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The Benefits of Student Loan Consolidation

Written by adminJanuary 4, 2017

Student loan debt is a big worry for many people like yourself. While college is a great tool, it is expensive and loans eventually must be repaid. Looming debt can keep you from purchasing a home, starting a family or following your dreams. However, there are options to help alleviate the stress that these loans cause while still allowing you to work towards the ultimate goal of paying the balance off entirely. Discover the benefits of student loan consolidation, and find out if it could be the right solution for you.

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Simplify Your Payments

If you attended school for more than a semester or two, it is likely that you wound up working with more than one lender to pay for all of your classes. While it was likely a necessary evil to make sure your education was paid for, it has left you with numerous bills each month. Student loan consolidation means that you will have only one payment to one lender-reducing the payment hassle.

May Lower Your Monthly Payment

In many cases, a consolidated student loan can reduce the total amount that you will be responsible for each month. With everything else you need to do, and want to do, lowering this payment is an excellent way to free up money in your budget.

Repayment Based on Income

Borrowers who choose student debt consolidation have multiple plans for repayment available to them. These plans include repayment options based on income. If you initially obtained a loan before attending school, you had no idea what to expect regarding your future (post-school) income. Now, you know what you are earning. Your consolidated loan will better fit your budget.

No Minimum or Maximum

When you look at some lending options, you may find that maximums or minimums prevent you from taking advantage. Since this is a debt consolidation or restructuring, rather than a new loan, there is no maximum or minimum to worry about in this case.

Many People Qualify

Qualifying for student loan consolidation is easier than you may think. Borrowers must have one or more “Direct Loan” or Federal Family Education Loan”. This loan must be in the grace period or repayment status. Additionally, borrowers can consolidate most defaulted federal student loans.

The Options are Endless

Consolidating your loan can keep you out of default, make payment simpler and help keep your monthly payments at a reasonable level. But it’s important to realize that your options are endless. In many cases, you will be able to change your repayment plan at a later date if your economic situation changes or if you wind up with another loan that qualifies for consolidation.

As you can see, there are many benefits to student loan consolidation and more options than ever for doing so. If you are struggling with your loans and wonder if there is a better way, perhaps consolidation is the answer. Spend some time researching the consolidation options and reach out to an expert to learn more.

SEE IF YOU QUALIFY NOW »

Written by adminJanuary 4, 2017

Student Loan Consolidation

Do you lose track of monthly bills and payment schedules? A Direct Consolidation Loan makes it easy to manage your finances and borrowers may even save money. Get organized and stay on top of monthly payments with the additional payment options offered through a Direct Consolidation Loan. Learn about what qualifying individuals receive from a Direct Consolidation Loan.

How You Benefit from a Direct Consolidation Loan

Work with the U.S. Department of education to organize and manage your finances. A Direct Consolidation Loan offers:

The ability to transform one or more Federal education loans into a single loan with more advantages. You will have only one lender for your new Direct Consolidation Loan that can account for multiple Federal education loans.
Flexible repayment plans to choose from and the ability to switch plans at any time. There are plans that adjust the monthly payment on a borrower’s income. These plans are created to meet your changing needs.
Free consolidation. There is no fee or minimum amount required to qualify.
The potential to pay less on monthly payments. A borrower’s monthly payment may be lowered as the minimum monthly payment on direct consolidation loans can be lower than combined payments on a borrower’s Federal education loans. You can make necessary payments on a Direct Consolidation Loan and pay less.
Continuation of subsidy benefits from subsidized loans. A Direct Consolidation Loan is composed of 2 possible areas: Subsidized and Unsubsidized. Subsidy benefits continue for most subsidized loans that are rolled into the subsidized area of this loan.

FFEL Loans, PLUS Loans, Perkins Loans and some health profession loans may be consolidated into a Direct Consolidation Loan with some exceptions or additional terms. A single payment that can potentially be less than current multiple loan payments and be aligned with your budget is available with a Direct Consolidation Loan for those that qualify.

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How to Determine Eligibility

Certain requirements must be met to afford potential borrowers the ability to exchange their multiple loans with multiple lenders to one payment with the U.S. Department of Education. For those that seek to apply for a Direct Consolidation Loan, they must have meet the following criteria:

Have a minimum of one Direct Loan or FFEL (Federal Family Education Loan) Loan in grace or repayment status. Repayment status also covers loans in a forbearance or deferment period.
Make satisfactory repayment arrangements with current loan holders on the majority of defaulted federal education loans or agree to repay them with an Income Contingent Repayment Plan or Income Based Repayment Plan under their new Direct Consolidation Loan.

