Student Loan
EZ Information
Are you tired of being in debt? Then we can help. Learn how to consolidate loans, pay off your mortgage, repay student loans, and start living a profitable, debt free life. Check back often as we update our site with other ways to consolidate your debt and pay off your student loans. We are committed to helping you with all of your loans and debts, until you are free of the burden and are living a new lifestyle that is happy and fulfilling.
As Colleges get more and more expensive, students gain more and more debt. Most students use their money wisely, however, there are those that buy expensive "toys" with their student loans. These toys, such as Plasma TV's, cars, and even trips for spring break often leave the student more in debt than where they should be.
When students graduate, they find themselves already in debt. This makes it extremly hard to buy a car, a house, or even start saving for the future.
Below is some information that you should find helpful.
1. Don't let your loan default. A loan is considered in default when a payment is not made for 180 days. In order to get out of default, you will have to work out a payment schedule with your lender. This payment schedule is often more aggressive than your previous payment.
2. There are multiple payment plans. Don't assume you are locked into a single plan. Furthermore, if you can pay a little extra, then you will lower the interest and save yourself money in the long run. Four of the most popular payment plans are:
1. Standard- fixed repayment above $50 for 3-10 years.
2. Graduated- repayment begins low and increases over the years.
3. Extended- repayment from 12-30 years depending on the amount.
4. Income Contingent- each year's repayment amount is based upon your income from the previous year..
3.Are you in a position to defer your payments? Sometimes students just cannot make their payments. Some of the most common reasons are:
A. Economic Hardship, Unemployment
B. In-School at least Half-Time, Graduate Fellowship Program, Rehabilitation Training
C. Parental Leave, Working Mother
D. Public Service Deferment for Armed Forces, Action Program, Tax Exempt Volunteer Program, Public Health Service Program, Peace Corp, NOAA
E. Education Related Deferment for Intern ship/Residency Program, Teacher Shortage Area, PLUS Loan student In-School, Fellowship, or Rehabilitation
F.Temporary Total Disability Deferment Request
4. There are circumstances where you can cancel your debt. Check with your lender to find out if you qualify for any of those.
5. Consolidation-Check with your lender and find out if there are bonuses to paying off your debt. Does you interest rate drop with a monthly payment? Does your lender offer good customer service? Do you get a regular statement about your account? All of these, and other services that your lender provides can help you knock down that student loan very quickly.
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