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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.


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:

Help with student loan debt

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.)


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


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Payday loan help

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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Fast Decision and Cash with our Payday Advance Loans Online

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


Lower your Payments Starting Now!

Medical, & Credit Card Debt

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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If you feel overwhelmed with debt, We may be able to Help!

Our Credit Card Consolidation, Medical Debt Consolidation, Payday Loan Consolidation & Advance Loan Consolidation programs are designed to eliminate your debt. Our full budget analysis allows us to properly facilitate your gradual debt reduction. Please give us a call to learn more or fill out the form above!

Payday Loan Consolidation

The thought of quick cash has lured many desperate people into taking out a payday loan. Then the vicious cycle begins: even if you manage to pay off the loan, new bills pile atop old bills and another loan has to be taken out for the next pay cycle. Add origination fees and rollover fees, and suddenly you are in a world of hurt. The way you deal with your money on a daily basis can impact your life for many years to come. We can show you that sound financial practices do not always require “doing without, or giving up.” All unsecured loans (loans without collateral), still tend to be higher interest than many alternatives with collateral.

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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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You can use our trusted Payday Loan, Credit Card, & Medical Debt Consolidation Programs to become free from debt.

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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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HECS-HELP

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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.


Student Loan Debt Counseling and Advice, NFCC, help with student loan debt.#Help #with #student #loan #debt


Student Loan Debt Counseling and Advice

Borrowing to pay for college is the easy part. There is no shortage of financing sources, but choosing the right one is a little more difficult. And, choosing the best repayment options for your student loan debt once you leave school can range from merely confusing to downright complex.

That’s where we can help. Our member agencies offer access to NFCC student loan counseling services. With deep knowledge of the various student loan programs and, more importantly, the repayment options available under each, they will work with you to review your entire financial situation. They not only look at your student loan debt, but also at any other outstanding debt you may have, such as a mortgage or credit card debt.

These experts will then guide you, based on your personal situation, to ensure your payments remain affordable and minimize their impact on your current finances and future plans.

Specifically, we will help you understand:

  • The pros and cons of the programs available to you.
  • Strategies to reduce the total amount of interest you pay over the life of the loan.
  • Steps to take to ensure timely repayment.
  • What you can do if you have trouble making your payments.
  • Options for keeping repayment affordable.
  • Loan rehabilitation programs.
  • Student loan debt consolidation choices.
  • How to identify potential options toward cancellation and forgiveness.

As NFCC® nonprofit community-based agencies, each of our members offers access to counseling services in-person, by phone or online.

With NFCC student loan counseling, our counselors will not only advise you on the most appropriate repayment plan for your personal financial situation, they’ll also help ensure your rights as a borrower are respected, your questions are answered and any errors in your account are corrected. Get the help and counseling you need, whenever you need it, for as long as you need it. Access a student loan expert and advocate now.

Get the help and counseling you need, whenever you need it, for as long as you need it. Access a student loan expert and advocate now.

Student Loan Repayment Assistance


Student Loan Relief and Bankruptcy, help with student loan debt.#Help #with #student #loan #debt


Student Loan Relief and Bankruptcy

As the cost of a college education has risen, so has the number of graduates carrying a substantial amount of student loan debt. Ideally, students use their degrees to land well-paying jobs and quickly pay off their loans. But job markets are cyclical and careers don’t always go according to plan. This section covers the basics of student loan debt relief and the various options available to debtors. Topics include the different ways graduates can repay their loans, options for debtors who simply cannot afford to repay their student loan debts, and the consequences of defaulting on one’s student loans. Check out FindLaw’s Guide to Student Loan Debt for a printer-friendly reference guide with summaries on how to handle your debt, and what to do if you cannot afford payments.

