Student Loans Services

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In this video we look at how student loan debt impacts students. What does it mean about them? Their outlook on life? And what they should do if they feel caught in a cycle of debt?

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Student Loans Services

Student Loan Consolidation

Consolidating student loans means combining several different types of loans into one loan that requires only monthly payments. This may be done to make it easier to manage payment schedules, decrease interest rates, or reduce total debt. You may consolidate if you have federal student loans, private/conventional loans (such as Perkins, Sallie Mae, or Federal Family Education Loan Program (FFELP)), PLUS loans, or Direct Subsidized Loans.

If you consolidate, each school that issues you loans will combine their repayment terms and payment amounts into 1 single repayment plan. If you do not want to pay off your federal student loan while enrolled at your current college, then you should consider consolidating these loans. If you choose to consolidate, the combined loan amount will be repaid over a longer period of time than what you originally borrowed. However, the interest rate and monthly payment will remain the same.

You can consolidate federal student loans at any time after entering repayment. Private/conventional loans (Perkins, Sallie Mae) and PLUS loans cannot be consolidated, but they can be refinanced. Direct subsidized loans cannot be consolidated, however, they can be refinanced and will lower your effective interest rate. To qualify for consolidation or refinance, you must complete an application on the web site of your lender, or call them directly.

Student Loan Forgiveness Programs

Federal programs exist to help borrowers who meet certain criteria. If you work hard and repay your loans, some of your balance can be forgiven. There are three major federal loan forgiveness programs – Public Service Loan Forgiveness (PSLF), Income-Based Repayment (IBR) and Pay As You Earn (PAYE). Each program has different requirements and limitations, so check out the details before deciding which would be best for you.

Public service loan forgiveness applies to anyone who works full-time for the government or non-profit sector, and makes 120 qualifying monthly payments over 8 years. Eligible loans must be issued between July 1, 2007, and June 30, 2014, and currently hold an annual percentage rate of 9% or less. Payments may be deferred, but only once. When all payments toward your balance are completed, you will receive a partial discharge of your remaining principal balance.

Income Based Repayment is offered to those who make 120 qualifying monthly payments over 12 years; and make 1020 total payments. Your income determines how much of your debt will be cancelled. A low income borrower with no dependents making $20,000 annually could cancel as little as 5% of their debt. For higher incomes, the cancellation rate increases. Loans entered into IBR must be taken out prior to October 1, 2006, and currently hold an APR ranging anywhere between 6.8%-10%.

Pay As You Earn forgives your remaining balance if you make 20 qualifying payments, beginning 60 months after you enter repayment. Loans entered into PAYE must be taken out prior December 31, 2005, and currently hold an interest rate of 6%, 7.9%, or 9.9%. These loans are considered to have the highest risk of default, due to the high interest rates.

Borrowing Options

The U.S. Department of Education offers two popular ways to borrow money for college. Both are known as direct and guaranteed loans. You are eligible to use either type of loan, and your eligibility depends on your financial need and whether or not you attend a public institution. You decide which loan to apply for based on the following factors:

How much money you’ll need

Student Loans Services

Description: Student Loans Services (SLS) provides professional guidance and assistance to students looking to secure student loans. Students can use SLS’s website to search loan options and compare rates. You can also find out about repayment plans, eligibility, and get answers to any questions you may have.

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Student Loans Services

What is student loans?

Student loan debt has become a major problem for many college students these days. According to Student Loan Hero, the average student borrower owes around $37,000 in federal student loans alone after graduation. In 2014, interest rates on subsidized Stafford loans were at 4.66%, compared to 8.25% for unsubsidized private loans. When combined with increasing tuition costs and rising home prices, the result is often graduates who cannot afford to buy a house and end up stuck paying off their student debts instead. And while many people believe that they will pay off their loans over time, the truth about student loans is that you will likely have them for years.

How do I get rid of my student loan debt?

