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Student Loan Repayment Options, student loan options.#Student #loan #options


Student Loan Repayment Options

Lenders offer a variety of plans to repay your student loans — some of them quite flexible. The plans available to you depend on the types of loans you have. Find out what kind of loans you have, learn about your options, then make the best choice for your financial situation.

Different rules apply to federal and private student loans. The options discussed in this article are available for federal loans. If you don’t know what type of loan you have, see Types of Federal Student Loans and Private Student Loans.

Loans issued by banks or the federal government. There are two kinds of federal loans — both allow you to choose from the repayment plans discussed below.

Federal Family Education Loans (FFEL) are loans made by private lenders that are guaranteed by the federal government. That means, if you default, the lender gets reimbursed by the federal government.

Federal Direct Loans are made directly by the federal government.

School-issued federal loans. If you have school-issued federal student loans (such as Perkins loans), ask your school about repayment options.

Private loans. Private loans, made without federal funds, come with fewer repayment options. Contact your lender, loan holder, or loan servicer to find out your repayment options.

Tips on Switching Repayment Plans

Keep these in mind when considering repayment plans:

Don’t wait to switch payment plans until you’re seriously behind in your payments — if you’re in default on your loans, many of these options won’t be available to you.

You aren’t locked into the method you choose — you can switch payment plans each year, or in some cases, more often.

Types of Repayment Plans for Federal Student Loans

Here are your repayment options if you have a federal loan.

Standard Repayment Plan

This is the repayment plan offered by your lender. You make payments for up to ten years. Your monthly payments are higher than in other plans, but your total payments are lower because you pay less interest.

Graduated Repayment Plan

Under a graduated plan, payments start out low and increase during the repayment period — usually every two years. This is a good option if your income is low when you graduate but will increase quickly.

Extended Repayment Plan

An extended plan allows you to stretch your repayment over a period of up to 25 years, depending on your loan amount. To be eligible for this plan, you must have an outstanding loan balance of more than $30,000.

You can combine an extended plan with graduated payments, which will lower your payments even further but will increase your overall costs even more.

Repayment Plans for Financial Hardship

There are a number of plans available if your income is low or unstable, or you have moderate income with very high student loan debt. You might be eligible for these plans even if your financial troubles are temporary. Which plan is available to you depends on what type of loan you have. For the first three, you submit your financial information every year, and the lender will adjust payments accordingly.

Income Contingent Repayment Plan (ICRP)

If you have a federal Direct Loan (other than a PLUS loan), you can opt for an income contingent repayment plan. Your payments could be as low as $5 or even $0. Rmember though, if your payment is lower then the monthly accrued interest, as time goes on, your loan principal will continue to grow. If you haven’t paid off your loan after 25 years, the government will cancel the remaining balance. The IRS will treat this canceled debt as income.

Income Sensitive Repayment Plan (ISRP)

If you have a FFEL loan, you may qualify for an income sensitive repayment plan. In this plan, your payments are based on your annual income, family size, and total loan amount. Your payments must at least cover accruing interest (unlike income contingent plans for Direct Loans). You must pay the loan off in ten years.

Income Based Repayment Plan (IBRP)

You can get an IBRP for both Direct loans and FFELs, but you cannot be in default to qualify. IBRP offers more flexible options than under ICRPs or ISRPs. Your debt is eliminated after 25 years of payments, payments can be less than the accruing interest and may be less than under ICRPs or ISRPs.

Hardship Repayment Plans for Perkins Loans

If you have a Perkins loan, you must pay at least $40 per month, but the school can extend repayment for another ten years or allow additional extensions for prolonged illness or unemployment.

You can find calculators to see what your payment would be under an IBRP or ICRP at http://studentaid.ed.gov. For information on an ISRP, contact your loan holder.

Loan Consolidation

With loan consolidation, you consolidate one, some, or all of your loans into one loan.

Loan Deferment or Forbearance

If your loan payments are enormous or you’ve fallen on hard times, even the most flexible payment plan might not help ends meet. In many circumstances, it’s possible to temporarily postpone making your loan payments or reduce the amount of your payments. These periods of relief are known as deferments (during which the government pays your interest) and forbearances (during which the amount you owe keeps going up because interest isn’t being paid). To learn more on postponing payments, see Nolo’s article Student Loans: Cancellation, Deferment, and Forbearance.

For a comprehensive guide to dealing with financial difficulties, read Margaret Reiter’s Solve Your Money Troubles: Debt, Credit Bankruptcy (Nolo).


