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HECS-HELP – Study Assist, help loan.#Help #loan


StudyAssist

Information for students about government assistance for financing tertiary study.

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Important notice – Higher Education reforms announcement

The Australian Government has announced a range of reforms to improve the higher education sector. These reforms will deliver a more sustainable sector, more choices for students and increase transparency and accountability in higher education.

For more information about how these changes might affect you, click here.

For more detail about the reform measures, visit the Department of Education and Training Higher Education Reforms webpage (opens in a new tab).

What is HECS‑HELP?

HECS‑HELP is a loan scheme for eligible students enrolled in Commonwealth supported places to pay their student contribution amounts. It cannot be used for additional study cost such as accommodation or text books.

Am I eligible for HECS‑HELP?

To be eligible for HECS‑HELP, you must:

  • be studying in a Commonwealth supported place;
  • be an Australian citizen; or
  • be a New Zealand Special Category Visa holder who meets the long-term residency requirements; or
  • be a permanent humanitarian visa holder;
  • be enrolled in each unit at your university by the census date;
  • meet the relevant HECS-HELP residency requirements;
  • read the HECS‑HELP and Commonwealth supported places information booklet; and
  • submit a valid Request for Commonwealth support and HECS‑HELP form by the census date (or earlier administrative date) to your university.

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What are the HECS-HELP residency requirements?

If you are an Australian citizen you will meet the HECS-HELP residency requirements if your university reasonably expects that you will undertake at least some of your course of study in Australia.

You will not meet the HECS-HELP residency requirements if your university reasonably expects that you will not undertake any of your course in Australia. For example, if you intend on studying overseas via distance education for your entire course, then you would not meet the HECS-HELP residency requirements.

You will need to confirm with your university as to what their expectations are in relation to the residency requirements. In addition to HECS-HELP residency requirements, universities often have their own specific requirements for distance education students – for example, it is not uncommon for universities to expect that their distance education students complete a portion of their studies on-campus in Australia, which could be one unit, or one semester etc.

For eligible New Zealand Special Category Visa holders

If you are a New Zealand Special Category Visa (NZ SCV) holder (who meets the specific NZ SCV residency requirements for HELP loans), you must be resident in Australia for the duration of your unit(s) to meet the HECS-HELP residency requirements. However, any period of residence outside Australia will be disregarded if:

  • it cannot reasonably be regarded as indicating an intention to reside outside Australia for the duration of the unit; or
  • it is required for the purpose of completing a requirement of that unit.

For permanent humanitarian visa holders

If you are a permanent humanitarian visa holder, you must be resident in Australia for the duration of your unit(s) to meet the HECS-HELP residency requirements. However, any period of residence outside Australia will be disregarded if:

  • it cannot reasonably be regarded as indicating an intention to reside outside Australia for the duration of the unit; or
  • it is required for the purpose of completing a requirement of that unit.

Who is not eligible for HECS-HELP?

If you are a permanent (non-humanitarian) visa holder, or a New Zealand citizen (who either does not meet the NZ SCV residency requirements for HELP loans or does not hold Australian citizenship), you are not eligible for HECS-HELP. You must pay your student contributions upfront to your university by the census date.

How much will a HECS‑HELP loan cost me?

There is no real interest charged on HECS‑HELP loans. However, your debt will be indexed each year to reflect changes in the Consumer Price Index to maintain its real value.

The indexation adjustment is made by the Australian Taxation Office on 1 June each year and applies to the portion of your debt that has been unpaid for 11 months or more. For more information see Interest and indexation.

Can I change my payment option?

You can change your HECS‑HELP payment option before the census date (or earlier administrative date) for the relevant study period. If you have not made an upfront payment by the census date, any unpaid student contribution amount at the end of the census date will be deferred automatically as a HECS‑HELP loan (and become a HELP debt), provided you have included your TFN on your submitted Request for Commonwealth support and HECS‑HELP form.

If you have any further queries about changing your payment option, the student administration/enrolments area of your university will be able to assist you.

How do I repay my HECS‑HELP loan?

See Paying back my loan for more information on repaying your HECS‑HELP loan.

Need more information?

Please see our Frequently Asked Questions or ask a question via the Contact us page.


