student loan

New Trivia App is Helping People Pay Off their Student Loans

Written by adminMay 7, 2019

It’s like “Who Wants to Be a Millionaire”, except the questions are asked on your phone and the prize is getting rid of student debt. Givling is a new trivia app that has been designed to help people struggling with their student loan debt. So far, 400,000 people have registered and downloaded this new app onto their phone.

Questions relating to pop-culture, math, chemistry, and other college subjects are asked. Users who have this app are randomly given questions they must answer. There are different rounds of questions of varying difficulty. Prizes for answering the questions are paid out weekly. Seth Beard is the Chief Marketing Director of Givling.

Beard says over $5 million has been given out in the past few years so far. Over 5,000 people have won prizes that are designed to help people overcome their debt. Whether it’s a high mortgage or student loans, people are drowning. Apps like Givling help give back to those who are struggling the most.

“Nearly 45 million Americans are in debt from their education. The average student now graduates $30,000 in the hole, compared with $10,000 in the early 1990s. The average borrower takes between 16 years and 18 years to pay off their debt,” said Mark Kantrowitz, an expert on student debt.

Student Loan Desperation

Cynthia Thomas Reher was told about Givling by her boss, who knew she had racked up quite a bit in student debt. Between her and her husband, they owed over $400,000 worth of debt. They went to the Ross University School of Veterinary Medicine. Thomas Reher, says she loves her job, but was blindsided by so much debt after she graduated.

“I enjoy what I do,” Thomas Reher, 42, said. “But I had no clue what I was getting into. How can you when you’re young, have never worked a day in your life and have no idea what the cost of living is?” So, they gave Givling a chance and started playing back in 2015. “I figured there was nothing to lose,” she said.

The company makes money two different ways. The first is through advertisements. As you go through the quizzes and trivia, you will have to watch an ad at times. The second way is by pricing beyond two rounds. You get the first two for free each day, but afterward it’s $.50 per round. It resets at the end of the day and the next day you get two more free rounds.

Not thinking she had anything to lose, Thomas Reher logged on and played every single day. After four years, she and her husband are making enough money to pay $3,000 towards their student debt every month. “Making ends meet was hard,” she said. “Student loans have kept us driving 15-year-old cars, delayed us getting into a house,” she said.

This is what many young adults feel today. They’re putting off major life decisions until they’ve properly paid off their student loans. Maybe apps like Givling will help more people, even if it seems as if the government will not.

Written by adminSeptember 25, 2018

Student Loan Consolidation

As student loan debt soars past $1.5 trillion, the struggle of paying them back is real. A lot of former students are having to delay making major life decisions to pay back their loans. But others are taking a different approach. A new wave of young adults are becoming activists against what they call ‘student loan debt servitude’.

To protest the massively expensive cost of a college education, and their student loan bill, they’re simply deciding not to pay it. They are intentionally diving head first into default with no regrets. They use terms like “a student loan is economic terrorism” and crying out that these debts must be canceled immediately.

Their goal is political activism, and their outcry is understandable. The cost of a college education IS way too high. The problem is, this type of activism is doing nothing for their cause. In fact, it hurts them much more than it hurts the lenders. Banks and the federal government have plenty of money. They also have all the resources they need to make you suffer.

What Happens When Your Student Loan Goes into Default

Once you start missing student loan payments, your account is declared delinquent. After about 270 days of non-payment, you’re considered in default of your loan. That’s about 9 months late with your payments. The consequences of that are often quite severe. Going into default can stall your life financially and professionally. Here’s a list of situations that can happen:

• Delinquency reported to credit bureaus
• Your credit score will tank
• Send the loan to a collection agency
• Will garnish your pay
• You will no longer be entitled to deferments or file for forbearance
• Withhold your taxes
• You will not be eligible to receive more financial aid
• The lender can take you to court
• Revoke your professional license
• Interest will continue to pile on
• Add late fees

“Defaulting on any student loan can have very serious – and very guaranteed – negative consequences, including late fees, collections costs, credit damage, and collections efforts,” says student loan expert Adam Minsky.

