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Don't let your student debt overwhelm you!
Don't let your student debt overwhelm you!

Now that we are in the middle of the graduation season, you will find many stories about the mounting level of student loan debt. There are now over 40 million borrowers with an average balance of around $29,000. The total amount of debt is up to about $1.3 trillion and there will be tens of billions more by the time this graduation season is complete. That is a lot of money that must be paid back and therein lies the challenge for so many borrowers. It is estimated that over 13 million people have past due balances and that one out of every twelve student loans is in default. You may be confused by the whole process and not realize the different options that are available to deal with a large amount of student loan debt. You may not even know how many loans you have, who your lenders are, or how much money you owe. Clearly, student loan debt has become an unmanageable problem for millions of borrowers. It can also spiral out of control very easily. When past due student loans go into collections or default, then potentially your wages can be garnished and your tax refund from the IRS and state agencies can be seized to repay part of your student debts. Lateness on student loans will also impact your credit score negatively. In some cases, your professional license can be revoked and your driver’s license can be suspended as a result of defaulted student loans. One of your best options to deal with a lot of student loan debt is to consolidate many loans into one. Consolidation brings many loans together so that you have one payment to make each month instead of many, often at more favorable interest rates than you have now on many loans. Consolidation also offers several payment choices including the Income Based Repayment (IBR) program. The IBR program generally bases payments on income, marital filing status, and the number of dependents a borrower has. Under the IBR program, you pay on your debts for 10 years and then no matter how much you owe, the rest of the debt is forgiven. You can qualify for the IBR program if you work for a non-profit agency, if you work for the local, state or federal government, or under several other conditions. These plans have the potential to greatly reduce your loan payments and to extend the amount of time you have to pay off the debts, which can reduce your monthly payments. These plans are freely available to all borrowers, but they can be complicated to understand and apply for. I recommend that you consult an expert to see if you qualify for and could benefit from a consolidation and/or the IBR program. Correctly developing a plan to consolidate your loans to avoid or get out of default is much easier when assisted by a team of established and proven professionals who know the rules of this complicated game. My favorite resource to help you accomplish this is The Student Loan Help Center which you can contact at www.consolidatecollege.com or by calling 855-305-1878. Don’t let your student loan debt burden overwhelm you—do what you can to get the situation under control with the help of these experts!

 

 

8 Comments

  1. Anita Frank  Nov 6, 2016

    HOW I GOT MY LOAN FROM THIS GREAT COMPANY Hello my dear people , I am Anita Frank, currently living in New jersey city, USA. I am a widow at the moment with three kids and i was stuck in a financial situation in April 2015 and i needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit ,do not full prey to those hoodlums at there that call them self money lender they are all scam , all they want is your money and you well not hear from them again they have done it to me twice before I met Mr. Wilson Edwards the most interesting part of it is that my loan was transfer to me within 74hours so I will advice you to contact Mr. Edwards if you are interested in getting loan and you are sure you can pay him back on time you can contact him via email……… (wilsonedwardsloancompany@gmail.com) No credit check, no co signer with just 2% interest rate and better repayment plans and schedule if you must contact any firm with reference to securing a loan without collateral then contact Mr. Wilson Edwards today for your loan They offer all kind of categories of loan they Short term loan (5_10years) Long term loan (20_40) Media term loan(10_20) They offer loan like Home loan............., Business loan........ Debt loan ....... Student loan..........,Business start up loan Business loan....... , Company loan.............. etc Email..........(wilsonedwardsloancompany@gmail.com ) When it comes to financial crisis and loan then Wilson Edwards loan financial is the place to go please just tell him I Mrs. Anita Frank direct you Good Luck.......................

  2. Tom Coleman Feb 1, 2016

    I heard you on WGN radio and checked out your recommendation; sofi . Unfortunately, sofi doesn't service loans in Illinois. My daughter has $40,000.00 from 1 year of law school in 5 loans with nelnet....she didn't graduate but has worked for 9 years with the same company earning $57,000.00 annually. I'm prepared to pay down $10,000.00 of the loan if a fair rate & a 5-8 year term could be arranged. If you have any ideas I would be grateful for your advice.

  3. Selene Dec 28, 2015

    My brother recommended I might like this web site. He was totally right. This post truly made my day. You cann't imagine simply how much time I had spent for this information! Thanks!

  4. Angelo Dec 15, 2015

    Hi there, its nice article regarding media print, we all understand media is a enormous source of facts.

  5. Phil Dec 14, 2015

    I also heard of a trusted company to consolidate student loans. Can you email the trusted company to me?

  6. Leslie Taylor Nov 7, 2015

    I also heard you on WGN Chicago about reducing the interest rate on student loans. I think you said it was a company called Sifo. Could you e-mail to me? Thanks so much!

  7. Mary Stankus Nov 6, 2015

    I also heard you on the WGN radio and missed the information about student loan debt. I would like to know more so I can pass it along to my son. You mentioned something about Chase Student Loan Program. Thank you

  8. judy elliott Nov 4, 2015

    I heard you on WGN Chicago radio this morning talk about reducing interest rates on student loans. I didn't write down the name of the company that you recommend. Would you mind emailing me with it? Thanks.

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