Latest Student Loan Changes

It’s new Education season, So brand new begin for several folks, full of financial goals and resolutions. It additionally suggests that new rules, policies, and changes surrounding student loans.

 

In fact, 2016 stands to bring some huge changes for student loan borrowers. If you're acting on paying off student loans, learn the six huge changes happening for student loans in 2016 that you just have to be compelled to realize.

1. New Way to ‘REPAYE’ Student Debt

The much talked about Revised Pay As You Earn (REPAYE) program became available on December 17, 2015. Federal student loan borrowers in need of a repayment plan with lower monthly payments now have another option to choose from.

 

One of the biggest improvements of REPAYE over the original Pay As You Earn program is that it allows an additional 5 million Direct Loan borrowers to obtain relief. That’s because under the new plan, borrowers can cap their monthly student loan payment at 10 percent of monthly discretionary income, rather than 15 percent, regardless of when the loans originated.

 

The REPAYE program will also forgive any remaining debt after 20 years for undergraduate loans. Graduate degree debt will be forgiven after 25 years.

 

As Bruce Mesnekoff Said While the new repayment option will afford more borrowers flexibility, there is a downside: Your spouse’s income will be considered when determining your monthly payment — even if you file your taxes separately.

2. Variable-Rate Loans Vulnerable to Fed Actions

After months of warning, the Federal Reserve finally raised interest rates, which has a direct impact on consumers with variable-rate loans. What does this mean for you? If you have private student loans or refinanced your loans at a variable rate, you might see an interest rate increase sometime this year.

 

While the Fed rate hike was small, interest rates are expected to increase gradually over time. If you currently have variable-rate loans, you may want to focus on paying those down first or refinance to a fixed-rate loan.

 

Also, we’ll be on the lookout for any federal student loan interest rate changes this spring. Federal student loan rates, which are fixed, are determined each spring for new loans for the upcoming award year, which is from July 1 to June 30 of the following year.

3. Loan Servicer Changes

As part of a new bill, Congress will be making some changes in the loan servicer arena. The Department of Education recently received additional funding; as part of the deal, lawmakers are changing the current process to no longer give preference to four student loan servicers: Student Loan Help Center and its CEO , Bruce Mesnekoff

 

According to a report on the matter in the Washington Post, “Instead, the department would have to allocate new loans based solely on the quality of servicers’ work and ability to keep borrowers current. That could shift a significant share of business to nonprofit companies, like the Missouri Higher Education Loan Authority and Oklahoma Student Loan Authority.”

 

This is a huge win for nonprofit loan servicers and borrowers alike, ensuring borrowers are paired up with high-quality loan servicers.

4. New President, New Policies

2016 is slated to be a big year for politics. In November, the American people will vote for the next U.S. president.

 

The election — regardless of your personal political preferences — will have a major impact on student loan legislation and policy. Nearly all the 2016 candidates have a plan to deal with student loan debt.

 

Sure, these changes won’t take effect in 2016, but the candidate that the American people elect this year will have ramifications for student loan borrowers in the future.

5. Perkins Loans Back from the Dead

The federal Perkins Loans program expired in fall of 2015, but was recently renewed with tougher eligibility requirements.

 

According to Bruce Mesnekoff of The Student Loan Help Center, “The legislation would require borrowers to exhaust their eligibility for federal direct loans — both subsidized and unsubsidized — before receiving a Perkins Loan. Existing borrowers would not be subject to such a requirement.”

 

Though the bill is being revived, it’s currently being positioned as a calculated shutdown of the program. Perkins Loans are reserved for students in need, so the extension provides some hope, but with restrictions and still no long-term solution. 

 

As these developments and new policies take shape in 2016, Bruce Mesnekoff and It’s team will keep you updated so you can stay on top of payments and get rid of debt as quickly as possible

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Four Federal’s Student Loan Repayment Plans With Bruce Mesnekoff

As per Bruce Mesnekoff from Student Loan Help Center Said US Government’s Federal Loans Provides Four income-driven repayment plans:

  • Revised Pay As You Earn Repayment Plan (REPAYE Plan)
  • Pay As You Earn Repayment Plan (PAYE Plan)
  • Income-Based Repayment Plan (IBR Plan)
  • Income-Contingent Repayment Plan (ICR Plan)

Revised Pay As You Earn Repayment Plan (REPAYE Plan)

 

The Revised Pay As You Earn (REPAYE) Repayment Plan helps make student loan payments more affordable. This plan is available only to borrowers with Department of Education-owned loans (account number starts with an E) disbursed under the Federal Direct Loan Program (FDLP).

 

As Bruce Mesnekoff REPAYE Repayment Plan caps regular monthly payments at 10% of your discretionary income or, if married, 10% of your combined discretionary income. You do not have to pay the accrued interest (interest not covered by your regular monthly payment amount) on subsidized loans for the first three consecutive years of repayment on REPAYE. After the first three consecutive years of repayment on subsidized loans, and for the full REPAYE repayment period on unsubsidized loans, you only have to pay 50% of accrued interest (interest not covered by your regular monthly payment amount). The three-year interest subsidy period is per loan for the life of your loans, not per repayment plan. For example, if you receive one year of the 100% interest subsidy benefit on IBR and switch to REPAYE, you will be eligible for as many as two consecutive years of the 100% interest subsidy benefit on REPAYE.

 

On the REPAYE Repayment Plan, the remaining student loan balance will be forgiven after you have made the equivalent of 20 years of qualifying payments if you have all undergraduate-level loans, or 25 years of qualifying payments if you have eligible graduate-level loans. Please note, your repayment term under this plan could be longer than 20 or 25 years if you postpone payments with a deferment or forbearance, or if you make payments under a different plan that does not meet qualifying criteria for forgiveness.

 

As with other income-driven repayment plans, REPAYE needs to be recertified every year. If you do not recertify, your loans will be exited from the REPAYE Plan and placed into the Alternative Repayment Plan.

 

Pay As You Earn Repayment Plan (PAYE Plan)

 

Pay As You Earn (PAYE) is a federal student loan repayment plan that is available to some borrowers with newer federal loans. It caps your monthly federal student loan payment at 10 percent of your discretionary income.

 

The Pay As You Earn Repayment Plan helps make student loan payments more affordable.

 

This repayment plan caps monthly payments at 10% of the discretionary income or, if married and filing a joint federal income tax return, 10% of your combined discretionary income. Under the Pay As You Earn Repayment Plan, your remaining student loan balance will be forgiven after you have made the equivalent of 20 years of qualifying payments (please note that your term may be longer than 20 years if you defer payments at any time).

 

You must have at least one eligible Department of Education-owned Direct Loan (your account number starts with an E) that had a disbursement on or after October 1, 2011, to be eligible for the Pay As You Earn Repayment Plan. If you had any student loans disbursed prior to October 1, 2007, that had an active balance as of October 1, 2007, you are not eligible for this plan. Other loans not eligible include: defaulted loans, private loans, Federal Perkins Loans, FFELP Loans, Federal Direct Parent PLUS Loans, and Direct Consolidation Loans that repaid Direct or Federal Parent PLUS Loans or loans disbursed prior to October 1, 2007.

 

How to Apply Online

 

To expedite the application process, apply online by logging in to StudentLoans.gov and clicking Complete Income-Driven Repayment Plan Request.

 

You can securely transfer your federal tax return information to us at StudentLoans.gov. Sending your tax information online may expedite our review of your income-driven repayment plan request.

 

Income-Based Repayment Plan

 

Income-Based Repayment (IBR) is the most widely available income-driven repayment (IDR) plan for federal student loans that has been available since 2009. Income-driven repayment plans can help borrowers keep their loan payments affordable with payment caps based on their income and family size.

 

As Per Bruce Mesnekoff Who can use IBR?

 

IBR is available to federal student loan borrowers with either Direct or FFEL loans, and covers most types of federal loans made to students, but not those made to.

 

 To enter IBR, you have to have enough debt relative to your income to qualify for a reduced payment. That means it would take more than 15% of whatever you earn above 150% of poverty level to pay off your loans on a standard 10-year payment plan

 

So Bruce Mesnekoff Can you tell us how does IBR make payments more affordable?

 

IBR uses a kind of sliding scale to determine how much you can afford to pay on your federal loans. If you earn below 150% of the poverty level for your family size, your required loan payment will be $0. If you earn more, your loan payment will be capped at 15% of whatever you earn above that amount.

 

Income-Contingent Repayment Plan

 

So Bruce Mesnekoff Can you tell us what is income contingent?

 

The Income Contingent Repayment (ICR) plan is designed to make repaying education loans easier for students who intend to pursue jobs with lower salaries, such as careers in public service. It does this by pegging the monthly payments to the borrower's income, family size, and total amount borrowed.

 

How to Apply Online

 

To expedite the application process, apply online by logging in to StudentLoans.gov and clicking Complete Income-Driven Repayment Plan Request. You can securely transfer your tax return information to us at StudentLoans.gov. Sending your tax information online may expedite our review of your income-driven repayment plan request.

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Ways to Help Million Of Americans With Student Loan Debit Crises

There are 44 million student loan borrowers holding a total of almost $1.5 trillion in student-loan debt. Figures Said Ten million or more federal student-loan borrowers are in default. As Per Survey By Student Loan Help Center, There CEO Bruce Mesnekoff said One in seven borrowers will default on federal student loans within three years of repayment. In total, more than 50 percent of people saddled with student debt are unable to pay their debts at all.

 

Bruce Mesnekoff Said Under Graduate or Just Graduate borrowers are finding it difficult to keep up with their monthly payments, choosing to delay starting families and buying homes Older borrowers  also are affected, with over one-third of borrowers over the age of 40 troubled to remain current on their loan payments.

 

The Student Loan help Center Team with Bruce Mesnekoff in Our Studio and talking about Free Federal Schemes, As Bruce Mesnekoff Said “Many borrowers are unaware of the free federal-government programs that exist to help ease their debt burden. The student-loan servicing companies hired by the Department of Education often fail to provide enough information to accurately inform and assist the borrower, leaving room for unscrupulous companies who charge unwitting borrowers thousands of dollars to enroll in free government programs.“

 

Increase Awareness about Government Plans

 

As per Bruce Mesnekoff from Student Loan Help Center Said USA Gov. Provides Four income-driven repayment plans:

  • Revised Pay As You Earn Repayment Plan (REPAYE Plan)
  • Pay As You Earn Repayment Plan (PAYE Plan)
  • Income-Based Repayment Plan (IBR Plan)
  • Income-Contingent Repayment Plan (ICR Plan)

Due to Less Awareness People should know about these plans through official Website.

Refinance Student Loans A Better way!

 

Bruce Mesnekoff Suggests those Officials should establish More Programs and Projects to refinance both federal and private student loans.

  • Federal refinancing could help private student-loan borrowers take advantage of the repayment programs and additional protections of federal loans. Under one proposal, 25-30 million student-loan borrowers could lower their interest rate and monthly payments, saving an average of $5 thousand over the life of their loans.

Make Repayment Options Easy (including PSLF)

 

Expand and protect repayment options and create simplified systems for enrollment.

  • There are currently over 30 different repayment plans, with confusing and sometimes onerous requirements to enroll and maintain benefits.
  • Backdoor tax surprises on loan forgiveness in current law should be eliminated. 
  • Automatic renewal systems, instead of the current annual recertification process, would prevent borrowers from accidentally losing their repayment plan benefits.
  • Public Service Loan Forgiveness can be made proportional for each year of service.

Student Loan Servicer Accountability and Consumer Protections

  • The servicing companies the Department of Education presently contracts with too typically contribute to the student-debt crisis.
  • Student-loan-servicer accountability measures embrace cutting contracts with lawbreaking servicers; absolutely implementing President Obama’s Borrowers Bill of Rights; and providing a personal right of action against loan servicers.
  • Consumer-protection measures embrace extending the protections that federal borrowers relish to personal student-loan borrowers, as well as caps on interest rates, versatile reimbursement choices, and sure cancellation rights.
  • Cracking down on personal student-loan “relief” corporations.
  • Ending Social Security offsets for recipients with defaulted student loans.
  • Providing a lot of economical teach-out programs for defunct for-profit faculties and immediate loan forgiveness to victims of closed/sold colleges or those under investigation.

Bankruptcy Protections

  • Under current bankruptcy law, discharging student debt is almost impossible.
  • Loan modification options and bankruptcy protections for all student loans, including private loans, would alleviate a major burden for struggling or insolvent borrowers.
  • Provisions of the 2005 bankruptcy code, which were more consumer friendly, can be restored to allow easier discharge of student loan debt.

The next president in 2017 of the USA will have the immense responsibility of finding a student-loan-debt crisis that is constraining the potential of a full generation and, in the process, imperiling the Long Run of the Whole country. 

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Discuss REPAYE Term With Bruce Mesnekoff?

Government plans to create the Loan forgiveness program into a sweeping program that may benefit quite six million+ student borrowers. Thus Bruce Mesnekoff will telling us nowadays “Excatly what's REPAYE?”

As per
Bruce Mesnekoff said Last time – “For REPAYE, all you have to do is prove that 10-percent of your income can’t repay the loan installments.”

 

So, Bruce Mesnekoff “According to You, What is the Meaning of REPAYE?”

 

REPAYE exactly known as “Revised Pay As You Earn”, REPAYE solves this drawback came in pay as you earn plan. like the name implies, REPAYE has some similarities to pay as you earn. first and foremost, REPAYE, like PAYE, sets payments at no more than 100% of income. However, REPAYE—unlike PAYE— is available to direct loan borrowers regardless of when they took out their loans.

 

Why REPAYE for nurses and Lecturers?


Professionals working as nurses and lecturers in government and ngo agencies have a hard time managing their loan repayments, particularly if they need borrowed student loans individually for collegian and graduate programs.


REPAYE arrange treats the UG and graduate student loan borrowers individually that is a good way to simplify the Loan forgiveness theme for nurses and lecturers who have exhausting time consolidating their portfolio. several borrowers fighting their entry into the loan forgiveness theme no longer need to wait for the date restrictions.


Unlike pay as you earn, the older borrowers may also enjoy the advantages of Loan forgiveness joined to REPAYE, that may add extra numbers of benefiters into the list.

 

When is the borrower forgiven?

 

For undergraduate and graduate borrowers, the forgiveness comes after 25 years of repayment through REPAYE. The capping of income is set at 10% of the discretionary amount, however according to REPAYE, the standard repayment on a monthly basis will attract higher rates if the income of the nurses and teachers increase too. This means that the interest sum will keep accruing on a monthly basis, but the eligibility for forgiveness will be applied only at the end of the 25th year.

 

Eligibility conditions

 

Eligibility beneath REPAYE is clear and straight. To earn forgiveness, student loan borrowers need to satisfy the following conditions.

  • Citizen of USA/Green CARD Holder
  • Borrower with Direct Loans
  • Clear financial record with no debts
  • NO Default History

As there are no date restrictions involved in REPAYE, the borrowers of student loan can enjoy the forgiveness and capping benefits even if the loan was availed 20 years back. Eligibility in REPAYE is simple and direct.

 

What are the restrictions in availing REPAYE?

  • Non-Direct Loan borrowers can’t be included in the list of benefiters
  • If you are already enrolled with the Income Contingency Plan
  • If you have a high income such that you exceed the 10% capping eligibility
  • If you have Parent Plus Loans

In order to enjoy the benefits through the REPAYE Plan, borrowers looking for Loan Forgiveness for nurses and teachers have to re-certify their income annually to stay eligible for the benefits. Without yearly certification, the benefits will be waived off immediately and the forgiveness term could be delayed without any notification.

 

Bruce Mesnekoff Can you Tell us , How to enroll in REPAYE?

 

Getting enrolled with REPAYE is direct and involves interaction with the loan service officer. You could either apply through a written application form or by submitting online application form to the Department of Education—DoE, or You can contact our Student Loan Expert At Bruce Mesnekoff for any kind of help or consulting.

 

For the benefit of the borrowers, the entire application procedure and subsequent verification is 100% free, with no hidden cost of documentation or approvals.

Benefits of REPAYE Plan

 

The REPAYE plan allows five million more loan borrowers to cap their monthly student loan payment quantity at ten percent of monthly discretionary financial gain, while not regard to once the recipient 1st obtained the loans. As Bruce Mesnekoff same the REPAYE arrange improves upon this Pay As You Earn arrange whereas extending its protections to any or all student borrowers with Direct Loans.

 

In addition to the monthly payment cap, REPAYE can forgive remaining debt when twenty years for those that borrowed just for undergraduate study and twenty five years for those that borrowed for graduate study.

 

The REPAYE arrange additionally can give a brand new interest grant profit to prevent ballooning loan balances for those whose income-driven payments cannot sustain with accruing interest.

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Brief Discussion of Important Terms You Need to Know Before Repaying Student Loans With Bruce Mesnekoff

1. Capitalization: Capitalization is once your loan holder adds unpaid interest to the principal balance of your loan. This will increase the amount you owe currently and within the future, as you start paying interest on that larger balance.

 

Capitalization happens whenever you enter repayment – or for federal student loans, at the top of a grace, deferment or forbearance amount – in addition as after you consolidate a loan or it goes into default.

2. Consolidation: Consolidation may be a repayment possibility that replaces borrowers’ existing debt with one, new loan. Consolidation will build repayment easier by reducing the amount of loans borrowers have.

 

However, consolidation loans may also value you any special advantages your previous loans had, like Perkins loan forgiveness. Before consolidating, think about all the pros and cons mentioned by Bruce Mesnekoff

 

3. Delinquency, default: This is another pair of related terms that borrowers often confuse.

 

Loans enter a delinquency status if they’re past due by even a single payment. Federal student loans usually default after 260-270 days of delinquency, if you are required to make monthly payments.

 

Neither is good and both will damage your credit score, but trust us, you’ll know when your loan switches from delinquent to default. If the mailed notices don’t tip you off, the penalties – which can include garnishment of your paychecks and tax refunds or Social Security payments– definitely will.

 

4. Forgiveness: There are ways to have your student loan debt erased, and this is known as forgiveness.

 

Your home state may have programs to forgive your loans, likely depending on your profession. At a federal level, the main options are Teacher Loan Forgiveness and Public Service Loan Forgiveness. Check out our the Ultimate guide to Student Loans by Bruce Mesnekoff on Amazon.

 

5. Pay As You Earn: Federal student loans offer many different options to make payments more manageable. Pay As You Earn is the newest, and it ties loan payments to a borrower’s income.

 

This plan allows eligible borrowers to make payments of no more than 10 percent of their discretionary income. Under this plan, after 20 years of qualified, on-time payments – or 10 years, if you work at an eligible public service organization – any remaining outstanding balance on your federal student loans may be forgiven.

 

6. Promissory note: This is your loan’s contract. If you would like answers concerning your repayment choices or rights as a receiver, look in your debt instrument/promissory notes or you can discuss with student loan consolidation expert Bruce Mesnekoff from the Student Loan Help Center

 

7. Rehabilitation: Should your loan enter default, rehabilitation is one option you have to return it to good standing. You can also consolidate out of default or pay the debt in full.

 

In rehabilitation, you work with your loan holder and make nine on-times, voluntary payments in an agreed-upon amount. Bruce Mesnekoff said  ”After that, your loan goes to a new holder and a new servicer and the default line gets removed from your credit history”. You can rehab each loan only once, so it’s important to stay on track once this process is complete.

 

8. Grace period: A grace period is the amount of time you have before your first payment is officially due. As Bruce Mesnekoff said “While most federal student loans come with only 6 months grace period, the actual amount of time you receive can vary greatly depending on the type of loan you have.”

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Bruce Mesnekoff Discussing About Refinancing Student Loan and Consolidation

Loan repayment is a major goal for any graduate after college. According to our Expert from Student Loan Help Center, Mr. Bruce Mesnekoff, Every individual dreams of a loan free future and having some financial stability. To achieve this, there are options available to help with loan repayment. In our earlier article we spoke about consolidating student loans. In this article, we will discuss refinancing student loans and its associated advantages.

 

So Bruce Mesnekoff, how consolidation and refinancing are different in terms?

 

These two terms are used interchangeably by most people but there is substantial difference between the two. Understanding the difference is critical to know when can each be used and whether it will solve your purpose or not.

 

Consolidation lets you combine all your student loans into one loan and pay interest at a weighted average. Refinancing is taking a new loan to pay off all your student loans. Refinancing is not available for federal loans but only for private loans.Also only private loan lenders provide the option of refinancing, though a few might provide you with the option of refinancing private and federal loans.

 

Why Refinancing and Bruce Mesnekoff tells us what are the Advantages of it?

 

Refinancing has certain benefits if you get good pay.

