Australia Finance

May 28 2017

Find help with paying student loans #i #need #a #loan #today

#help with student loan debt

Find ways to get help with paying your student loans and debt.

There are a variety of government programs that can help you with repaying student loans. Below are a list of resources, answers to some questions on student loans, as well as information on many of the various options you have to get assistance. Also, learn about the latest federal government student loan assistance program, known as income-based repayment. which is a plan that limits the monthly payments a borrower needs to make to a percentage of the borrower s total monthly income.

What are the Consequences of Defaulting on Student Loans?

  • You will not be able to receive any additional financial aid.
  • The creditor can demand that the entire student loan be paid in full, and be paid immediately.
  • Collection costs and fees of up to 19.5 % could be added to your student loan bills and debt.
  • The student loan you defaulted on will appear on your credit report for a period of up to seven years (try to buy a house, leasing a car, or now, even getting a job with that!)
  • Your employer could be served a legal garnishment notice that requires them to forward up to 15% of your take home pay towards repayment of your loan.
  • Your income tax refunds could be withheld by the government and applied to your student loan repayment.

What are my student loan repayment options?

In addition to the steps and programs above, many other studies have been created over the years that offer information on forgiveness and other options. Find the top ways how to repay your student loan from one of these non-profit organizations and the studies they have created.

2. You Need To Review Your Student Loan Repayment Options. They include :

  • Level Repayment Schedule – The monthly installment you pay will remain the same throughout the repayment schedule. Note that some minor changes in the monthly installment you need to pay may occur for student loans that have a variable interest rate if the annual interest rate increases. If this installment amount does not fit into your personal budget, call your loan servicers to ask for help, as some lenders may be able to adjust the amount of the installment that is due.
  • Graduated Repayment Schedule – This student loan repayment schedule was created knowing that borrowers should have a higher salary and make more money as they progress in their careers. Student loan payments are initially lower and then they will increase later in the repayment schedule. So as your income increases over time you will need to pay more money towards your balance.
  • Income Sensitive/Based Repayment – This is the most flexible payment plan, but it can also be the most expensive in the long run, and you must reapply annually for this help. The monthly bills you receive, and the amount you are responsible for paying, will be established based upon your student loan debt and gross monthly income. You provide your servicer/lender with needed information about your total gross monthly income that is received from all sources. Your income information cannot be more than 90 days old. If married, you do not need to include your spouse s income when asking for this form of help for paying your student loan. More .
  • If the student loan repayment options above also do not fit into your budget, contact your servicer or lender to see if you qualify for what is known as the 25 Year Extended Repayment Plan.

    Once you have picked the right repayment plan for you, sign up for direct debit when you begin paying. Some lenders may reduce fees or provide other benefits to individual s who use this payment method. This is the easiest way to make your student loan payments and you never need to worry about late fees or paying for postage stamps!

    3. Apply For A Grant

    Borrowers have several different options. In addition to free federal government grants from many government organizations, there are also several private non-profit agencies that offer numerous grants that can help with student loans. More .

    Also, many corporations, non-profit organizations, businesses, and government agencies offer education grants and scholarships. Almost all of them are free to apply to. Therefore there is no reason not to look into these various scholarship type programs. Continue .

    Military spouses can also receive financial assistance and cash grants from a federal government program that was created to help spouses pay for education and other professional certifications. Read more on the MYCAA program.

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