Student Loan Help, student loan options.#Student #loan #options


student loan options

Goodbye, student loan debt. Hello, future!

Student loan options

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

Student loan options

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.

Student loan options

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.

Student loan options

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.

Student loan options

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 options, student loan options.#Student #loan #options


student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Exhaust all federal grant and loans available to you before considering a private (alternative) loan. You may qualify for loans or other assistance under title IV of the HEA (Pell Grants, Stafford, Perkins, FSEOG grants and PLUS loans) and the terms and conditions of title IV, HEA program loans may be more favorable than the provisions of private education loans . Student Lending Analytics has developed a list of private loan options for undergraduates to serve schools and their students who need a focused and neutral resource for help in finding a private student loan.

SLA is an independent research and advisory firm that has NO affiliations with any student lenders. SLA HAS RECEIVED NO CONSIDERATION FROM ANY LENDERS FOR PLACEMENT ON THIS LIST. Placement on this list DOES NOT in any way constitute an endorsement from SLA NOR should it be construed as a preferred lender list. You are free to borrow from any lender of your choice. While SLA has made every effort to confirm each of the lender loan terms described below through website research and multiple calls to lender customer service representatives, it cannot guarantee its accuracy. Furthermore, not all the lenders listed below lend to all students at all schools. The borrower should confirm any and all loan terms with the lender PRIOR to accepting the loan. Each lender s position on the list is randomly determined and will change each time this page is refreshed. SLA will update this page as necessary and will provide a date of last update at the top of the page. The information provided below is subject to change without notice.


5 Options for Student Loan Forgiveness, student loan options.#Student #loan #options


5 Ways to Get Your Student Loans Forgiven

Student loan options

In certain situations, you can eliminate some or all of your student loans through a student loan forgiveness program. Depending on your degree and your current occupation, you may qualify for one of many student loan forgiveness programs. If you re wondering whether you can have your student loans forgiven through your job, ask someone in your human resources department. Here are 5 ways to get your student loans forgiven:

1. Volunteer

Certain volunteer organizations offer student loan forgiveness in exchange for a certain amount of your time. If you volunteer for AmeriCorps, Peace Corps, or Volunteers in Service to America (VISTA) you can have up to 70 percent of your student loans forgiven. Visit their websites to find out more information about student loan forgiveness programs.

2. Become a Full-Time Teacher

If you have a Perkins loan, you can have part of it forgiven by working full-time in an elementary, middle, or junior high school that serves children from low-income families. The more years you teach, the more you can have forgiven. Your local school board will have additional information about which schools in your district offer student loan forgiveness under the National Defense Education Act.

Other states have additional student loan forgiveness programs that allow you to have student loans forgiven in additional situations.

You can always contact your loan board of education for information about having your student loans forgiven.

3. Join the Military

One of the benefits of joining the military is student loan repayment. Currently, the Army, Army National Guard, Air Force, Air Force National Guard, and the Navy offer student loan repayment programs up to $20,000 depending on the branch.

Unfortunately, the Marine Corps, Coast Guard, and Air Force Reserves do not offer student loan forgiveness. For more information about military student loan forgiveness, visit this article on Military College Loan Repayment Program.

4. Become a Doctor or Lawyer

Medical and legal professionals can end up with six-figure student loan debt. Fortunately for these Ph.D holders, there are several student loan forgiveness programs that can reduce their student loan burden.

  • The National Institutes of Health forgives some student loan debt for medical students who complete certain types of medical research including clinical, medical disparities, and contraception research.
  • Certain health professionals can receive up to $50,000 of student loans forgiven through the National Health Service Corps Loan Repayment Program in exchange for two years of volunteer service at a clinic that has a shortage of health professionals. You may be able to receive additional forgiveness for additional service.
  • Law school graduates may have some of their student loans forgiven by doing some non-profit work. Equal Justice Works has a list of law schools that have a loan repayment assistance program. If your school is on the list, contact your financial aid department to learn how you can have your student loans forgiven.

