Student Debt

Direct consolidation is the process of combining multiple federal student loans into a single loan, which gives the borrower the ability to have a single monthly payment, rather than multiple scattered payments. Depending on the type of loans you have, your individual situation, where you work and other variables, you can benefit from one of the four main Consolidation Programs. Consolidation should be something worth considering after graduating, dropping out of school or leaving the study below half time. Once consolidated, interest rates will be fixed for loans life.

Standart Repayment

With the standard refund, you will pay a predetermined or fixed amount each month until you pay off your loans in full. Your monthly payments will be at least $50 and the term may vary from 10 to 30 years. Depending on the standard reimbursement, your monthly payments may be higher than other plans, but you will repay your loans faster than other programs.

Graduate Programs

Under this program, your payment plans begin at a lower level, and then gradually increase, with a term of up to 10 years. This program works best for people who expect their income to increase steadily over time. Your monthly payment will be at least the accrued interest for a specific period, but never more than 3 times the lowest plan payments.

Repayment based on income (IBR)

This is a new plan developed under the Obama administration for the main types of federal student loans for students. According to the IBR, monthly payments will be determined according to the capacity of an individual according to income, family size and other factors. You are eligible for IBR in the monthly payment under this program, this plan is less than the standard 10 years plan.

Repayment Income Contingent (ICR)

This is a flexible plan that allows you to fulfill your Direct Loan obligations taking into account the particular individual financial difficulties. Each year, your monthly payments will be calculated based on your adjusted gross income (AGI), spouse’s income, family size and the total amount of the loans.

These programs encourage students to enter the full-time work force in public service jobs. Borrowers who qualify under this program may qualify for a waiver of any remaining Federal Direct Loan after the borrower has made 120 qualified payments while employed full-time by certain public service employers. These employers include: federal, state or local government agency, or a non-profit organization that is designated as tax-exempt under the 501 (c) (3) IRS code. The Teacher Loan Forgiveness Program is intended to encourage people to enter and continue in the teaching profession for a minimum of 5 years. There are other specific programs for veterans; for disability etc. Check with our counselors to see if you qualify.

Teacher loan forgiveness program

The Teacher Loan Forgiveness Program is intended to encourage people to enter and continue in the teaching profession. Under this program, if you teach full time for five full and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, and meet other requirements, you may be eligible for forgiveness up to one year. combined a total of $ 17,500 in its Subsidized and Unsubsidized Direct Loans and its Subsidized and Unsubsidized Federal Stafford Loans. If you have PLUS loans only, you are not eligible for this type of forgiveness.

Public Service Loan Pardon (“PSLF”)

The PSLF Program is designed to encourage people to enter and continue to work full-time in public service jobs. Under this program, borrowers can qualify for the forgiveness of the remaining balance of their Direct Loans after they have made 120 qualified payments on those loans while they are employed full-time by certain public service employers.

Discharge

Legal downloads (or cancellations) provide the most powerful resources for federal student loan borrowers. They offer complete relief instead of simply delaying the obligation to pay. After the cancellation, the borrower no longer owes anything on the loan and becomes eligible for new loans and student subsidies. Victims of private school fraud, in particular, may be eligible for at least one of these discharges.

In many cases, student debts have fallen into default, and over time they are categorized as “default”. Once in this state, you can make an imputation of your salary, the well-known “Wage Garnishment” and you take your salary payments directly. This is an overwhelming situation and also, being in this status, you cannot qualify for any of the available forgiveness programs; reduction of payments, etc. that are detailed through this page. Once in this state, the only way out is through a Rehabilitation of your loans, a more complicated but necessary process so that you can benefit from others. Fortunately, we are one of the few agencies in the USA that have this service in which we have been able to help thousands of clients get out of this difficult situation and allow access to the available benefits and in an automatic way, improve their credit index.

You may want to consider rehabilitating your delinquent loan (s). The advantages of rehabilitation include:

• Your loan (s) will no longer be considered unpaid.
• The unpaid status reported by the owner of your loan to the national credit offices will be eliminated.
• Will be eligible for the same benefits that were available on the loans before the loans defaulted. This may include deferment, forbearance and Title IV eligibility.
• The wage garnishment ends and the Internal Revenue Service no longer withholds its income tax refund.

If you are a Direct Loan Borrower:

To rehabilitate a Direct Loan, you must make at least nine (9) full and separate payments of an agreed amount within twenty (20) days of your monthly due dates for a period of ten (10) months to the Department of Education. I know. UU Payments insured by you involuntarily, such as through a wage garnishment or litigation, cannot be counted for your nine (9) payments. Once you have made the required payments, your loan (s) will be returned to the loan service.

There are two programs that can help you with a temporary situation, and that suspends your obligation to make payments. 1.- Deferment: A deferment is a period during which the repayment of principal and interest on your loan is temporarily delayed. During a deferment, you do not need to make payments. Also, depending on the type of loan you have, the federal government can pay interest on your loan during a deferment period. The government can pay interest on your:

• Federal Perkins Loan
• Subsidized Direct Loan, and / or
• Subsidized Federal Stafford Loan.

2.- Forbearance: During arrests, interest will continue to accrue and will not eliminate applicants from the default state. However, loan holders generally stop collection actions, such as tax interceptions, collection contacts and wage garnishments. During arrests, interest will continue to accrue and will not eliminate applicants from the default state. However, loan holders generally stop collection actions, such as tax interceptions, collection contacts and wage garnishments.