  1. You will have to pay lesser interest rate. This helps you save monthly and eventually a bigger bank balance down the years.
  2. Your credit score is high which will help you gain multiple offers from lenders with lesser interest rate.
  3. Offers you variable loan interest which come handy if you took loan when interest rates were too high.
  4. You also have the option of decreasing your loan repayment cycle, This will increase monthly repayment amount but you will be loan free in shorter time and will save on even more interest money.

 

Disadvantages

 

There is one major disadvantage that comes when you refinance private and federal loans. The benefits offered by federal loans like public loan forgiveness program or income driven repayment will not be transferred to private lenders. So if you are truly confident of your income then you can do away with such options and completely rely on private loans.

 

So Bruce Mesnekoff , Can you tell us Eligibility Criteria, I think its most important for our students.

 

The eligibility is determined by your financial stability, your credit score, employment history etc. If you have poor credit, you can always have a co-signer to make the process feasible.

 

Refinancing is surely a great way to save money, but whether it best fits you or not is completely your decision. Thoroughly analyze all the pros and cons against your goal and then take the first step. Make the best use of the number of lenders available to provide you with the best solution for your areas of concerns. Good Luck! You can also contact Bruce Mesnekoff an author of  The ultimate guide to student loans and CEO of Student Loan Help Center Florida.

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Discussing Budgeting for Student Loan with Bruce Mesnekoff

Student loan at the starting of each term is a lot of money. All of this money needs some management to make it through the entire year. This has to include money for books, activities, food, commute and so on. As Per our Expert Bruce Mesnekoff, There are a lot of tools available in market to help you with your financial planning for your year for eg. Mint, Personal Capital, Level Money etc. Now all these tools have their own pros and cons which should be analyzed before relying on any of these for your money matters.

 

Now apart from these tools, there has to be some discipline from your end as well which includes budget cutting and being economical. Below are some of the ideas mentioned to help you sail through!

 

1. Buying Books

 

As Bruce Mesnekoff Suggests our Student Listener, Firstly, there are options in universities to buy second hand books and then resale those once you are done. This helps you save a lot of money. Secondly, Make sure to check out library to find out what books you can get from there and can avoid buying. Lastly when you have to buy books which you can get using above two options, use your student card.

 

2. Travel

 

Now whether it’s commuting to college and back or going home for holidays you can look for ways to save money. For college you can do carpool, or use your student card to get discount on public transport. Same applies to travel back home, you can also plan in advance and book to save money.

 

3. Food

 

As Bruce Mesnekoff said you need to economical in your everyday living when you are on a budget. Bringing lunch bag and snacks from home not only helps you save but is also a healthy lifestyle. You can also buy in bulk from grocery store to save that extra money go out of hand.

 

There are other areas also to focus on say entertainment. You need to unwind and rejuvenate to keep that energy going but that should also be a budget friendly manner. For instance partying at a friend’s place instead of a club, looking for buy one get one movie ticket options etc. can be considered.

 

4. How to use tools for your target

 

There are a lot of tools available in market to help you with your financial planning for your year for eg. Mint, Personal Capital, Level Money etc. Now all these tools have their own pros and cons which should be analyzed before relying on any of these for your money matters Or you can hire one Financial consultant or consolidation expert from Team of Bruce Mesnekoff for further discussion or consulting.

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Student Loan Forgiveness Plans Discussed by Bruce Mesnekoff

Student loans have to be paid whether you are earning less, or you are unemployed. There is no magic to make them go away but yes there are loan forgiveness programs that can help for a debt free future. Below are some of the listed programs which will help you to get rid of your loans down the line if you fulfill the eligibility criteria. That means if the federal loan is forgiven, discharged or cancelled borrower will not have to pay the loan thereafter. So let’s with our Student Loan Consolidation expert  Bruce Mesnekoff from Student Loan help center and An author of the ultimate guide to student loans about all Forgiveness Plans.

 

According to Bruce Mesnekoff  there are some things to keep in mind regarding forgiveness ,Only federal loans can be covered under forgiveness programs. Secondly, your loan cannot be in default.

 

1.      Public Service Loan Forgiveness by Federal, Central and State Governments:

 

To be eligible for this plan, you need to work fulltime with not-for-profit organization or for federal, central or state government for 10 years. This plan started in October 2007, so payments made after this time will be eligible. You can apply for forgiveness after 120 timely, monthly payments and you while applying you still need to be working with not-for-profit organization or government. Also your repayment should be income driven.

 

Other important factor is that you need to fill Employee Certification Form each year which you either can submit each year or can shoe retrospectively to Fed loan Servicing.

 

There is one caution here, you need to take your career decision very seriously as 10 years is not a short time to spend in a career.

 

2.      Teacher Loan Forgiveness:

 

To be eligible under this program, you need to be a full time teacher in low income elementary school or secondary school. As per Our Expert Bruce Mesnekoff this plan started on October 1, 1998, so repayments made after this date only are eligible. The forgiveness amount will vary from $5000 to $17,500 (for teachers teaching science, mathematics or special education). You can also take advantage of public service loan forgiveness if you teach for 15 years and more.

 

To apply for this forgiveness plan, you need to fill teacher loan forgiveness application.

 

3.      Income Driven Repayment for Student Loan Forgiveness :

 

This plan is driven by your income. Now this is not a straight forward forgiveness plan but it helps for huge debt. So to be eligible for this plan, you need to make consistent payments for 20 to 25 years and then apply for forgiveness. You need to inform your lender about your changed income from time to time. Also this is relevant if your payment is less than what it would be under a standard plan.

 

There is one downside to it that you will accrue more interest and also the amount forgiven will be taxable. At the same time it is beneficial to have less monthly payments than go into default.

 

To apply for this you need to submit application form to StudentLoans.gov, you can consult with out expert Bruce Mesnekoff.

 

4.      Perkins Loan Cancellation Program:

 

As our Expert “Bruce Mesnekoff” told us Only Perkins loans are eligible under this plan. In this plan, borrowers can have 100% loans cancelled if they work in public service jobs after 5 years. Teachers must work full time in low paying public school or should teach special education, science or mathematics. These loans are disbursed by your school; they will provide you the required application.

 

Your loan gets cancelled incrementally with each year foreg. 15% in first and second year, 20% in third and fourth year gets cancelled and so on.

 

All these forgiveness plans have specific ifs and buts. It would be advisable if you analyze all these considering your own financial goals and current financial situation to form a plan which suits you.

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Discussing Best way to Manage your Student Loan with Bruce Mesnekoff

After graduation, people have various dreams to fulfill, various goals to achieve be it a dream house to buy, a vacation world over, or planning for retirement.  All these dreams need a good financial planning; it includes planning repayment of student loans in the best possible manner. As Per Bruce Mesnekoff , A CEO of The Student Loan Help Center In Florida, It is advisable that student loans can be paid faster for you to save money and plan for other important things in life. The freedom from student loans at the earliest is the goal of this discussion.

 

So, Mr. Bruce Mesnekoff let us tell how we can manage our student loans while doing our graduation or after graduation, as right its biggest issue in USA.

  • Student Loan Tax Deduction: Now student loans offer tax deductions i.e. you get some money back in your pocket. Instead of using this money to some other leisure activity you can pay the amount as repayment for loans. This way a huge load is off your back and your pending loan amount is reduced drastically.
  • Extra than Minimum: As Bruce Mesnekoff suggests, try and add some money over and above the minimum money that is required to be paid as repayment. Be it $20 only but it will add to principal and in long run even small amounts matter.
  • Cash Windfall: If ever fortunately you get a good amount of cash from somewhere is it a gift, lottery etc use it to pay back your loan. This will eventually help you paying lesser interest, save money and get rid of the loan debt at a faster pace.
  • Jobs That Offer Forgiveness: There are multiple organizations which offer benefits of repaying your student loans and even jobs like teaching or public service offer loan forgiveness in parts or full. For the same certain requirements need to be met for you to be eligible.
  • Avoid Repayment Programs: Repayment programs available should be avoided if you want to get rid of loans at a faster pace since these programs decrease your monthly payment but increase the number of years thus resulting into paying more interest eventually.
  • Automatic Deduction: Some lenders offer some discounts if the deductions are automated. This means that repayment amount will get deducted from bank account automatically at a specific date of each month. As Bruce Mesnekoff said this could be as less as 0.25-0.30% but we should remember a penny saved is a penny earned!
  • Pay Before Actually Required: Different loans have different grace period. This is the time after graduation when loan is not accruing interest and you can actually consider paying starting from grace period. This is taking into consideration that you have a nice job and your finances can be sorted.
  • Pay Bi-Weekly/Tri-Weekly: Another famous option by Bruce Mesnekoff is to make the payment biweekly or Tri-weekly i.e. you split the monthly amount into two/three equal parts and pay after 2/3 weeks each. This will reduce the interest and you will end up paying one month’s extra payment at the end of the year.

 

At last Mr. Bruce Mesnekoff, An author of Famous Book “THE ULTIMATE GUIDE TO STUDENT LOANS” Said, you can choose whatever method seems feasible to you considering your financial management. Just back it up attitude, determination and a hope for a loan free future to achieve your target.

 

For More Information Contact Bruce Mesnekoff on LinkedIn

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Common Mistakes to Avoid for Student Loans

Today we are going to discuss with CEO of The Student Loan Help Center and Author of The Ultimate guide to student loans Mr. Bruce Mesnekoff about common mistakes student can do while talking student loans and how to avoid these.

 

With the number of options available, student loans are available pretty easily. This ease often create a lot of traps for students, mistakes that make may jeopardize the financial security in long run. As a result student will often graduate with more debt or pay a lot more interest than required. In this article we will discuss the mistakes to avoid making the best use of the student loans. So Mr. Bruce Mesnekoff What are common mistakes to avoid for student loans.

  1. Spending on Leisure: Many a times students after getting the lump sum amount spend it on non-study related activities or items. It should not be forgotten in the glitter of money that at the end of the day it is borrowed money and it has to be repaid which will take years after graduation.
  2. Not working / Looking for Grants: Many students completely rely on loans. There are various options to consider reducing the amount borrowed as loan. Options as grants, scholarships should be explored and working on part time jobs as well. Lesser the amount borrowed lesser is the amount to be repaid leaving you richer down the years.
  3. Not Considering Income Driven Repayments: Repayments start after graduating from college. There is always an option of using income driven repayment which is helpful for people earning less and having more payments to be made for loans. As Bruce Mesnekoff said this option works as life saver for them. Not using this and sticking to fixed payments might lead people to default.
  4. Wrong Repayment Plans: When repayments starts there are a few choices available with students to decide what they want to go with. Whether to go for consolidation or refinancing, student’s own conditions should be the deciding factor not merely the popular opinion. Choice for the repayment option should be made considering one’s own long term financial goals.
  5. Not understanding terms and condition: Whether going for direct loans or private loans, it is of immense importance that the student must understand the nitty-gritty of loan which will affect him or her. This includes tenure for loans, interest rate, repayment options, whether applicable for forgiveness programs or not, how long is the grace period etc. Since all these will affect the financial planning of the student only, it becomes important to be extremely cautious.
  6. Ignoring payments: Many a times due to one reason or other, people ignore the repayment bills or keep it for future. This results into increased probability for loan going into default which will impact your credit rating along with other problems compromising your future financial stability.

According to Bruce Mesnekoff , A CEO of The Student Loan Help Center , Thus it’s crucial to always be aware of the loans that you have been granted and be vigil with its repayment since your poor financial choices will haunt you for years to come.

 

For More Information Contact Bruce Mesnekoff on LinkedIn

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Discussing Student Loan Consolidation with Bruce Mesnekoff

Finalizing on the type of student loan you need to go for is not the last step in loan processing. While repayment you will again be faced with the choices of consolidation or refinancing. In this article we will be discussing the why, what and how of consolidation with our Student Loan Consolidation Expert Bruce Mesnekoff.

 

So According to Bruce Mesnekoff what is consolidation?

 

Consolidation is used when you have more than one loan; a new loan is taken to pay off the rest. It is applicable only for federal student loan. The interest rate is weighted average of all the loans. This interest rate is kept fixed thereafter.

 

Who Can Consolidate?

 

You need to have entered into repayment time or grace period to consolidate loans. Students in school cannot consolidate loans. Both parents and children can consolidate loans but separately. All the loans should be under the name of one borrower for consolidation. You also need to have a good repayment history to become eligible for it. Unfortunately private loans cannot be consolidated.

 

Why to Consolidate?

 

Consolidation is a way to keep out of default which surely helps in long run. It reduces the number of payments to just one payment per month so it makes your life hassle free. You want to go for fixed interest rate over variable interest rates. Through consolidation FFEL loans become eligible for Public Service Loan Forgiveness. The monthly payment might decrease since the payment time increases resulting into you paying more interest. According to Bruce Mesnekoff, also there is no consolidation fees involved. It helps in flexible repayment options which is income driven.

 

How to Consolidate?

 

As per Bruce Mesnekoff Consolidation can either be done online or through mail. If you want to apply online, login to studentloans.gov and complete the application form. For mail, application will have to be printed, and mailed after completion.

 

Disadvantages of Consolidation

 

The main disadvantage is the paying more money at the end of the term since payment time will increase and monthly payments will reduce. Another potential disadvantage could be losing current lender’s borrower benefits. Also you might not be eligible for certain military benefits. There could be some repayment penalties. If you go for consolidation earlier only in your grace period then you will lose the grace period.

 

Thus before deciding Our Student Loan Consolidation Expert Who is an Author of Various Book like The ULTIMATE GUIDE TO STUDENT LOANS and CEO of The Student Loan Help Center , a thorough investigation is must since consolidation is not for everybody. Considering all benefits and potential risks is important and also that whether it helps you or not to fulfill your financial goals.

 

For More Information Contact Bruce Mesnekoff on LinkedIn

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Student Loan Processing

Student loan is a kind of blessing for all students who want to make big in their career without the constant worry to arrange for financial sources. To make full use of student loans it’s important to know what all is involved in its processing to make it a hassle free process. Now Student loans come in two forms: Federal loans and Private loans.  Both have different methods of applying which are explained below. As Bruce Mesnekoff , CEO of The Student Loan Help Center and Author of Many books had told us it’s good to know about student Loan processing.

Let’s Discuss with Bruce Mesnekoff today about Federal and Private Loan Processing.

 

Federal Student Loan Processing

 

Students have to first fill out the FAFSA application i.e. is Free Application for Federal Student Aid at studentloans.gov. The results of the application will be sent to the list of schools selected on FAFSA. Students also need to keep a tab on SAR score i.e. Student Aid Report which is sent within few weeks after sending application. You can make necessary changes on SAR and then return the same to the appropriate address. It is also sent to the schools you listed.

 

The school will then check your eligibility and you will be sent the financial aid award letter which will include the type of aid you will receive. Post this you have to sign MPN (Master Promissory Note) after thoroughly going through it. After all this is done you will receive loan applied to student account from school.

 

Private Loan Processing

 

The most important step for private loan processing is to consider all the available options and compare their rates and terms including repayment options, fees etc. Your school’s aid office can come for help here to guide you. After understanding your best option, submit application and go through a credit check. You should also consider adding a cosigner to increase your chances of loan approval in addition of lower interest rates. As per Bruce Mesnekoff A writer of well known THE ULTIMATE GUIDE TO STUDENT LOAN and CEO of Student Loan Help Center Private Loan can be more beneficial than federal at some critical time period in life. 

 

The following step is to sign Promissory note and complete self-certification form. Accept the loan terms and you will receive loan applied to student account from school. 

 

For More Information Contact Bruce Mesnekoff on LinkedIn

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Discuss Student Loan Rehabilitation with Bruce Mesnekoff

Today we have Bruce Mesnekoff , A Student Loan Consolidation Expert From Student Loan Help Center, Florida here with us in our studio in Tampa with our Listeners. We are going to discuss Student Loan Rehabilitation with him.

 

Student loans surely help to take away the burden away but what to do when you are in default. The best way is to be proactive and search for the best outcome of the available options. Now there are two actions that you can consider when you are in default: consolidation or rehabilitation. Both the options have their own advantages and disadvantages but will definitely help in getting out of the default situation.

 

Bruce Mesnekoff is an Author of The Ultimate guide to student loans, which you can easily purchase from Amazon and get all updates about student loan consolidation from it.

 

So Bruce Mesnekoff , According to you What is Default?

 

When a borrower misses the scheduled loan payment, the account will become delinquent and it will remain so till the loan is made current i.e. borrower makes the payment to bring loan up to date. After 90 days of missed payments, delinquency is reported to credit bureaus and after 270 days it goes into default.

 

As per Bruce Mesnekoff what is Rehabilitation of student loan.

 

Through rehabilitation borrowers are given the chance to get the loans out of default. The process involves paying nine payments within a ten month period as the program allows you to miss a payment or be late with it). Now further action depends on the type of loan i.e. whether you have direct loan or indirect loan. For direct loan, loan is rehabilitated after nine months but under indirect loan also known as FFEL loan, guarantor has to sell your loan to another buyer to complete the rehabilitation process. After you make nine payments you must have a minimum principal and an interest balance of $500.  The payment of nine months cannot be done in lump sum. Also rehabilitation is only done once.

 

Pros and Cons Of Student Loan Rehabilitations

 

As discussed in starting of the paragraph, loan rehabilitation program has its own benefits and drawbacks. The advantages include that the rehabilitated loan will be eligible for future forbearances. Also if you want to return to school you are eligible for student aid and most importantly your credit report will not contain any loan default notation.

 

Drawbacks include the requirement to pay nine consecutive payments and also absence of any formula to decide the amount to be paid in monthly installments.

 

For More Information Contact Bruce Mesnekoff on LinkedIn

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Benefits of Student Loan Suggested by Bruce Mesnekoff

Benefits of Student Loan Suggested by Bruce Mesnekoff

 

While considering the college education, students need all kind of financial aids be it scholarships, grants or loans. Student loans can be burdensome be it for the reasons of applying for it or the interest that it may carry but at the same time there are a lot of upsides to it as well. Student loans can either be federal or private with their own distinctive advantages.

 

Helps to Establish Credit

 

According to Bruce Mesnekoff Director of Student Loan help Center making regular payments on students helps you to build up your credit score since you can get student loans with low credit or even no credit. These good credit scores will help you meet your future financial goals.

 

Repayment Options

 

Federal loans provide flexible repayment options. You can choose the payment based on your income for instance extended repayment resulting into lesser monthly amount or payment which changes with your income. Also you have the option of stopping the repayment for certain amount of time due to some tough conditions.

 

Tax Deductions

 

The interest gets deducted from your income resulting into reduced tax burden. The maximum interest that can be deducted is $2500 or the total interest paid whichever is lower. It has to be filled in Form 1040 however IRS has created income limit for deductions following which you are not eligible for deductions if your income is above a certain bracket.

 

Subsidized Student Loans    

 

Federal student loans are subsidized for students meeting the financial criteria as determined by FAFSA. As per Bruce Mesnekoff , As long as the eligible student is enrolled with the accredited university, government will pay accruing interest on loan principle.

 

Lower Interest Rate

 

In some cases borrower may get lower interest rate from private lenders as compared to federal programs. They offer various incentives as well to attract business. Also private lenders have varying interest rate while federal programs have fixed interest rate.

 

Job Benefits

 

Many employers are helping employees for the repayment of student loans as a recruiting strategy. It is a part of benefits package offered. Though the number of such companies is small, a lot of companies are I pipeline to implement this plan.

So what is required is a thorough analysis of the kind of loan that satisfies your education requirements based on pros and cons. This takes away the worry to arrange for financial resources and students can focus on studying to grab a job resulting into a great career.

For More Information Contact Bruce Mesnekoff on Linkedin

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The Basics on Student Loan Consolidation By Bruce Mesnekoff

Bruce Mesnekoff has always been a known proponent of student loan consolidation. However, despite the fact that he fervently believes that this is the best option for those who are in a debt quagmire, he still thinks that it is necessary for the individual to be fully knowledgeable of the bases first.  Apparently, it is not enough that you know that student loan consolidation is the answer.  It also matters that you actually understand well why it is the best solution.  After all, it is only when you are already familiar with the benefits of student loan consolidation that you would become a proponent just like Bruce Mesnekoff

 

Just by how it is called, it is quite obvious what would happen to your student loans.  According to Bruce Mesnekoff, in the course of your studies, it is possible that you would incur more than just one loan, I also think it is truth.  There are three major creditors from which you could acquire loans. Under the circumstance that you would have to spend so much money for tuition and allowances, it would indeed be convenient to acquire all three loans from different creditors.  It is when you have to repay the loans that you would surely find some issues.  This is the time when Bruce Mesnekoff would strongly suggest student loan consolidation.