5. Wait 25 Years or (20 Years for New Loans)

If you have a federal loan and you re on an income-based repayment (IBR) plan, you can have the balance of your student loan forgiven after 25 years, or 10 years if you work in public service. All Federal student loans are eligible except, student loans in default, Parent PLUS loans, and Parent PLUS consolidation loans. Your monthly student loan payments are capped based on your income and family size. For example, a family of 3 with an annual income of $45,000 would only pay $157 a month on an IBR plan. You can apply for IBR by contacting the lender servicing your loan. Loans taken out after July 22, 2014 on the IBR plan will be forgiven after 20 years instead of 25 years. President Obama recently announced plans to speed up that date to 2012. Visit the Federal Student Aid website and IBR Info for more information.

Ready to start building wealth? Sign up today to learn how to save for an early retirement, tackle your debt, and grow your net worth.

Who Pays for Student Loan Forgiveness

Many people, especially those who ve worked hard to repay their loans, oppose student loan forgiveness (at least Federal loans) because it s funded by taxpayers. If the Federal government forgives your student loans, that means taxpayers have paid for your college education. In that sense, it s the same as using government grants to fund your education. Private student loan forgiveness is pretty much nonexistent, but if lenders offered these types of programs, the banks other customers would end up funding them through fees and interest.

Drawbacks of Student Loan Forgiveness

In certain situations, you re required to report forgiven loans as taxable income. This may increase your tax liability that year and could result in a tax bill when you file in April. Not all student loan forgiveness programs require you to pay taxes on the forgiven debt. Consult your tax preparer for more information.


Student Loan Repayment Options, student loan options.#Student #loan #options


Student Loan Repayment Options

Lenders offer a variety of plans to repay your student loans — some of them quite flexible. The plans available to you depend on the types of loans you have. Find out what kind of loans you have, learn about your options, then make the best choice for your financial situation.

Different rules apply to federal and private student loans. The options discussed in this article are available for federal loans. If you don’t know what type of loan you have, see Types of Federal Student Loans and Private Student Loans.

Loans issued by banks or the federal government. There are two kinds of federal loans — both allow you to choose from the repayment plans discussed below.

Federal Family Education Loans (FFEL) are loans made by private lenders that are guaranteed by the federal government. That means, if you default, the lender gets reimbursed by the federal government.

Federal Direct Loans are made directly by the federal government.

School-issued federal loans. If you have school-issued federal student loans (such as Perkins loans), ask your school about repayment options.

Private loans. Private loans, made without federal funds, come with fewer repayment options. Contact your lender, loan holder, or loan servicer to find out your repayment options.

Tips on Switching Repayment Plans

Keep these in mind when considering repayment plans:

Don’t wait to switch payment plans until you’re seriously behind in your payments — if you’re in default on your loans, many of these options won’t be available to you.

You aren’t locked into the method you choose — you can switch payment plans each year, or in some cases, more often.

Types of Repayment Plans for Federal Student Loans

Here are your repayment options if you have a federal loan.

Standard Repayment Plan

This is the repayment plan offered by your lender. You make payments for up to ten years. Your monthly payments are higher than in other plans, but your total payments are lower because you pay less interest.

Graduated Repayment Plan

Under a graduated plan, payments start out low and increase during the repayment period — usually every two years. This is a good option if your income is low when you graduate but will increase quickly.

Extended Repayment Plan

An extended plan allows you to stretch your repayment over a period of up to 25 years, depending on your loan amount. To be eligible for this plan, you must have an outstanding loan balance of more than $30,000.

You can combine an extended plan with graduated payments, which will lower your payments even further but will increase your overall costs even more.

Repayment Plans for Financial Hardship

There are a number of plans available if your income is low or unstable, or you have moderate income with very high student loan debt. You might be eligible for these plans even if your financial troubles are temporary. Which plan is available to you depends on what type of loan you have. For the first three, you submit your financial information every year, and the lender will adjust payments accordingly.

Income Contingent Repayment Plan (ICRP)

If you have a federal Direct Loan (other than a PLUS loan), you can opt for an income contingent repayment plan. Your payments could be as low as $5 or even $0. Rmember though, if your payment is lower then the monthly accrued interest, as time goes on, your loan principal will continue to grow. If you haven’t paid off your loan after 25 years, the government will cancel the remaining balance. The IRS will treat this canceled debt as income.

Income Sensitive Repayment Plan (ISRP)

If you have a FFEL loan, you may qualify for an income sensitive repayment plan. In this plan, your payments are based on your annual income, family size, and total loan amount. Your payments must at least cover accruing interest (unlike income contingent plans for Direct Loans). You must pay the loan off in ten years.