FinAid, Financial Aid Applications and FAFSA Help, help loan.#Help #loan


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Undergraduate scholarships and graduate fellowships are forms of aid that help students pay for their education. Unlike student loans, scholarships and fellowships do not have to be repaid. Hundreds of thousands of scholarships and fellowships from several thousand sponsors are awarded each year.

When to Apply

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You should apply for aid every year, even if you think you don’t qualify. There are many factors affecting eligibility for financial aid, like a change in family financial circumstances. For example, a student who didn’t qualify one year might become eligible during the next year when a brother or sister enrolls in college.

To apply for student financial aid from the federal government, including the Pell Grant, Perkins Loan, Stafford Loan and work-study, you will need to submit financial aid applications, the most important of which is the Free Application for Federal Student Aid (FAFSA). Before you fill out the FAFSA, it’s imperative that you get to know the form a little better. In doing so, you may be able to qualify for more financial aid, helping you further along the path of going to college.

If you want to get an early estimate of what the government thinks you can afford to pay for your education, try FinAid’s Financial Aid Estimation Form. It lets you play what-if games to give you an idea how changes in income and assets affect the expected family contribution (EFC). FinAid also has a variety of other EFC calculators such as the QuickEFC calculator which provides an approximation of the EFC with one tenth the questions.


Student Loan Help, help with student loan debt.#Help #with #student #loan #debt


help with student loan debt

Goodbye, student loan debt. Hello, future!

Help with student loan debt

Get student debt answers now.

A nonprofit NFCC Certified Student Loan Counselor will review all of your finances and help you develop a personal debt repayment plan, all for a nominal fee.*

What s in it for you

  • A thorough evaluation of your entire personal financial situation—not just your student loans.
  • An audit of your current loans and their terms.
  • Comprehensive, one-on-one guidance through all student debt repayment options.
  • A full financial game plan, including which debt repayment plans are right for you.

Here s what comes next

  • Set up a secure login.
  • Create your own confidential, financial profile online.
  • Be contacted by a nonprofit NFCC member agency.

Ready? Set up your profile here.

*Nonprofit, student loan counseling fees vary by NFCC member agency.

I made the call. 1

Help with student loan debt

None of this was my fault, but it was my problem. Years ago, I co-signed a student loan with my then-husband. After we divorced, it stayed in his name. I made payments until the bank notified me the debt was forgiven. It wasn’t.

Julie K Minnesota

I didn’t leave school by choice. Two major health issues made the decision for me. By then, I had about $14,500 in federal student loans. Given my circumstances, I defaulted.

1 Stories above represent actual NFCC client experiences.

Student loan counseling.

Comprehensive

review of your financial situation, including current income, living expenses, all debt and your long-term goals.

Customized

game plan that doesn’t undermine your personal short- and long-term goals by just directing you to a plan with the lowest current payment.

Complete

assessment that looks beyond income-based programs and consolidation to see if other avenues for retiring your debt might be available and make more sense for you.

Why choose us?

Gain access to over 60 years of experience helping borrowers like you get answers to all of their debt-related concerns, including student debt solutions.

Help with student loan debt

Answers

We are experts on the ins and outs of student borrowing and repayment and on how to minimize its impact on your overall financial health. We work with you every step along the way until your issues are resolved.

Help with student loan debt

Nonprofit

You always know where you stand and who to call with questions about your student loans and any other financial issues that arise over time.

Help with student loan debt

Local to you

NFCC member agencies have office locations in all 50 states and Puerto Rico, which are staffed by NFCC Certified Credit Counselors.

Be informed.

Knowledge is power. To help you make the best decisions possible for your future, we keep you updated with access to a wealth of useful tools and resources.

Get the latest insights on recent news regarding student loans and your personal finances.

From calculators to definitions, find what you need to make better financing and repayment decisions here.

Who is the NFCC?

Founded in 1951, the National Foundation for Credit Counseling (NFCC ) is the nation’s first and largest nonprofit dedicated to improving people’s financial well-being.

NFCC members help millions of consumers like you through community-based offices located in all 50 states and Puerto Rico. Each NFCC member agency has earned our seal by adhering to high standards and ethical practices designed to help you achieve financial stability.

Member agencies are able to offer their services for nominal fees based on their current funding status. Funding for operations and services comes from an ever-changing combination of federal, state and local government grants, as well as donations from financial industry participants and private donors.