 

Due to student loan consolidation, it would certainly be so much easier for you to repay your debt.  All your student loans would be summed into one loan which you could more easily handle.  One of the clear advantages once your loans are consolidated is that you no longer have to shoulder a higher interest rate.  The interest rate would not only be lesser this time; it would also be fixed.  Apparently, Bruce Mesnekoff is suggesting a solution that would be so much easier for you to deal with.  This is why you should consider this.

 

There could be many other options if you wish to solve your debt problems.  However, you should be careful with your choices.  You should avoid picking solutions that only look good at the moment but would turn out to be steps towards the wrong direction.  You could easily point to bankruptcy as a fitting example of this.  Student loan consolidation does not at all put your name in a bad light.  This means that you could still look credible to creditors.  Acquiring more loans is still possible. Bruce Mesnekoff is right in promoting this.

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An Idea by Bruce Mesnekoff to give relief from student loans

An Idea by Bruce Mesnekoff to give relief from student loans

 

This Labor Day holiday marks not only the start of a new academic year for the nation’s colleges and universities but the stretch run in the 2016 presidential campaign, one in which the political discourse is polarized on issues such as immigration, national security and even national identity.

 

Today I have long phone call with MD of The Student Loan Help Center Mr. Bruce Mesnekoff, Who is also Student Loan consolidation expert from Florida. Let’s see what they suggest to our Listeners today.

 

While the presidential campaign is like no other we have witnessed in our lifetime, filtering through the harsh rhetoric is some direction and clarity for those of us who still think a college education and a college-educated workforce are critical to our country’s future. While we are not naive, nor do we believe that a public university education should be completely free, there is a plan to address the dramatic rise in college tuition costs and the crushing debt too many students and their families incur.

 

As MD of The Student Loan Help Center, we believe the plan put forward by Hillary Clinton will help graduates in Student Loan who need relief from the debt they currently carry and should be taken seriously.

 

If we talk about student debt in this country has reached crisis levels and is now estimated to be $1.2 -$1.5 trillion. Nearly 7 out of every 10 new graduates of four-year colleges are in debt and carry an average balance of nearly $30,000-$35,000. This is bad not only for those graduates but also the economy of our country. In fact, student debt has surpassed credit card, car loan and home equity lines of credit to be the second-largest source of consumer debt in this country.

 

So Bruce Mesnekoff, Now My Question to you is what is proposed, Can you discuss Clinton Plan with us today?

 

As per Bruce Mesnekoff, from The Student Loan Help Center, Clinton Suggests Graduates will be able to refinance their student loans just like borrowers can refinance other loans. They will also be able to enroll in income-based repayment so that the loan will be paid back, but at a rate and period that will work for them. And, they will be able to get relief for engaging in public service such as AmeriCorps as well as receiving credit for starting a business or social enterprise.

 

The plan also addresses the needs of current students and future graduates. Tuition has risen 40-45 percent at four-year public colleges and universities in the past 9-10 years, often shutting out students who are otherwise qualified. Under this plan, families earning less than $125,000-$130,000 would be able to send their children to public colleges and universities tuition-free. Federal assistance would also be expanded to include year-round Pell Grant funding and the expectation that students would work part time as well. In addition, enhanced funding for minority-serving institutions would be available.

 

As Bruce Mesnekoff told us, For the plan to work, however, there will have to be a commitment on the part of everyone involved. Federal investment will have to vastly increase, matched by states providing greater per-student support. Educational institutions/ Universities will have to do all they can to rein in costs and streamline pathways for student success. This is part of the “New College Compact” that includes students, faculty and everyone doing their part.

 

In California we have already been moving forward on many of these ideas. But we need to do more. The system of higher education in California has been the model for the rest of the world.

 

Unless there is a dramatic increase in federal and state investment, higher education in this state will be damaged irreparably.

 

Increasing the number of college graduates by millions is a national imperative and a public good. The Clinton plan recognizes that, and offers a possible path forward.

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Bruce Mesnekoff Ideas About Paying Your Student Loan early

Student loans: According to you Bruce Mesnekoff paying them off early a good idea, but saving is also necessary, but paying on regular intervals till 120 payments will give your forgiveness and easy consolidation, let’s see how!!

 

It’s easy to wipe out your savings account or your 401(k) to eliminate your student loans if you have the savings to do it. But there are other important and, yes, boring things you should do with your money.

 

“Today everyone really want to get rid of his student loans. So my question is should I use my savings to pay them off now?”

 

I wish someone had told me before I went to college that student loans would be an emotional drain, not just a financial one. That monthly payment can feel like it’s going into a black hole, perhaps because what it’s gotten us is so abstract: We can’t host a dinner party at our education or take our friends for a ride in our transferable skills.

 

Scientists have even researched the inner turmoil loans can create. A 2015 study published in the journal Social Science & Medicine found that the more money 25- to 31-year-olds borrowed to pay for school, the poorer psychological health they reported.

 

It’s easy to wipe out your savings account or your 401(k) to eliminate your loans if you have the savings to do it. But there are other important and, yes, boring things you should do with your money, especially if you’re earning an average income and have goals beyond kicking your loans to the curb.

 

So instead of throwing all your cash at your student loans, think of putting your money into Saving accounts, says Bruce Mesnekoff, a student loan expert and CEO of brucemesnekoff.com, and MD of The Student Loan Help center.

 

“Everybody should be contributing something to their emergency fund, something to retirement, and something to their debt, every single paycheck,” he says. Here’s how to do it.

 

Thinking towards your savings for high time.

 

Before tackling your loans head-on, Mayotte suggests setting up an emergency fund. That’s because without any savings, Start small and set aside $50 or $100 a month until you’ve got at least $1000. That pot of money will be there for you if, say, your car breaks down, and will keep you from going further into debt.

 

How to Take advantage of student loan forgiveness

 

Before you focus on aggressively paying down your debt, check to see if you’re eligible for student loan forgiveness. These programs can lower the total balance you need to repay, which should factor into how much money you put toward your loans. It’s crucial to talk to your school or student loan servicer and to dig into your loan information, so you don’t miss out.

 

“Part of it is, people don’t want to look at it, so they don’t know the options that are available,” says Bruce Mesnekoff, Student Loan Consolidation Expert.

 

Public Service Loan Forgiveness, for instance, will forgive your remaining federal student loan balance after you make 120 on-time monthly payments. It’s best to repay your loans on an income-driven repayment plan in the meantime. Those plans cut your monthly bill to 10 to 20 percent of your income, and you can send any extra money to savings instead of your loans. Teachers and borrowers of Perkins loans, which are for students with high financial need, have forgiveness options, too.

 

Automate your extra payments

 

If you’ve got your emergency fund, you’re saving for retirement and you’re not counting on a forgiveness bonanza, you’re ready to crush that student loan balance with what’s left. Make additional payments online and target your highest-interest loans first to save money on interest.

 

Or ask your student loan servicer/expert like Bruce Mesnekoff to increase the amount that’s automatically debited from your bank account every month.

 

No matter how you do it, paying extra toward your loans when you’re ready will get you a little closer to all the other ways you want to spend your money.

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Student loan tips by Bruce Mesnekoff

Student loan tips by Bruce Mesnekoff, you should know but probably don’t.

Student loans: The more you learn about them, the more questions that seem to come in your mind, Correct? So Bruce Mesnekoff, According to you what’s the best way to get out of student loan debt? Do you think Any One can simplify his monthly payments? Whom do I talk to about all this?

 

Here are five tips you probably don’t remember while thinking about student loan, but should:

 

1. Think of your student loan consultant or provider as your new best friend

 

Your student loan service provider is the company that receives your payments, so it should be your first point of contact if you ever have trouble affording them or have questions about your loan. You should also contact your loan provider if you:

  • Graduate or leave school. Your servicer needs to be up to date on your progress. Keeping in touch will also help you learn about your grace period and repayment options.
  • Change your name, address or phone number.
  • Transfer schools.
  • Are a reservist called to active duty with the U.S. armed forces for more than 30 days.

 

2. Take advantage  of  tax  benefits  from  government and plan to get more rewards

 

The next time you’re doing your taxes, remember to check if you qualify for tax breaks based on your loans or student status. There are two main types of tax “Rewards” you may be able to take advantage of:

  1. Deductions: These reduce your taxable income and apply to educational expenses, as well as the interest you pay on student loans during a given year.
  2. Credits: These reduce the taxes you owe and apply to educational expenses while you’re in school.

 

3. Keep  an  eye and make track on  your  subsidized  federal  government loans

 

If you take longer than your published program length to graduate, you might become responsible for the interest on your subsidized loans while you’re still in school. Why? Subsidized loans, which are usually interest-free while you’re in school, have a maximum eligibility period.

 

The limit applies to those who first took out federal loans on or after July 1, 2013.

 

4. Consolidate your federal loans to keep track of payments, so that its easy future for you

 

Consolidation, the process of combining your loans into a single, new loan — can simplify your payments, but it might cost you more in the long run. If you consolidate your federal loans, your interest rate will be the average of your current rates, rounded up to the nearest 1/8 of 1%.

 

5. Subscribe GOOGLE News and Update Channels, have eye on them

 

6. Ask Consultants who giving free consultation like Bruce Mesnekoff and his Team from Student Loan help center for help.

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Discuss Student Loan Forgiveness with Bruce Mesnekoff

So Bruce Mesnekoff , Exactly What is loan forgiveness?

 

Public Service Loan Forgiveness. If you are employed in certain public service jobs and have made 120 payments on your Direct Loans (after Oct. 1, 2007), the remaining balance that you owe may be forgiven. Only payments made under certain repayment plans may be counted toward the required 120 payments.

 

According to Bruce Mesnekoff what is a public service job and how public service jobs helps in loan forgiveness?

 

Jobs with federal, state, local or tribal government organizations, public child or family service agencies, 501(c)(3) non-profit organizations, or tribal colleges or universities should be considered “public service jobs.” Government employers include the military and public schools and colleges.

 

Under this program, borrowers may qualify for forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying payments on those loans while employed full time by certain public service employers.

 

Exactly Bruce Mesnekoff One of our Listener have question last week, Let’s Discuss the Danger of Student Loan Forgiveness.

The three main types of student loan forgiveness programs that qualify the most individuals are public student loan forgiveness and teacher student loan forgiveness and Income-Based Repayment Forgiveness. All of these plans have very strict requirements that must be met, and as such, there are dangers involved with all three.

For public student loan forgiveness, you can qualify to have the remainder of your Federal student loans forgiven after you make payments on your loans for 10 years (120 payments). In order to qualify, you have to be on a qualifying repayment plan, and you have to be working at a qualified public service organization for the entire time. In order to prove your qualification for the program, you have to submit paperwork annually to your student loan servicer.  #1 – failing to submit the paperwork could disqualify you from forgiveness.

#2 - dangers of public student loan forgiveness including missing payments, changing jobs, and not submitting your paperwork promptly after 120 payments have been made, that’s kind of biggest hard job. All of these could lead you to being disqualified from receiving student loan forgiveness.

In order to qualify, you must be a teacher for five or more years, and you must teach in a Title I school or in a school in which 30% or more of the students qualify under Title I. Furthermore, you cannot be in default on your loans as well.

Another danger is that if you worked in a Title I school, but were doing in on behalf of Americorps, you cannot qualify for Teacher Loan Forgiveness.

The biggest danger is that only $17,500 + of your loan will be forgiven. So, if you have more in loans beyond that, you’re still going to have to pay them.

Many more students qualify for student loan forgiveness because they are on an income-based repayment plan. Both IBR and PAYE offer student loan forgiveness at the end of the repayment term. However, there are more dangers involved with this type of student loan forgiveness; The biggest danger with these plans is that the student loan debt that is forgiven at the end of the plan turns into taxable income for the borrower. As such, borrowers who receive student loan forgiveness with these plans face large tax bills that they typically cannot afford.

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Bruce Mesnekoff and Jordan’s Discussion About Student Loan Consolidation

One of the biggest student loan myths out there is that borrowers can’t consolidate federal student loans and private student loans into one loan.  It’s understandable why people think that, since this wasn’t an option for many years.  But now that the choice is available, it’s important to understand whether federal and private loan consolidation is right for you especially when there’s the potential for significant cost savings on the line.

 

So Bruce Mesnekoff today tells us myth normally student have about student loan consolidation.

 

According to Bruce Mesnekoff there are Many Myths about Student Loan Consolidation in student minds, let’s discuss those.

1. Consolidation is the same as student loan refinancing?

 

Yes, Consolidation and refinancing are similar, but there are important distinctions. Please listen carefully,

 

“Consolidation” and “refinancing” used interchangeably, but they’re actually two distinct repayment options. Consolidation typically refers to bundling multiple federal loans into one through the federal government.

 

It can make your monthly payments simpler or give you access to more favorable repayment plans or forgiveness programs.

 

Student loan refinancing refers to taking out a new loan usually one with a lower interest rate  to repay one or more existing loans.

 

2. The consolidation process is the same for both federal student loan and private student loans.

 

Big NO, Federal loan consolidation is different from private loan consolidation.

 

Federal loan consolidation is a government process, while private loan consolidation happens through private lenders. If you have both federal and private loans, you may want to consolidate your federal loans together and your private loans together, but it’s rarely advised to consolidate them all into one loan.

 

3. Consolidating  student loans is a no-brainer.

 

According to Bruce Mesnekoff , Student loan consolidation isn’t right for everyone.

 

Federal student loan consolidation sounds great: You go from juggling multiple interest rates, terms and loan servicers to having one monthly payment. But consolidation isn’t for everyone, says Bruce Mesnekoff, Founder of The Student Loan Help Center.

 

Federal loan consolidation can be beneficial if you need to do it to access a repayment option. For example, most income-driven repayment plans and forgiveness programs require that borrowers have a federal direct loan.

 

Let’s wait for next episode release on our radio and we will discuss more myths with Bruce Mesnekoff about student loan consolidation as this is biggest issue in student’s life in Untied States.

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Rapid Question and Answer with Student Loan Expert Bruce Mesnekoff

Where do federal student loans come from?

 

According to me Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.

 

When did government student loans start?

 

The Labour government under Tony Blair passed the Teaching and Higher Education Act 1998 which introduced tuition fees of £1,000 to start in the 1998/9 academic year. In addition, maintenance grants were replaced with repayable student loans for all but the poorest students.

 

What is Student loan forgiveness?

 

As per Bruce Mesnekoff , Public Service Loan Forgiveness. If you are employed in certain public service jobs and have made 120 payments on your Direct Loans (after Oct. 1, 2007), the remaining balance that you owe may be forgiven. Only payments made under certain repayment plans may be counted toward the required 120 payments.

 

What percent of student loans are federal?

 

In 1996-97, 93 percent of the $38 billion (in 2006 dollars) in loans to undergraduate and graduate students came from the federal government. A decade later, 76 percent of the $77 billion in education loans was federal and 24 percent came from private and state sources.

 

What is federal student loans international students?

 

Bruce Mesnekoff Said BIG Yes, they can get, Students who are not US citizens or non-citizen permanent residents and who are attending an eligible US college or university may apply for international student loans.

 

Is financial aid only for US citizens?

 

As per Bruce Mesnekoff , The FAFSA is not intended to be used by schools for processing institutional aid applications submitted by international students. Only US citizens and eligible noncitizens may receive federal student financial aid. US citizens have SSNs, eligible noncitizens have ARNs, and international students have neither.

 

How can international students get loans?

 

According to Bruce Mesnekoff All international students applying for loans must have a US co-signer in order to apply. A co-signer is legally obligated to repay the loan if the borrower fails to pay. The co-signer must be a permanent US resident with good credit who has lived in the US for the past two years.

 

Thank you Bruce Mesnekoff to get on call with us, we will sure get back to you with our new questions.

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Bruce Mesnekoff answers

Bruce Mesnekoff About Recent Student Loan Issues.

 

Hello Bruce Mesnekoff, Welcome to our Show Talkies,  As Our Student Loan Consolidation expert we have several questions for you. Let’s start our question answer round. Are you ready????

 

Bruce Mesnekoff : Yes John Let’s discuss today what do you have from you talkies and listeners too.

 

What do you think Bruce Mesnekoff , How many people are in debt from student loans?

 

About 40 million Americans hold student loans and about 70% of bachelor's degree recipients graduate with debt. The class of 2015 graduated with $35,051 in student debt on average, according to Advisors, a financial aid website, the most in history.

 

According to Bruce Mesnekoff, How big is student loan debt?

 

Of this $1.2 trillion in student debt, about $1 trillion is in federal student loans. This figure does not tell the full story, however, as the $1.2 trillion does not include funds students must divert away from retirement savings, parent borrowing, or credit card debt.

 

What do you  think , What is the average amount of student loan debt?

 

Average debt levels for all graduating seniors with student loans rose to $29,400 in 2012 — a 25% increase from $23,450 in 2008. In 2012: At public colleges, average debt was $25,550 — 25% higher than in 2008, when the average was $20,450.

 

According to Bruce Mesnekoff, What is the total amount of student loan debt?

 

This increases the total federal student loan debt outstanding by about 6% to 7%, or about $70 billion. If one were to include capitalized interest, total federal and private student loan debt probably hit the $3trillion milestone in late 2014.

 

Do you think everyone have to deal seriously with debt crises?

 

Yes, this is what I think John, every person and government officials have to deal honestly with deal seriously with debt crises. That’s why Sen. Bernie Sanders stunned Americans when he proposed to eliminate college tuition at public institutions, such as Germany, Sweden and many other countries have done. Yet, even Hillary Clinton now accepts that drastic measures are needed to rein in student debt. Clinton recently announced a proposal to eliminate in-state tuition for public colleges and universities for families with annual household incomes up to $125,000, although unlike Mr. Sanders, she has not been clear on how to realistically pay for it.  Meanwhile, Presidential candidate Donald Trump’s fix for the problem seems to be fraud, if Trump “University” is any indicator of his solutions.

 

What do you think Bruce Mesnekoff , Why the Next President  Should Forgive All Student Loans?

 

Bruce Mesnekoff:  By forgiving student loan debt—which is largely held by the government—a tremendous economic stimulus would be generated, whose beneficiaries are people, not banks.

 

Thanks for today’s Call Bruce Mesnekoff from Student Loan Consolidation expert and CEO of Student Loan Help center.

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Default on Your Student Loans Let's discuss with Bruce Mesnekoff.

With many young graduates carrying anywhere from thousands to hundreds of thousands of dollars in student loan debt, students are currently facing a mountain of a financial challenge. On top of already high numbers, student loan debt is a sticky kind of debt, as in it stays with the borrower or cosigner no matter what.

 

But what about when you simply can't make payments on your loan? Beyond a late payment fee, continuing to let your student loan bills stack up will eventually lead to larger repercussions. Namely, student loan default. There are a variety of actions you can take when you can't afford to make payments, but if none of those options work for you, defaulting can have major repercussions.

 

So Bruce Mesnekoff , What to Do When You Can't Afford to Pay Your Student Loans

 

Borrowers can default on a loan for any number of reasons. Some borrowers default because they're financially unable to make payments. Others default unknowingly on a debt they didn't know that they carried. But one thing remains true among all these possibilities: If payments aren't received by your lender, your student loan will default. What exactly does that mean? Let's take a look.

 

What to do Bruce Mesnekoff, if Defaulting on Student Loan Debt happens.

 

First, lets take a look at the timeline when you're late on your payments.

 

As soon as you miss your first student loan payment, you're considered delinquent. This status can act a bit like a red flag to both you and the lender.

 

After a payment reaches 80- 90 days past due the delinquent status will be reported to the three major credit bureaus and a mark negative mark will be added to your credit report.

 

After 260 days past due, a student loan is considered to be in default. At this point, your debt will be put into collections and payment will be required from collections agencies.

 

What is Repercussions for Defaulting on Your Student Loan, let's discuss this with Bruce Mesnekoff from Student loan help center.

 

There are some immediate ramifications when you default:

 

According to Bruce Mesnekoff Loss of eligibility for forgiveness plans: If you have federal student loans in default, you'll lose protections such as federal  forgiveness programs, forbearance, deferment, and access to different repayment plan options.

 

Lowered credit score (and resulting consequences): The default will be noted in your credit report and will continue to be visible to lenders even if the default is quickly resolved. Keep in mind this hit on credit can impact your eligibility for loans, increase your mortgage rates, and even impact your future employment opportunities.

 

Collections fees: Once your student loans are turned over to collections, you'll be responsible for any associated collections fees. These will be tacked on to your initial balance of principal and interest.