Difficulties with Student Loan Repayment Options

Student loans can represent a significant expense and when financial difficulty arises many are unaware of the options to manage student debt. Since defaulting on a loan can result in serious consequences there are a number of options available to many borrowers. Some loans can be delayed through deferment or forbearance options, allowing the borrower to postpone payment. Some loans can be cancelled, thereby eliminating payments. Some loans are eligible for income-sensitive or income-based repayment programs. And, finally, some loans can be more manageable when consolidated.

Deferment is a common means to address difficulty paying student loans. Deferment may postpone payment on a loan, and it may also prevent interest from accruing during the period of deferment, depending on the type of the loan. In order to qualify to have your loans deferred you must normally establish one of the common grounds for deferment. Although they may vary depending on your lender, common reasons for deferment include:

  • temporary total disability;
  • enrollment in a rehabilitation program for a disability;
  • unemployment;
  • economic hardship;
  • enrollment in school;
  • entry into uniformed service;
  • service to a needy population;
  • work in health care or law enforcement.

Another option is to attempt to have your loans discharged through bankruptcy. However, this is very difficult, if not impossible, under the current law. Generally, student loans will not be discharged in bankruptcy unless the borrower can show that their repayment would impose a severe hardship on them, which is a very high standard.

What Happens after a Student Loan Default?

When a student loan borrower fails to keep current on their payments they become delinquent the first day they miss payment. If they remain delinquent for nine months the student loan enters default. The borrower may then be held liable for collection fees and the commission charged by any debt collection agency involved. The Department of Education has a number of collection options available to them.

The Department of Education may seize your tax refund to be applied toward defaulted student debt. Though borrowers may appeal the valid defenses are limited. If the loan was repaid, is being repaid under a negotiated repayment plan, belongs to someone else, or limited other circumstances the borrower may be able to prevent seizure of their tax refund. Alternatively, the Department of Education may seek to garnish your wages. They can garnish up to 15 percent of your disposable income, or no more than $217.50 per week. The defenses to garnishment are very similar to the defenses against the seizure of a tax refund.

Other options include seizing federal benefits such as Social Security retirement and disability benefits, the revocation of professional licenses, and lawsuits to collect from assets such as bank accounts, valuable property, and real property liens.

Learn About Student Loan Relief and Bankruptcy

Difficulties with Student Loan Repayment: Options

Student loans can be a big financial burden. This article explains several options available to those who are unable to repay their student loans, including student loan deferments and forbearances.

What Happens after a Student Loan Default?

Lenders have a number of tools at their disposal in order to collect on student loans in default. Find out about some of the consequences that can result from a default on student loan debt.

Options for Student Loan Repayment

A number of payment options are available to those who are struggling with their student loan debt. Learn about some of the most popular student loan repayment options, like income-based repayment and refinancing.

Checklist: Which Debts to Pay First

Prioritizing your debts can help you cut down on your debt burden in the most efficient way possible. Use this checklist to determine which types of debts you should tackle first.


How much help is available? #school #loan


#loan consolidation
#

Loan Consolidation

ATTENTION STUDENTS WITH OUTSTANDING STUDENT LOAN DEBT:

  • Learn what you can do now to save money during repayment.
  • Timing and effective communication with your Loan Servicer is key!

If you don t remember who your Loan Servicer is, don t know your debt balance, or want to review your student loan status, use your SSN, first two digits of your last name, your date of birth and your federal PIN at www.nslds.ed.gov to access your student loan information. If you need assistance accessing your loan records, contact Rogue Central Services .

Loan consolidation allows you to refinance any or all eligible outstanding federal student loans and create a single new loan with one monthly payment. The new loan will have a fixed interest rate, new terms, and may have an extended repayment period of up to 30 years.

Loan consolidation allows you to refinance any or all eligible outstanding federal student loans and create a single new loan with one monthly payment. The new loan will have a fixed interest rate, new terms, and may have an extended repayment period of up to 30 years.

Both the Federal Family Education Loan (FFEL) Program and the Direct Loan Program offer consolidation loans. FFEL Consolidation loans are available from participating Loan Servicers, and Direct consolidation loans are available from the federal government. Alternative consolidation options are also available through private Loan Servicers. However, benefits, repayment options and application procedures vary.