For more on the NFCC, visit www.NFCC.org

Thank you to our funders.

The Sharpen Your Financial Focus program is an initiative of the National Foundation for Credit Counseling (NFCC) in partnership with a broad cross-section of supporters. Together, we are committed to increasing the financial well-being of Americans. This initiative is partially funded by Bank of America, Chase, Synchrony Financial, Wells Fargo and other major financial institutions. We thank all funders and partners who make this program possible. For more information, visit www.SharpenToday.org.

National Foundation for Credit Counseling


Student loan debt: Why employers may want to help pay off college loans, help with student loan debt.#Help #with #student #loan #debt


Here s why employers may want to help out on the mountain of student loan debt

Help with student loan debt

Employers eager to recruit and retain skilled workers in a tight labor market have about 1.34 trillion reasons to expand their benefits package to include assistance in helping employees repay their student loans.

That’s the mountain of student loan debt being carried on the financial shoulders of 44 million Americans. And no surprise, the bulk of those would indeed love for the boss to kick in and help pay it back.

More than 80 percent of workers with student loans surveyed by IonTuition said they would like to work for a company that provides a student loan repayment benefit. IonTuition, a fintech company focused on services to help borrowers manage their repayments, mostly surveyed millennials.

Yet there is plenty of reason to suspect older workers would be eager for the perk, too. According to Federal Reserve data, borrowers at least 40 years old have a not-small $450 billion in student loans to pay off. A big part of that older cohort are parents who borrowed through the federal PLUS program or took out private student loans.

The benefit is still clearly in the early adopter stage with just 3 percent of firms surveyed by AonHewitt currently offering student loan repayment assistance. AonHewitt says an additional 5 percent of surveyed companies say they are likely to add the benefit and 24 percent are moderately interested in adding the benefit.

“Employers are incredibly curious and engaged around the issue given all the news about student loan debt,” said Balaji “Raj” Rajan , chief executive officer of IonTuition. He said IonTuition fields two or three inquiries a day from companies interested in adding student loan repayment assistance.

A few big old-line firms including Aetna, Fidelity, PwC and Penguin Random House have begun to contribute to employees’ loan payments. Earlier this summer, the city of Memphis, Tennessee, announced it will contribute $50 a month toward employees’ student loan repayment.

Adoption of the benefit is more common among smaller and mid-size companies with nimbler decision trees and the need to position benefits as a competitive edge in recruiting, according to Meera Oliva, chief marketing officer at Gradifi, a subsidiary of First Republic that provides a student loan benefit platform for employers, including PwC and Penguin Random House.

Gradifi has more than 140 employer clients offering repayment assistance and is adding a half dozen or more monthly. “The bulk of our business is companies coming to us, not the other way around,” Oliva said.

An employer contribution of $50 or $100 a month is common among the first movers. That can indeed be a big help, as IonTuition reports that about three-quarters of borrowers make monthly payments of $300 or less.

Employer contributions go toward principal repayment. Gradifi’s website includes a free tool for employees to see how an employer assist can aid employee financial wellness. For instance, someone aiming to pay off $35,000 in debt over 10 years might be able to shave off 2.5 years and save some serious coin in the process:

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Waiting on Washington

Chris Walters, chief executive officer of Gradfin, another student loan repayment and management tech platform, said the tax code is keeping plenty of interested employers on the sidelines.

“If an employer contributes $100 a month toward student loan repayment, it costs $107.65 a month because it is treated as compensation and requires paying the employer share of the payroll tax,” Walters said.

Moreover, the benefit is taxable to the employee as compensation.

“It’s going to take a change in the tax code to see large growth in the benefit,” he said.

More from College Game Plan

These states have the worst student debt

Bipartisan bills in the House and Senate would put student loan repayment assistance on par with employer tuition assistance, which currently allows employers to give employees up to $5,250 a year tax-free for tuition costs.

The cost of that tax break likely makes for some tough sledding in this current Congress. Walters says that’s missing the bigger picture.

“The federal government, meaning taxpayers, are already losing plenty in terms of defaulted student loans, and income-based plans that will be forgiven,” he said.

“Congress should be worried about those losses. If the private sector comes in and improves debt repayment the Federal government is going to get paid more.”