Income Based Repayment Plan (IBRP)

You can get an IBRP for both Direct loans and FFELs, but you cannot be in default to qualify. IBRP offers more flexible options than under ICRPs or ISRPs. Your debt is eliminated after 25 years of payments, payments can be less than the accruing interest and may be less than under ICRPs or ISRPs.

Hardship Repayment Plans for Perkins Loans

If you have a Perkins loan, you must pay at least $40 per month, but the school can extend repayment for another ten years or allow additional extensions for prolonged illness or unemployment.

You can find calculators to see what your payment would be under an IBRP or ICRP at http://studentaid.ed.gov. For information on an ISRP, contact your loan holder.

Loan Consolidation

With loan consolidation, you consolidate one, some, or all of your loans into one loan.

Loan Deferment or Forbearance

If your loan payments are enormous or you’ve fallen on hard times, even the most flexible payment plan might not help ends meet. In many circumstances, it’s possible to temporarily postpone making your loan payments or reduce the amount of your payments. These periods of relief are known as deferments (during which the government pays your interest) and forbearances (during which the amount you owe keeps going up because interest isn’t being paid). To learn more on postponing payments, see Nolo’s article Student Loans: Cancellation, Deferment, and Forbearance.

For a comprehensive guide to dealing with financial difficulties, read Margaret Reiter’s Solve Your Money Troubles: Debt, Credit Bankruptcy (Nolo).


Student Loan Debt, student loan options.#Student #loan #options


Student Loan Debt

Whether you are shopping for student loans, repaying your student loans, or in default on your student loans, here’s what you need to know. Learn about types of student loans, repayment plans, loan forgiveness programs, getting out of default, and how to cancel loans.

Student Loans and Taxes

If you are married and have an IBR, ICR, or PAYE student loan payment plan, your tax filing status can affect the amount of your monthly student loan payment.

With some limitations, you can deduct student loan interest on your federal tax return.

Come tax time, be aware of tax deductions for student loan interest, how filing status affects your student loan payment, and a potential tax bill for forgiven student loan debt.

Questions on Student Loan Debt

Find the answer here.

Find the answer here.

Student Loans and Taxes

If you are married and have an IBR, ICR, or PAYE student loan payment plan, your tax filing status can affect the amount of your monthly student loan payment.

With some limitations, you can deduct student loan interest on your federal tax return.

Come tax time, be aware of tax deductions for student loan interest, how filing status affects your student loan payment, and a potential tax bill for forgiven student loan debt.

When You Have Trouble Paying Your Student Loans

Most people can t eliminate student loan debt, but many can get better payment plans.

Depending on whether you are current or behind on your student loan payments, your student loan debt could increase or decrease your credit score.

Find out how you might be able to discharge the federal student loans you took out to attend Corinthian Colleges.

Defaulted Student Loans, Collection Lawsuits

Here are some ways you can get out of default on your student loans.

Financial Aid for College Graduate School

Paying for college — your financial aid options and how to get started.

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5 Options for Student Loan Forgiveness, student loan options.#Student #loan #options


5 Ways to Get Your Student Loans Forgiven

Student loan options

In certain situations, you can eliminate some or all of your student loans through a student loan forgiveness program. Depending on your degree and your current occupation, you may qualify for one of many student loan forgiveness programs. If you re wondering whether you can have your student loans forgiven through your job, ask someone in your human resources department. Here are 5 ways to get your student loans forgiven:

1. Volunteer

Certain volunteer organizations offer student loan forgiveness in exchange for a certain amount of your time. If you volunteer for AmeriCorps, Peace Corps, or Volunteers in Service to America (VISTA) you can have up to 70 percent of your student loans forgiven. Visit their websites to find out more information about student loan forgiveness programs.

2. Become a Full-Time Teacher

If you have a Perkins loan, you can have part of it forgiven by working full-time in an elementary, middle, or junior high school that serves children from low-income families. The more years you teach, the more you can have forgiven. Your local school board will have additional information about which schools in your district offer student loan forgiveness under the National Defense Education Act.

Other states have additional student loan forgiveness programs that allow you to have student loans forgiven in additional situations.

You can always contact your loan board of education for information about having your student loans forgiven.

3. Join the Military

One of the benefits of joining the military is student loan repayment. Currently, the Army, Army National Guard, Air Force, Air Force National Guard, and the Navy offer student loan repayment programs up to $20,000 depending on the branch.

Unfortunately, the Marine Corps, Coast Guard, and Air Force Reserves do not offer student loan forgiveness. For more information about military student loan forgiveness, visit this article on Military College Loan Repayment Program.

