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Very reliable company working in the Financial sector- You can talk to them

Student Loan Forgiveness and Repayment Programs

 

Student Loan Forgiveness

Every consolidation that we process will be under the William D. Ford Federal Direct Program, also known as the Obama Student Loan Forgiveness program. This program has loan forgiveness built into the end of your payment terms. When you have made your payments for the allotted time, any unpaid balance will be forgiven by the Department of Education. There are many different repayment options associated with the Obama Student Loan consolidation program.

Public Service Loan Forgiveness

If you make 120 qualifying payments while working full-time in certain public service positions, the remaining balance on your Direct Loans may be forgiven. FFEL Loans or Perkins Loans will not qualify for Public Service Loan Forgiveness.

If you consolidate your FFEL or Perkins loans into a Direct Consolidation Loan, those loans could then become eligible for forgiveness. Just remember, any payments you made on your loans before they were consolidated will not count towards loan forgiveness. And anytime you consolidate a loan you could lose any benefits attached to that original loan, so be sure to evaluate your loan terms before deciding to consolidate.

 

In order to receive loan forgiveness, you must be enrolled in a qualifying repayment plan:

 

  • Standard Repayment Plan
  • Income-Based Repayment Plan
  • Income-Contingent Repayment Plan
  • Pay As You Earn Repayment Plan
  • Any repayment plan where your monthly payment is equal to or greater than what your payment would be under the Standard Repayment Plan

While Standard Repayment is an eligible repayment plan for Public Service Loan Forgiveness, if you make all of your monthly payments for 10 years under Standard Repayment, there will be no balance remaining to forgive. If you are enrolled on a plan that lowers your payments based on your income, you will likely still have a balance to forgive after 10 years.

 

Examples of public service employment include working for:

 

  • A government organization
  • A-non-profit501 (c)(3) organization
  •  A private, non-profit organization that provides a public service, including law enforcement, public safety, military service, emergency management, public education, early childhood education, public or school library services, public interest legal services, public health, public service for the elderly or those with disabilities.
  • AmeriCorps or PeaceCorps

 

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Because the program was introduced in 2007, only payments made towards your loans after October 1, 2007, will count towards loan forgiveness. The first borrowers will not be able to apply for loan forgiveness until October 2017.

You may also Contact Us and speak to one of our Student Loan Specialists if you would like to get one-on-one, personalized advice on how to qualify and apply for any of these assistance programs.

 

Teacher Loan Forgiveness

The Teacher Loan Forgiveness program is the most beneficial to teachers, as it allows for early forgiveness as well as the principal reduction. Teachers might be eligible for $5,000 to $17,500 in principle reduction under certain circumstances. The main reason for the principal reduction is to get people to go into the field of teaching, as well as to stay in the teaching field. Teachers qualify for complete loan forgiveness after 10 years of payments and service as a teacher. For more information please Contact Us.

 

Total and Permanent Disability Discharge

If you are unable to work because of a physical or mental impairment, you might qualify for a discharge of your Federal Student Loan balance. For more information please Contact.

 

 

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Student Loan Consolidation

 

 

 

Consolidation and Repayment Plans

Consolidation and Repayment Plans-min

Consolidation

When it comes to consolidation, the types of loans you have mattered, but most federal loans, including Stafford, Perkins, Direct Plus and Supplemental loans, can be consolidated with other federal loans. One major advantage of federal consolidation loans is that borrowers don’t need a stellar credit score to qualify and they’ll always get a fixed interest rate. Regardless of how the market fluctuates, borrowers will never pay more than 8.25 percent on their consolidation loans.

If you’re having trouble keeping track of all of your federal student loans, or you want to extend the amount of time you have to repay them, consolidation may be the solution for you.

 

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Standard Repayment

Standard repayment is simple: You pay the same amount each month for 10 years. On this plan, the total amount of interest you have to pay will generally be lower, too – so, if you can afford the monthly payments, it’s generally the best overall deal.

Standard repayment is the plan you’re automatically enrolled in unless you request a different one.

 

Extended Repayment

Extended repayment is useful if you need more time to repay your loan. It reduces the amount you owe each month, but you’ll make payments over a longer period of time.

Extended repayment is helpful if you don’t qualify for other payment plans based on your income but still need to pay less each month. Also, this option is only available for borrowers who owe more than $30,000 overall in federal loans.

Over the long term, extended repayment will cost you more than standard repayment, because, under this plan, interest has more time to build upon your loan.

 

Graduated Repayment

Graduated repayment allows you to pay low monthly payments for 2-4 years before they begin to gradually increase.

This option is helpful if you are just starting out and expect to earn more money as time goes on. However, graduated repayment will likely cost you more than standard repayment over time. This is because, under graduated repayment, your interest continues to grow on a larger unpaid portion of your loan balances for longer.

 

Income-Based Repayment

Income-based repayment (IBR) determines how much you pay each month by calculating your income and family size. Based on these factors, and your monthly loan payment amount, you may qualify for partial financial hardship. If you do, your payments are reduced to no more than 15% of your discretionary income.

After 25 years of repayment and 300 eligible payments in IBR, whatever is left of your loan may be forgiven! Just don’t forget that this amount is taxable.

 

Pay As You Earn

Pay As You Earn is another repayment plan that’s similar to IBR. It has lower repayment requirements (10% of discretionary income), and it forgives your unpaid loans sooner (20 years). However, it’s tougher to qualify.

Pay As You Earn is only for Direct loan borrowers who took out their first loans after October 1, 2007, and took out their last loans after October 1, 2011—or borrowers with Consolidation loans made after October 1, 2011, that include only loans made on or after October 1, 2007.

 

Income-Sensitive Repayment

Income-sensitive repayment (ISR) lets you decide what percentage of your income you can afford to pay toward your loan each month for up to 5 years.

After 25 years of repayment and 300 eligible payments in IBR, whatever is left of your loan may be forgiven! Just don’t forget that this amount is taxable.

  • ISR is only available for FFELP Stafford and Grad PLUS loans. Parent PLUS and Direct loans don’t qualify.
  • You have to re-apply and provide your new financial data every year.
  • The total cost of your loan will likely increase because interest builds up on your unpaid loan balances for longer.
  • You can only use ISR for up to 5 years.

Income-Contingent Repayment

Income-contingent repayment (ICR) determines your monthly federal student loan payment amount based on calculations that consider several factors, including your family size, your family’s income, and your total amount of Direct loan debt.

After 25 years of repayment and 300 eligible payments in ICR, whatever is left of your loan will be forgiven! Just don’t forget that this amount is taxable.

 

Details about the service provider company

  • 7545 irvine Center Drive, Suite 200, Room 108, Irvine, CA 92618
  • +1 (877) 709-0795
  • [email protected] services.com

 

About us

About Zahir Haque

We help people negotiate lowering student loan debt. I am working as a digital marketer from 2008. Also, I manage some blogs those are the different type of content with lots of information.

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