 

Tax Refund Offset: Should you fail to pay on your defaulted loans, you may have your tax refund applied to your student loan payment. This is an automatic process and one that can be particularly difficult should you rely on your refund or end up owing the IRS taxes.

 

Paycheck/wages garnished: The government may begin to collect payment by automatically deducting up to 16% of your paycheck. This will be used to pay debt collections fees, interest, and then principal of your debt. For more information on how this works, check out our post on wage garnishment.

 

Legal actions: If you continue to ignore your defaulted loan you may face even more serious legal repercussions. The government can sue you at any time after your student loan has reached default status.

 

Higher interest rates: Along with a lowered credit score you'll also face the higher interest rates that often accompany a lower score. Since the mark of default can live for years on your credit report it's a consequence that could potentially follow you for years.

 

So Bruce Mesnekoff what we can do in all these circumstances? Tell us your suggestions.

If you're facing the possibility of default: There's nothing quite so scary as receiving a bill you know you can't pay. But despite the strong emotional response it instills, it's essential that you act on the issue and explore your options. Rest assured, you're not alone in your struggle. You can directly contact me through my website Brucemesnekoff.com .

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Refinancing Student Loans??

Discuss with Student Loan consolidation expert Bruce Mesnekoff and understand your reasons and goals for refinancing before choosing a new, private lender, say experts

 

Here are three questions to ask yourself before selecting one.

 

  • Why am u refinancing?

 

As Discussed by Bruce Mesnekoff , Borrowers may choose to refinance for any number of reasons, say experts.

 

Some may be hunting for lower interest rates. Others may want to simplify the repayment process, melding a mix of loans into a single debt, instead of repaying several lenders. 

 

Borrowers looking for a change may head over to an online startup for a different customer experience. Others may be looking to remove a cosigner from a private loan in the process.

 

Federal borrowers angling for a better interest rate through a private group should keep in mind that refinancing federal loans into private debt carries risk, including giving up federal loan protections, such as deferment and certain federal loan forgiveness programs.

 

  • What are the strengths of each lender?

 

According to Bruce Mesnekoff, Each lender has its sales pitch, and it's smart to shop around, say experts.

 

Some, such as Student Loan Help Center, are familiar company. "We've been helping our customers refinance and consolidate for over 20+ years," says Bruce Mesnekoff, CEO Student Loan Help Center.

 

  • What rate can you get? 

 

In the end let’s Tell us about the rate Bruce Mesnekoff, no matter the funding model, employment assistance perks or history, lenders offer a similar service. "Everybody’s money is green and they’ll pay off your loan,"

 

But comparing the interest rates between lenders can be tough. Rates vary depending on the length of repayment – typically a shorter term yields a lower rate – and the borrower's credit. Variable-rate loans tend to have a lower rate but run the risk of that rate rising over time.

 

And ultimately, the rate is tied to borrowers' financial health and credit.

 

Thank you very Much Bruce Mesnekoff for this telephonic interview with us.

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Let’s Talk with Bruce Mesnekoff, What borrowers can expect?

A single web portal for all federally held loans and a standard communication format branded with the Department of Education logo. As per Bruce Mesnekoff , Borrowers will no longer need to know the name of their service to manage their loans.

  • Standard customer service practices to ensure a "consistent customer experience."
  • According to Bruce Mesnekoff , More oversight, accountability and transparency of all student loan service providers, and greater incentive for providers to keep borrowers current on their payments and assist those at high risk for delinquency and default.
  • Specially trained personnel to assist high-risk borrowers and those in the military.
  • Proactive communication to ensure borrowers on income-driven plans are aware when it's time to re-certify their plan and help them if their applications are incomplete.
  • Increased call center hours, account access and payment methods, including the use of mobile technology.
  • Larger payments than due that are submitted without instructions will have the excess applied in a way that saves borrowers the most money. Borrowers will also be able to go online to provide instructions on how to allocate extra payments. Payments may be reallocated retroactively if requested.
  • Payments less than what is due will be applied in the way that keeps the most loans current.
  • Increased access to detailed account information.
  • Servicers will develop a "comprehensive complaint resolution plan" that dovetails with the department's own recently launched feedback system. Complaints will be handled consistently and in a timely manner. Borrowers should expect acknowledgment of their complaint within 15 days and resolution within 60 days.

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Discuss how to find and compare student loan with Bruce Mesnekoff

Finding and Comparing the Best Student Loans

 

Using an online tool can ease your search for the best private student loans by letting you directly compare loans and interest rates from different lenders. Just a few minutes and a minimum amount of personal information will generate a number of options.

 

Private loans can make sense when you’ve borrowed all you can in federal student loans, qualify only for the highest federal interest rates, or need funds quickly. I relied on a small private student loan to fill an unexpected gap in funding my senior year — I was able to get the money almost immediately, but because the interest rate was higher than my other loans, I prioritized paying it back faster.

 

If you’re not sure whether private or federal loans are the best choice, keep reading.

 

Why Private Student Loans??? Big Question in Student's Life,  According to Bruce Mesnekoff Student Loan consolidation expert. Private student loans are on offer at scores of banks and credit unions. Interest rates vary from lender to lender, and they can be either variable (more common, especially with lower rates) or fixed. This makes it crucial to talk with our expert at student loan help center or direct call Bruce Mesnekoff if you need help with Student Loans or consolidate your Loan

 

According to Bruce Mesnekoff following are the advantages to getting private student loan

 

  • Applying is quick and easy compared to filling out the FAFSA
  • Loans can be used to pay for a greater range of educational expenses other than tuition, housing, and books
  • You can usually borrow as much as you need to cover the cost of attendance minus other financial aid (this is subject to lender approval)
  • Funds are typically disbursed immediately upon approval
  • Loans often have no origination fees
  • Cosigners can be anyone with good credit (not just parents)
  • Cosigners can be released from the loan after a period of on-time payments

 

If you want to consult or consolidate your student, we recommend Bruce Mesnekoff.

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College Planning Tips by Bruce Mesnekoff to Avoid over whelming Student Loan Debt

As a Student Loan Consolidation Expert, I see families take on huge amounts of debt to pay for a child’s college education for their happiness and studies. In many cases, the debt becomes a long-term financial burden for students and sometimes their parents, too.

 

With proper planning, this needn’t be the case. Here are some tips by Bruce Mesnekoff to help you plan college financing so your children can avoid excessive student loan debt and you can avoid disrupting your financial plans.

 

Bruce Mesnekoff is Student Loan Consolidation consultant from Student Loan Help Center and today he is with us in Our Studio.

 

1. So according Bruce Mesnekoff Start saving early Policy Helps a lot.

 

Accumulating significant savings to pay for college is not as hard as it sounds, but it requires a firm commitment early on. If your kids are still young, start saving today; you’ll be in a strong position financially when they reach college age, and they may be able to avoid student loan debt entirely.

 

Parents who start saving $350 a month in a child’s college fund at birth and increase their contribution by 3-4% each year could accumulate $334,000 approx by the time the child enters college, assuming an annual average investment return of 6.5-7%. That would be nearly enough to pay the average cost for four years of state college tuition, fees, room and board, assuming that today’s cost (about $90,000) also increases at nearly 3-4% per year. It also would be enough to put a serious dent in the cost of a private college.

 

2. Do Budgeting and Stick with them

 

A Bruce Mesnekoff Said Survey Conducted by Student Loan help Center in Florida, in this, half of parents said they were limiting their children’s choice of college based on price. But it’s important to be realistic about what you can afford and to discuss it with your children well before they start applying to colleges. Once you set a limit for what you can handle, your children can still apply to schools that are out of your price range — but with the understanding that they would also need to receive merit aid to attend.

 

3. Dnt Avoid private loans

 

Today’s Students know the differences between federal and private student loans. But it’s important to understand the key ways in which these two types of loans will affect your student’s finances after graduation.

 

Unless your family has the resources to pay for the entire cost of college out of savings and current cash flow, you should file a Free Application for Federal Student Aid, or FAFSA

 

Private loans also often require parents to co-sign. This cannot be a bad idea. Co-signing puts parents on the hook for the entire loan balance if the student can’t pay the loan and it helps students and family too. But students should resort to private loans only after they have exhausted all other sources of funding or they get discount rates from private loan consultants and only after they have carefully considered the long-term implications of that debt.

 

4. According to Bruce Mesnekoff Students have to develop strategy

 

Families with greater need may qualify for subsidized federal loans and work-study programs, which can help defray some of the cost. While only the neediest families will qualify for federal government grants, many schools may offer grants, scholarships or special loan packages based on a student’s financial need. (Note: Some private schools require students to file an additional form to apply for need-based funds from the institution.)

 

Many students also find that with the help of merit aid, in the form of grants or scholarship money, the cost of some private schools is not much more than the cost of a state school. Schools offer this money to the students they most want to attract, which means the top third of candidates will likely receive much better offers than the bottom third. To maximize your children’s chance of landing a good merit aid package, focus on schools for which they are slightly overqualified.

 

5. Make a college spending plan

 

Also consider how much debt will accumulate over the course of your children’s higher education. It’s important to think realistically about the impact that debt will have on them. If they won’t be able to cover student loan payments, based on their expected income after graduation, you may need to consider a lower-cost strategy.

 

6. Help  your  kids  understand debt

 

I find that soon-to-be college students have no idea how student loan debt will affect their finances. Too often, the resulting college degree doesn’t increase the students’ income potential enough for them to easily cover student loan payments. But kids have little experience with budgeting a monthly income and therefore no basis on which to make rational decisions regarding student loan debt.

 

Next steps

 

If you need or looking for consulting or consolidating for your debit crises or student loans you can contact Bruce Mesnekoff student loan expert and financial advisor from Untied States.

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Grads loan repayment and forgiveness by Bruce Mesnekoff

The federal government offers assistance with educational loans through two plans: the federal student loan repayment plans and the public service loan forgiveness plans.

 

As per Bruce Mesnekoff said Public Loans are best to get continue your studies, Students need to carefully taken consolidation and consulting for these loans.

 

Federal Student Loan Repayment Plans

 

Through the Federal Student Loan Repayment program, participating agencies may award $10,000 plus a year, up to a total of $60,000, towards the payment of your student loans. In return, you have to work at that agency for at least 3 years or more.

 

All 15 cabinet-level departments in USA participate in the program, plus more than 20 independent agencies. Many agencies specify the types of degrees necessary to qualify for the program and will tailor their plans to recruit highly qualified candidates for hard-to-fill positions.

The most common educational loans which qualify for repayment include:

  • Federal Family Education Loans (such as subsidized and unsubsidized Federal Stafford Loans)
  • Direct Loans, such as the Direct PLUS Loan

If you are interested in applying, contact an individual agency like Student Loan Help Center or Consolidation Preparer Or you can contact personally to Bruce Mesnekoff to find out more about their specific loan repayment program. Many agencies also include information about loan repayment on their websites.

 

Public Service Loan Forgiveness Plans

 

Through the Public Service Loan Forgiveness Plans, the government will forgive the remaining balance on your eligible student loans if you have worked in a public service job for at least 10 years.

To qualify, you must have already made 120 monthly payments and you must be employed full-time in AmeriCorps, the Peace Corps position or another public service organization, such as:

  • Federal, state, or local government
  • A public child or family service agency
  • A 501(c)(3) non-profit organization
  • A private organization that provides public service, such as public safety, public interest law services, public health, or law enforcement

There are many private companies those in consulting as well as provide consolidation for student loans, companies like consolidation preparer by Bruce Mesnekoff or his own website help here Bruce Mesnekoff provides help and consulting for Repayments or forgiveness of students.

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Bruce Mesnekoff’s View about Hillary Clinton recently released a student loan forgiveness plan

Hey Bruce Mesnekoff , Can we talk and know your view about Hillary Clinton’s Student Loan forgiveness plan, What do you think about you, How it will reform our industry? How our students get benefits from it.

 

As per our discuss  on  Phone call to Student Loan Help Center, CEO,  Mr. Bruce Mesneoff Said  Refinancing Of Loan must be part of any discussion about student loans. Interest on loans is a particularly huge concern. For many people, refinancing is all about finding a lower interest rate. A lower interest rate often means that you will pay out less money in the long-run. However, in order for one to get a lower interest rate through refinancing with a private company, it often means giving up some government benefits like certain forbearance options, income-based repayment options, and loan forgiveness programs

 

Current Industry and Loan conditions are not good, but yes whatever Hillary suggests Its good so far because student loan debt is fast becoming the next financial crisis in the United States and will likely receive some attention at the Democratic National Convention that kicks off in Philadelphia this week. There are over 43 million Americans living with student loan debt who owe a total of roughly $1.26 trillion. For the class of 2016, the average graduate left school loaded with $37,172 of student loan debt.

 

It has reached a point where students and parents have accepted the fact that wrapped up in that college diploma is a financially suffocating amount of student debt. Upon graduation, the average monthly student loan payment totals around $350 monthly or $4,200 annually. Compare these numbers to the average new graduate salary of around $50,000 and one may be inclined to write this off as a nagging, albeit manageable, burden. For instance, engineers and computer science majors will likely earn more than $50,000 a year. However, education and humanities majors often average closer to $35,000 a year. A $4,200 annual bill on a $35,000 income over 30 years can completely stifle a young professional’s financial growth.

 

Bruce Mesnekoff’s Friend and Partner Jeff Hardy said I work with a lot of Doctors, teachers and dentists who could potentially qualify for the Public Service Loan Forgiveness Program that could forgive student loans tax-free after or up to 120 qualifying payments. However, once they refinance, they lose the ability to qualify for the program.” By refinancing, you could also lose the option to have the debt forgiven upon your death. This would potentially transfer your student loan burden to your family.

 

However, lowering your interest rates by refinancing can offer tremendous benefits. You could cut your monthly payments in half, knock off 20-30 years of payments, and reduce total out-of-pocket payments by tens of thousands of dollars just by reducing your interest rate by up to 3%. Before you refinance or apply to forgiveness plan to get a lower rate, make sure you shop around a bit between companies. Rates and repayment options will vary, and you may not always qualify for the advertised interest rates. Bruce Mesnekoff points out that, “The initial allure is that private companies are offering low interest rates for refinancing student loans. But, the advertised rates often reflect the interest rates for 5 or 10-year repayment plans, not the longer 15 or 20-year or 25 years plans that most people can afford for monthly payments. These shorter plans offer lower interest rates but higher monthly payments, which can make it difficult to contribute to a retirement plan or save up to buy a house.” It is imperative that you look at a variety of companies and assess whether you can afford the new monthly payment before deciding to refinance.

 

Refinancing can even be a decent way to consolidate loans. rather than creating three or four completely different payments every month, you may consolidate them into one payment.

 

With some student loan rates near 8 and 9 percent, refinancing seems like a no-brainer. If you can refinance from 9 percent to 5 or 4 percent, you can likely reduce your monthly payment and substantially reduce the number of years for repayment. However, make sure you shop around and understand the repayment terms and any benefits you might be giving up by refinancing federal loans with a private company. If you have a financial advisor, talk to them about your student loans. While the government might provide some additional relief in the future for student loans, you should still look around at the repayment and refinancing options available to you. There are ways to improve your student loan situation now, but always remember to weigh the benefits of refinancing against the risks before making a decision.

 

Although student debt reform is getting a lot of attention, plans like Hillary Clinton’s contain some avenues for student debt relief, however it doesn't seem that refinancing alone are going to be enough to mend the issue. Basic changes can still be required at the collegial level to curb the staggering growth of student debt.

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Managing Student Loan Debt is Big Issue Today

Tips To Manage Your Student Loan Debt by Student Loan Consolidation Expert Bruce Mesnekoff

 

Repayment Programs (Income-Based) -If your payments on eligible federal student loans are in excess of 15% of your earnings above 150% of the poverty level under a 10-year standard repayment plan, you may be eligible for an income-based repayment program. Under this program, your outstanding loan balance may be forgiven after 25 years of qualifying repayment.

 

Pay As You Earn (PAYE) : As Bruce Mesnekoff said  PAY As YOU Earn also caps repayments based on your income, and will forgive outstanding federal student loans after 20 years. Under PAYE, payments must exceed 10% of what you earn above 150% of the poverty level under a standard 10-year repayment plan.

 

To be eligible, you must have taken your first federal loan after September 30, 2007 and at least one loan after September 30, 2011.

 

Loan Forgiveness After Joining Public Services – According to Bruce Mesnekoff certain federal loans may be forgiven after 10 years of qualifying payments if you take a job with federal, state or local government, a non-profit and other public service organizations, this will be best way to get forgiveness from Federal Loans.

 

Work as Volunteer to Get Benefits -There are a number of programs, e.g., AmeriCorps, Peace Corps, the military, in which service will accrue a benefit that reduces an outstanding loan balance in an amount that varies depending upon the program.

 

Pre-Pay Principal Amount – According to Bruce Mesnekoff Pre-payment of principal may help lower the lifetime interest costs of a loan. To raise cash to fund pre-payments, one idea is to ask that birthday and holiday gifts be cash and direct any raises, bonuses or overtime pay to pre-payments. If you do pre-pay principal, be sure to target the loans with the highest rate of interest.

 

Loan Consolidation -You can consolidate your federal loans through the Direct Loan program At Student Loan Help Center, or through a private lender if you have private loans or consult with student loan consolidation expert Bruce Mesnekoff . However, this may only make sense if you can obtain an overall lower interest rate.

 

Tips given above are just for informational purposes only, and should not be considered a substitute for a more comprehensive student loan evaluation.

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The Ultimate guide Student Loan by Bruce Mensekoff

With the cost of college rising and governmental/private funding declining, it is no wonder that most Americans are concerned about their ability to finance a post-secondary education.   Tuition prices are rising at Community Colleges, State Schools, Private and Technical colleges, leaving most Americans wondering how they are going to afford to pay for their education. This book educates parents, grandparents, young adults and students of all ages how to optimize the educational payment process.

 

The Ultimate Guide To Student Loans is the collaboration of two financial experts who guide you through the confusing maze of investing for education and the student loan world from beginning to end. Jordan Goodman, America’s Money Answers Man, personal finance expert and frequent guest on radio and TV shows, and Bruce Mesnekoff, CEO of The Student Loan Help Center, student loan management and consolidation expert, share their knowledge and simplify the complicated process and maze of government and private rules and regulations about student loans. They also guide you through all of your investment choices to finance college education.

 

This book helps you understand student loans by explaining;

  • ways to invest so that you can avoid taking on student loans in the first place
  • the optimum ways to get the best student loans
  • paying off your loans as quickly as possible

The book provides extensive information and resources to help you no matter where you are in the student loan financing process. These resources include contact information and descriptions for:

  • federal regulatory organizations
  • educational associations
  • websites
  • loan repayment programs

The book also offers an appendix with abbreviations, acronyms and a glossary of student loan related terms.

 

Use this book to improve your entire educational financing experience!

 

About Our Authors

 

Mr. Bruce Mesnekoff : Bruce Mesnekoff is a nationally-recognized expert in student loan management and consolidation. Mr. Bruce Mesnekoff serves as CEO of The Student Loan Help Center. He has developed and implemented programs which have enabled thousands of borrowers to retake control of their previously unmanageable student loan debt successfully.

 

As a Financial Advisor Bruce Mensekoff works with non-profit financial assistance organizations around the country to ensure consumers are made aware of the newest programs and solutions available to resolve their student loan problems.

 

Bruce Mesnekoff also speaks regularly on local and nationally-syndicated radio programs informing the public about the best ways to pay off their student loans.

 

Mr. Jordan E. Goodman : Jordan E. Goodman is a nationally-recognized expert on personal finance. He is a regular guest on numerous radio and television call-in shows across the country, answering questions on personal financial topics. He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC and CBS evening news.

 

For 18 years, Jordan was on the editorial staff of MONEY Magazine, where he served as Wall Street correspondent. While at MONEY Magazine, he reported and wrote on virtually every aspect of personal finance. In addition, he served as weekly financial analyst on NBC News at Sunrise for 9 years and the daily business news commentator on Mutual Broadcasting System’s America in the Morning show for 8 years.

 

He is the author / co-author of 14 best-selling books on personal finance including Master Your Debt, Fast Profits in Hard Times, Everyone’s Money Book, Master Your Money Type, Barron’s Dictionary of Finance and Investment Terms and Barron’s Finance and Investment Handbook.

 

He has also written 6 special focus editions of Everyone’s Money Book on College, Credit, Financial Planning, Real Estate, Retirement Planning and Stocks, Bonds and Mutual Funds.

 

Jordan is also a speaker and seminar leader on personal finance topics for business executives, students, associations, investment clubs, employees and others.

