ll end up racking up late charges that could cost you thousands of dollars.

Save money by renting furniture

College dorm rooms don’t often come equipped with beds, desks, chairs, tables, etc. So, while it’s nice to have everything new and fancy, try to avoid spending lots of cash on things you won’t use long term. Instead, find roommates who are willing to split the costs of buying furniture and rent a larger living space together. Also, search online for places like Craigslist where you can buy used furniture for cheap. When you find something you like, bring it home right away and put it in storage until you move out of campus. Then, sell your old stuff on sites like eBay or Facebook Marketplace so you don’t have to pay for storage anymore.

Use scholarships wisely

Scholarships are incredibly valuable. Many programs require you to apply early, and they’re competitive. Make sure to read over scholarship criteria and deadlines carefully before submitting your application. You can also look for scholarships outside of traditional methods. Sites like Scholarship America connect students with grants and awards that fit their budgets and educational goals. If you’re interested in writing, you could potentially win $10,000 just for completing a simple essay. Another option is to try volunteering—there are tons of organizations looking for young adults to teach English abroad. And, of course, you could always ask your parents to chip in a little extra. Since they paid for your education already, they should want to help you achieve your goal of succeeding in college.

Consolidate Student Loans Debt

This video is about how I became debt free and consolidate student loans! Do you have bad credit? Ever wish you could start over again with a brand new beginning? Or maybe you want to pay off your student loan debt but just don’t know where to begin? Consolidating student loans not only saves money, but sets you up for future success. I hope this video helps out some people!

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Conversation Starters — Please feel free to reply with your own conversation starter (viewing these clips). Get inspiration and insight on working on yourself, learning something, or even talking to God directly!

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Consolidate Student Loans Debt

Consolidate student loan debt with Income Share Agreement (ISA)

ISAs are designed to consolidate loans from private lenders into one loan with a single payment each month. You have the opportunity to make payments over time, instead of paying off your debts all at once. One major benefit ISAs offer is they allow you to pay back more than just what you owe, if you choose. If you don’t pay enough money in a certain period of time, you may be charged interest on the amount you do not pay. If you would rather receive payments based on how much you have paid toward your debt, then an IBR plan might be best suited for you.

Paying back student loans early

If you are able to graduate before you reach your repayment date, you should consider repaying some of your debt early. When you repay your loans earlier, you reduce your total amount of principal owed and save interest on those amounts. Some people prefer this method. If you decide to pay back a portion of your debt early, you must be sure that you will still make your monthly payment when the next bill comes due.

Find out if you can get a consolidation loan

When you’re trying to find a way to consolidate your student loans, you need to look into the different options available. Before you apply for any type of loan, it is important to know your current credit score. You want to make sure that you aren’t denied a loan because you have poor credit. Check online, talk to a financial advisor or call a company like Credit Karma.

Consider getting help from a nonprofit organization

A lot of nonprofits work with students who are having trouble managing their finances. These organizations provide help with things like finding scholarships, applying for grants, looking for jobs, consolidating loans and finding other ways to deal with their student loans. An example of a nonprofit that helps with these issues is StudentLoanHelp.org.

Use your employer’s retirement plan

Some employers have plans where they match contributions you put into them. Since this is tax-free, you could put away extra money and use that to help pay down your loans. Be aware, though, that many companies won’t let you take money out of their matching funds until you’ve worked there for a year or two. So, make sure to ask about this if you’re considering using your employer’s retirement plan to pay down your loans!

Consolidate Student Loans Debt

Consolidating student loans debt

The amount owed on student loan debt is staggering, and it’s getting worse by the day. A recent report estimated that students owe about $1 trillion in student loans. When students graduate they often have little choice but to take out loans to pay for college, making their education much more expensive than if they had gone to public school. On top of that, many graduates are unable to find decent paying jobs after graduation because employers say they don’t want to hire people who carry massive amounts of student loan debt. So, what does any of this mean?

It means that we need to help our young adults start off their adult lives free of student loan debt. We need to make sure students get access to affordable, quality higher education options. We need to make certain that when college grads do receive those degrees, they do not default on the loans taken out to pay for them. And finally, we need to figure out how to put Americans back to work and give our economy a boost instead of just giving ever-increasing sums of money to giant banks.

Student Loan Refinancing

If you think that you may qualify for a consolidation loan, then refinancing would be a great option. Refinancing refers to using a new loan for the same purpose as an old loan. You’d use your current balance to pay down your interest rate while simultaneously applying the remainder towards the principal. If you plan to continue making payments on your existing loans, then refinancing could save you tens of thousands of dollars over the course of several years. Unfortunately, refinancing isn�t always possible. Most lenders won�t look at your credit unless you have been making consistent monthly payments since before the original loan was issued.

Making Payments While Incarcerated

When you are incarcerated or otherwise unable to make regular payments, you might qualify for deferment on your loans. At the time of your arrest, you should ask whether or not you might qualify for deferred payment status. Deferment lets you avoid having to make payments until you complete your sentence. However, once your term is finished, you�ll have to resume making payments. In addition, some lenders may allow you to negotiate partial forgiveness of your principal balance under specific circumstances. For example, if you are convicted for nonpayment of child support, you may be able to request a lower interest rate on your loans. Your lender may even consider forgiving your entire balance � a benefit you rarely see offered for other types of debts.

Income Based Repayment (IBR)

The federal government provides income based repayment plans for eligible borrowers and you can apply right now. These programs allow you to pay smaller amounts of your total loan balance each month. As long as you meet certain requirements, you can choose to either repay your loans in 10 or 15 year installments. There are pros and cons to both IBR plans, but generally, IBR is a good way to afford to attend college without incurring unmanageable levels of debt.

Paying Off Student Loans Through Other Types of Investments

Although investing is never a guarantee of financial success, you can still make smart choices to reduce your student loan burden. Consider investing in tax-deferred accounts like 401(k)s, IRAs, and Roth IRAs. These accounts offer low investment minimums and no fees. Additionally, you could set aside money in high yield savings accounts or certificates of deposit. All of these investments are safe, reliable, and relatively low cost options to help you pay down your student loans faster.

Using Public Money to Pay Down Student Loans

Finally, you can also use public funds to pay down your loans. Many colleges offer scholarships and grants designed specifically to assist students with debt relief. These programs provide funding directly to the schools and therefore don�t require you to go through private companies. Check with your local college to determine if you qualify for any assistance.

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