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Apply to refinance student loan debt for a lower interest rate and payments. Click below to consolidate student loan debt.
Consolidating student loans couldn't be easier! By consolidating your federal student loans, you can take advantage of lowering your monthly payments which will give you more money to use for other expenses such as rent or mortgage payments and credit card payments. Depending on your balances, you can reduce your monthly payments up to 60%. You may qualify for student loan consolidation if: Your loans are in their grace period or repayment period. You have $10,000 or more in unpaid Federal Loans
The Higher Education Act (HEA) provides for a loan consolidation program under both the Federal Family Education Loan (FFEL) Programs and the Direct Loan Program. Under these programs, a borrower’s loans are paid off and a new consolidation loan is created. These programs simplify loan repayment by combining several types of Federal education loans (that may have different terms and repayment schedules or may have been made by different lenders) into one new loan. The interest rate may be lower than on one or more of the underlying loans. In addition, the monthly payment amount on a consolidation loan is usually lower and the amount of time to repay may be extended beyond what was available in the separate loan programs. These features should result in more manageable debt and should make borrowers less prone to default.
Consolidate federal student loans today.
Student Loan Forgiveness Programs You may qualify to have some; or all, of your student loans forgiven through a student loan forgiveness program. Qualification for student loan forgiveness depends on your degree and your current occupation. If you're wondering whether you can have your student loans forgiven through your job, ask someone in your human resources department. Here are ways to have student loans forgiven.
Volunteer: Certain volunteer organizations offer student loan forgiveness in exchange for your personal time. If you volunteer for AmeriCorps, Peace Corps, or Volunteers in Service to America (VISTA) you can have up to 70% of your student loans forgiven. Visit their websites to find out more information about student loan forgiveness programs.
Become a Full-Time Teacher: If you have a Perkins loan, you can have part of it forgiven by working full-time in a elementary, middle, or junior high school that serves children from low income families. The more years you teach, the more student loan debt 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. Contact your loan board of education for information about having your student loans forgiven.
Join the Military: One of the military's many benefits 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 the Air Force Reserve do not offer student loan forgiveness.
Become a Doctor or Lawyer: Medical and legal professionals can end up with six-figure student loan debt. Fortunately for these PhD 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.
An extensive list of medical student loan forgiveness programs is available at the Association of American Medical Colleges' website.
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.
Student Loan Forgiveness Con: Forgiven loans are sometimes considered as taxable income which must be reported to the IRS, which could increase your tax liability for that year. Not all student loan forgiveness programs require you to pay taxes on the forgiven debt. Consult your tax preparer for more information.
Get more information about debt, and read our articles related to a student loan. Debt Consolidation
Debt consolidation can help turn huge high interest debt payments into one, manageable, low interest payment. Get out all your debts and list how much you pay in interest rates or late fees on those debts. You may be surprised to find you could be paying big bucks in fees just to shuffle all those debts from paycheck to paycheck. When there is a lot of money spent on fees, it may be time to consider a debt consolidation professional or an attempt to do-it-yourself.
Debt consolidation programs all vary so shop around for the terms and conditions of each before signing up to get out of debt. Take into account how long the company has been in business and try to find some friends or family who may have used the debt company and see what they have to report about the services.‘ Having the phrase "non-profit’" doesn't necessarily mean they are the best and does not mean they are honest. Check the company using the Better Business Bureau before applying for their debt services.
Try consolidating your credit card debts yourself by putting all your balances onto one, low interest, balance transfer credit card. This can save money in fees and help get you started on the right track to start paying down your debts. Make the payment every month to avoid late fees as high as $35. Consider filing all your credit cards away until you pay down the debt to at least below your credit limit and you are on your way to one form of debt consolidation. |
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