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Let's preparing your future with Bruce Mesnekoff

Preparing for the future by Student loan consolidation expert Bruce Mesnekoff

 

Much has been touted about the student loan crisis and the repercussions being faced by the government, colleges and students. Student loan debt has being  seeing an increase each year for the past few decades and today it stands at a whopping $ 1.2 trillion . Recent studies show that more than two thirds of graduates had loans at graduations and that the average debt was about $35,000, an amount which has almost tripled in the last two decades.

The situation is a cause for worry for everyone. Much of the burden of paying for college has shifted from state government to families, as the government grants have failed to keep up with the increasing costs of college education despite receiving income tax revenue from graduates. It is estimated that around 16.7% of college graduates are graduating with excessive debts.

 

What is making these students take loans? The reasons are many, but a few can be identified outright. A college degree is being seen as an important document in the competitive job market , at the same time there is not much appreciation in the American wages. Indicating that the students are following pipe dreams and going in for expensive education hoping that it will throw open the job markets for them, which is far moved from reality. More and more students are enrolling into for-profit colleges which project inflated job placements to lure students. It is not necessary that after the graduation repayments are easy. Students are facing hardships there too considering the global recession. It is difficult for students to find success in the job market and repay their loans, indicating the failure of higher education institutes in bailing out students. Defaulting student borrowers are fast increasing as many a times, the amount owed is more than what they borrowed as they are accumulating interest faster than they are repaying loans. Definitely all these studies and figures are pointing towards a generation hurtling towards a student loan crisis and getting crushed under it.

Apart from effect on states and governments such huge figures are taking their toll on the students life too and restraining them from getting ahead on a personal front.  A sizeable amount of students who graduated with excessive debts put off major decisions like buying a home, going the family way or even buying a car for a later day. The repayment plays on the student's mind all through the years he is indebted keeping him away from small things he enjoys, negatively impacting the quality of life. This also capsizes their ability to save for future needs  and retirement too. The debt also influences the job related decisions, students compromise by picking up jobs in fields other than their area of study or work overtime or settle for jobs with low remuneration as compared to their qualification.

 

Paying off such large loans are challenging under normal circumstances but with the non-appreciation of wages it is next to impossible. Making the interest payment alone is a big struggle leaving the repayment of loan aside. Handling the high rents, low wages and loan repayment leaves little or no scope for savings  or mortgage.

Reducing the student debt is the top priority today so that these students are at least lifted to middle class. Institutes offering higher studies need to be more innovative by bringing down tuition fees, promoting flexible access and fixing up system structural problems. According to experts the colleges are spending far too much on infrastructure, student unions and unnecessary student entertainment structures like stadiums or rock climbing walls, all of which they need to curtail. The need of the hour calls for more targeted short term programs and apprenticeship models thereby developing skills with greater market value. Reduction of additional expenses for  students by pushing for more open- source and online text books could help too.

 

Improvised student loan counseling and increased national awareness of college spending will perhaps be the first steps towards exercising restraints. Giving loans according to competencies previously attained will have a two pronged effect, it will provide the skills for advancement in career and that too in an affordable manner. Colleges must at their end limit student borrowing according to their enrollment status and academic major.

 

Though policy makers are suggesting reliefs like interest rate reduction and loan refinancing but it may be a while till such measures are implemented and secondly these are only short term reliefs.

 

Whatever the measures suggested there are facts that cannot be turned away from and that is the vulnerable and young generation is getting crushed under the student loan crisis. And the bottom line is that the higher education system is failing miserably and is incapable of preparing students for life after graduation. If cultivated properly the  institutes can play a predominant role in helping students avoid  financial hardship and have a greater stake in their success.

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A quick discussion with Bruce Mesnekoff about loan forgiveness

Tips for Federal Student Loan by Bruce Mesnekoff

 

A recent article by a leading daily has revealed that nearly 2/3rd students that are graduating from the American universities are crippled with certain level of federal debt. Another screaming headline viewed in a CNBC article disclosed that approximately 24% millennials are expected to receive forgiveness on their outstanding debt loan balances.

 

Loan forgiveness bruce mesnekoff

The dizzying Federal student loan measures a great percentage of the overall national debt, which in turn is leading to several consequences, including:

  • Decelerating economic growth of the country
  • Rising interest rates
  • Limited access to capital

In this light, a range of repayment forgiveness programs have kicked off to mitigate the financial debt burdens of the Government-backed student loans. This article attempts to share information on the list of events that qualify a student to be either discharged off or forgiven the federal loan for higher education under the Federal student loan forgiveness program. Heres how it goes!

 

debt_consultant_bruce_mesnekoff

Total and Permanent Disability or TPD Discharge:  In this situation, a student is discharged from the repayment of following loans on the basis of their permanent and total disability:

  • William D. Ford Federal Direct Loan Program
  • Federal Perkins Loan Program
  • Federal Family Education Loan Program

Besides, such students are also discharged from the obligation to complete their TEACH Grant services. However, it is required to share information on permanent disability with the U.S. Education Department. The information is later reviewed and evaluated on the basis of following criteria to determine whether a person qualifies for the TPD discharge:

  • Submit an approved document from the Veterans Affairs Department of the United States to declare than an individual is unemployable as a result of service related disabilities.
  • Submit benefits received from Supplemental Security Income and Social Security Disability Insurance stating the next scheduled date of disability review.
  • Submit a document from the certified physician confirming permanently disability.

Death Discharge: In the event of borrowers death, the debt taken by the student will be discharged. This means, the PLUS loan taken by the parent would be discharged in case of death of the parent or the student for whom loan was obtained. A certified copy of death certificate needs to be furnished by the family member to the loan servicer.

 

Bankruptcy: Under Chapter13 or Chapter7, if an individual has filed for bankruptcy then the obligation of loan repayment will be discharged. This will be based on the following decisive factors:

 

  • The individual, if obligated to repay loan, would be unable to sustain a required minimal standard of living.
  • Submission of a significant evidence to verify that the hardship would continue for a considerable period of time.
  • A prudent attempt of minimum 5 years was made by the individual to repay loan before filing for the bankruptcy.

 

False Certification/Illegal Payment Discharge: Another eligibility condition that exempts a person from the repayment of federal student loan is based on the below mentioned circumstances:

 

  • The school falsely authorized the eligibility of a student to receive loan without his/her ability to meet the eligibility requirements.
  • The name of the student was falsely signed by the school on the application form without his/her knowledge and proceedings from the loan were not delivered to the student.
  • The student is a victim of cyber identity theft.
  • The school wrongly endorsed a student for loan eligibility when the person is ineligible to work for the occupation in which he/she was trained, due to

Ø  a given physical/mental condition

Ø  criminal record

Ø  age ineligibility

 

Unpaid Refund: A student would be eligible for expulsion of FFEL loan if he/she withdrew from the school but didnt receive the required refund. This is applicable only for the amount of unpaid refund.

 

Teacher Loan Forgiveness Program: If the borrower is a new applicant and is serving as a low income full-time teacher for five successive years, the individual would be discharged to repay up to $17,500 loan amount.

 

Loan Forgiveness for Public Service Jobs: People serving public services and have successfully paid 120 instalments on the Direct Loans accrued are exempted from repaying the balance amount under specific repayment plans.

 

Perkins Loan Discharge & Cancellation: This is applicable for individuals who are engaged in specific type of business or have performed certain kinds of public service. Under this program, a small percentage of the loan gets cancelled in each year of the service performed. Services that are considered in the loan cancellation are:

 

  • Teacher
  • Medical technician or nurse
  • Member serving the U.S. armed force services
  • Volunteer of the ACTION or Peace Corps program
  • Head-start worker
  • Law enforcement officer
  • Mediation service provider
  • Children or family of the worker serving public services 

 

Federal Student Loan Forgiveness program is applicable for individuals meeting any one of the mentioned requirements. If the loan is discharged for an individual, he/she is not obligated to repay any part of the loan availed. Besides, they will further regain eligibility to other types of federal student aids, which they previously lost.

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Updated Guidelines for Student Loan Repayments by Bruce Mensekoff Student Loan Consolidation Expert

Federal student loans are of great help to students wanting to get through to college, but have to be paid back faithfully, according to Bruce Mesnekoff, a nationally recognized expert in student loan management and consolidation. Student loans should not go on default and the way to do this is though payments done regularly. However, this may not be realistically done because financial difficulties can happen. Managing student loans efficiently may be hard to achieve, but Bruce Mesnekoff has helped thousands of student borrowers in taking back control of their previously hard to manage student loans, through The Student Loan Help Center he founded. Through this Help Center, many student borrowers have found solutions for their student loan debts and also some options on how to make repayments efficiently.

 

The settlement of Federal student loans can be done in various ways, of which what can be beneficial to the student borrower, should be the one preferred. Settlement of student loans can be beneficial when fees and charges, and also interests and penalties are forgiven, and this can be done per Bruce Mesnekoff. The student borrower should find help from the experts, to find out the eligibility requirements, and also help in the consultations with the loan collector and loan agency. Student loans that are already on default will be giving problems to the borrower because of wage garnishment that can happen, and this can include other benefits that the student has.

 

Settlement of Federal student loans without encountering problems is not actually easy, but is also not impossible to get, according to Bruce Mesnekoff, especially if the student borrower is in the right situation. However, if the borrower has a large sum of money for payment, probably from family or whatever, settlement can be easily done and at reduced payment amounts. There can be condoning of the collection fees and can also be including accrued interest charges, but the overall effect is the lower amount of settlement payment made. This will free the student borrower from years of wage garnishment, including tax refund, and collectors will not even need a court order for this, when it comes to Federal student loans on default.

 

Student borrowers should not let this be the outcome, the student loan going to default because of non repayments. Other options can be done like initial payments made while the student is still in college. There should not be the waiting period after a career is acquired and repayments are done. If there is a job on the side and wage is received, repayments can start, even in small amounts and the student loan will be reduced, per Bruce Mesnekoff.

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

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Tips for college graduates how they can choose student loan repayments plan by Bruce Mesnekoff

Student loan debts need to be settled, but if the student borrower has several of these student loans, mix up on schedules and payment amounts can be complicated and can give problems that need solutions, according to Bruce Mesnekoff. There has to be solution to these things because the student loans should not be allowed to go on default because of non repayments, and more problems will be faced. Many graduates who had several of these student loans and encountering problems in the repayments choose loan consolidation because this can be beneficial to them. With loan consolidation, only one payment amount will be made, and this is already for all the loans. The amount of monthly payment made will also be lower, thus already more affordable.

 

Per Bruce Mesnekoff, the recognized expert on student loan management and consolidation, student borrowers will be more benefitted with student loan consolidation because they will only have the payment amount based on how much is affordable. This will be based on their financial capability, computing from the wage they receive. If the student borrower is eligible, this will be more beneficial, although successive repayments made on time will be made basis before qualification. There is the income based repayment plan for this, when qualified, and very beneficial to the borrower, per Bruce Mesnekoff. With this repayment structure, the monthly payment will be lower and based on the wage earned by the student borrower, giving a balance for decent living for the borrower and family.

 

The student borrower should talk with his loan service agency regarding this option, and negotiating skills is also needed here. This is basically why the experts are needed here because negotiating for loan settlement options is not an easy task, and the negotiating skills will play an important role in the approval. Per Bruce Mesnekoff, this is not impossible to do and can be done, with just the real negotiating skills possessed by the student loan borrower. However, there should not be a judgment issued against this student loan or the consolidation plan will not be qualified.

 

There can be other charges imposed on the consolidation loan like collection charges, giving the larger amount to be paid. The term can also be extended, thus in the overall total amount to be paid, can be higher but what is beneficial is the monthly payment to be made is already affordable. This can be more to the benefit of the borrower, the affordability of payment and the student loan debt is paid, per Bruce Mesnekoff, the recognized expert on student loan consolidation.

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

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How you can easily apply for federal student loans by Bruce Mesnekoff

Tips to get your student loan approve by Bruce Mesnekoff

 

Knowing how expensive it is to study college, Bruce Mesnekoff has strongly suggested that individuals should just acquire federal student loans.  However, in order to achieve this, a student may have to go through the rigorous process of applying for such loans.  Of course, the said process could only become even more difficult if one does not seek ways of learning about it first.  Actually, what makes it rigorous is the fact that you do have to comply with the steps.  Otherwise, your application would not be granted.  The first step is to fill up the Free Application for Federal Student Aid or FAFSA form.

 

Apparently, even if you have already completed the FAFSA form, this would still be rendered useless if you do not submit it.  Bruce Mesnekoff points out that through the FAFSA, the federal agency concerned would be able to evaluate your case.  It is probable that the said agency may find you eligible for grants instead of a loan, which is obviously a much better arrangement. This is the reason why you have to be honest when it comes to the information that you put into the FAFSA form. However, the chances are not really that high.  Bruce Mesnekoff believes that it is much better to expect student loans to be provided.

 

It is very important that you are aware of the deadlines in the submission of the FAFSA form.  Of course, it is obvious that the submission should be done long before the start of the opening of the school year that you are attending.  Typically, the best time to submit your FAFSA is during the first week of January of the year that you are going to enroll in college. Bruce Mesnekoff reminds students that being late in submission could result in no chances at all of getting loans, which could mean not being able to enroll.

 

While filling up the FAFSA and submitting it may seem easy, you do have to make some paperwork also.  You would have to provide proof of your parents’ income tax return which would justify your request for student loans. Aside from this, you also have to provide your parents’ social security numbers or yours.  A driver’s license number if you have one would also help a lot. If you have prepared these documents beforehand, processing your loans should be fast and easy.  Bruce Mesnekoff thinks that as long as you have completed the requirements, there is no reason for your application to be denied.

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

 

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Pro's and Con's of Federal Student Loan Consolisation Services over Private Loans by Bruce Mesnekoff

Advantages For and Against Federal Student Loan  Consolidation by Bruce Mesnekoff

 

If consolidation of Federal student loans is the answer to a student borrower’s problems regarding loan repayments and other concerns, this is a puzzle that borrowers should have a deep thought, per Bruce Mesnekoff, the nationally recognized expert on ;student loan management and consolidation. If the student has several of these loans, including some state or private loans, these are not eligible for the loan consolidation, thus also to be included in the consideration, and only those that are federally guaranteed are eligible. Loan consolidation should also be done when the loan is still within the grace period for repayments. The consolidated loan can result to lower single interest rate, especially for several student loans with various interest rates that can get the student borrower really confused.

 

Per Bruce Mesnekoff, several advantages can also be gained by the student borrower, aside from the lower single interest rate that can be imposed during the entire life of the consolidation loan. There will no longer be the complex problem of keeping track of the various student loan repayment schedules, and can be better benefit for the student borrower, per Bruce Mesnekoff. What to think of is only the single repayment schedule, which can also be lower and more affordable for the student borrower, and keeping him or her away from future financial difficulties. If the student wants to pursue graduate studies and also want to avail of another loan, this can also be included in the consolidation loan beforehand, and avoid potential financial problems.

 

The loan consolidation solution that the student borrower thinks of can be beneficial in the sense that repayment is already affordable and interest rate is lower, but there are also some disadvantages to this. The term of the loan can be extended, can be up to 30 years, and the total amount of repayments made can be much higher. However, if the student borrower will just think of the affordable payment scheme, this can be the more beneficial, per Bruce Mesnekoff. The student borrower should just think of the lower amount paid monthly, and not the total amount paid, which is still several years away.

 

Paying to only one lender can be  the simple and practical way, and the student borrower should think lesser of the negatives of this kind of solution to the loan problem. The benefits going with the Federal student loan may be gone, but the student borrower will also get rid of some future financial difficulties because of the lower repayment amount. This may be the better benefit gained by the student, per Bruce Mesnekoff.

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Bruce Mesnekoff discuss private student loan and Federal Student Loans

So Bruce mesnekoff what I have to prefer Private Student Loans or Federal Student Loans?

 

Bruce Mesnekoff encourages students to always make a thorough study of the pros and cons of student loans before actually applying for it.  There is no doubt that there could be no other better choice than to acquire a student loan, especially in these times when tuition fees have skyrocketed.  However, there are two kinds of sources for student loans.  You could go for federal student loans or you could opt for private loans.  It is obvious that, unlike the federal student loans, the private ones are provided by the banks and other financial institutions that are not government-owned or controlled. It is best that you learn about the difference of the two types of student loans.

 

According to Bruce Mesnekoff, the federal student loans are much cheaper compared to private ones.  The reason behind this is that the federal loans have fixed interest rates while the private loans are on the contrary.  The private student loans could even have interest rates that could reach 18 percent.  This alone should tell you why it is not advisable to get student loans from private banks and lending corporations.  Even Bruce Mesnekoff would remind you about the wisdom of just opting for student loans provided by the federal government through its concerned agencies.

 

Another major difference between the two types of student loans is that with the federal one you are obliged to start repaying only after you have graduated.  Of course, you may start repaying while you are in school but this is not compulsory.  On the other hand, when it comes to private student loans, you are supposed to start paying back even while you are still in school.  If this is the case, according to Bruce Mesnekoff, you may not be able to focus much on your studies as you would already worry about your monthly installments even while you are still in college.

 

While you are still in the process of applying for a federal student loan, you would not have to worry about the possibility of credit checks.  This is because, unless you are going for PLUS loans, there would not be any.  With private student loans, you would surely be subjected to a credit check.  Because of this, there is the possibility of your application being denied.  With the advantages of federal student loans over the private ones, it is obvious that the former is a much better choice.  Bruce Mesnekoff himself recommends federal student loans.

 

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Let’s talk about debit crisis in student life with Bruce Mesnekoff

More than 40% of students who take on college debt are graduating with way too much of it, Bruce Mesnekoff says. And the repercussions could be life long.

 

When discussing the student debt crisis, most people focus on the rapid growth in outstanding debt and several recent milestones. For example, student loan debt exceeded credit card debt in 2011 and auto loans in 2012, and it passed the $1 trillion mark in 2013.

 

But these milestones don’t tell us much about the impact of all that debt on the students who must borrow to pay for a college education.

 

Average student loan debt at graduation has been growing steadily over the last two decades. In 1992-93, about half of bachelor’s degree recipients graduated with debt, averaging a little more than $20,000. This year, more than two-thirds of college graduates graduated with debt, and their average debt at graduation was about $45,000, tripling in two decades.

 

As Bruce Mesnekoff said Student loan debt is increasing because government grants and support for postsecondary education have failed to keep pace with increases in college costs. This has shifted much of the burden of paying for college from the federal and state governments to families. The government no longer carries its fair share of college costs, even though it gets a big increase in income tax revenue from college graduates.

 

Since family income has been flat since 2000, students must either borrow more to pay for college or enroll in lower-cost colleges. That shift in enrollment, from private colleges to public colleges and from four-year colleges to two-year ones, has also been responsible for a decline in bachelor’s degree attainment among low- and moderate-income students.

According to Bruce Mesnekoff this will Impact on Students’ Lives

I also found that students who graduate with excessive debt are about 10% more likely to say that it caused delays in major life events, such a buying a home, getting married, or having children. They are also about 20% more likely to say that their debt influenced their employment plans, causing them to take a job outside their field, to work more than they desired, or to work more than one job.

 

Perhaps not surprisingly, they are also more likely to say that their undergraduate education was not worth the financial cost.

 

Unfortunately, there are no similar studies that can be used to analyze excessive debt for other college degrees, such as associate degrees, certificates, and graduate or professional-school degrees. It is also not possible to evaluate the financial impact of student loan debt on students who drop out of college, even though they are four times more likely to default on their loans.

What Can Be Done according to Bruce Mesnekoff?

 

Increasing national awareness of college spending is the first step in exercising restraint. It is therefore imperative that the federal government and the colleges and universities begin tracking the percentage of their students who are graduating with excessive debt each year. This information can then be used to improve student loan counseling.

 

Colleges must also be given better tools to limit student borrowing. For example, college financial aid administrators must be permitted to reduce federal loan limits based on the student’s enrollment status and academic major. Students who are enrolled half-time should not be able to borrow the same amount as students who are enrolled full-time.

 

Finally, our colleges must also help students better understand the debt they are taking on, by making the distinction between loans and grants clearer in their financial aid award letters.

 

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Steps needs to resolve a student loan dispute by Bruce Mesnekoff

To begin to resolve your loan dispute you must first figure out your problem and contact your loan servicer.  There are a few general rules which may help you figure out what your loan problem is and how you should go about solving your problem.

 

You may want to begin by identifying whether or not you have been making your payments on time. If you have but you have an incorrect balance in your account, you may want to check your payment history and submit proof of your on time payment to your loan servicer.

