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Have you ever imagined controlling your student loan debt? But where do you start?
Our student debt consultants we’ll help you understand student loan refinance and help you understand about private student loan consolidation and bankruptcy student loans. We can also on student loan forgiveness and forbearance options.
Student Loan Forgiveness, Refinance and Consolidation in Cherry Hill NJ
A student loan is used by students who don’t have enough money to finance their tuition fee or the college education. Students are allowed to borrow money from a private institution and federal government but they need to pay it back with interest. However, there are students who are not able to pay the loan and they experience the following repercussions:
Students who do not pay the loan hurt their credit score.
Students who do not pay the loan have a hard time borrowing money.
Students who do not pay the loan can be sued for defaulting.
To avoid such consequences, you must be consistent in paying your debt and never miss your due date to avoid high-interest rate over time or being found in default.
However, if you’re already in the situation where you’re having a hard time paying your student loan, we can consult and assist you with the available options. But before discussing the options available to you regarding your student loan debt, here are some basics to understand.
The Student Loan Program is also known as the William D. Ford Federal Direct Loan (Direct Loan) Program. The lender of the program is the U.S. Department of Education. The program is categorized into four types including the following:
Direct Subsidized Loan -Intended for undergraduate Students who demonstrate financial need
Direct Unsubsidized Loans - Created for students (undergraduate, graduate, professional) who does not have to demonstrate financial need
Direct PLUS Loans - Created for parents of dependent undergraduate students and students (graduate or professional) to help pay for education expenses – in the condition that the expenses are not covered by other financial aid.
Direct Consolidation Loans - The student loan consolidation is created to allow a student to combine all federal student loans into a single loan servicer.
Note: A student must be eligible to qualify for the programs.
The government offers five different repayment plans including the following:
Standard repayment - Payments are fixed amount and can be completed up to 10 years. However, for consolidation loans, it can take up to 30 years.
Graduated repayment - Payments are initially lower but it increases every two years. It can be completed up to 10 years. However, for consolidation loans, it can take up to 30 years.
Extended Repayment Plan - Payments may be fixed or graduated and it can be completed up to 25 years.
Revised Pay As You Earn Repayment Plan - The payments will be 10% of discretionary income and it’s recalculated based on updated income and family size. For a married borrower, the borrower and the spouse’s income or loan debt will be considered whether the taxes are separately or jointly filed.
Pay As You Earn Repayment Plan - The maximum payment will be 10% of discretionary income and it’s recalculated based on updated income and family size. For a married borrower, the spouse’s income or loan debt will be considered only if the borrower files a joint tax return.
Borrowers can make a payment to the following loan servicers:
Granite State - GSMR
Great Lakes Educational Loan Services, Inc.
Students who graduate college or graduate school often find it difficult to repay college debt and often need assistance with their college loan debt options.
We advise college graduates near Cherry Hill about their federal and private student
loan consolidation, refinancing and repayment options
If you have student loans, you should be aware of the options you have for removing the burden of your debts. We offer counseling services to help Cherry Hill residents find the best student loan repayment options for their unique situation. You may apply to have all of your student loans consolidated into a single major loan for easier repayment, you may choose a refinancing path that allows you to get better interest rates and payoff periods for your existing loans or you may simply wish to work with an Cherry Hill student debt consultant in order to explore the best loan repayment options for you. In any case, there are a number of programs and services available to help you absolve your student loan debts once and for all.
We can help you with school loan forbearance, forgiveness and deferment programs for college debt in Cherry HillNJ
Student loan forbearance allows a borrower to stop temporarily the federal student loan payments. It also allows the borrower to reduce temporarily the amount to pay. It is the same thing with a deferment.
However, in student loan deferment the borrower may not be responsible for paying the interest that accrues on certain types of loans. In forbearance, the borrower is responsible for paying the interest that accrues on all types of federal loans.
We Provide consultations to Cherry Hill residents about teacher, nurse and public service loan forgiveness programs
Student loan forgiveness means that a student is no longer required to repay some of the loan or the entire loan. It’s also called student loan cancellation or student loan discharge.