Strategic Default Won’t Work on Federal Loans

To get their money back, private lenders have fewer options. They will have to take you to court to fight for their payments. Federal student loans, on the other hand, don’t need to follow that rule. The borrower has absolutely zero leverage against the government. That means they have more power to compel you to pay.

“Defaulting on a federal loan can be particularly dangerous because the government and Federal guarantors have a lot of power to pursue borrowers and take their money without needing to go through the court system,” said Minsky.

http://financialhelpers.com/4-facts-you-should-know-about-student-loan-forgiveness/

“Defaulting on Federal loans generally does not give borrowers leverage – their options are constrained by Federal law. And while it is possible to get out of default on Federal loans, going into default generally does not give people an advantage.”

It really makes no sense in the long run to torpedo your student loan and refuse to pay it. You’re only harming yourself, especially when there are programs available. There refinancing, income-driven payment plans, and student loan forgiveness.

If you have any questions about your loans and want to know more about these programs, give Financial Helpers a call. We’d love to help you sort out your loan situation. It’s better to pay them off the right way. Give us a call at:

Call Now 844-332-2079

At the end of the day, you borrowed the money. It’s your responsibility to pay it back. If you’re struggling, there are a variety of programs that can help you. Give us a call today.

Written by adminSeptember 7, 2018

Student Loan Consolidation

Most young adults over the age of thirty remember what it was like during the Great Recession. Stores were closing. The mall was empty. No one was buying new cars or trucks. In the early 2000s, everyone was buying a home because the mortgage rates were perfect. By 2009, those same people were facing foreclosure. Students by the millions were willing to sign for a student loan just to go to college.

It was a scary time, especially if you were trying to take care of your family. Charles Newmeyer was one of those people. He’s one of the millions of people who were forced to make something out of the worst economic disaster to ever hit the United States. It wasn’t for lack of trying.

The Student Loan Crisis Worsened

Newmeyer thought he could improve his odds of finding a job if he got a degree, so he decided to get an advanced degree in automotive technology. The problem was, he didn’t learn anything he already didn’t know. Newmeyer racked up nearly $80,000 in debt for a degree he didn’t need that failed to help him find work.

After he graduated, Newmeyer regretted his decision to choose WyoTech, a for-profit school. He realized he could’ve spent much less going to a community college and get the same degree. Now, his family is still struggling, this time with the added burden of debt payments.

“Right now, it doesn’t fit into my budget, and I’m ignoring phone calls,” Newmeyer said about his student loan bill. He’s decided to take the route of going into default. He’s not the only one. It’s estimated that by 2020, 40% of all student loans will be in default.

In 2008, before the worst of the recession hit, Americans owed $651 billion. In less than a decade, that number shot up to $1.5 trillion. That’s because the downturn took money out of people’s pockets. If jobs are scarce and no one can even pay their necessary bills, how can they afford their student loans?

The Perfect Storm

The economy as a whole was suffering. If Americans weren’t working, then states were struggling with keeping their budgets in check. Individual states help to fund public colleges, so when money started getting short, the funding became limited. That forced those colleges to raise their prices.

Ben Miller, senior director of the Center for American Progress, knows just how much that further hurt students. “People had less money to pay for college, they had to pay more for it,” he said.

http://financialhelpers.com/student-loan-watchdog-has-abruptly-resigned/

Just like Newmeyer, millions of students flocked to these colleges, hoping the extra education would put them in a better position. Instead, they found themselves hurting from deep financial wounds nearly impossible to recover. This crippling only made the collapse that much worse. Many Americans are still suffering, even as the economy seems to be on fire.

“The thing that scares me the most is this is where we are years after this recession, so what’s going to happen the next time we have a recession,” said Miller. As bad as this sounds, it was the for-profit schools that made things worse.

For-Profit Schools Exacerbating Student Loan Misery

As the community colleges raised their rates, for-profit schools came rushing in. They knew students were desperate to improve their lives and took advantage. Colleges made all sorts of promises, using highly controversial marketing tactics, telling anyone who would listen that they had terrific job-placement rates. All they had to do was take out a student loan, and they were set. They’d have a job the second they graduated.

These schools even said they’d help their students fill out paperwork and connect them with the top employers in their field. Most of the time, these claims were fraudulent. These colleges were enrolling a record number of students who were merely trying to get through the recession.