Some situations are not accepted for Direct Loan Consolidation. Any loans in in-school status are not eligible. Those that are married cannot consolidate individual Federal education loans into one Direct Consolidation Loan listing them as joint borrowers.

What are the Payment Plan Options

The Direct Consolidation Loan has 5 repayment plans available. Each plan has its own set terms, but borrowers can choose to change plans as needed. Borrowers can select the:

Standard Repayment Plan
Graduated Repayment Plan
Extended Repayment Plan
Income Contingent Repayment Plan (ICR) and
Income-Based Repayment Plan (IBR).

Borrowers have a range of options that can suit their individual needs and budgets. Manage your student debt with A Direct Consolidation Loan.

SEE IF YOU QUALIFY NOW »

Written by adminJanuary 4, 2017

Student Loan Consolidation

It’s no secret that rising college costs have forced many students to assume debt. One problem with the high cost of college and correspondingly high student debt has been a reluctance on the part of college graduates to consider careers in public service. Graduates may feel pressured to take private-sector jobs because they can earn a higher salary, and that will help them reduce the burden of student loans faster. In an effort to relieve the financial pressure and encourage people to take these types of jobs with nonprofits or the government, Congress passed a debt forgiveness program for public service employees in 2007. This is called the Public Service Loan Forgiveness Program, usually shortened to PSLF.

How to Qualify for Public Service Debt Forgiveness

According to the Federal Student Aid website, the following kinds of employers may make debtors eligible for this program:

Local, state, and federal government organizations
Tribal governments
Nonprofit organizations with tax-exempt status
Certain nonprofits that don’t qualify for tax-exempt status but provide qualifying services

Qualify services include early childhood education, public health, public safety, and more. As a note, employment with labor unions, for-profit companies, political parties, and even many nonprofits that aren’t tax exempt do not qualify for the program.

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How Does the PSLF Work?

If a debtor qualifies for this forgiveness program, they are given a monthly payment based upon their income. Typically, they make payments for a minimum of ten years, or 120 payments. Qualifying payments must be made within 15 days of the due date, while the loan isn’t in default, and while employed full time. Full time is usually defined as working at least 30 hours a week, but an employer’s definition could be different. It is also possible to take part-time jobs with two different eligible employers to qualify.

Some other kinds of forgiveness programs require the borrow to declare the amount forgiven as income in the year that the loan is dismissed. This program does not have that requirement, and that’s a big advantage. Borrowers do need to certify their eligibility for this program. Since the law requires at least 10 years of payments, and the first student loan debtors won’t qualify until 2017, nobody has actually had their loans forgiven under this program yet. However, it’s possible to apply for the program today and make payments that are based upon income.

Which Kinds of Student Loans Qualify for Forgiveness Under PSLF?

Only loans that were taken out under the federal William Ford Direct Loan program qualify. There are other kinds of student loans that may not qualify. However, it might be possible to qualify anyway if these loans get consolidated under the Direct Consolidation Program. However, the only payments that will qualify for the 120 payments will be those that were made after the ineligible loans have already been consolidated.

This program is so new that nobody has been in it for ten years, and the rules are fairly complex. Still, it promises to help encourage many college graduates to serve their communities in public service jobs. If you think you qualify, or if you would like to consider a career in public service, this is a good time to research this program to help reduce the burden of college debt.

SEE IF YOU QUALIFY NOW »

Written by adminJanuary 4, 2017

Student Loan Consolidation

After graduating from college, you may end up paying a large percentage of your income to your school loans. Although most colleges try to secure loan funds through a minimal number of lenders, students often end up with loan funds owed to multiple entities. As each lender demands a minimum payment, your funds may not stretch far enough to pay down debts while reserving enough for living expenses.

Thankfully, you can roll your multiple federal student loans into a single account through the Direct Consolidation Loan program. The consolidated loan package may then qualify for inclusion in a repayment program to reduce your monthly debt obligations and even result in forgiveness of the remaining balance. Here’s what you need to know when participating in loan consolidation and repayment programs.

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Grace Periods Do Not Reset

You normally have a grace period of up to six months after graduation to begin paying your loans. During this time, your loans do not accrue interest nor go into default for non-payment. When applying for loan consolidation, most lenders want you to wait until the grace period has ended.

