Apply to refinance student loan debt for a lower interest rate and payments. Student loan consolidation can lower monthly payments, or you can negotiate a debt settlement to lower the overall balance.
Take advantage of your
home's equity to get a debt consolidation loan to payoff bills.
Benefits of student loan consolidation
Federal Loan Consolidation is a government-backed program developed to help student loan borrowers more easily deal with repaying their loans by enabling them to lower their monthly payments. This free program allows borrowers to benefit by combining all their existing variable rate federal loans into one new loan, locking in a low fixed interest rate for the life of the loan, and extending the term within which they need to repay the loan.
By consolidating, borrowers can lower monthly payments up to 60%.
Consolidating student loans couldn't be easier! By consolidating your federal student loans, you can take advantage of lowering your monthly payments which will give you more money to use for other expenses such as rent or mortgage payments and credit card payments. Depending on your balances, you can reduce your monthly payments up to 60%.
You may qualify for student loan consolidation if:
Your loans are in their grace period or repayment period.
You have $10,000 or more in unpaid Federal Loans
The Higher Education Act (HEA) provides for a loan consolidation program under both the Federal Family Education Loan (FFEL) Programs and the Direct Loan Program. Under these programs, a borrowers loans are paid off and a new consolidation loan is created. These programs simplify loan repayment by combining several types of Federal education loans (that may have different terms and repayment schedules or may have been made by different lenders) into one new loan. The interest rate may be lower than on one or more of the underlying loans. In addition, the monthly payment amount on a consolidation loan is usually lower and the amount of time to repay may be extended beyond what was available in the separate loan programs. These features should result in more manageable debt and should make borrowers less prone to default.
Consolidate federal student loans today.
Student Loan Forgiveness Programs
You may qualify to have some; or all, of your student loans forgiven through a student loan forgiveness program. Qualification for student loan forgiveness depends on your degree and your current occupation. If you're wondering whether you can have your student loans forgiven through your job, ask someone in your human resources department. Here are ways to have student loans forgiven.
Volunteer: Certain volunteer organizations offer student loan forgiveness in exchange for your personal time. If you volunteer for AmeriCorps, Peace Corps, or Volunteers in Service to America (VISTA) you can have up to 70% of your student loans forgiven. Visit their websites to find out more information about student loan forgiveness programs.
Become a Full-Time Teacher: If you have a Perkins loan, you can have part of it forgiven by working full-time in a elementary, middle, or junior high school that serves children from low income families. The more years you teach, the more student loan debt you can have forgiven. Your local school board will have additional information about which schools in your district offer student loan forgiveness under the National Defense Education Act.
Other states have additional student loan forgiveness programs that allow you to have student loans forgiven in additional situations. Contact your loan board of education for information about having your student loans forgiven.
Join the Military: One of the military's many benefits is student loan repayment. Currently, the Army, Army National Guard, Air Force, Air Force National Guard, and the Navy offer student loan repayment programs up to $20,000 depending on the branch. Unfortunately, the Marine Corps, Coast Guard, and the Air Force Reserve do not offer student loan forgiveness.
Become a Doctor or Lawyer: Medical and legal professionals can end up with six-figure student loan debt. Fortunately for these
PhD holders, there are several student loan forgiveness programs that can reduce their student loan burden.
The National Institutes of Health forgives some student loan debt for medical students who complete certain types of medical research including clinical, medical disparities, and contraception research.
Certain health professionals can receive up to $50,000 of student loans forgiven through the National Health Service Corps Loan Repayment Program in exchange for two years of volunteer service at a clinic that has a shortage of health professionals. You may be able to receive additional forgiveness for additional service.
Law school graduates may have some of their student loans forgiven by doing some non-profit work. Equal Justice Works has a list of law schools that have a
loan repayment assistance
program.
If your school is on the list, contact your financial aid department to learn how you can have your student loans forgiven.
Student Loan Forgiveness Con: Forgiven loans are sometimes considered as taxable income which must be reported to the IRS, which could increase your tax liability for that year. Not all student loan forgiveness programs require you to pay taxes on the forgiven debt. Consult your tax preparer for more information.