More debt accrued, the lives of students became more burdened, and the cycle repeated. The debt added up dramatically to now $1.5 trillion. “We have a generation of folks who tried out college, and now have debt that is going to be very hard for them to walk away from,” Miller said.

Written by adminSeptember 4, 2018

Student Loan Consolidation

You may not know who Seth Frotman is, but he was a beacon of hope for many who struggled with their student loan debt. He was put in charge of a department in the Consumer Financial Protection Bureau designed to protect students against unfair and deceptive practices.

Frotman’s primary job was to assist borrowers of student loans by resolving complaints against private lenders. He prevents students from getting scammed. Of the thousands of claims of wrongdoing by lenders, he read them all and responded accordingly.

Frotman should be considered a hero for consumers everywhere. He oversaw the return of over $750 million to students. On September 1st, Frotman is officially retired from his role as ombudsman. The reason why he left should upset and terrify everyone who has a student loan.

Why Did the Student Loan Watchdog Quit?

You may be wondering why such a hero would quit. If he was genuinely helping students recover money after improper student loan practices, he should continue his work. However, as he put it, the government under the Trump administration no longer cared. In his resignation letter, Frotman blasted the current regime for handcuffing his ability to solve problems.

“It has become clear that consumers no longer have a strong, independent Consumer Bureau on their side. Unfortunately, under your leadership, the Bureau has abandoned the very consumers it is tasked by Congress with protecting. Instead, you have used the Bureau to serve the wishes of the most powerful financial companies in America,” the letter read.

http://financialhelpers.com/5-student-loan-debt-statistics/

Sadly, the CFPB’s former protector no longer believes the bureau is empowering students and their families to make informed financial decisions. The government is instead backing the financial industries and letting them get away with murder. This problem is hurting students and their ability to overcome massive amounts of student loan debt.

What to Do Next

Thankfully, there are still options available to help protect those with student loan debt. For one, Financial Helpers is available to help you navigate the troubling waters. If you want to know what your options are, or whether you qualify for loan forgiveness, give us a call. You can reach us at the number below.

Call Now 844-332-2079

The best thing you can do is remain vigilant and understand your options. There are currently over 44 million borrowers in the U.S. Over 10% have defaulted on their loans. With each passing year, the amount of average debt each student carries grows. The situation is only getting worse.

As student loan debt crosses the $1.5 trillion-mark, federal protection is more critical than ever. One wrong move in handling your loans can hurt your credit score. Whatever you do, don’t take a passive approach to your student loans. Defaulting your loan is the worst thing you can do. Now with fewer protections, they can come after you harder than ever. They can garnish your wages and take your tax return. Don’t let the sharks ruin your life. Call Financial Helpers today.

Written by adminJuly 2, 2018

Student Loan Consolidation

In the waning days of President Obama’s administration, the Consumer Financial Protection Bureau began to take notice of Navient’s loan practices. Complaints were coming in from all corners of the country, eventually leading to the company getting sued.

As light began to shine upon their deception, which have cost their customers millions of dollars, whole states began to jump into the mix. Illinois, Pennsylvania, Washington, and now California joins in the suit against them.

As one of the largest loan collection agencies in the country, they are the one of the eight companies hired by the government to reclaim the over $1.4 trillion worth of debt owed. Navient services 12 million borrowers themselves.

Xavier Becerra, Attorney General of California, said he was going to push a lawsuit with the Superior Court to look at how Navient potentially misguided borrowers on how they should get their debts paid. Using deception, they were able to scam their customers out of millions all over the country.

“Navient’s loan servicing abuses have compounded the misery of parents and students who sacrificed to pay for college,” Mr. Becerra said in a statement that includes accusing Navient of breaking state laws that include false advertising and prohibiting competition.

Of course, Navient disputes the charges by calling them unfounded and vows to fight back. They feel that too many families get angry at the system and the banks who give student loans instead of the education system itself.

John F. Remondi, the chief executive at Navient, said, “this is another attempt to blame a single servicer for the failures of the higher education system and the federal student loan program to deliver desired outcomes.”