The best way to get rid of your student loan debt (and any kind of debt) may surprise you. If you want to learn how to eliminate debt fast, then read on. To begin with, you need to know what types of debt you have. Many people assume they only have credit card debt, but there are actually two kinds of debt that you should understand. The first type, consumer debt, includes credit cards, auto debt, mortgages, and student loans. The second type of debt is called business debt. Business debt includes things like loans for business equipment and commercial real estate. If you have both types of debt, you’ll want to work on getting rid of the highest-interest rate debt first. Once you’ve eliminated the highest-rate debt, you can move onto the next highest-rate debt. You don’t necessarily have to pay down your entire balance; many lenders allow you to make minimum payments on your debt. Your monthly payment will vary depending on your total amount owed and the length of your repayment plan. Keep in mind that the longer your term, the lower your monthly payment will be. However, if you take out a shorter-term loan, you could end up paying a higher interest rate than someone with a larger outstanding balance who takes out a longer term loan.

Where can I find help with student loans?

If you’re having trouble repaying your federal loans, then you might qualify for government assistance. In order to apply for public service programs, you will need to complete the Free Application for Federal Student Aid, or FAFSA. There is no income limit on these programs, but you will not receive aid if you owe back taxes or have garnished wages. You can access the FAFSA online, by downloading a paper copy from the IRS website, or by calling 1-800-433-1020. Other forms of financial aid such as grants, scholarships, and low-interest bank loans may also be available. While those options aren’t free, they won’t require repayment until after you graduate.

Does consolidating my student loans help me pay off faster?

Consolidation refers to the act of taking several different federal loans into one single loan. By doing so, you can reduce your monthly payments and potentially increase the number of years before you’re expected to repay the loan. While consolidation does help you reach your goal of making smaller payments, it doesn’t change the fact that you still have some principal to pay off. You can consolidate your student loans using either direct lending or a third party servicer. Direct lending was created specifically for borrowers who qualify and are willing to commit to a fixed period of repayment. After 12 months, the remaining principal and accrued interest on the consolidated loan will be forgiven. On the other hand, a third-party servicer will charge its own fees and charges for managing the account. In addition, the servicer’s terms and conditions can differ greatly from lender to lender. If you decide to consolidate your student loans, make sure to shop around for the lowest possible rate. Check with your current lender first, but also consider going to websites like LendEDU, NerdWallet, and Credit Karma. These sites provide users with information regarding hundreds of lenders and their policies, including what they offer, what they charge, and more.

Should I consolidate my student loans?

To answer this question, we need to look at what it means to consolidate your student loans. As mentioned above, consolidation is the practice of combining multiple federal student loans into one new loan. This can be done by borrowing money for the new loan from either the original lenders or a third party. The advantage of doing so is that you can save money every month by reducing the amount of interest paid. However, consolidation comes with its own set of disadvantages. First, you’ll lose out on certain benefits offered to non-consolidated loans, including deferment and forbearance options. Next, you’ll also start repaying the new loan immediately rather than gradually throughout your lifetime. Finally, you’ll forfeit eligibility for loan forgiveness after 10 years. So, while it may seem like a good idea to consolidate your loans, you need to weigh the pros and cons carefully before deciding whether to go through with it.

Student Loans Services

Student loans services

If you have student debt, you can apply for help paying off your debts. You may qualify for loan forgiveness if your income is low enough. Your lender may provide several types of assistance options including deferment, forbearance, consolidation, and repayment plans. If you’re having trouble making payments, ask about credit counseling programs.

Federal Student Aid

The U.S. Department of Education offers grants, work study programs, and education tax credits to students attending college. These programs cover tuition costs and some expenses. Contact your school’s financial aid office for details. There are many private lenders who specialize in lending money to those with student debt.

Loan Consolidation

Loan consolidation involves combining multiple smaller loans into one big payment. A creditor may agree to lower the interest rate or extend the term of your loan. Ask your bank for a free consultation to learn how you can get out of debt fast. Many people use credit cards to consolidate their student loans. Keep in mind that using a card could hurt your credit score.

Credit Counseling Programs

Many lenders offer free counseling to help borrowers manage their debt. Borrowers can work with an independent agency or nonprofit organization. Lenders often require borrowers to attend counseling sessions before they receive any relief under federal law. Talk to your creditors about a loan modification program.

Debt Management Plan

A DMP is an agreement between the borrower and the lender. Under a DMP, the lender agrees to reduce the amount owed over time. Your lender will likely charge you a fee to administer the plan. You should consider a DMP only after exhausting all other options.

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