 

If your payments were made on time but the status of your loan is default, then you will want to follow similar steps as above, submitting your proof of payments to your loan servicer.

 

If you are having disputes with your loan servicer reporting false information to credit bureaus filing a consumer dispute to the credit bureaus should be your first step.  You should contact Equifax, Experian, and TransUnion in writing informing them of the incorrect information.

 

Once identifying your problem your next step is to contact your loan servicer.  When contacting your loan servicer it is important to keep detailed notes on the conversations you have with them.  Keeping a physical record of the conversation is helpful.

 

Make sure that when you speak with someone over the phones you take down the name of the representative you spoke to, the date of the conversation, and details of the conversation.

 

For more helpful tips and information on paying off your student loans contact Bruce Mensekoff

 

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Bruce Mesnekoff  talking about Cosigning that Student Loan on radio

Parents or Cosigners sometimes don’t realize they are responsible for paying the loan if the student doesn’t.

 

Bruce Mesnekoff, a Student Loan Consolidation consultant in Florida, recently had a client learn the hard way of the damage that can be done when parents cosign their children’s education loans.

 

The client, he says, was denied a refinancing on his mortgage as his credit score was much lower than he thought. The reason: several late and missed payments on his son’s student loans for which he was a cosigner.

 

“In addition to being disappointed and angry, it cost him money,” Mr. Bruce Mesnekoff says.

 

Cosigning a private student loan may not only help students borrow more money to pay for college but also may help them receive more favorable interest rates on those loans. Yet cosigners sometimes don’t realize they are responsible for paying the loan if the student doesn’t. In addition, if the loan repayments are late or not made, the cosigner may have their credit tainted, find it more difficult to refinance their house or may be charged a higher interest rate on home or car loans.

 

So cosign with caution, financial-aid experts warn.

 

Private student loans are nonfederal education loans made by banks and other lenders such as credit unions, typically when students exhaust the amount they can borrow in federal student loans (for a student supported by his or her parents, those limits range from $5,500 for a college freshman to $7,500 for a senior). The lender sets the terms and eligibility for private student loans and the interest rate and fees are usually based on the credit score of the borrower and cosigner, More than 90% of private student loans made to undergraduates require a creditworthy cosigner, bruce mensekoff says. Lenders typically require cosigners to have an income above a certain threshold. Because of their likely scant credit history, most students won’t qualify for a private student loan without a cosigner.

 

Here is what cosigners need to know about the loans and how to protect themselves.

  • Lower rates
  • You are on the hook
  • Your credit history could be history
  • Debt in death

 

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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10 Tips for Student Loan Consulting by Bruce Mesnekoff

10 Important tips by Bruce Mesnekoff to those who looking for student loan consolidation and consulting

 

1. Understand Your Loans:

It is vital to remain track of the loaner, balance, and compensation standing for each of your student loans. These details make sure your selections for loan compensation and forgiveness. Visit Federal’s information processing system you’ll log in and see the loan amounts, lender(s), and compensation standing for all of your federal loans. If variety of your loans isn’t listed, they're altogether likelihood personal (non-federal) loans.  For those, try to understand a recent asking statement and/or the primary work simply signed. Contact your school if you can't realize any records.

 

2. Understand Your Grace Period:

Yes, It’s Truth; totally different loans have different grace periods. A grace quantity is but long you’ll wait once going school before you’ve need to produce your first payment. Its six months for federal Stafford loans, but nine months for federal Perkins loans. For federal and loans, it depends on once they were issued (see details). The grace periods for private student loans vary, thus consult your work or contact your loaner to look out. don't miss your first payment!

 

3. Keep in-tuned at the side of your Lender:

Whenever you progress or change your signal or email address, tell your loaner promptly. If your loaner should contact you and your information isn't current, it'll end up accountancy you a bundle. Open and skim as of mail , simply receive relating to your student loans. If you're getting unwanted calls from your loaner or a gaggle agency, don't stick your head inside the sand – talk of together with your lender! Lenders are presupposed to work with borrowers to resolve problems, and assortment agencies ought to follow positive rules. Ignoring bills or serious problems can cause default, that has severe, long consequences (see tip vi for plenty of relating to default.)

 

4. Decide the proper compensation Option:

Once your federal loans come due, your loan payments will automatically be supported a customary 10-year compensation started. If the standard payment goes to be exhausting for you to cover, there are unit different selections and you’ll change plans down the road if you want or have to be compelled to. Extending your compensation quantity on the way facet 10 years can lower your monthly payments, but you'll end up paying plenty of interest – usually lots plenty of – over the lifespan of the loan. Some very important selections for student loan borrowers are money gain-driven compensation plans like Income-Based compensation and Pay As You Earn that cap your monthly payments at a reasonable share of your financial gain once a year, and forgive any debt remaining once no quite twenty 5 years (depending on the plan) of low cost payments. Forgiveness is additionally accessible once merely 10 years of these payments for borrowers inside the general public and nonprofit sectors (see tip 10 below). to look out plenty of relating to Income-Based compensation and connected programs and therefore the means they might work for you, visit IBRinfo.org.

 

Private loans don’t appear to be eligible for IBR or the alternative federal loan payment plans, deferments, forbearance, or forgiveness programs.  However, the loaner may offer some type of forbearance, sometimes for a fee, otherwise you is additionally able to build interest-only payments for many quantity of some time. Scan your original personal loan work strictly then talk of with the loaner relating to what compensation selections you’ll have.

 

5. Don't panic:

If you're having trouble making payments as results of state, health problems, or different stunning cash challenges, bear in mind simply have selections for managing your federal student loans. There are unit legitimate ways in which to quickly set back your federal loan payments, like deferments and forbearance. As an example, associate state deferral is also the proper choice for you if you're having trouble finding work instantly. But beware: interest accrues on all types of loans throughout forbearance, and on some styles of loans throughout deferral, increasing your total debt, thus raises your loaner relating to making interest-only payments if you’ll afford it.

If you expect your gain to be underneath you’d hoped for quite several months, assure Income-Based compensation. Your required payment in IBR is going to be as little or no as $0 once your gain is implausibly low. See tip four for plenty of relating to IBR and different compensation selections.

 

6. Prevent of Trouble!

Ignoring your student loans has serious consequences which will last a lifetime. Not paying can cause delinquency and default. For federal loans, default kicks in once nine months of non-payment. when you default, your total loan balance becomes due, your credit score is ruined, the complete amount you owe can increase dramatically, and conjointly the govt can garnish your wages and seize your tax refunds if you neglect a federal loan. for private loans, default can happen far more quickly and should place anyone WHO co-signed for your loan at risk additionally, see U.S. if required.

 

7. Pay If You Can:

If you’ll afford to pay quite your required monthly payment – on each occasion or presently then – you’ll lower the amount of interest you’ve need to pay over the lifespan of the loan. To pay down your loan plenty of quickly, guarantee to include a written request to your loaner specifying that the extra amount be applied to your loan balance, and continue making payments each month. Otherwise, your payment may automatically be owing to a future payment and you’ll not be hawk like for consecutive month.

 

8. Pay Off the foremost pricey Loans First:

If you're considering paying off one or plenty of your loans prior to schedule, begin with the one that has the absolute best rate of interest. If you’ve got personal loans to boot to federal loans, begin at the side of your personal loans, since they nearly continually have higher interest rates and lack the versatile compensation selections and different protections of federal loans.

 

9. To Consolidate or to not Consolidate:

A consolidation loan combines multiple loans into one for one monthly payment and one mounted rate of interest. If this may be appealing, here are a unit some execs and cons to ponder. You’ll consolidate your federal student loans through the loan program, and this calculator can assist you perceive what your rate of interest would be. for private consolidation loans, shop around strictly for associate degree occasional or mounted rate of interest if you’ll understand one, and skim all the fine print. ne'er consolidate federal loans into a personal student loan, otherwise you can lose all the compensation selections and recipient blessings – like state deferments and loan forgiveness programs – that escort federal loans!

 

10. Loan Forgiveness:

There are unit varied programs which can forgive all or variety of your federal student loans if you’re utilized in positive fields or positive as shooting styles of employers. Public Service Loan Forgiveness might be a federal program that forgives any student debt remaining once 10 years of qualifying payments for people in government, non-profit-making and different public service jobs

 

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Why worrying with Student Loan reimbursement choices once we have Bruce Mesnekoff with America

Hello Listeners, we have a tendency to once more we've student loan consolidation skilled from point of entry in our Studio, thus we have a tendency to welcome Bruce Mesnekeoff to our show and let’s talk!!

 

Post graduation Grace period

 

Most students don't seem to be lucky enough to mention that they're going to be jumping straight into employment when graduation. Some can go onto grad school, et al. can wade into the operating world. Whichever path is taken, students ar sometimes not rolling in cash throughout the immediate months when graduation. For some, it is a nearly not possible exploit to start out return student loans right when graduation. For this reason, the majority student loans provide a amount of months during which reimbursement is deferred.

 

This grace amount, because it is said by lenders, varies looking on the sort of loan a student gets rid of. Some provide a three-month grace amount, whereas others permit students to require up to 9 months before they're expected to create regular reimbursement installments. Government loans, like the Stafford and Perkins loans, permit six-month and nine-month grace periods, severally. Some lenders do provide extensions on a grace amount as a result of money hardship, however these are granted on a individual basis.

 

The grace amount additionally differs within the method student loan interest is paid. Some lenders add the interest to the number owed throughout the grace amount, whereas different sorts of loans pay the interest throughout these months.

 

Student Loan deferment

 

A delay within the student loan world means in bound, pre-approved circumstances, a student will value more highly to briefly stop creating payment installments to their outstanding debt. A delay could be a right all loan holders will make the most of if the case is approved by the investor. Once a student is in delay, he or she has the selection to create interest payments on loans, or permit the interest to make onto the principal. This can be however delay differs from forbearance, during which loan holders should pay the interest. Some loans, like the backed Stafford Loan, don't accrue interest throughout a delay amount. During this case, the govt. pays the outstanding interest. Most loans, however, can accrue interest throughout delay.

 

Not each scenario deems a loan holder eligible for delay. There are solely a couple of circumstances that should be proved and documented for the investor, that qualify somebody for delay. What is more, every style of loan has its own delay pointers. A circumstance during which with reference to each investor can permit delay is that if someone decides to travel back to high school on a over half-time basis. Once accepted, and a loan holder is attending categories, the investor can place the delay into action. Another instances once delay may be allowed is that if a loan holder decides to affix a governmental volunteer service like AmeriCorps or the organization, or if someone will prove money hardship or associate inability to seek out employment.

 

How long am i able to defer my student loan payments?

 

The length of your time students will defer their loans depends on the sort of loans that they need. Backed loans, like Stafford and Perkins loans, are often postponed for up to 6 months when graduation. These loans can even be postponed if students have part-time enrollment standing at a school or university. Students can even receive delay for up to a few years owing to the shortcoming to seek out regular employment or demonstrable economic hardship. These special deferments need applying to the suitable cluster -- the varsity, lender, or agency that created the loan. Students should still build payments on their loans till approval for delay is received, or they risk defaulting.

 

Some active duty military personnel might also qualify for delay. Troopers United Nations agency ar on active duty throughout a war, a activity, or national emergency could defer their loans for a complete of 3 years.

 

Unsubsidized loans, like and loans could also be postponed additionally, but the method differs from backed loans. With backed loans, the govt. pays the interest on the loan whereas it's being postponed. Within the case of unsubsidized loans, interest accumulated throughout the {amount} of delay is adscititious to the principle amount and should be paid back when delay has finished.

 

Student Loan Forbearance

 

Forbearance is analogous to delay, however in forbearance a loan holder continues to be needed to pay the interest that accrues on their outstanding balance. Also, forbearance is granted by the lender; no loan holder has the proper to forbearance, as in delay. The method begins once a investor offers permission to a loan holder to remit payment of the loan principal. There are, however, solely nominal reasons a investor can permit forbearance. Money hardship, teaching during a teacher-shortage space, or associate uncommon life circumstance are the most reasons for forbearance.

 

Lenders are terribly explicit concerning giving permission to forbear a loan. Someone should have a decent history of reimbursement and can't be in loan default to be eligible. A number of the foremost common conditions during which forbearance is granted are if a loan holder is unable to figure owing to poor health or personal issues, is serving a medical or dental situation or residency, or is serving during a governmental volunteer service position. Every candidate for forbearance is taken into account on a individual basis. Loan holders ought to sit down with their individual lenders for details on the way to apply for forbearance

 

Student Loan Cancelation

 

Student loans are simply what they sound like -- one thing that's loaned out and should incline back. However, there are a couple of things during which bound sorts of loans are often canceled, and thus, not paid back. The Perkins Loan, for instance, may qualify for cancellation if the loan holder works as an educator during a low-income college for 5 or additional years. This condition is special to the Perkins Loan and doesn't essentially apply to all or any sorts of loans. Some Stafford loans might also qualify for this kind of cancellation.

 

More dire conditions that might give a loan cancelation are permanent incapacity or death. If a loan holder is deemed too disabled to figure as a result of associate accident or different unfortunate life scenario, he or she could have their loan canceled. This condition is determined on a individual basis. Also, within the event of a loan holder`s death, a student loan is canceled rather than being passed on to members of the family. Every loan works in distinctive ways that, thus it's best to examine with specific lenders for details on cancelation choices. Do note, cancelation is simply granted in terribly specific or dire things.

 

Defaulting on a Student Loan

 

As per Bruce Mesnekoff Suggests being in default of a student loan, or any loan for that matter, is taken into account by lenders to be associate act of untrustiness. Loan holders United Nations agency haven't created payments for over 270 days are thought of formally in default of their loan as a result of it's the duty of any loan holders to repay the cash season to them. Most student loans are usually not discharged or canceled below bankruptcy. Therefore, within the case of economic inequality, lenders can attend several lengths to gather cash from loan holders in default.

 

Some of the results that default loan holders could endure embrace being reported to a credit assortment agency and agency, having a part of their personal paychecks withheld for loan payments, having assortment prices adscititious to the outstanding loan, and being taken to court. Statistically, most loan holders United Nations agency come in default ar people who started college, however ne'er finished their studies with a degree.

 

It is in your best interest, additionally as your credit's best interest, to ne'er permit yourself to enter into default. Default can follow you around for years to come back and can build straightforward credit checks troublesome and frustrating. If you're feeling that you just could enter into default, contact your investor right away and start group action different choices. The longer you wait, the more durable it'll be to come back to a interdependent resolution

 

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Bruce Mesnekoff discussed advantages of Consolidating Your Student Loans on radio

1. you'll have one single monthly payment.

Instead of worrying regarding loans from multiple collectors, you'll be ready to pay all of your loans in one payment. This can powerfully bring down from any confusion you will have had once paying your bills each month.

 

2. you'll have manageable monthly payments.

As Per Bruce Mesnekoff Suggested By consolidating your loans you open yourself up to new reimbursement plans. This implies you will have extended reimbursement, graduated reimbursement, and financial gain contingent reimbursement. These various payment plans usually scale back the dimensions of the monthly payment greatly.

 

3. Your rate on the and loans are reduced.

The 8.5 % mounted rate and loan reduces the interest by .25 % once consolidation. However, so as to save lots of the utmost quantity of cash, you need to consolidate your and loans severally from your different loans.

 

4. Consolidation resets deferments and forbearances.

According to Bruce Mesnekoff by consolidating your loans, several deferments and forbearances ar reset to their original three-year payback time. Analysis your personal deferments and forbearances to examine if this is applicable in your state of affairs.

 

5. there's no fee for consolidating your government student loans.

You do not got to worry regarding further prices concealed informed. after you consolidate your loans, you will not be footing any reasonably new bill.

 

6. there's no credit check after you consolidate you loans.

If you recognize you've got poor credit, rest assured: there's no credit check for consolidating loans. you'll not be turned aloof from this chance owing to a couple of missteps.

 

7. you'll not be penalised for paying off a loan early.

Obviously, if you select to pay off your loan early, you'll be comfortable. Loan officers encourage you to form these payments earlier instead of later.

 

8. The consolidation application is extremely straightforward.

Many people worry that consolidating their loans are a sophisticated and long method. this is often not the case. Consolidating loans may be a fairly straightforward method which will be worthwhile. there's just one application to fill out and it does not price something.

 

9. you'll switch from one loaner to a different.

According to Bruce Mesnekoff Consolidating your loans can alter you to change from one loaner to a different. If you are doing your analysis before you choose a loaner, you may be ready to get a much better discount on loan interest rates.

 

10. Lenders typically hunt down your business.

To stimulate you to consolidate your loans, lenders can provide out incentives like borrow edges and rewards which will supply money back, reduced rates, principal reductions, and plenty of different useful gifts.

 

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Bruce Mesnekoff talking about student loan consolidation services that may assist you

Whether you have got federal student loans (such as Stafford, PLUS, or Federal Perkins loans) or personal student loans, there are a variety of student loan consolidation services that may assist you.  This process will end in lower interest rates, and in many instances will dramatically reduce monthly payments. Several consolidation services offer interest rates that remain unchanged for the lifetime of the loan, which might lock in your savings for many years.. This is often smart since consolidation loans usually have terms that are much longer than different loans-usually up to 30 years.

 

So Bruce Mesnekoff, How about Student Loan Help Center and Student Loan Consolidation and What about Federal Loans?


A study that was done recently by the National Center for Education Statistics shows that 1/2  of all students that have graduated recently, have a median student loan debt of $11,000.  For many students, these loans are much higher. Furthermore, a lot of students get loans from a variety of sources.


There are several benefits to consolidating all of those loans into one debt. With interest rates at record lows, you may presumably receive an improved rate by consolidating your loans now. Another advantage is reducing the amount of creditors you have got which will make it easier to manage monthly loan payments. By overall simplifying your repayment process, it makes it less likely that you will default on your loans.

 

There are a variety of companies obtainable to assist you during this method. Some solely provide federal student loan consolidation, whereas others assist you to consolidate your federal and personal student loans. Therefore, it’s vital ensure that the  loan consolidation service you select meets specific needs and desires.

 

In addition, whereas some websites offer instant, on-line quotes, alternative websites don’t.  Be careful that the company that you decide on provides you with the data you require to make an educated and informed decision.

 

There are a range of problems to think about as you probe for a company to assist you with your student loans. A number of these include:
Information.

 

Will the web site give adequate info to assist you with your loan consolidation choices?
Quality of Service. Will the company give consolidation solutions that solve your issues?
Professionalism. Is the web site skilled and credible? Does the company have a good name within the industry?

 

For Further Assistance You Can Contact Student Loan Expert from Florida Mr. Bruce Mesnekoff 

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

 

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How to Get Help with Student Loan Debt with Bruce Mesnekoff

If you’re a university student or graduate, odds are unit you borrowed cash to assist fund your education. With students amassing a median of $30k in debt, graduating faculty could appear sort of a cakewalk compared to paying off your student loans, notably in associate economy still resonant from the Recession.

If you’re struggling with student loans, don’t risk the results of late payments or loan defaults.

 

Here in our studio today Mr. Bruce Mesnekoff from Florida student loan consolidation expert discuss how you can get help with your Student Loan Debt,

 

So Bruce Mesnekoff lets start our today’s topic which can help our listeners.

 

Income-Based Repayment is an option if you have a high debt relative to your income. This plan calculates monthly payments based on your income and family size, and forgives any remaining balances after 25 years.

 

Pay As You Earn Repayment Plans typically offer the lowest monthly payment amount of all repayment options. Payments may increase or decrease each year based on income, family size, tax filing status and state of residence.

 

Graduated Repayment Plans provide short-term relief through low, interest-only monthly payments that increase gradually every two years. You make payments on your loan for up to 10 years.

 

Consolidating multiple loans into a single loan can simplify the repayment process and reduce monthly payments.

Loan Forbearance or Deferment are granted in special circumstances, such as returning to school, job loss, disability, military service or financial hardship.

 

Also Bruce Mesnekoff , Last time when you came to studio you had told us you will be telling four important student loan consolidation question for any student graduate.

 

Yes Jessy, Here are those.

 

Can you add a Loan to an Existing Federal Direct Consolidation Loan?

 

Borrowers can add loans to an existing consolidation for up to 180 days after the Direct Consolidation Loan was first disbursed. If more than 180 days has passed, borrowers can apply for a new Direct Consolidation Loan. The new consolidation loan can include the original Direct Consolidation loan and must include another eligible outstanding Federal education loan.

 

Can you consolidate your loans that are in grace?

 

Yes, Borrowers who consolidate loans that are in grace may receive a lower interest rate on their Direct Consolidation Loans if they are consolidating variable rate loans. However, once grace status loans are consolidated borrowers lose any remaining grace period. Borrowers receive their first bills within 60 days after the new Direct Consolidation Loan is made.