However, the terms must not be used interchangeably although they mean the same thing. The term forgiveness is intended if it means that the student is no longer required to pay the loans due to the student’s job. On the other hand, discharge is used if there’s a school closure or permanent disability occurs.
The student loan forgiveness repayment options have different types including teacher loan forgiveness and public service loan forgiveness.
The teacher loan forgiveness is offered for full-time teachers who completed five consecutive academic years teaching in an educational service agency or low-income school. The teacher may be eligible for forgiveness of up to $17,500 or the outstanding portion of the consolidation loan.
A Cherry Hill student loan lawyer or attorney can discuss debt relief and discharge with bankruptcy.
You should only seek out bankruptcy as a last resort to your debts. However, if you are overwhelmed by your debts and unable to pay back your student loans, our Cherry Hill student loan attorneys can help you decide if bankruptcy can help you achieve debt relief. During a bankruptcy filing, you will be required to meet with an Cherry Hill credit counselor. Your counselor will help you explore additional debt relief options, but you are not required to follow these steps. When filing for bankruptcy, you do have the chance of having your student loans discharged, although you must be able to prove that your debts are causing you and your family undue hardship.
Student Loan Forgiveness-Common Terms and Definitions
Student Loan Forgiveness
Having the remaining balance owed on your student loans completely absolved so that you are no longer responsible for loan repayment.
Student Loan Consolidation
Applying for a single, larger loan in order to pay off the balance of many smaller student loans.
Student Loan Refinancing
Applying to have your student loans refinanced through a private lender consolidates your loans and gives you a better interest rate if you are in better financial standing than when you first applied for your loans.
Public Service Loan Forgiveness
Foregoing the repayment of your student loans based on your current occupation. If you are a full time government employee, teached, or nurse, you can apply to have a portion of your loans forgiven through this program.
Refinance Student Loans
Consolidating student loans for a single monthly payment and lower interest rate.
Student Loan Debt
Money borrowed in order to attend university and college schooling, which must then be repaid following graduation.
Student Loan Forgiveness Program
Repayment or dismissal programs for student loans. Requirements for application vary from state to state and with the type of loan forgiveness being applied for.
Student Loan Default
Lack of payment on student loans can put said loans into default, at which point the holder will begin receiving collection calls.
Student Loan Deferment
Pause payments on a loan or reduce the amount paid per month for a set amount of time.
Student Loan Forgiveness for Teachers
Loan forgiveness plan specifically for teachers. This program’s benefits can vary based on the area in which you teach and the level or subjects that you are teaching.
It’s a legal document needed to be signed when applying for a federal student loan.
Private Student Loan Consolidation
Applying to have your federal and private student loans combined into a single loan can be done through a private lender. This excludes you from applying for any federal loan forgiveness plans.
Student Loan Repayment
Repaying debts that you have gained through loans for secondary schooling.
Student Loan Forbearance
Temporarily stopping payments on a loan or decreasing the amount to be paid per month.
Bankruptcy Student Loans
Bankruptcy filing due to the debts created by student loans. In order to file, you must appear before a bankruptcy court and contest your debt situation.
When you have already defaulted on your student loans, you can take advantage of a one time loan rehabilitation program that can help you to repay your debts and regain your financial standing.
Inability to maintain a minimum standard of living because your income does not cover your expenses.
Refraining from a legal right. For instance, a creditor may not enforce the payment of a debt if a period of forbearance has been agreed upon.
Being released from an obligation; in this case freedom from paying student loans.
For a significant dispute in a bankruptcy case, a related but separate lawsuit must be filed.
Direct Student Loan Consolidation
Combining multiple small loans into one large loan with different payment and interest rates.
Pay As You Earn Repayment Plan
Student loan repayment plan based on income. This repayment plan caps monthly student loan payments at 10% of income.
Graduated Repayment Plan
By gradually increasing your monthly loan payment over time, you can pay off your student loan debt in 10 years.
Income Based Repayment
Loan repayment plans that allow you to pay your student loans based on the money that you make. Through this service, student loan payments may not go over 15% of your income.
Money earned for work, through investments, or from personal sales.
A service that helps students to repay their loan debts.