If you are in default we can find you the best Federal mandated rehabilitation options.
If you are sick of having bills pile up, let us consolidate all your student loans into one tidy monthly payment.
For your Federal Student Loans there are plenty of options that are allowed by Federal law. We can help find the best option that you qualify for.
We can find you the best forgiveness program for your situation and we can walk you through the process quite easily.
Consolidation Loans are available to most borrowers of Federal education loans and come from one of two sources. Direct Consolidation Loans and Federal Consolidation Loans.
The Financial meaning of the term: Taking Multiple debt or credit lines and consolidating them into one new payoff plan. Frequently, this is a consolidation loan, provided to consolidate debts into one loan with one payment.
Consolidation Loans allow borrowers to combine one or more of their Federal education loans into a new loan that offers several advantages.
With the standard plan, you’ll pay a fixed amount each month until your loans are paid in full. Your monthly payments will be at least $50, and you’ll have up to 30 years to repay your loans with a fixed interest rate. The standard plan is a good fit for you, if according to your budget the IBR, ICR and PAYE plans are higher in monthly payment, as the standard plan does not account for your finances.
With this plan your payments start out low and increase every two years. The length of your repayment period will be up to 30 years. If you expect your income to increase steadily over time, this plan may be right for you. Your monthly payment will never be less than the amount of interest that accrues between payments.
Under this plan the required monthly payment will be based on your income during any period when you have a partial financial hardship. Your monthly payment may be adjusted annually. The maximum repayment period under this plan may exceed 25 years. If you meet certain requirements over a specified period of time, you may qualify for cancellation of any outstanding balance of your loans.
On December 2012 the DOE announced that borrowers with Federal Student Loans may now be able to take advantage of a new repayment plan that could lower their monthly federal student loan payments. The plan, known as Pay As You Earn, caps monthly payments for many recent graduates at an amount that is affordable based on their annual income. This new option follows through on President Obama’s promise to provide student graduates with relief on their student loan payments and help them responsibly manage their debt payments.
If your payments are not large enough to cover the interest that has accumulated on your loans, the unpaid amount will be capitalized once each year. However, capitalization will not exceed 10 percent of the original amount you owed when you entered repayment. Interest will continue to accumulate but will no longer be capitalized. The maximum repayment period is 25 years. If you haven’t fully repaid your loans after 25 years under this plan, the unpaid portion will be discharged. You may, however, have to pay taxes on the amount that is discharged.