4. Become a Doctor or Lawyer

Medical and legal professionals can end up with six-figure student loan debt. Fortunately for these Ph.D holders, there are several student loan forgiveness programs that can reduce their student loan burden.

  • The National Institutes of Health forgives some student loan debt for medical students who complete certain types of medical research including clinical, medical disparities, and contraception research.
  • Certain health professionals can receive up to $50,000 of student loans forgiven through the National Health Service Corps Loan Repayment Program in exchange for two years of volunteer service at a clinic that has a shortage of health professionals. You may be able to receive additional forgiveness for additional service.
  • Law school graduates may have some of their student loans forgiven by doing some non-profit work. Equal Justice Works has a list of law schools that have a loan repayment assistance program. If your school is on the list, contact your financial aid department to learn how you can have your student loans forgiven.

5. Wait 25 Years or (20 Years for New Loans)

If you have a federal loan and you re on an income-based repayment (IBR) plan, you can have the balance of your student loan forgiven after 25 years, or 10 years if you work in public service. All Federal student loans are eligible except, student loans in default, Parent PLUS loans, and Parent PLUS consolidation loans. Your monthly student loan payments are capped based on your income and family size. For example, a family of 3 with an annual income of $45,000 would only pay $157 a month on an IBR plan. You can apply for IBR by contacting the lender servicing your loan. Loans taken out after July 22, 2014 on the IBR plan will be forgiven after 20 years instead of 25 years. President Obama recently announced plans to speed up that date to 2012. Visit the Federal Student Aid website and IBR Info for more information.

Ready to start building wealth? Sign up today to learn how to save for an early retirement, tackle your debt, and grow your net worth.

Who Pays for Student Loan Forgiveness

Many people, especially those who ve worked hard to repay their loans, oppose student loan forgiveness (at least Federal loans) because it s funded by taxpayers. If the Federal government forgives your student loans, that means taxpayers have paid for your college education. In that sense, it s the same as using government grants to fund your education. Private student loan forgiveness is pretty much nonexistent, but if lenders offered these types of programs, the banks other customers would end up funding them through fees and interest.

Drawbacks of Student Loan Forgiveness

In certain situations, you re required to report forgiven loans as taxable income. This may increase your tax liability that year and could result in a tax bill when you file in April. Not all student loan forgiveness programs require you to pay taxes on the forgiven debt. Consult your tax preparer for more information.


Student Loan Help, student loan options.#Student #loan #options


student loan options

Goodbye, student loan debt. Hello, future!

Student loan options

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

Student loan options

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.

Student loan options

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.

Student loan options

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.

Student loan options

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


FinAid, Loans, Student Loans, student loan options.#Student #loan #options


student loan options

Student loan options

Student loan options

Student loan optionsStudent loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options

Student loan options can be overwhelming at first glance. But when it comes to federal student loans, there are just a few options.

The first step in getting one of the federal student loans listed below is to fill out the Free Application for Federal Student Aid, or FAFSA. While the FAFSA does determine eligibility for need-based aid, it also acts as an application for student loan options, both for need-based and non-need-based loans. It supplies students who need financial aid with that help as well as provides financing options for those students that would like to borrow with low-interest federal loans but don’t necessarily qualify for need-based aid.

Subsidized Stafford Loan

The subsidized Stafford Loan is available to students who qualify for need as determined by the FAFSA. Students must be a U.S. citizen or eligible non-citizen as well as have a high school diploma or GED. Like most federal student loans, interest does not accrue while the student is in school. If students qualify for a subsidized Stafford Loan, it will be stated on their award letter notification along with the amount for which they can borrow.

The Perkins Loan is another federal loan option that is for needy students. Again, students must be a U.S. citizen or eligible non-citizen as well as hold a high school diploma or GED. Again, interest does not accrue with the Perkins Loan, and students will find out whether or not they qualify as well as for how much when they receive their award letters from colleges.

Unsubsidized Stafford Loan

Finally, the unsubsidized Stafford Loan is a little different from the other federal loans. For both the subsidized Stafford and Perkins Loans, students must qualify for need as determined by the FAFSA. However, the unsubsidized Stafford Loan is available to any student, regardless of need. Also, unlike the other federal loans, interest accrues while the student is attending school. Again, if students want to apply for the unsubsidized Stafford Loan, they must complete the FAFSA.