(Correction: This story has been updated to correct the spelling of Balaji “Raj” Rajan.)


Federated Financial, Debt Relief & Payday Loan Consolidation, payday loan help.#Payday #loan #help


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Federated Financial is not only a consumer education organization dedicated to teaching the skills necessary for a secure financial future it is also the best place to get you out of debt once and for all! Our Debt Consolidation Company is in it’s 20th year of providing excellent service.

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Debt Consolidation And Your Attitude Towards Money, The way you deal with your money on a daily basis can impact your life for years to come. We can show you that sound financial practices do not always require “doing without.” With financial education and planning, you employ learned skills to do so much more with what you have. When you are able to manage money efficiently, you can budget for emergencies, vacations, a new baby, holidays, college, a home, a car, or retirement.

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Payday Advance Loans Online, Low Interest Fee Payday Loan, payday loan help.#Payday #loan #help


No Fee to Apply For Our Payday Advance Loans Online

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If you’re looking for cash fast, then one of our low cost payday loans can help. Ideal for those occasions where some sort of unexpected or emergency expenditure has cropped up, a short term loan is a great way of paying that unexpected bill or funding an essential repair without ending up making repayments for years at a time. Not only do we offer low fee payday loans, we don’t charge you anything to apply for one. This means that if we can’t help with a low fee cash advance, you’re no worse off then you were before. In the event that your application for low interest payday loans online is successful, we charge one of the lowest fees you’ll find. Our competitive fees of $15 for every $100 of cash you borrow are the only costs you’ll pay, provided you meet our terms and conditions. This means that as long as you meet the repayment requirements as laid down in the agreement, there will be no further fees, administrative charges or service costs. We aim to provide a clear, straight-forward instant payday loans online service that gives all our customers access to rapid cash with no hidden costs. Our fees page tells you more about what to pay when you use our cash advance payday loan service.

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In order to apply for one of our immediate low fee payday loans, we simply need to know who you are and verify that you have the means to repay your borrowed amount. Because we are a lender rather than a broker, we can decide who we lend to without consulting a third party. This means that we don’t have to undertake credit checks before providing the cash you need. We believe that just because you may have had a few repayment problems in the past, that doesn’t mean you shouldn’t have access to the short term finance you need at the present time. For this reason we don’t undertake full credit checks, so even if you’ve got a poor credit score, provided you can verify who you are and have a large enough amount of cash regularly entering your bank account, we can normally help. You will need to have a direct deposit facility, an established checking account (at least three months old), a net monthly income of $1500 or more and a direct work number should we need further information. If you’ve got all these, then you’re eligible to apply for a cash advance loan online.

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Fast Decision and Cash with our Payday Advance Loans Online

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Student Loan Help, help with student loan debt.#Help #with #student #loan #debt


help with student loan debt

Goodbye, student loan debt. Hello, future!

Help with student loan debt

Get student debt answers now.

A nonprofit NFCC Certified Student Loan Counselor will review all of your finances and help you develop a personal debt repayment plan, all for a nominal fee.*

What s in it for you

  • A thorough evaluation of your entire personal financial situation—not just your student loans.
  • An audit of your current loans and their terms.
  • Comprehensive, one-on-one guidance through all student debt repayment options.
  • A full financial game plan, including which debt repayment plans are right for you.

Here s what comes next

  • Set up a secure login.
  • Create your own confidential, financial profile online.
  • Be contacted by a nonprofit NFCC member agency.

Ready? Set up your profile here.

*Nonprofit, student loan counseling fees vary by NFCC member agency.

I made the call. 1

Help with student loan debt

None of this was my fault, but it was my problem. Years ago, I co-signed a student loan with my then-husband. After we divorced, it stayed in his name. I made payments until the bank notified me the debt was forgiven. It wasn’t.

Julie K Minnesota

I didn’t leave school by choice. Two major health issues made the decision for me. By then, I had about $14,500 in federal student loans. Given my circumstances, I defaulted.

1 Stories above represent actual NFCC client experiences.

Student loan counseling.

Comprehensive

review of your financial situation, including current income, living expenses, all debt and your long-term goals.

Customized

game plan that doesn’t undermine your personal short- and long-term goals by just directing you to a plan with the lowest current payment.

Complete

assessment that looks beyond income-based programs and consolidation to see if other avenues for retiring your debt might be available and make more sense for you.