If you decide to enroll in graduate school during that six-month stretch, you will only receive the remaining time on your grace period after graduating a second time. Therefore, you must carefully time your school attendance periods and loan consolidation application to avoid missing payments and ending up in default status.

Multiple Repayment Plans Available

After completing the loan consolidation process, you have the ability to select from eight structured repayment plans. The repayment plans range from fixed and graduated amounts to several income-based programs. You will need to look over your career goals and finances with a professional to determine the best repayment plan for your situation.

With the income based repayment plans, your loans, interest included, are forgiven in 20 to 25 years. If you work in a public service career, loan forgiveness occurs in just 10 years. During these income-based repayment periods, you will pay between 10 to 15 percent of your discretionary income to your loan balance.

Yearly Program Renewals Mandatory

You must keep careful track of your repayment program application date, as yearly renewals are required. If you fail to reapply on a yearly basis, the loan forgiveness counter may start off at the beginning. The yearly application process involves submission of your tax forms to prove a qualifying income status for your family size. Depending on your lender’s processing procedures, you will need to submit your tax forms by mail or through an online system.

Taxes Owed On Forgiven Balance

Once you reach the loan forgiveness date for your consolidated loans, you will need to claim the forgiven total as income on your taxes. If you plan ahead, and have the income available, you can build up a savings account with enough funds to cover the income tax payments. Otherwise, you may need to set up a payment plan with the IRS to cover taxes on the forgiven loan debt amount.

Weighing Loan Consolidation and Repayment Options

With so many program requirements, restrictions and options to consider, it is wise to involve a professional in the consolidation and repayment plan selection process. A professional can help you identify eligible loans and bundle them into the appropriate consolidation plan. Forgetting a single loan has the potential to reset your journey toward loan forgiveness, so you must ensure all debts are included the first time around.

SEE IF YOU QUALIFY NOW »

Written by adminJanuary 4, 2017

Student Loan Consolidation

[dropcap]Y[/dropcap]ou can receive up to 100 percent student loan forgiveness if you use your degree to obtain a career in public service. You must work for qualified employers for at least 10 years while making 120 timely payments in accordance with the selected repayment plan. Upon fulfilling the program requirements, your remaining loan balance is forgiven. Since the IRS does not view the forgiven balance as income, you will not even need to claim that amount on your taxes. Before you sign up for the Public Service Loan Forgiveness, or PSLF, program, here are four important facts you need to know.

Consolidated Loans Qualify

All loans received under the William D. Ford Federal Direct Loan program qualify for the forgiveness plan. If you have additional loans under the Federal Family Education Loan or Federal Perkins Loan programs, you can consolidate to wrap them into the qualifying loan amount. You must complete the loan consolidation process early, and in full, to avoid making additional unnecessary payments. Once you consolidate your loans, the counter for the 120 qualifying payments resets. Therefore, it is of vital importance that you consolidate your loans immediately upon reaching the end of your grace period.

Employment Restrictions Exist

To qualify for the PSLF program, you must work in a career dedicated to serving the public. Throughout the repayment period, you must maintain full time employment or work at least 30 hours a week across multiple part time positions. Certain careers also require employment with an organization dedicated to improving the lives of low income individuals. Teachers, librarians, childcare workers, speech pathologists and attorneys, for example, only qualify if their position serves low income communities. Police officers, firefighters and medical providers, on the other hand, do not have any additional employment restrictions.
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Timely Monthly Payments Required

You can select the 10-year Standard Repayment Plan or apply for one of the income driven options to start working toward 120 qualifying payments. You must make the payments in full and on time to ensure they meet the strict program requirements. You can schedule automatic withdrawals through your bank to ensure your monthly payment arrives on time. If you run into financial difficulties and cannot make your payments, you can place your loans in forbearance or deferment and resume the repayment plan at a later date.

Periodic Form Submission Needed

If you are not sure if you have fulfilled the program requirements, you can submit an Employment Certification for Public Service Loan Forgiveness form. You should also submit this form whenever you start a new job to make sure your employer meets the program restrictions. Once you reach the 120 qualified payment mark, your loan balance is not instantly forgiven. Instead, you must fill out the PSLF application forms and send them to your loan servicer for processing. You will receive a loan forgiveness confirmation upon completion of the verification process.

Preparing Your Loans For The Forgiveness Program

To ensure your student loans are fully prepared for the forgiveness program, talk to a consolidation expert about your unique financial situation. Your loan consolidation professional will find and combine all of your loans to create a single entity that qualifies for participation in the Public Service Loan Forgiveness program. You may also want to receive help selecting an appropriate repayment program for your financial situation. Enlisting a professional in these endeavors ensures you do not leave loans out of the consolidation group, select the wrong repayment program or miss any application steps.