Students can also qualify for a federal student loan consolidation after graduating from college or graduate school.


Home Financing Options – How to Finance a Home Purchase #boat #loans


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Home Financing Options

By Brandon Cornett | 2015, all rights reserved | Duplication prohibited

to see how much you can afford.

This article explains the financing options that are available to a first-time home buyer. We will talk about the different ways to finance a home, the pros and cons of each method, and other important topics for buyers.

Home Financing Defined

Within the context of this article, home financing refers to the mortgage loans people use to buy a house. This is one of the most important topics a first-time buyer must understand. It’s also where a lot of people make big mistakes, by choosing the wrong kind of loan for their situation.

With that basic definition out of the way, let’s talk about the different types of loans you can use to finance your home purchase.

Different Ways to Finance a Home

Understanding your home financing options is the first step to making a smart choice. So before we go any further, we need to talk about the different kinds of mortgage loans that are available to you. These days, most home loans fall into one of two categories. They are either fixed- or adjustable-rate mortgages. The primary difference between them has to do with the interest rate, and how it behaves over time.

With a fixed-rate mortgage loan, the interest rate you have at the beginning of the loan is the same rate you’ll have at the end of the loan (when you either sell the house, refinance the mortgage, or pay the loan off entirely). This is the primary benefit of this financing option — there are no surprises later on down the road. The initial rate you obtain follows you for the entire life or term of the loan.

Here are some related articles to help you learn more about this topic:

As the name implies, an adjustable-rate mortgage loan (ARM) works much differently. With this home financing strategy, the rate will change at a specific interval — usually every one to five years. When used properly, an ARM loan can save you money in the short-term. When used incorrectly, they can bring a lot of risk into the equation. Adjustable mortgages are rarely a smart option if you plan to stay in the home for a long time. In that kind of long-term scenario, a fixed rate loan is a better financing option for you.

Most of the adjustable mortgages in use today start off with a fixed rate for a certain period of time. After that introductory stage, however, the rate will begin to adjust or reset at specific intervals. Because of this, they are also referred to as hybrid loans. A person who only plans to live in a home for a few years might use an ARM loan to save money in the short-term. But once you get past the fixed stage of the loan, you have no idea what the rate will do (aside from changing in some way). If the rate adjusts upward by several percentage points, it could significantly increase the size of your monthly payment.

Remember, the interest rate is part of your overall mortgage payment. So when it goes up, your payment goes up as well. Depending on how much the payment increases, this could make the loan unaffordable for you. This is a very real risk that comes with this particular home financing option, so it’s a risk you need to take seriously.

If you think you might use an ARM loan to finance your home purchase, you have plenty of homework ahead of you. Here are some related articles to get you started:

Many first-time home buyers use FHA home loans as a financing option, and there are several key reasons for this. For one thing, a home buyer who uses an FHA loan can make a smaller down payment (when compared to someone who uses a conventional loan). Generally speaking, FHA mortgages are easier to qualify for, as well. This makes them popular among people with less-than-perfect credit. These two factors combined to make the FHA loan one of the most popular home financing options for first-time buyers.

If you want to finance your house with this type of loan (or simply learn more about it), you’ll find the following articles helpful:

Choosing the Best Option

These are some of the different ways you can finance a home purchase. So which option is right for you? In reality, there is no way I can answer this question for you, because I simply don’t know your situation. Depending on (A) your long-term plans, (B) your financial situation, and (C) your level of qualification, one financing option may be better than another. What you must do, as a home buyer, is learn about the pros and cons of each strategy. Once you do that, one option should emerge as the obvious choice for you.

For example, we talked about the primary differences between fixed and adjustable-rate mortgage loans. If you plan to stay in the home for many years, the fixed-rate loan is probably the best option for you. This method of home financing gives you the most predictability over the long term. No matter what happens with the economy, you’ll know that your interest rate will always stay the same. On the contrary, the interest rate on an ARM loan will change periodically. So it might not be the best finance strategy for a long-term stay. This is a prime example of choosing the best type of mortgage based on your particular situation .

This is obviously a top-level guide to home financing options, and that was my purpose. I wanted to give you a brief overview of the various ways to finance a home, and then provide you with some links to related information. I’ve hand-picked a few articles that will make a good follow-up to this one, and I highly recommend you read those as well. You can find these articles through the hyperlinks spread throughout this lesson.

I hope you’ve found this guide to home financing options helpful, and I wish you well in your future real estate endeavors.