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Get Student Loans Forgiveness?

Posted By:  |  June 18, 2014  |  0 Comment(s)

The 1.2 trillion dollars in debt owed by baccalaureate students of the last decade may prove to be a drag on the economy, according to MSN. This is especially true if a significant portion of loans default. That’s to say nothing of young professionals unable to contribute to the supply and demand engine that makes possible capital circulation. More of their income will go to service their debt than for goods and services. So this student debt crisis affects more than students. It affects everyone. There’s a movement afoot to have student loans forgiven. Politically, it’s a non-starter for many sectors along the ideological spectrum.  Students with government loans may have a better shot at loan forgiveness, but if you’re in hock to a private lender, it can be tough. You may be able to renegotiate terms, but cancellation of the debt is quite unlikely. The U.S. Dept. of Education has a chart outlining all the types of federal student loans, which under some circumstances, can be forgiven: Studentaid.ed.gov. Type “forgiveness” in the search bar.

This is not a complete solution, however. To qualify for cancellation or forgiveness, many of these loans require that a minimum number of payments must already have been made; or that the student must take on employment in certain sectors; or serve in the U.S. armed forces under combat conditions.  There are very specific parameters for graduates to be successful at reducing or eliminating their debt, and these will not apply to most student loans.

For graduates wondering where to turn to find out if they qualify for relief, the private sector can offer some hope in the form of debt relief companies in most states. To find out if there’s one serving in your area, go to www.BestDebtCompanys.com

 

Poll

  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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