Why choose us?

Gain access to over 60 years of experience helping borrowers like you get answers to all of their debt-related concerns, including student debt solutions.

Help with student loan debt

Answers

We are experts on the ins and outs of student borrowing and repayment and on how to minimize its impact on your overall financial health. We work with you every step along the way until your issues are resolved.

Help with student loan debt

Nonprofit

You always know where you stand and who to call with questions about your student loans and any other financial issues that arise over time.

Help with student loan debt

Local to you

NFCC member agencies have office locations in all 50 states and Puerto Rico, which are staffed by NFCC Certified Credit Counselors.

Be informed.

Knowledge is power. To help you make the best decisions possible for your future, we keep you updated with access to a wealth of useful tools and resources.

Get the latest insights on recent news regarding student loans and your personal finances.

From calculators to definitions, find what you need to make better financing and repayment decisions here.

Who is the NFCC?

Founded in 1951, the National Foundation for Credit Counseling (NFCC ) is the nation’s first and largest nonprofit dedicated to improving people’s financial well-being.

NFCC members help millions of consumers like you through community-based offices located in all 50 states and Puerto Rico. Each NFCC member agency has earned our seal by adhering to high standards and ethical practices designed to help you achieve financial stability.

Member agencies are able to offer their services for nominal fees based on their current funding status. Funding for operations and services comes from an ever-changing combination of federal, state and local government grants, as well as donations from financial industry participants and private donors.

For more on the NFCC, visit www.NFCC.org

Thank you to our funders.

The Sharpen Your Financial Focus program is an initiative of the National Foundation for Credit Counseling (NFCC) in partnership with a broad cross-section of supporters. Together, we are committed to increasing the financial well-being of Americans. This initiative is partially funded by Bank of America, Chase, Synchrony Financial, Wells Fargo and other major financial institutions. We thank all funders and partners who make this program possible. For more information, visit www.SharpenToday.org.

National Foundation for Credit Counseling


Help with student loan debt, help with student loan debt.#Help #with #student #loan #debt


A Look at the Shocking Student Loan Debt Statistics for 2017

Help with student loan debt

Updated: September 13, 2017

It s 2017 and Americans are more burdened by student loan debt than ever.

You ve probably heard the statistics: Americans owe over $1.45 trillion in student loan debt, spread out among about 44 million borrowers. That s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.

But how does this break down at a more granular level? Are student loans being used to attend public or private universities? Is it mostly from four-year or graduate degrees? What percentage of overall graduates carry debt? Are more grads utilizing private student loan consolidation and refinancing?

Let s take a look.

BONUS: Get a PDF of these statistics to print out, save, or send

General student loan debt facts

First, let’s start with a general picture of the student loan debt landscape. The most recent reports indicate there is:

  • $1.45 trillion in total U.S. student loan debt
  • 44.2 million Americans with student loan debt
  • Student loan delinquency rate of 11.2% (90+ days delinquent or in default)
  • Average monthly student loan payment (for borrower aged 20 to 30 years): $351
  • Median monthly student loan payment (for borrower aged 20 to 30 yea rs ): $203

Public Service Loan Forgiveness statistics

As of Q1, 2017 (latest available data)

PSLF Borrowers: 611,598*

* Total number of borrowers who have one or more approved PSLF Employment Certification Forms (ECF)

Note that borrowers are self-identified based on submission of an ECF.

Federal student loan portfolio

(updated for Q2, 2017)

Now let’s dive into how much debt student loan borrowers carry by loan type, term, and more.

Student loan debt statistics by loan program:

Student loan debt statistics by loan type:

Student debt statistics by loan status (Direct Loan Program)

Student loan statistics by repayment plan (Direct Loan Program)

Student loan debt by servicer

(updated for June 30, 2016)

Data Source: National Student Loan Data System

More shocking student loan debt statistics

If those numbers weren’t stunning enough, here’s a closer look at how students accumulate debt based on the type of school they attend.