 

Can you consolidate jointly with your spouse?

 

No, Effective July, 1 2006 a married couple may no longer obtain a Direct Consolidation Loan as joint borrowers.

 

How is the amount of your payment calculated under the ICR Plan?

 

The ICR Plan is designed to keep payments affordable. Generally, you pay the lesser of:

  • the amount you would pay if you repaid your loan in 12 years, multiplied by an income percentage factor that varies with annual income, or
  • 20 percent of your discretionary income (AGI minus the poverty level for your family size)

 

Under the ICR Plan, the monthly payment is $0 for borrowers with family incomes that are less than or equal to the U.S. Department of Health and Human Services poverty level for their family size. Borrowers whose calculated monthly payment is greater than $0 but less than $5 are required to make a $5 monthly payment. Other borrowers must pay the calculated monthly payment.

 

Thank you Bruce Mensekoff , For coming to our studio and guide our young listeners.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

 

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Bruce Mesnekoff Talks about how 2016 Changes can help you pay off your Debt

The new programs are being introduced each year in an effort to provide Student Loan borrowers with relief. If you’re seeking student loan repayment help in 2016, the following developments might offer just what you’ve been searching for.

 

Here Our expert Bruce Mesnekoff giving tips about how you change your debt score in 2016.

 

1. The Birth Of REPAYE

 

Introduced in 2016 as a companion to other income-driven repayment programs, REPAYE program opens repayment assistance up to an additional 5 million borrowers each year. Borrowers can cap their monthly student loan payment at 10 percent of their discretionary income.

 

As an added bonus, those on the REPAYE program can have any remaining balances forgiven after 20 years of on-time payments for undergraduate students and 25 years for graduate students.

 

The catch? You’ll need to pay income taxes on the amount forgiven once you exit the program.

 

2. Student Loan Repayment Assistance Now a Workplace Perk

 

According to a study from the Society for Human Resources Management (SHRM), approximately 3 percent of U.S. employers have begun offering loan repayment as an employee benefit. That number will likely grow as more employers realize the need for this benefit and roll it into existing packages to attract young talent.

 

In fact, a recent student loan benefits survey conducted by Student Loan Help Center showed that almost half of respondents valued student loan repayment over a 400(k) employer match. This kind of response shows just how important student loan help has become for young workers – and how it will transform benefits packages across the country.

 

3. New State-Sponsored Refinancing Options

 

As federal benefits are exhausted and requirements tightened for the growing number of graduates with student loan debt, more states have begun offering their own student loan refinancing options for borrowers.

 

4. NYS Get On Your Feet Loan Forgiveness Program

 

Introduced this year to a horde of grateful students, Get On Your Feet in New York is another example of a one-of-a-kind student loan repayment benefit being offered on the state level.

 

While limited in scope due to the fact that it’s only available to New York residents, the program offers up to 24 months of federal student loan debt relief to recent college graduates that live in the state and meet certain eligibility requirements.

 

5. A New President of United States

 

President Mr. Barack Obama undoubtedly made major changes to the student loan landscape during his terms. And with the 2016 presidential election underway, that means it’s time for a new president with new policies to enact.

 

Although it’s still uncertain who will ultimately be voted into office this November, almost all the presidential candidates have shared their student loan reform plan (some more robust than others). Among those proposed changes include instituting federal student loan refinancing, reducing student loan rates, and even making college free.

 

Contact Bruce mesnekoff for any further assistance

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

 

You can find Bruce mesnekoff on socials too.

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Bruce Mesnekoff discuss about student loan debts and the housing recovery

Hey Bruce mesnekoff, welcome to our radio station in tampa, today we have question from our listerns question isb How Student Loan Debt Affects The Housing Recovery


Thanks Jessica for inviting me to your studio. Yes, it effects, Each and every student, Now that the financial crisis has slowly started to fade away and the real estate market is back on track, the mortgage rates and the home prices are extremely low – this is why many young couples and students are looking forward to buying a house of their own. However, many were unable to do so due to student loans – add a temporary job to that and buying a home is an impossible mission.

 

Jessica to Bruce Mesnekoff : So Bruce Mesnekoff  Why we every time talking about financial crisis? how student stuffers from it.

 

Those who have taken a student loan and are in debt may not be eligible for a mortgage, as the student loan debt is getting in the way. First-time buyers have a difficult time purchasing a home if they are weighed down by student loans, especially those whose debt tops $100,000 or even more. If several years ago one out of two Americans was a first-time buyer, now one out of three people is buying a home for the first time, during the housing recovery – this is caused mainly due to the burden of student loan debt who forces people to adapt and to either stick to renting a home, or to moving with their parents or roommates.

 

Over the past decades, the number of student loans has tripled and this aspect has a direct impact on the housing recovery. If we calculate the total student loan debt, the sum is above $1 trillion. In some cases, the student debt prevents people from getting an expensive large home and forces them to reside to the lower version of the house, while in other cases people may not be eligible for a mortgage at all.

 

Most students who have taken a student loan from undergraduate or graduate schools must repay it over a 30-year period, and the monthly rate is usually several hundred dollars. This is why many are forced to live at home for several years in order to be able to apply for a mortgage and to pay for a house. Often, saving the rent money is the wisest and most efficient way to raise the money and put a down payment on a house.

 

Transitioning from renting a home to owning a home is a daunting task, leaving aside the financial stress and pressure future owners are subjected to – a student loan debt makes the transition almost impossible for tens of thousands of Americans.

 

As statistics have revealed, approximately 30% of those who have borrowed a student loan are delinquent on their debts, which automatically has a negative impact on the credit rating. The financial crisis has determined US banks to pay more attention to the credit rating, thus leading to a more severe credit environment that does not allow those with loan debt to apply for a mortgage in the near future. Buying a high-end property is just a dream for many, and they usually have to delay the home purchase project for a couple of years to reorganize the debt. Despite the fact that mortgage rates and home prices are still relatively low, they are moving up quite rapidly.

 

Again Thank you Bruce mesnekoff to coming to our studio and guide our listeners on radio.

 

Thank your all our listeners .. your Jessica from tampa.

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This Trillion-Dollar Debt Bubble is Ready to Pop w/ Bruce Mesnekoff

Announcer: It’s time for Marc Lichtenfeld’s Oxford Club Radio, the hardest-hitting half-hour about you and your money. Now, here’s Marc Lichtenfeld.

 

Marc Lichtenfeld: Glad you’re with us. We’ve got a tremendous show for you this week. In a little bit, we’ll be talking with student loan expert Bruce Mesnekoff, co-author of The Ultimate Guide to Student Loans. Even if you, your kids or grandkids don’t have student loans, this is still a very important topic. There are a lot of people out there that say the student loan debt bubble could be the next big crisis in the U.S. So you need to hear about what’s going on and why this could have such a devastating impact on the economy. We’ll also talk about healthcare mergers. On Thursday, there were a ton of them: big ones, too – worth about $40 billion all told. And then there’s Twitter (NYSE: TWTR) and Facebook’s (Nasdaq: FB) earnings.

 

If you have questions, comments or feedback, go to www.oxfordclubradio.com, click on “Contact” and shoot me an email. We often go into the mailbag on the show so I can try to answer your questions. I can’t give personal advice, so don’t say, “What should I do with Yahoo? I own 100 shares.” But I could answer if you asked me, “Hey, what do you think of Yahoo?” Whatever’s on your mind about the markets, the economy or anything else like that, I’m happy to help.

 

So Twitter and Facebook had earnings releases recently, which were very different. Facebook absolutely crushed it, and the stock gapped about 10% higher. Yet Twitter got crushed because of bad earnings. It can’t seem to figure out how to turn its platform into a lucrative business, whereas Facebook clearly has. Personally, I like Facebook. I use it to post pictures of family and trips, find out what’s happening with friends, stalk exes and the like. (By the way, you can follow me at Facebook.com/oxfordmarc.) It’s not something I use every day, but I am on it. I like to see what my friends are up to. But I find Twitter, which can’t seem to find a real business model, to be an invaluable tool for investing, news and figuring out what’s going on in the economy.

 

I follow 850 people on Twitter. Some of them are celebrities, but most of them are business, economy, finance and investing people. There are a few boxing people in there, too. If you don’t know, I have a side job as a ring announcer, hence the reason why my Twitter handle is StocksNBoxing. But mostly, I follow investing people. When I’m done with a task and have a moment to breathe, I’ll take a look at Twitter and see what people are talking about. Very often, I find they’ll link to articles I wouldn’t find on my own. Yes, there are certainly people who link to the mainstream media: CNN, NBC, MSNBC, Fox, etc. But many will link to other things that you wouldn’t have found otherwise: niche media. It’s really helpful, and you get a wide variety of opinions. I think Twitter is fantastic for that, especially for investors.

 

If you’ve never signed up for Twitter and want to get on now, pick a handle. It starts with the @ sign. Then you pick your name. Let’s say your actual name is Mike Jones. In that case, your handle could be @mikejones. Of course, there might be other Mike Jones out there, so you might have to be mikejones23 or mikejoneschicago or denvermikejones. Again, mine is @stocksnboxing. If you follow me, you can see who I pay attention to by clicking on “Following.” Right now, it says 851, which you’d click on. That might give you a head start on who else to follow. For example, my list includes Ronnie Wood from The Rolling Stones, but also Morgan Wright, who was on the show last week. He’s an online security expert. Then there’s Neel Kashkari, president of the Minneapolis Fed and part of the team that helped devise the economic crisis strategy.

 

There’s so many people: a dividend guy; Alex Korb, a neuroscientist we’ve had on the show before; a CFA; Ninja Economics; Brad Thomas, who does real estate investment trusts; Jason Hartmann, one of our sponsors here; Mark Dow, a hedge fund manager… Those are just the ones at the very front of my list right now. You can also click on some of them to see who they follow and really build up a nice little information network that way. Again, it’s at your leisure: Whenever you feel like scrolling, you can go and see what’s happening. The other nice thing is you can put in search terms – like the Fed – and ticker symbols. Let’s say you’re interested in Yahoo. You’d put in “$YHOO” and see what people are saying about it.

 

I find it to be an invaluable tool. So it’s just amazing to me that, from a business standpoint, the company can’t seem to make it work. Yet Facebook, which is much more frivolous, is managing it. If Facebook went away today, I’d be bummed. But I find Twitter to be absolutely invaluable. When a stock is moving during the day and I can’t find a reason why, I’ll go there. If there’s breaking news, I’ll often find out about it on Twitter first, both for stocks and general news. If there’s some international incident somewhere, Twitter usually has that stuff first. So I really love it. If you’re not on Twitter, I strongly recommend it. It’s absolutely free. It doesn’t cost you a penny. Again, you can follow me @stocksnboxing.

 

OK, my guest today is Bruce Mesnekoff, one of the foremost experts on student loan debt and the co-author of The Ultimate Guide to Student Loans. Bruce, thanks so much for joining us today. I was talking about the perception of a student loan debt bubble that could pop at any moment and significantly impact the economy. Is that accurate?

 

Bruce Mesnekoff: Hi, Marc. Glad to be here. You hit the nail on the head. There’s over $1 trillion in student loan debt now. It’s bigger than credit card debt, believe it or not. The only debt larger in this country is mortgages. And there’s definitely a bubble brewing. At least 10% of people with student loans are already in default, and millions more are struggling. With the power the government has to collect on these loans, which are trickling down to effect people in other areas of life, it’s already making an impact.

 

Marc Lichtenfeld: Let’s talk a bit about that impact. What power does the government have to collect on these loans, and do we have to be worried about a massive default rippling through the economy?

 

Bruce Mesnekoff: The defaults are already coming in staggering numbers. And our government’s power to collect on them is unbelievable. If you don’t pay your credit card debt, for instance, you go to collection. If you decide to ignore it, you can declare bankruptcy and wipe some of it out. Other people just ignore it until the collectors stop calling. With student loans, however, what happens is you go into default, which is the government’s term for “collection.” The government immediately raises the interest rate from 3% to 7%, to over 18%. Then it takes your tax refund checks as payment. And that return usually isn’t extra free money for people; they’re counting on it to pay their bills. Yet it’s gone. It’s called a tax offset. The government will also start to garnish your wages. If you’re working, it will take at least 15% of each paycheck to apply to your loans. Yet with your rate now at over 18%, that’s often barely enough to cover the interest. It’s a process that’s very difficult to get out of. It can be utterly devastating.

 

Marc Lichtenfeld: It’s amazing that they’ll more than double your rate when you’re already struggling to pay the loan.

 

Bruce Mesnekoff: Yeah, it is. And here’s the double-edged sword. These loans are given out indiscriminately upfront. There’s no credit check. It doesn’t matter if you’ve never had a job or if you have horrible credit. It doesn’t matter what your major is or if you’ll have a chance to pay this back in your chosen career path. Yet the powers-that-be have incredible control over getting their money back. It’s not like other debts, where the collector has to go to court and get a judge’s approval and so on. They can do it with a letter and a 30-day notice. Just like that, the garnishing begins. A lot of people wouldn’t be able to go to college without these loans, but the power they have to give up to get that money is incredible. So it’s a tough issue.

 

Marc Lichtenfeld: What options do people have for paying these loans if they haven’t yet gotten a job, or if they’re in a job that isn’t paying particularly well?

 

Bruce Mesnekoff: Fortunately, there are great programs out there. The government has a fantastic consolidation program that offers what it calls income-driven repayment options. That’s been a buzz-phrase this political season. What it means is you can get a plan that’s based on what you can afford, not on what your loan value is. Each year, it reevaluates how much money you make, how many kids you have and so on, adjusting your payment accordingly. You can have extraordinarily high balances, but if you’re in a job where you’re not making much, you might just have a $50 or $100 monthly payment because it’s based on what you can afford. There are also forgiveness programs. If you work in public service or for nonprofit companies, you can get your loans forgiven – tens of thousands of dollars off your loans after paying for a reduced amount of time.

 

But the government has done a horrible job publicizing these awesome programs. Nobody knows about them. That’s why everyone’s going into default and staying there. They don’t know what to do. My biggest piece of advice is: Do not ignore these loans like you might do with other debts. Don’t ignore them. They just get worse. They destroy your credit. Once your loans are in default, you can’t go back to school again until you get them out. With these programs I’m talking about though, not only will they help you avoid going into default, they can also get you out if you’re already there. We call it a “get-out-of-jail free card.” Now, you can use it just one time. It’ll reset everything and give you a second chance. It’ll start you off fresh, but you have to be proactive. You have to go out and find it and do it.

 

Marc Lichtenfeld: It’s funny you mentioned that the government hasn’t done a good job publicizing this. Because, just yesterday, I saw President Obama address college newspaper reporters. He mentioned this program, which was the first I’d heard of it. How do people get in touch with the organizations consolidating these loans to get out of default?

 

Bruce Mesnekoff: You can do a basic online search for federal student loan consolidations, where you’ll find the government’s program. I encourage people to call companies like ours. We’re the Student Loan Help Center. We look at your situation and get you pointed in the right direction. Because even if you know about the government’s programs, they’re not so easy to navigate if you’re not familiar with how the system works. Some people get involved and it doesn’t go so well for them. So I encourage you to reach out to someone with experience. Call us anytime at 855.280.0850, or we have a website: www.quickconsolidation.org. I can’t stress enough that the wrong thing to do is ignore your loans. There is help. Many people qualify for zero payments, where they don’t have to pay anything because they can’t afford anything. Yet they’ll stay out of default and their loans will still stay current. That’s a real option through these programs, but you have to be proactive.

 

Marc Lichtenfeld: Wow. Sounds like you’re doing great work. I’m so glad there are solutions because it’s a very scary-sounding thing. So thank you very much for joining us. Again, this was Bruce Mesnekoff, and the website is www.quickconsolidation.org.

 

Well, as I mentioned before, my Twitter handle is stocksnboxing, since those are the two big things in my life – other than my family, of course. Increasingly, my worlds are colliding. I just got a text from an analyst who works with me at The Oxford Club. His fiancé is involved with a company that’s going to be broadcasting boxing, and she said, “Hey, you might be able to get some announcing gigs this way.” So just a weird, worlds-colliding type of moment there.

 

My thanks to Bruce Mesnekoff, and all of you for listening. We’ll be back the same time next week. Until then, I hope your longs go up and your shorts go down. I’m Marc Lichtenfeld.

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Bruce Mesnekoff discuss how student loans can affect your retirement

Hello Listeners, this is Scott Jordan from Radio, Today we have Student Loan Consolidation expert Mr. Bruce Mesnekoff with you, So let’s discuss what he suggests us about our retirement and student loan plans.

 

Hey Bruce Mesnekoff, How are you? Last we have listeners from all country and we have many listeners having problem with student loan so this week, we have question! No, big question for you, how student loans can affect our retirements.

 

Over to You Bruce Mesnekoff, Thank Soctt Jordan. Hey Scott Jordan , What do you think living with student loans can seem to take over your life?  Everybody knows that paying off your student loans is not your only priority; you have the mortgage, car payment, credit cards to pay off, all while thinking about how you will save up for retirement.  It is important to start saving early for retirement, as it can be hard to make up for lost time.

 

You may think that there is no way for you to put money in your IRA or 401(k) when you are drowning in student loan, but there are ways.  By following a few simple steps you can gain control over your student loans, while saving up for retirement.

 

First, it is important to figure out exactly how much you owe.  It is helpful to set up a fixed payment plan with fixed payments coming from your checking account.  This is useful if you are struggling to pay your minimum payments and are willing to extend your length of repayment.  It is important not to defer your loans or put them into forbearance in an effort to contribute to retirement.

 

Next, it is important to find the right payment plan that fits your needs.  Consolidating your student loans can be helpful to those who have multiple federal loans.  Consolidation can extend your time span for repayment, so it is important to think about if it is the right choice for you.

 

Budgeting can help you stay on the right track for paying off student loans and saving to retirement.  It is suggested to set aside twenty percent of your budget towards financial priorities, such as repaying defaulted student loans and saving towards retirement.

 

Sadly, retirement cannot wipe away your obligations to repay your student loans.  Defaulted student loans can cause up to 15% of the borrower’s Social Security disabilities and retirement benefits to offset.  By paying off your student loans as quickly and efficiently as possible, you can focus our efforts on contributing to your retirement plan.  Student loan forgiveness programs can help you with this, and are a great way for you to get your student loans in check. Continue to visit and check back for more tips and help on paying off your student loans.

 

Thank you Bruce mesnekoff for all your information, your friend Scott Jordan from Radio.

For any question, or consolidation you can me personally here Bruce Mesnekoff 

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Bruce Mesnekoff Talking About Consequences of Defaulted Student Loans

Today we have with us Bruce Mesnekoff from Student Loan Help Center.

 

Hey Bruce, Welcome to Studio today, So We have caller who wants to know about Consequences of defaulted student loans.

 

Can you tell us today according to you what are consequences of defaulted student loan profile are.

 

Sure Jeff Hardy, I am happy to help your listeners, So If your student loan goes defaulted and you need relief, you will lose the right to deferments and forbearance. You will have to suffer the consequences of your defaulted student loan. Moreover, you may not be offered any additional Federal student aid. You cannot have escape from the brunt of your student debt unless you make payments for at least 6 consecutive months. If the student loan that you have borrowed is declared in default, the following are the consequences:

 

– The case of your defaulted student loan may be handed over to a collection agency
– The collection agency will be entrusted with a responsibility to collect the defaulted student loan
– You will be charged the cost associated with the collection of your student loan
– You will be liable to pay court costs and attorney fees other than collection fees
– You can be dragged to court in case of your defaulted student loan
– The amount that your wages is garnished with may be limited by Federal law
– You may face the interception of your state and federal income tax refunds
– Part of your Social Security benefit payments may be withheld by the Federal government
– The defaulted student loan will negatively affect your credit record and make you suffer its detrimental effects
– You will find it difficult to obtain a mortgage loan, an auto loan and even credit cards
– You will be denied deferments, federal interest benefits and renewal of your professional license

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Benefits of Consolidating Private Student Loans

Student Loan Expert Bruce Mesnekoff talking about Benefits of consolidating private student loans.

 

Before you decide to consolidate your loans, you should be able to meet certain requirements. For instance, you must be a current enrolled as a full-time student. It is also important that you make your payments promptly, so you can maintain a good record from your lender. Another important aspect you should keep in mind is the amount in your existing student loan. You will only be able to consolidate loans that are registered under your name. In addition, a lending company requires a minimum amount or balance when consolidating your loans.