Despite their denial of having done anything wrong, this isn’t the first time Navient has been accused of defrauding borrowers and so far, it’s not looking too good for them going forward. Navient requested in Pennsylvania to have the federal consumer bureau’s lawsuit tossed out, but the judge denied the request.

Individual borrowers are seeking lawsuits as well. A case in Florida was ordered to move forward after the company sought to declare they are exempt from having a borrower sue them, which is a federal law.

This is an obvious nightmare situation for Navient, who is fighting tooth and nail to keep these cases from ever making it to court.

The moral of the story? Do your own research when it comes to your student loans. There are legitimate government programs out there designed to help you. The banks and loan companies aren’t looking out for your best interest and will find any opportunity to gouge you out of more money if you’re not careful.

Written by adminFebruary 1, 2017

Student Loan Consolidation

On Tuesday, President Trump announced that he was going to continue the program former President Obama began 4 years ago. The plan to forgive $7.7 billion in federal student loans held by an estimated 387,000 Americans. Call 1-855-885-1609 to see if you qualify.

Trump recently made the statement

“Although President Obama and myself don’t see eye-to-eye on everything, we do agree on the fact that the Education system has failed our students. We have just reopened official federal phone lines and operators are standing by to help students erase their Student Debt.”.

This is extremely fortunate, but luckily there is still time to consolidate your loans, or in many cases get your loans completely forgiven.
Call 1-855-885-1609 to see if you qualify.

This is a big deal. Because there are millions of Americans that are struggling with student loan debt. You may also if you’re struggling with a financial hardship.

How Does it Work?

The government would like as many people as possible to lower their student loan payments. There are many programs that can either forgive your student loan or dramatically lower your student loan payment down to $0.

I stay up crying every night thinking about how I’m going to provide a better future for my child.

“When I first signed up for college I didn’t think anything about taking out student loans. They told me they were ‘grants.’ After I graduated I haven’t been able to find a job. Now the loan companies call and harass me every day for their payments I can’t afford. Call 1-855-885-1609 to see if you qualify.

The worst part is my parents co-signed my loan and now they’re getting harassed and are worried about their retirement. I feel like I ruined their life and my life as well. I can’t buy a car, buy a house or save for my future. I stay up crying every night thinking about how I’m going to provide a better future for my child. I thought I was going to live the American dream this is an absolute nightmare.”

What You Can Do About It

The time to act is now. This program may end any time without notice. If you or a loved one is struggling with crippling student loan debt it’s not your fault and you’re not alone. Call 1-855-885-1609 to see if you qualify.

Over 40 Million Americans are currently struggling with their student loans. You can get help simply call the number below to speak with a student loan forgiveness counselor. Every day you wait your student loan is getting bigger.

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Written by adminJanuary 4, 2017

Student Loan Consolidation

Graduating from college should be a monumentous occasion; a launch into advanced careers and higher salaries. Today, more than 25% of students who graduate, do so with far too much debt, affecting their post-graduate career, often saddling them with inordinate amounts of pressure and anxiety instead of focusing on their lives.

However, this is manageable, and the key is to act as soon as you can to stop interest from accumulating, and to mitigate the effects the debt has in your everyday life. This “cycle of debt” can be beaten- you may qualify for a loan forgiveness program!

In short, after a set amount of time and if you meet a few requirements, the United States governement has legislation in place to help absolve the debt accumulated by the graduates of America’s esteemed universities.

There are two requirements before applying for student debt relief;

Have a debt of at least $10,000.00 in student debt.
You must have finished school or are not attending school at the time of the call.

With those qualifications met, you can call us at 1-855-534-4290 to get additional information, get questions answered or find out if you qualify. An expert will be more than happy to address your needs and discuss your situation in less than 60 seconds.

There is no time like the present, so call now and get the debt out of your life as soon as possible!

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 »

What Happens When Your Student Loan Goes into Default

Strategic Default Won’t Work on Federal Loans

The Student Loan Crisis Worsened

The Perfect Storm

For-Profit Schools Exacerbating Student Loan Misery

Why Did the Student Loan Watchdog Quit?

What to Do Next

Preparing Your Loans For The Forgiveness Program

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