In 2012, 71 percent of students graduating from four-year colleges had student loan debt:

  • Represents 1.3 million students graduating with debt, increase from 1.1 million in 2008
  • 66 percent of graduates from public colleges had loans (average debt of $25,550)
  • 75 percent of graduates from private nonprofit colleges had loans (average debt of $32,300)
  • 88 percent of graduates from for-profit colleges had loans (average debt of $39,950)

Twenty percent of 2012 graduate loans were private

Graduates who received Pell Grants were likely to borrow, and borrow more:

  • 88 percent of graduates who received Pell Grants had student loans in 2012, with an average balance of $31,200
  • 53 percent of those who didn’t receive a Pell Grant had student loan debt and borrowed $4,750 less ($26,450)

Private student loan debt statistics

  • Private student loan debt is on the rise; $6.2 billion was borrowed in 2012-2013, up from $5.5 billion in 2011-2012
  • From 2011-2012, borrowers didn’t take advantage of federal student loans as much as they could have: 19 percent didn’t take out Stafford loans, 8 percent didn’t apply for federal financial aid, 11 percent applied for federal aid but didn’t take out a Stafford loan, 28 percent had Stafford loans but borrowed less than they were eligible for
  • In 2011-2012, 48 percent of private loan borrowers attended schools that had tuition costs of $10,000 or less
  • Nearly 1.4 million undergraduates borrowed private loans in 2011-2012

Graduate student loan debt

About 40 percent of the $1 trillion student loan debt was used to finance graduate and professional degrees.

Combined undergraduate and graduate debt by degree:

  • MBA = $42,000 (11% of graduate degrees)
  • Master of Education = $50,879 (16%)
  • Master of Science = $50,400 (18%)
  • Master of Arts = $58,539 (8%)
  • Law = $140,616 (4%)
  • Medicine and health sciences = $161,772 (5%)

Clearly, as these student loan debt statistics show, the cost of attending college is becoming a growing burden for a huge portion of Americans.

What are you doing to pay off your debt and ensure you aren’t another statistic? Be sure to let us know how we can help.


5 Tips for Paying Off Student Debt You – re Better Off Ignoring, Student Loan Hero, help with student loan debt.#Help #with #student #loan #debt


5 Student Loan Tips You’re Better Off Ignoring

Help with student loan debt

Rebecca Safier

Help with student loan debt

There’s no one-size-fits-all approach when it comes to paying off student loan debt. You need to know what works for your personal situation. W hat helps one person could actually harm someone else.

Here are five common pieces of advice that don’t always pan out so well for borrowers. Read on to learn what’s wrong with these student loan tips and what you should do instead.

1. Switching to an income-driven repayment plan saves you money

If you have federal student loans, switching to an income-driven repayment plan can help lower your monthly payments. There are four income-driven repayment plans and each caps your monthly payment at 10 to 20 percent of your discretionary income. If you’re struggling to make your current payments, one of these plans could ease the burden.

But switching to an income-driven repayment plan also has downsides. To lower your monthly payments, these plans extend your repayment term to 20 or 25 years. Adding a decade or more to your standard repayment plan means you’ll pay a lot more in interest over the life of your loan.

After you make payments for 20 or 25 years, the remaining balance of your student loans is forgiven. It s not free money though — the forgiven amount will be treated as taxable income. So even if your debt is forgiven, you could be hit with a hefty tax bill.

So before jumping onto an income-driven repayment plan, assess your financial needs. Perhaps you can increase your income or lower your cost of living to better afford your student loans. Maybe you can qualify for a student loan repayment assistance program.

If you can find a way to stay on the standard 10-year repayment plan, you could save a lot of money in the long run.

2. Refinancing your student loans is always beneficial

You may have heard about all the benefits of refinancing student loans. Depending on your creditworthiness and income, you could refinance for lower monthly payments and a better interest rate. Plus, you’ll simplify your monthly payments so you only have to deal with one loan servicer instead of multiple ones.

But before refinancing, make sure you understand the possible drawbacks. When you refinance with a private lender, you give up federal student loan programs. You’ll no longer have access to income-driven repayment plans or federal loan forgiveness programs, like Public Service Loan Forgiveness (PSLF).

If you’re worried about losing your income or working toward federal loan forgiveness, refinancing could be a mistake. Refinancing has major benefits for some borrowers, but it’s not right for everyone.

3. Consolidation and refinancing are the same

It’s easy to confuse student loan consolidation with student loan refinancing. Both combine multiple loans into one new loan, but the similarities largely end there.

