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The American dream – Getting out of debt
The student loan was once seen as a tool for increasing upward mobility in America. However, today’s student borrowers find themselves buried under mountains of debt after attending college. Many graduates end their education having taken on $40-50,000 in loans. Student Loan Hero is here to help students get out of debt. We’ll take a look at how student loans work and what you can do about it.
What is the American Dream?
In our modern world, the American Dream Is getting out of debt and owning a home. The problem is that student loans make it hard to achieve financial freedom.
Why did I get into Debt?
I wish they would have told us about all this stuff when we were taking about student loans. If I had known then, I think I would have been able to avoid some of my problems.
How much money do you owe?
Currently, I’m paying about $600 dollars a month. By the time I finish my degree, I should only owe around $15,000. That is not including state loans though.
My favorite tip?
My favorite tip to stop being stressed by Student Loans is to just pay them off as fast as possible.
Can I Refinance my Student Loans?
Yes! There are many ways to refinance your student loans. You can refi your federal loans or even consolidate your private student loans into one low monthly payment. When selecting a company to refinance your student loan, make sure they are licensed and registered.
Can I Pay Off My Student Loans Through Income Based Repayment (IBR) Program?
You can use the income based repayment program if you have bad credit history, but you may need to wait 5 years until you’re in school before applying to the program.
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Student loans are a huge chunk of money that can be borrowed from the Federal Government, Private Banks, and other lenders. Most people who receive student loan debt do not pay off their loans until they graduate or have a steady job with good wages. If you are having trouble paying back your loans then you should contact the lender first and ask them if you qualify for any type of payment plan. A lot of banks offer various types of repayment plans to help students get out of debt faster.
You may also want to consider consolidating your federal college loan payments with the government. In order to consolidate you need to have at least $10,000 in outstanding balance and you need to have been making payments on your federal loans for at least six months. You should also know that if your total balances ever add up to over $31,500 including fees and interest that you will automatically start on a repayment program without being able to opt out. Other factors that could make you ineligible for consolidation are bankruptcy, foreclosure, default, late payments, and delinquent payments.
There are many ways to reduce your student loan payments. One way is to increase your monthly payment amount. Another way is to go to the website www.mystudentloans.com and enter your information there. Then you can easily see what options you might qualify for.
If you choose to consolidate your loans then you will save around 30% on your payments. You will also have access to a long list of services and programs offered by the government. These services can help you get rid of any bad credit and also assist you with finding work after graduation.
Lastly, if you haven’t already done so, check out the Sallie Mae Direct Loan Consolidation option. Many people find this to be the best option because once you are added to the consolidation program your payments drop dramatically. And you no longer have to worry about managing two different bills; just focus on one monthly payment.
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FAFSA (Free Application for Federal Student Aid)
The FAFSA is the biggest financial aid form that students need to fill out to get federal student loans. There are two parts to this application, the Free Application for Federal Student Aid (FAFSA), and the Supplemental Questionnaire. The FAFSA is done completely online, and the information you put down will determine if you qualify for any student loan money. However, if you don’t apply for student aid on time, you may not be able to start school until late November at the earliest. You should definitely apply before then.
Pell grants are given out by the government based on your income and family size. You have to complete a free application in April of each year in order to receive them. Your parents’ tax returns don’t count towards your eligibility.
Work Study Program
Work study is a program where employers and universities work together to help fund your education. It is great because it helps cover the cost of books, tuition fees, room and board, and computer costs. Students are expected to find their own jobs and keep track of how much they make while working.
Loan programs vary from college to college, but some schools do offer guaranteed loans. These loans aren’t really popular with students because they want the freedom to choose what school they attend. If colleges know that you have a guaranteed loan, they may try to charge higher than average rates of interest.
Scholarships are sometimes offered by companies, clubs, or even your church. To take advantage of these scholarships, it’s best to start searching early. The earlier you search, the more opportunities you’ll have.
Financial Aid Office
If you’re having trouble coming up with the money for school, check with the financial aid office. A lot of schools will give extra funds to students who need assistance paying for school. Most financial aid offices will tell you about many different types of funding programs.
Parents are your biggest resource for money. Whether it’s helping pay for school supplies, buying you clothes, or just talking to you about how hard school is going to be, your parents play a huge role in your success at school.
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I have been working hard since I was 15 years old! I started my first job at 13 years old and have worked ever since. It took me 10 years to graduate high school and get my associate degree. I decided to go back to school for my bachelor’s degree and then I went back to school again to get my master’s degree. After I graduated from the University of Phoenix, I continued going to college to get my doctorate degree. Now after getting my doctorate degree, I am currently in school to become a professor. So now I am working even harder than before to make sure I can pay off these student loans.
Student Loan Forgiveness Program
The government offers a program called the “Forbearance and Consolidation Program.” If you sign up for this program, they will forgive some of your interest payments. 3. Student Loan Deferment Program
If you’re having financial difficulties and can’t afford to make your payments, you may want to consider deferments. There may be options available for you to avoid defaulting on your loans. Students who qualify could choose to put their loans on hold for six months while they look for employment or while they attend school full time. You’ll need to fill out a Free Application for Federal Student Aid (FAFSA) to determine if you qualify for any federal programs. Have your parents contact the servicer of your private loan(s) to ask about deferral options.
Income Based Repayment Program
This program is available for both federal and private student loans. Under the income based repayment plan, you make smaller monthly payments depending on how much money you make. Private loans offered under this program are known as Income Contingent Plans. A good thing about this type of plan is that you won’t accrue additional interest while you are unemployed or underemployed. 5. Public Service Loan Forgiveness Program
If you work for a public service organization, such as a non-profit group, government agency or educational institution, you might be able to take advantage of the PSLFP program. In order to qualify, you must work for a qualifying organization for ten continuous years and make 120 on-time payments. While employed with the organization, your salary cannot exceed 150% of the poverty level for your state. Once you complete those requirements, the federal government will cancel your remaining balance. 6. Payday Advance Programs
Pay day advance companies offer short term credit products that are designed to help people cover unexpected costs. These products are often subject to APR higher than other types of personal loans. But one benefit of using a payday loan is that you don’t have to worry about a credit check and approval process. Just remember, though, that once you owe them money, you’ll be expected to repay it.
Home Affordable Modification Program
Many qualified borrowers who are behind on their mortgage are eligible for HAMP. HAMP helps homeowners whose mortgages were packaged into securities by lenders that later failed. Lenders agree to write down the value of the home, refinance and reduce the principal and eventually sell or resell the house to the borrower if they catch up on their debt. For HAMP to work, both parties involved must adhere to strict guidelines. Borrowers interested in learning more about HAMP should visit HowToCancelMortgage.org.
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What can I do if my student loan balance is higher than $10k?
When applying for loans, we were never told about what might happen if our balances got over a certain amount. So we didn’t know until now. Here’s how you can get help:
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