Get more information about debt, and read our articles related to a student loan.
Negotiate Settlements Advice: With the increasing number of people being head over heels in debt, it is easier to find debt settlement programs that may be able to decrease debt from 25 - 50% through negotiating a settlement. This would mean that an account would be closed and a payment plan would be developed to help with debt problems. Some consumers may qualify for a debt settlement loan to make the reduced final payments to unsecured creditors. This is one way to get out of debt fast and make just one monthly payment. That one payment could be a lot less than what had been required each month. It is like getting instant debt elimination.
Consumers do not understand the risks associated overdue debts. It is possible for creditors to take legal action and they may win a judgment. When this happens it can be possible for the creditor to garnish part of an income and to seize property. In cases of credit card debt, this action is somewhat limited and it may be too expensive and time consuming for the creditor to pursue the borrower. The higher the balance owed on an account, the higher the chance it could happen.
When debts are extremely large and serious, many people feel that there is nothing left for them to do except to file bankruptcy. It may result from the fear of garnishment and seizure of personal property. Yet, before any of that could be done, creditors must go to court. With that fear hanging overhead, many people rush to file bankruptcy. Bankruptcy should be used only when all other alternatives are exhausted.
Debt that is written off must be shown on tax returns as income. Usually consumers get from each creditor, in January for the prior year, a 1099 Tax Form. The 1099 form tells how much must be claimed as income on the tax return. This should be the difference between the principal owed minus the settled amount paid. In some cases, it could include some interest as well. This is not bad, considering the debt may have been settled at only 50% of what was owed. Still, Uncle Sam wants about 15% of the write off.
When considering to settle a debt yourself, make sure a creditor has not already "charged off" the debt or written it off. If they did, you would have received a notice and the debt is legally dead. It can be good to verify what the statute of limitations in your State before you try to arrange a debt pay off. Collectors have a specific period of time to collect and knowing if the statute of limitations has passed is very important. When a debt is older than the statute of limitations, inform the bill collectors so that they will not try to collect the debt. The original creditor or the assigned collection agency can not collect if the statue of limitations has expired.
Debts usually disappear from credit reports after 7 years if it has not been paid. If a debt is cancelled from credit reports after 7 years, you could still be legally sued for the debt if the statute of limitations in your state is not over. Generally, a person could consider being "free" if the debt has been erased from credit reports and the statute of limitations is up on this debt as well. This can mean not worrying about the debt if enough time has passed for both the legal debt collection statutes and the credit report limitations too. In this case, debt is not collectable, it disappears from credit reports, and there's basically nothing else to be done for that particular debt. When debts are not past the statute of limitations, it can be time consuming to try to deal with debt problems. Many times consumers would rather give their debt problems to a Consumer Credit Counseling Services instead of trying to negotiate with creditors themselves.
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Why should I pay a debt collection agency? The #1 reason is to get them off your back. Although a cease and desist letter may end the call with one particular debt collector, collection accounts often change hands and you'd have to continually send out new cease and desist letters. Another benefit of paying debt collectors is getting approved for credit cards and loans. Many banks won't approve your credit card or loan application as long as you have outstanding collection accounts on your credit report. Perhaps employers won't hire you for certain jobs if you have unpaid debts on your credit report. By paying off debt, you can improve your credit score. As collections get older, they affect your credit score less. Of course, collection accounts will disappear from your credit report after seven years. As long as the accounts are still within the credit reporting time limit, a paid collection is better for your credit score than an unpaid one. In addition to the relief of ending collector harassment, by paying you also can eliminate the risk and worry of being sued. Don't assume debt collectors won't waste their time or money suing over a small collection. As long as you have an outstanding collection, you run the risk of being sued for what you owe. A lawsuit could lead to a court judgment, a public record that will also tarnish your credit report for seven years. Finally, paying off a debt collection means there's one less company you owe money to. You may feel like you've lost the battle if you pay a debt collection after resisting for months or years but in the long run paying off a debt collection is better for your credit and your finances.
