Student Loan Grace

6 min read

The grace period for federal student loans ends June 30th. That means if you haven’t already paid offoff your student loan debts, you may not have access to any further money until you pay off what you owe. If you’re struggling with paying back your student loans, you should explore options for consolidating your debt. You can also contact your lender directly to talk about consolidation.

Student Loan GraceStudent Loan Grace Period

There was a time when student loans were not taken out unless you had to pay them back at some point. Students would take out loans for college and then graduate with no debt. However, things have changed recently. Nowadays,Nowadays, students need to borrow money to go to school. If they fail to make payments on their loans,loans, they may get garnished. As long as these debts do not exceed 25% of your income, you should be fine. But if you fall behind by even just 5–105–10%, the government will start taking money out of your paycheck to cover their bills. This means less money for food, rent, and anything else you might want to spend it on. Here’s how to avoid getting hit hard by student loan forgiveness laws.

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Student Loan GraceStudent Loan Grace Period

The Federal Government Has Extended The Grace Period On Student Loan Debt To DecemberDecember 1st,1st, 2016.2016.

The government has just announced that they have extended the grace period for student loan debt payments until December. The original deadline was set for October 1st. If you were paying a student loan payment prior to October 1st,1st, you still had time to pay off your loans to avoid any interest charges being added. However,However, if you missed out on making your payment before then, then that would mean you could now face an additional month of interest charges.

How Much Does It Cost?

If you didn’t miss out on the first grace period, then you should not notice much change in terms of how much you owe. You might get hit with some late fees,fees, though, depending on what state you live in. In California, you can expect to pay $23 to $26 per late fee. In New York, those late fees range between $25 and 25 and $28.

What Can I Do Now?

You don’t need to panic! There’s no need to rush out and make a huge payment right now. Instead, you may want to consider getting yourself prepared for the changes ahead. That way,way, you won’t be caught off guard when you’re forced to start repaying your loans again. One thing you can do is check out the different options that are available to you. Some people choose to consolidate their loans, paying one low monthly rate instead of several high ones. Others opt for private lenders who let them borrow at a lower cost than traditional banks.

Will my credit be affectedmy credit be affected?

In order to keep your credit score intact while you’re dealing with student loans, you’ll be able to remain current with your payments. As long as you’ve been making your payments on time, then you shouldn’t have any problems keeping your credit clean.

Where Should I Get Help?

It doesn’t matter where you go for help-whetherhelp-whether it’s online or in person. All you need to know is that you need to take control of your finances and learn about your options. You may find yourself overwhelmed with information. Don’t worry – we’re here to help! Contact us today to find out more about student loan consolidation or refinancing options.

Student Loan GraceStudent Loan Grace Period

The graceThe grace period for student loans ends.ends.

The grace period for federal student loan discharges ends August 2018. 2018. If you have not already done so, now’s the time to act! Your student loan debt could be forgiven if you work hardto pay to pay back what you owe. This includes repaying any interest you may have accrued and making monthly payments so you don’t default on your loan obligations. There’s still time to apply andand complete the paperwork. You’ll need to get enrolled in income-based repayment programs, make biweekly payments, and keep up with all of your bills while paying down your loan balance. Here are some tips to help you stay on track.

Make a payment plan.plan.

Payments are calculated based upon your current earnings and how much money you’re able to pay each month. The standard repayment term ranges between five and 30 years. Choose a repayment term and determine how much you can afford to repay each month, then create a budget that aligns with your lifestyle and financial goals. Calculate your monthly payments using our Loan Estimator tool to compare different plans. You may qualify for lower payments in exchangeexchange for extending the length of your loan (more time means less principal).

Talk to your lender

If you want to consolidate your student loans, contact your lender directly. Many lenders offer free counseling services to discuss options, including consolidating your loans into a single loan. Once you’ve set up an appointment, ask about deferment and forbearance options that may allow you to stop making monthly payments and start repaying your loan sooner.Use our Loan Calculator to Use our Loan Calculator to find out if you qualify.

Build credit

If you haven’t yet established credit history, build oneone.Keep track of Keep track of regular credit card activity and open new accounts. Use credit cards responsibly and avoid applying for credit unless you know you can handle the terms of the agreement. If you do apply, make sure you follow the rules and guidelines outlined in your application. Pay off any balances before they reach their minimum payment amount to gain positive credit scores.

Get organized

Keep records of your finances—credit reports and bank statements from each account you have access to. This will give you insight into where your money goes and how you spend it. Consider adding a tracking app to your phone so you can easily monitor your spending.

Stay motivated

Track your progress toward reaching your goals. Don’t let the initial struggle of building credit deter you from achieving your full potential. Set realistic expectations and celebrate small successes along the way.

Know your rights.rights.

You have certain rights related to your student loans. Start by getting familiar with the Federal Consumer Financial Protection Bureau’s website, which provides information on your rights and responsibilities under federal law. Then visit the Education Department’s site to learn more about your state’s laws around education lending.

Student Loan GraceStudent Loan Grace Period

In case you haven’t heard about this yet, President Trump signed a bill last Friday that extended the student loan grace period from July 1st,1st, 2018 to DecemberDecember 31st,31st, 2019. To many people,people, this may not seem like much,much, but if you are currently struggling to pay back your loans, it could mean a lot toto you!

How does this work?

The current law requires borrowers to start making payments 15 days after they receive their first disbursement. Under the new law, a borrower who started repaying before July 1st would have until December 31st to finish paying off their loan. That means it will no longer become due immediately upon beginning repayment. Instead, it will remain due for two additional months (until June 30th)—giving—giving borrowers time to catch up on any outstanding debt. If they don’t make minimum monthly payments in the intervening month, they won’t accrue interest on late fees.

What happens ifI have I have already graduated?

If you’veyou’ve already graduated, this doesn’t affect you. However, depending on what kind of student loans you had, they might still apply to you.

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