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Student Loan Relief
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Jeanne Said:How many times you would qualify for an interest relief on the goventment student loan? is it 3?
We Answered:Are you talking about lowering your interest rate or claiming the interest you've paid for your tax returns?
Benjamin Said:Where can I get a student loan relief I cannot afford to pay my student loan?
We Answered:Everyone who goes to school needs to learn from your situation because millions of people are in it. Student loans are the absolute worst debt a person can have because you are stuck with it for life. It cannot be discharged in bankruptcy or forgiven unless you are disabled or dead.
You can apply for a forbearance or a deferment which only postpones your payments for a time. But you will pay every bit of that $72K plus a ton in interest postponing the payments. So sorry for you!
Brandy Said:If you have a student loan in default, will you get 2008 tax relief check?
We Answered:no if in default they will take the rebate for the offset due
Catherine Said:Student Loan Debt Relief for social workers?
We Answered:Well Doll Welcome to the real world.
If you want to pay it off early start making payments on the principal as well as the regular payments.
For instance if you have a 30 year loan on $60,000.00 at 8.5% interest. Your payments will be approximately $461.35 But if you could pay an additional $100 per month you can cut off at least 5 years 3 mos of the loan. Every time you have some extra cash, put it on the principal for the loan. Send extra principal payments in a separate check clearly marked to be applied to principal of the loan.
The student loan program is wonderful. However I don't think most students realize how much they are actually borrowing over the long term of their education. So it's a surprise to them when the payments start of how much they owe and how long they will have to pay on it!
Evelyn Said:has anyone ever used student loan relief organization?
We Answered:I don't have any first hand knowledge of this company, but I can offer you a suggestion:
Nothing that the Student Loan Relief Organization will charge you to do is something that you can't do for yourself for free.
I'll give the company credit, they're pretty upfront about what they do - they don't make suspicious promises that suggest they can "fix" your problems with secret techniques - they're basically telling you, right up front, that they can work with your lender or the government to help you arrange a satisfactory payment plan.
And there's the rub. So can you. You don't need to pay the Student Loan Relief Organization (or anyone else) to arrange a new payment plan with your lender.
What I'm about to suggest to you is exactly what Student Loan Relief would do on your behalf - so the question becomes, do you want to pay them to do it for you, or do you want to do it yourself?
Contact your lender. You have several ways to repay your loan by making monthly installment payments on your account.
Understand this - neither you nor the Student Loan Relief Company is going to be able to negotiate a deal with the lender that will wipe away some of your debt. You're going to eventually pay your loan back, but you'll either pay it on cooperative terms or on forced terms. Personally, I'd rather work out a repayment plan, rather than see my wages garnished and my tax refunds withheld.
What can your lender do?
They can arrange a deal with you for :
Graduated repayment: payments start low, but increase over time
Extended repayment: your repayment obligation is stretched out for several more years, which will lower your monthly payment
Income contingent/Income sensitive: your monthly payment obligation will be tied to a certain percentage of your income
Another option (and this is most likely what Student Loan Relief is going to do for you) is to consolidate your loans. Yes, a loan in default can be consolidated. Make sure that you understand what a consolidation loan is...it's a brand new loan that rips up and replaces any old educational loans that you have. That means all new terms and all new conditions, so you're going to want to review those carefully.
For 99.9% of all consolidation borrowers, a consolidation loan means that your cost of repayment will go up over the long run - if you use a consolidation loan, you will eventually pay back a lot more than you would have under the terms of your original loans.
For the most part, a consolidation loan works by stretching your repayment obligation over a much longer period of time. This has the benefit of lowering your monthly payment, but the disadvantage of increasing the amount that you owe.
Let's say you owe me payments of $500 a month on a loan, and you have another 20 payments to make - that's $10,000 that you owe me. If you asked me nicely, I might agree to allow you make a smaller payment each month - let's say you only wanted to pay $300 a month. I'd say, okay - pay me $300 a month for 40 months, and you have yourself a deal. Your payment just went down $200 a month, but over the long run, you've now agreed to repay $12,000 under the new plan, which is $2000 more than you were originally going to pay me.
That's how a consolidation loan works.
If you want to explore your consolidation options, you don't need the Student Loan Relief Organization. You can contact any commercial educational loan lender, or you contact the federal government's William D. Ford Direct Consolidation Loan Program (http://loanconsolidation.ed.gov/index.sh… for more information on how to consolidate.
So - my advice - don't pay Student Loan Relief for something you can do yourself for free - I mean, don't your loans already have you in a financial mess? Why throw good money away hiring an unnecessary service provider?
I hope that helped. Good luck to you!
Marion Said:How can I get relief from a $68K student loan? Interest alone is approx $500 each month.?
We Answered:That's a tough one. Unforunately, you've been a victim of the recent US rate hikes meant to protect the dollar and control inflation. Shopping around for lower rate loans MIGHT help (FYI every percent drop will lower your interest by about 75 per month) but is not likely given that deposits get interest of up to 5%. Also, they might ask for a shorter repayment period of the principal to accomodate the rate drop. It's worth trying but I wouldn't bet my life on it.
I'd suggest that if you have access to 'soft' personal sources of cash such as family or friends, you might do so and fully or partly repay your loan then use the interest savings to pay for principal, thereby lowering your total payment over time.
Rafael Said:Sallie Mae Scam? Need help with private student loan, and relief coming from the new president? ?
You already received the loan?
My suggestion pay back what you already used and try to give them their money back.
Student loans can get nasty.
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