The following information pertains to the FFEL Consolidation loan process. For more information about the Direct Consolidation loan processes, visit www.loanconsolidation.ed.gov .

Consolidation loans are not for everyone. Several elements generate advantages and disadvantages that relate to your current and potential consolidation loan.

Before choosing loan consolidation, review all your options to be sure it’s the right choice for you.

Who is eligible for loan consolidation?

To be eligible for loan consolidation under the FFEL Program, you must agree to the terms and conditions listed on the Application and Promissory Note, which include:

  • You are not enrolled in school, or you are enrolled on a less than half-time basis.
  • You are in the grace period or already in repayment on EACH loan you have chosen to consolidate.
  • If you are in default, you must either make satisfactory repayment arrangements with your current Loan Servicer or agree to repay the consolidating Loan Servicer under an income-sensitive repayment plan.
  • You must agree to notify the Loan Servicer of any address changes.

Spouses may consolidate their eligible loans together.

If I have a direct loan, can I apply for a FFEL consolidation?

Most Loan Servicers will combine Direct and FFEL Program loans. Typically, the Loan Servicer requires the borrower to have at least one underlying FFEL Program loan with them. Some Loan Servicers may consolidate Direct loans for borrowers who have no FFEL Program loans. Check with your current Loan Servicer(s) on individual requirements.

Is there a minimum to consolidate?

Loan Servicers may require a minimum eligible loan amount before creating a new consolidation loan. Because each has specific terms, you should consult with your Loan Servicer prior to consolidating.

*Alternative and non-federally guaranteed loans will not appear on NSLDS. Also HEAL loans and other health professions loans will not appear, but you will want to list these on the worksheet under non-eligible loans.

What If I’m in default?

Even delinquent and defaulted loans may be consolidated. To qualify, you must be in repayment on your defaulted loan (typically three consecutive, voluntary, on-time, full monthly payments), or agree to repay your new consolidation loan under the income-sensitive repayment plan. If you have a court judgment on your federal student loan debt, you cannot consolidate. Contact your Loan Servicer for details.

Will I only have one Consolidation loan?

If you wish to consolidate both subsidized and unsubsidized education loans, your Loan Servicer will create two new consolidation loans in your name — one for each type of loan. Loan Servicers are required to track these loans separately, but will combine both loans for billing purposes; therefore, you will only make one monthly payment.

If I already have a Consolidation loan, may I re-consolidate?

Estimate my new monthly payment under consolidation


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Best Home Loans

What Is A Home Loan?

A home loan is financing service offered by a bank or credit union for the purpose of purchasing or building a property. Such loans are secured against the said property in that the bank holds the title of the house until the mortgage is in effect and reserves the right to sell the property if the borrower fails to make payments.

Careful consideration of loan size, maturity period, interest rate, and monthly installments should be taken into account by the borrower before taking up a new home loan.

If you already have an existing home loan and wish to switch to another home loan or lender without moving home, you may consider the option of refinancing.

How Do Home Loans In Singapore Work?

Banks in Singapore offer two types of home loans; namely fixed interest rate home loan and floating interest rate home loan. Fixed Interest Rate Home Loan:

A fixed interest rate home loan has a predictable monthly repayment schedule throughout the loan tenure as rates are not affected by fluctuations in Board Rates or SIBOR. Interest rates are calculated based on the cost of acquiring the funds to lend to plus an interest premium imposed by the bank.

Floating Interest Rate Home Loan

There are two variants of floating interest rate home loans offered by banks in Singapore; the first being a variable interest rate home loan whereby interest rates are calculated based on the bank’s Board Rate minus a discount stipulated in the Letter of Offer.

The second variant of floating interest rate home loan is one with an interest rate that fluctuates in tandem to changes to the Singapore Interbank Offered Rate (SIBOR). These loans uses a 1 month or 3 months SIBOR rate as a benchmark to determine the final interest rate charged to customers.