SEE IF YOU QUALIFY NOW »

Written by adminFebruary 24, 2016

Uncategorized

A moderate incline runs towards the foot of Maybury Hill, and down this we clattered. Once the lightning had begun, it went on in as rapid a succession of flashes as I have ever seen. The thunderclaps, treading one on the heels of another and with a strange crackling accompaniment, sounded more like the working of a gigantic electric machine than the usual detonating reverberations. The flickering light was blinding and confusing, and a thin hail smote gustily at my face as I drove down the slope.

At first I regarded little but the road before me, and then abruptly my attention was arrested by something that was moving rapidly down the opposite slope of Maybury Hill. At first I took it for the wet roof of a house, but one flash following another showed it to be in swift rolling movement. It was an elusive vision a moment of bewildering darkness, and then, in a flash like daylight, the red masses of the Orphanage near the crest of the hill, the green tops of the pine trees, and this problematical object came out clear and sharp and bright.

Written by adminFebruary 11, 2016

Uncategorized

For sleeping man, ’twas hard to choose between such winsome days and such seducing nights. But all the witcheries of that unwaning weather did not merely lend new spells and potencies to the outward world. Inward they turned upon the soul, especially when the still mild hours of eve came on; then, memory shot her crystals as the clear ice most forms of noiseless twilights. And all these subtle agencies, more and more they wrought on Ahab’s texture.

It was so with Ahab; only that now, of late, he seemed so much to live in the open air, that truly speaking, his visits were more to the cabin, than from the cabin to the planks. “It feels like going down into one’s tomb,”—he would mutter to himself—”for an old captain like me to be descending this narrow scuttle, to go to my grave-dug berth.”

It was so with Ahab; only that now, of late, he seemed so much to live in the open air, that truly speaking, his visits were more to the cabin, than from the cabin to the planks. “It feels like going down into one’s tomb,”—he would mutter to himself—”for an old captain like me to be descending this narrow scuttle, to go to my grave-dug berth.”

Written by adminJanuary 15, 2016

Travel

We went down the lane, by the body of the man in black, sodden now from the overnight hail, and broke into the woods at the foot of the hill. We pushed through these towards the railway without meeting a soul.

The woods across the line were but the scarred and blackened ruins of woods.
For the most part the trees had fallen, but a certain proportion still stood, dismal grey stems, with dark brown foliage instead of green.
On our side the fire had done no more than scorch the nearer trees; it had failed to secure its footing.

In one place the woodmen had been at work on Saturday; trees, felled and freshly trimmed, lay in a clearing, with heaps of sawdust by the sawing-machine and its engine.

Written by adminJanuary 12, 2016

Video

After breakfast, instead of working, I decided to walk down towards the common. Under the railway bridge I found a group of soldiers–sappers, I think, men in small round caps, dirty red jackets unbuttoned, and showing their blue shirts, dark trousers, and boots coming to the calf. They told me no one was allowed over the canal, and, looking along the road towards the bridge,

I saw one of the Cardigan men standing sentinel there. I talked with these soldiers for a time; I told them of my sight of the Martians on the previous evening. None of them had seen the Martians, and they had but the vaguest ideas of them, so that they plied me with questions.

They said that they did not know who had authorised the movements of the troops; their idea was that a dispute had arisen at the Horse Guards. The ordinary sapper is a great deal better educated than the common soldier, and they discussed the peculiar conditions of the possible fight with some acuteness. I described the Heat-Ray to them, and they began to argue among themselves.

Written by adminJanuary 9, 2016

Travel

After partaking of my evening meal of cheese-like food and vegetable milk I sought out Sola, whom I found working by the light of a torch upon some of Tars Tarkas’ trappings. She looked up at my approach, her face lighting with pleasure and with welcome.
I am glad you came,” she said; “Dejah Thoris sleeps and I am lonely. Mine own people do not care for me, John Carter; I am too unlike them. It is a sad fate, since I must live my life amongst them, and I often wish that I were a true green Martian woman, without love and without hope; but I have known love and so I am lost. I promised to tell you my story, or rather the story of my parents. From what I have learned of you and the ways of your people I am sure that the tale will not seem strange to you, but among green Martians it has no parallel within the memory of the oldest living Thark, nor do our legends hold many similar tales.

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