Consolidation refers to taking out a Direct Consolidation Loan from the federal government. You can only consolidate federal student loans such as Stafford, Perkins, and Direct PLUS loans. The Perkins Loan program closed to new borrowers when it expired on Sept. 30.

Your new interest rate will be the average weighted interest rate of your old loans, rounded up to the nearest one-eighth of a percent. That means that consolidating does not lower your interest rate. It can help you by extending your repayment plan and it also helps rehabilitate student loans that have gone into default.

Refinancing, on the other hand, means combining all your private and federal student debt into one new loan with a private lender. It can help lower your interest rate and save you money in the long run. But, as mentioned above, refinancing means you lose access to certain federal loan programs.

People commonly confuse consolidation and refinancing, but the two processes are different. If you’re interested in simplifying your monthly payments, make sure you understand which approach is better for your individual situation.

4. You shouldn t start paying back your loans right away

When you take out federal student loans, you have six months after you graduate before you have to start paying off student debt. This grace period gives you time to look for a job before your student loan bills come rolling in.

Unfortunately, unsubsidized student loans collect interest during this grace period. In fact, unsubsidized loans collect interest from the day they are disbursed.

So if you wait until the grace period is over, you might spend a long time paying off interest before you even make a dent in the principal. If possible, try to start paying your loans even before the grace period ends.

If you don’t have the means to start, at least review your loan terms and get a repayment plan in place. That way, you’ll be prepared when you have to start paying off student debt.

5. It helps to put your student loans into deferment or forbearance

Deferment and forbearance allow you to pause payments on your student loans. Often, borrowers defer their loans for up to three years when they go to grad school. Similarly, those faced with a short-term emergency, such as the loss of a job, can use forbearance for up to 12 months.

But there are risks with both of these options. If you have unsubsidized loans, your debt will continue to accrue interest. After months or even years, your student loan debt could get out of control. Once the deferment or forbearance period ends, you could be left with a huge bill that’s impossible to handle.

Be cautious about exercising either of these options and calculate exactly how much your student debt will grow if left in deferment or forbearance. Come up with a plan in advance so you’re not left scrambling in the future.

Educate yourself before accepting student loan advice

Before acting on student loan tips, make sure you understand all the benefits and drawbacks. A financial move that works for one person might not be right for you.

The best student loan tips take into account your unique circumstances. Make sure you see the whole picture before taking action on your student loans.


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New York Payday Loan Solutions

New York Payday Loan Solutions Loan Center

Commercial for New York Payday Loan Solutions’s Business Located at 180 Church Street New York, NY 10013

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An online cash advance can usually be seen as a solution. When you’re requiring some fast cash that should be applied in a correct method. There are people who have noticed payday loan and cash advances are certainly more affordable. This is better than those who are not paying their bills by the due date. Then you would create late charges or penalty charges. The worst thing to do is to write a check knowing it will bounce. This problem can create serious financial penalties. The following list below shows you a comparison between Annual Percentage Rates, (APR for short) of payday loans as well as cash advances. Along with other financial alternate options you might be introduced with if you receive an issue with your money flow. They are expressed as APR’s for length of time 14 days:

  • $100.00 payday loan or cash advance having a $20.00 fee = APR of 521%
  • $100.00 credit cards balance having a $30.00 late charge = APR of 800%
  • $100.00 for an bounced check having a $50.00 bank as well as merchant fees = APR of 1,304%
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Online cash advance and payday loans are usually a fast and convenient financial product. They provide people a short term financial tool for dealing with matters that appear unexpectedly. Especially whenever you actually need some fast cash. When you’re requiring some quick funds, there is never a better solution than getting an online payday loan or cash advance loan. With New York Payday Loan Solutions, we can normally answer all of your financial questions with a YES! Yes we can help you. Yes we can give you funds today. Yes you can re-apply as many times as you want. Yes we are always available to help you with your loan. Whenever you are confronted with bills that you was not expecting, do not worry. That is what New York Payday Loan Solutions is here for. Even if you have unanticipated automobile repairs, or perhaps just in need of cash for any special event. Just make time to visit us so that you can see all of the services that we simply presents to you.

Payday loan help

If you stay in Nashville, TN we have good relations with Nashville Payday Loan Solution. We highly recommend them for all your

needs. They also offer Cash advances and Check cashing.