Floating interest rate packages are suitable for buyers who want to capitalize on the current low interest rates but also open themselves to the risk that market interest rates may increase in the future.

How To Use A Housing Loan Calculator?

Visit our website at iMoney Singapore and use our home loan calculator to find and compare the best rates for the loan amount you want. Simply enter your desired loan amount and loan tenure and the calculator will furnish you with the best rates in the market, lock-in period, and a breakdown of monthly payments for the first year and following rates in the respected bank pages. With these information, you can make decision as to which bank(s) to apply to as well as adjusting your budget.

What Is The Loan Application Process?

The first step to apply for a home loan in Singapore is to approach a bank to perform your Loan Eligibility Check (AIP) which will give you a clearer idea as to whether you are eligible for a loan.

Upon application, the bank will perform the following due diligence which will determine whether your loan application is approved or rejected:

• Credit assessment check using proof of regular income (can be in the form of Income Tax Notice of Assessment, a latest computerized payslip,or a12-month CPF contribution statement)

• Credit Bureau(Singapore) check. The objective of this check is to determine whether you have a history of good credit card payments, any existing loans, and if you are a discharged bankrupt.

How Do Banks Assess My Eligibility?

In the process to determine whether to approve or reject your loan application, the bank will perform assessments using the following two criteria:

1. Financial Commitment to Income ratio

This ratio is used to evaluate your ability to repay debt obligations by dividing your total monthly debt obligation with your total monthly gross income. As a general rule, your total financial commitment per month must not exceed 60% of your total household income.

2. Loan-to-Value(LTV) ratio

This ratio expresses the ratio of a loan to the value of the property purchased in the form of a percentage. It is affected by several factors such as the loan tenure, age of borrower, and the existence of other outstanding housing loans in the name of the borrower. Generally to the bank, the higher the LTV ratio the riskier it is to lend money to the borrower. In Singapore, the maximum LTV ratio a borrower can possess before his or her loan application is rejected is 80%.

What Else Should I Know about Home Loans?

1. Monthly Installment As a general rule, your monthly long-term repayment commitment must not exceed 40% of your monthly income. 2. Disbursement of Loan

• For completed properties: The loan will generally be disbursed in one lump sum when you take over the property.

• For uncompleted properties: The loan is disbursed in stages depending upon the stage of construction of the property.

3. Loan Tenure Banks usually grant loans up to a maximum tenure of 35 years subject to the condition that you must not exceed the age of 70 years old at the end of the loan tenure. 4. Interest Rate Interest rate on loans vary according to the type of property and the type of home loan package a borrower takes up.

Should I Opt For Refinancing?

Refinancing your home is a good option when interest rates favour the home buyer. By refinancing, you as a borrower can redeem your existing home loan by taking up a new home loan at a lower interest rate.

Before you decide to refinance, it is important to weigh the costs of exiting your existing home loan against the potential benefits of your new loan. Do expect to incur these following fees and penalties when you go for refinancing:

• Prepayment Penalty: A penalty imposed by the bank for settling your home loan in full before the stipulated contract period (i.e. loan tenure).

• Legal Fee: The cost for legal services to draw up property purchase and mortgage documentation.

• Availed Cash Rebate: Recovery of any cash rebates that has granted to you upon taking up your existing home loan.

• Property Valuation Fee: The costs to evaluate the current value of your property to determine the maximum amount you can borrow from refinancing.

• Loan Cancellation Fee: Also known as an exit fee that is imposed by your current bank when you redeem your existing home loan.

• Fire Insurance Policy: When you refinance, you are required to terminate your existing fire insurance policy that is tied to your current home loan and will have to take up a new one with the bank that is providing you with a new home loan.

• The Interest Cost of Refinancing: You are required to give your current bank three months written notice of your intention to fully settle your existing home loan or pay a sum equivalent to three months interest in lieu of such notice.