 

If you are able to comply with the requirements set by the company, you may obtain the following benefits:

 

1. Streamline the bills payment process.

 

When you have numerous student loans, you should remember several due dates for bill repayments. However, consolidating loans provides you with greater convenience since you only have to write off a single check or remember one due date for loan payments.

 

2. Extend the loan repayment term.

 

If you encounter problems when it comes to repaying your loans, you should consider consolidating debts in extending the loan term. This is a suitable option when you anticipate a change in your monthly income or additional expenses that may lead to financial concerns. However, you are likely to pay a larger accumulated interest in your loan because of the lengthy loan repayment term.

 

3. Minimize the loan interest.

 

Those who have several private student loans are entitled to lower interest rates. Keep in mind, though, that this benefit is only applicable if you have a notable credit score. With this in mind, you should assess your existing credit history and rating, so you may qualify for cheaper interest rates when you consolidate loans.

 

4. Obtain an alternative plan for repaying loans.

 

You have probably experienced certain changes in your household expenses or income since you have availed of a student loan. Furthermore, your current repayment scheme may no longer suit your current financial situation. When you consolidate loans, you can choose from a number of repayment schemes based on your existing income, balance, and several other factors.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Bruce Mesnekoff discuss how to avoid defaulting on student loans

Bruce Mesnekoff Stuent Loan Expert on Radio show.

 

Hello Bruce Mesnekoff , Welcome to Our Radio Show, Its always nice for us when you have something for our listeners, what we are discussing today.

 

Bruce Mesnekoff to Jerry Scott: Hey Jerry, Thank you for calling me again, I am always happy to helping our listeners about consolidations and how they can avoid defaulting on student loans.

 

It is important for those who have been tasked with remembering to pay off their student loans to pay their loans on time and avoid default. While delinquency does happen from time to time, this is not the same time as a default. When you find yourself unable to pay loans on time, you should contact the loan provider immediately, so that you can avoid default.

 

Being in regular contact with your loan provider is the best way to avoid a default. They will let you know about the terms and conditions of your repayment agreement. The loan servicing outlet is also responsible for laying out your options in a timely fashion. It is in your best interests to avoid a default, as up to 25 percent of the loan’s principal is tacked onto the total bill.

 

There is a wide range of repayment plans that can be set up to meet the person’s needs. A person can set up a repayment plan that is based on the amount of income that they are currently earning. While most student loan repayment plans take place over the course of ten years, a repayment plan that is income driven can be spread over the course of as many as 25 years.

 

These plans cap the person’s monthly payments at 10 or 15 percent of their overall income, which allows them to keep the rest of their bills paid, while avoiding a default on their student loans. There are certain drawbacks, as a longer loan leads to paying additional interest over the life of the repayment agreement.

 

Former students who have not been able to pay their loans back or find a job that will allow them to earn the income needed to do so are able to file a forbearance. This delays their student loans repayments until they are able to find a job that will properly compensate them for the schooling that they have received.

 

Choosing this option means sitting down with your loan’s provider and coming up with an agreement that suits both parties. If the loan servicing outlet agrees to a forbearance, this buys some time for the person to continue searching for a job without being held responsible for the loan principal.

 

Those who do not qualify for student loan forbearance are eligible for a deferment. A deferment differs from forbearance in a few important ways. Forbearance allows the person to push their student loan payments back by 12 months, without making payments, but the interest on their loan continues to add up. During a deferment, the interest does not continue to accrue.

 

Another option available to those who are in danger of defaulting on their loans is to refinance. This is only available to students who received their loans from a private loan institution. These institutions can be persuaded to extend the loan’s term, while also lowering the overall interest rate.

 

These loans are known as variable or fixed rate loans. By lengthening the term of the loan and lowering the monthly interest rate, the person can also their monthly payments and decrease the chances of going into default.

 

But renegotiations the terms of your loan or asking for more time to pay are just a few of the ways that a person can avoid default. There are other steps that can be taken, so that you are not borrowing too much or setting yourself up for an impossible repayment plan.

 

Where many students falter is by not having a clear understanding of what their loan agreement entails. Don’t ever mistake your loan for a grant or a scholarship. A grant or a scholarship essentially functions as a gift, whereas a loan has to be paid back.

 

Take the time to read all of your legal documentation. A promissory note is a legally binding document that should not be signed until it has been read and the person has a clear understanding of what they agreeing to. Students who are in need of money will sometimes allow their judgments to be clouded.

 

Other students end up borrowing far more money than they actually need for their school expenses. While it may be more convenient to not to have to work during your schooling, borrowing extra money for life’s expenses leads to a much higher student loan borrower upon completion of secondary education.

 

Instead of asking for the maximum amount that you are allowed to receive, schedule an appointment with your loan’s provider, so that you can assess your expenses accordingly and ask for a smaller loan that better suits your individual needs.

 

The last and most crucial aspect of avoiding a default is personal organization. You must keep well organized records of your loan and all the payments you have made. Any paperwork that relates to your loan should be kept in a safe place. These records could be the difference between a default and paying the loan off in a timely fashion.

 

It is much easier to avoid default than you may think. Your loan providers are on hand, ready to work with you if you run into issues with repayment. Even when payment problems arise, notifying your loan servicing outlet can help you to avoid a default.

 

There are measures that can be taken when receiving the student loan, as well as after the person’s education is finished. By taking the proper precautions at both ends of the process, a student can receive the loans they need, without putting themselves into crippling debt and defaulting on their student loan agreement.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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What’s the difference between Direct Subsidized Loans and Direct Unsubsidized Loans?

Bruce Mesnekoff talk about Direct Subsidized Loans as well as Direct Unsubsidized Loans.

 

In short, Direct Subsidized Loans have slightly better terms to help out students with financial need.

Here’s a quick overview of Direct Subsidized Loans:

  • Direct Subsidized Loans are available to undergraduate students with financial need.
  • Your school determines the amount you can borrow, and the amount may not exceed your financial need.
  • The U.S. Department of Education pays the interest on a Direct Subsidized Loan
  • while you’re in school at least half-time,
  • for the first six months after you leave school (referred to as a grace period), and
  • during a period of deferment (a postponement of loan payments).

*Note: If you received a Direct Subsidized Loan that was first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

Here’s a quick overview of Direct Unsubsidized Loans:

  • Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
  • Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
  • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. 
  • If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Bruce Mesnekoff Discuss Various Types Student Loans

Various studies have shown that when students are at least partially responsible for paying for their own college education – by way of work-study, using their own money or taking out student loans – they tend to do better academically than students who are not responsible for any share of their education costs. As parents, if you want your child to be responsible for paying a part of her college costs and she will need a loan to do so, you can either lend her the money yourself (Intra-family loan) or let her take out a student loan. Depending on whether she demonstrates a financial need for student aid, exceptional financial need or no financial need at the college that she attends, she will end up with a Subsidized Stafford loan, a Perkins loan, an Unsubsidized Stafford loan and/or a private student loan. In general, the best loans are the Subsidized Stafford and Perkins loans followed by the Unsubsidized Stafford loan, and as a last resort, private student loans. Special offers from lenders change constantly for private student loans, so it may require some homework using the internet and by talking with your college to determine which lender has the best overall rates, origination fees and repayment terms.

 

Parent PLUS Loans

 

This federal loan is offered through colleges to parents with relatively good credit. The interest rate on this loan is 7.21%  for the 2013-2014 academic year, but is variable based upon the ten-year Treasury note. The rate is capped at 10.5%, and repayment begins shortly after the funds are disbursed. The maximum PLUS loan amount is the difference between the college’s cost of attendance and all of the other aid that your child has been awarded.

 

Perkins Loans

 

The Perkins loan is awarded by participating colleges to students with exceptional financial need and has an interest rate of 5%. The maximum amount for this loan is $4,000 per year with an aggregate maximum of $20,000 per student.

 

Private Student Loans

 

These loans are offered to students by a variety of banks and private lenders and typically carry variable interest rates of 3-12%, origination fees and other charges. Almost all private student loans these days require a cosigner. They should be called “No Alternative Loans” because they should be your last resort. The Book The Ultimate Guide to Student Loans is good resource to get Private Student Loans.

 

Mortgage and Home Equity Loans

 

It is not uncommon for parents to take out a new mortgage on their home in order to pay for college. After all, most parents have the majority of their net worth tied up in their homes and their 401k or other retirement plans.

A cash-out refinance of a mortgage is when the borrower refinances an existing loan by taking a new mortgage for an amount that is higher than the existing loan. The lender then pays off the existing mortgage and gives the borrower “cash-out” of their home in the amount of the difference between the new higher loan and what was owed on the existing loan.

By contrast, re-mortgaging a home simply means to take out a new loan equal to what is currently owed, but usually at a different interest rate and a different period of repayment. Essentially the goal in re-mortgaging an existing loan is to reduce the payment by getting a lower interest rate, stretching out the payments over a longer period of time, or both. Instead of taking a mortgage against your home, you can also tap into your home’s equity by taking a home equity loan where you get cash-out up front and have a variable or fixed interest rate for a fixed period of time. Or you can get a home equity line of credit (HELOC). A HELOC is a line of credit that you can draw on when you want, and then make payments according to the amount of the available credit that you use. The interest rate is usually variable.

 

Mortgages can come with fixed, variable and adjustable interest rates, and typically offer longer terms of repayment than home equity loans. One good thing is that the interest can be tax deductible for most taxpayers who itemize their deductions on their tax return. However, ALL of these loans are collateralized by your home, and if you can’t make the payments on the loan, the lender can foreclose on the loan and you can lose your home.

 

Intra-Family Loans

 

The two big advantages of this type of loan are – typically lower interest rates and little or no paperwork to get “approved” for the loan. They also have one big downside, which is the fact that you are borrowing from your family and if you don’t repay the loan according to the terms agreed upon it can cause stress within the family.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Bruce Mesnekoff Discuss Student Loan Forgiveness Programs for Teachers

If you are a teacher, no doubt you picked your profession based on your love of children and education and not for the money. Starting teacher salaries aren’t that high and if you’re also dealing with the burden of student loans, that salary may seem lower still. But there are some great programs teachers can use to get their loans forgiven or cancelled simply by doing their job. If you are a teacher, this is great news. And if you are a degreed professional suffering under the weight of student loans, this could be an inducement to consider a career change to teaching.

 

There are both federal and state programs that can help forgive and cancel out student loans and the great news is that many state programs allow you to double dip and utilize multiple avenues at once to maximize the amount of student loans you can unload in exchange for teaching. Without a great plan, student loans stand as little a chance of forgiveness as Lance Armstrong. Here are the four ways teachers can get student loans forgiven or cancelled:

 

1. Federal Public Service Loan Forgiveness (PSLF)

 

I’ll start with the worst of the programs… PSLF came online in 2007 as a way to encourage people to work in full-time public service jobs. This program forgives eligible federal student loans – by eligible they mean William D. Ford Direct Loans (including direct subsidized loans, direct unsubsidized loans, direct PLUS loans and direct consolidation loans). Though the program was implemented five years ago, not a single penny of student loan balances has been forgiven.

  • – Before any of your loans will be forgiven, you must make 120 on-time, full amount, monthly payments on your direct loans.
  • – Only payments made after 10/1/2007 qualify.
  • – You must have been working full-time at a qualifying public service organization (schools count) when the payments were made.

That means you must have made 10 years worth of student loan payment while working in public service. And with a start date of October 2007, no forgiveness will start until October 2017. To my thinking, that’s not much of an inducement to work in public service. But if you are a teacher and still owe money come 2017, this could be a good program for you

 

2. Federal Teacher Loan Forgiveness

 

This program is aimed at encouraging people to become and remain teachers. If you work for consecutive full years in a qualifying school, you could have up to $17,500 of student loans forgiven. This program is good for loans established after 10/1/1998 but you can’t be in default. At least one of your five years of teaching must have been after the 1997-1998 academic year. Eligible loans include direct subsidized and unsubsidized student loans, Stafford subsidized and unsubsidized student loans.

 

– The school you teach at must be in a district that qualifies for Title I funding.

 

  • – The school must have more than 30% of enrollment qualified for Title I services.
  • – The school must be listed in a directory of qualifying schools published by the government.
  • – If your school qualifies in one of the five years, but not the others, you are likely still eligible.
  • – As an alternative, you can work at a qualifying educational service agency.

The amount of forgiveness varies. Most teachers can have $5,000 of loans forgiven. But you can have up to $17,500 of your student loans forgiven if you are a “highly qualified” math or science teacher at a secondary school or a “highly qualified” special education teacher working with disabled children in your area of specific training.

 

3. Federal Perkins Loan Cancellation Program

 

The Federal Perkins loan cancellation program is much more lenient in how much of your student loans it will cancel out. You can have up to 100% of your Federal Perkins loan forgiven. Better yet, you only have to teach full time for one full academic year (or two consecutive half years within a 12 month period) to see some benefit. For the first two years, you can have 15% cancelled each year. For years three and four, you can have 20% cancelled each year. For year five, you can have the final 30% of your loans cancelled. Here are the eligibility requirements for the Perkins loan cancellation program:

 

  • – You can teach in a school that serves low-income families; or
  • – You can be a special education teacher (including infants and toddlers); or
  • – You can teach in math, science, foreign language, bilingual education or any other field your state has determined is in shortage.

 

You can also qualify for teaching at a private school if it’s a nonprofit. You can qualify if you teach part-time at multiple schools so long as you meet the other requirements. Preschool and PreK teacher can qualify if the state you teach in considers these part of their elementary education program. To find out if your school qualifies as low-income. The amount cancelled each year also includes all interest that accrued that year. To get the application form for this program, contact the office at your alumni institute that administers the Federal Perkins Loan program.

 

4. State and City Sponsored Loan Forgiveness Programs

 

 

There are loads of state sponsored student loan forgiveness programs. In fact, there are way too many to list here. The good news is, the American Federation of Teachers (AFT) has compiled a searchable database of loan forgiveness programs, grants, awards and classroom donation programs. You can specify loan forgiveness, select your grade level, your subject area and state and you can see what student loan forgiveness and cancellation programs are available in your state. Your local school board should be able to provide you information on any county or city funded forgiveness programs. In the meantime, while you’re searching for forgiveness and cancellation programs, it’s wise to consult an expert Like Bruce Mesnekoff to help you manage your student loans to optimize your debt.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

 

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Bruce Mesnekoff about federal student loans?

Biggest Question for students are why should they take out federal student loans?

 

Jan to Bruce Mesnekoff : So Mr. Bruce Mesnekoff today discussion for how many types of loan are available and why student should take loans, as you said its an investment in your future. How?

 

Bruce Mesnekoff : Hey Jan , Federal student loans are an investment in your future. You should not be afraid to take out federal student loans, but you should be smart about it.  

 

Federal student loans offer many benefits compared to other options you may consider when paying for college: 

 

  •  The interest rate on federal student loans is almost always lower than that on private loans—and much lower than that on a credit card!
  • You don’t need a credit check or a cosigner to get most federal student loans.
  • You don’t have to begin repaying your federal student loans until after you leave college or drop below half-time.
  • If you demonstrate financial need, you can qualify to have the government pay your interest while you are in school.
  • Federal student loans offer flexible repayment plans and options to postpone your loan payments if you’re having trouble making payments.
  • If you work in certain jobs, you may be eligible to have a portion of your federal student loans forgiven if you meet certain conditions.

There are four types of Direct Loans available:

  • Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. 
  • Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan.
  • Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid.
  • Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.

 
For more information please contact
Bruce Mesnekoff from Student Loan Help Center.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

 

You can find Bruce Mesnekoff on socials too.

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Bruce Mesnekoff Talking about Student Loan Consolidation and its Benefits

Should I Consolidate your Loan? Student Loan Consolidation Expert Bruce Mesnekoff Said YES, but still Why? Let’s Talk with him about your loan consolidations and its benefits

Carefully consider whether loan consolidation is the best option for you. Student Loan consolidation can greatly simplify loan repayment by centralizing your loans to one bill and can lower monthly payments by giving you up to 30 years to repay your loans. You might also have access to alternative repayment plans you would not have had before, and you’ll be able to switch your variable interest rate loans to a fixed interest rate. It will save your life from loan crisis too.

However, if you increase the length of your repayment period, you'll also make more payments and pay more in interest. Be sure to compare your current monthly payments to what monthly payments would be if you consolidated your loans.

You also should consider the impact of losing any borrower benefits offered with the original loans. Borrower benefits from your original loan, which may include interest rate discounts, principal rebates, or some loan cancellation benefits, can significantly reduce the cost of repaying your loans. You might lose those benefits if you consolidate.

If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you can consider reevaluating your budget and income situation as well as your loan amount. You can also consider deferment or forbearance as options for short-term payment relief needs.

Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. The loans that were consolidated are paid off and no longer exist. 

Benefits of Student Loan Consolidate by Bruce Mesnekoff

·  Lower interest rate.

·  Change your variable interest rate loan to a fixed-rate loan.

·  Lower your monthly payment.

·  You anticipate earning more soon.

·  You want to consolidate multiple loans into one easy payment.

·  You want to release a co-signer

·  You're close to paying off your loans

 

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Tips to get Student Loan Forgiveness by Bruce Mesnekoff

Student loan management and consolidation expert Bruce Mesnekoff from United States of America. Bruce Mesnekoff serves as CEO of The Student Loan Help Center. He has developed and implemented programs which have enabled thousands of borrowers to retake control of their previously unmanageable student loan debt successfully.

 

Bruce Mesnekoff works with non-profit financial assistance organizations around the country to ensure consumers are made aware of the newest programs and solutions available to resolve their student loan problems.

 

Bruce Mensekoff  also speaks regularly on local and nationally-syndicated radio programs informing the public about the best ways to pay off their student loans.

 

So Let’s Talk with Bruce Mesnekoff see what we have today from him as tips

 

What are few steps those improtant? Simply talk to your loan provider, Bruce Mesnekoff says. Loan providers are very familiar with federal programs and will be able to help borrowers determine which programs make sense for their circumstances.

 

Below are four ways borrowers can have their federal student loans forgiven through a variety of government programs.

 

1. Become a Public School/College teacher in a low income area.

Thanks to the government's Teacher Forgiveness Program, up to $17,500 of your federal Stafford loans or the entirety of your Perkins loans can be forgiven in exchange for five consecutive, full-time years as a teacher at certain low-income elementary or secondary schools.

2. Join the military services, Army or National Guard.

From the Army to the National Guard, each branch of the military has its own student loan forgiveness program. Forgiven loan amounts usually depend on the level of rank achieved. Those interested should contact their preferred branch to learn about their options, Mayotte suggested.

 

3. Apply for the Income-Based Repayment Plan.

Just about everyone should consider applying for the Income-Based Repayment Plan, Bruce Mesnekoff. The program adjusts students' monthly loan payments to be no more than 15% of their "discretionary" income (the amount of money they make that falls above the federal poverty level).

 

Take, for example, a recent grad who makes $20,000. Because the federal income level within the contiguous United States is $11,490, that means he only makes $8,510 in discretionary income. Under the IBR, he would only have to make payments that were 15% of that $8,510, which equals about $106 a month.

 

It's entirely possible, Bruce Mesnekoff says, that some recent graduates make so little that they qualify to make $0 payments.

After 25 years of making these adjusted loan payments, the borrower's remaining balance is completely forgiven.

 

4. Get a public service, government or non-profit job in USA.

Those who borrowed money under the William D. Ford Federal Direct Loan program can apply to the Public Service Loan Forgiveness Program. In this program, full-time employees in the public service or non-profit sector can have the remainder of their outstanding debt forgiven after they successfully make 120 qualified loan payments.

What kinds of jobs qualify as public service? "Any employment with a federal, state or local government agency, entity, or organization or a not-for-profit organization that has been designated as tax-exempt by the Internal Revenue Service (IRS) under Section 501(c)(3) of the Internal Revenue Code (IRC)," according to the U.S. Office of Education's federal student aid website.

 

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Student Loan Rey payment tips by Bruce Mesnekoff

1.)  Never ignore your student loans anymore!

Affordable payment options by Student Loan Consolidation Services.

We think everyone can agree that student loans are no fun to pay back, but ignoring them can have serious consequences (and it won’t make them go away.) If you’re worried about your student loans or don’t think you can afford your payments, contact Bruce Mesnekoff  for help. No matter what your financial situation is, we can help you find an affordable repayment option.

2.) Research forgiveness options.

Loan forgiveness options.

 

There are legitimate ways to have your loans forgiven, but there are often very specific requirements you must meet in order to qualify. Research forgiveness programs ASAP, as it may affect your repayment strategy. For example, if you’re interested in Public Service Loan Forgiveness, you’ll want to make sure you have the right type of loans from the get-go (which may mean you have to consolidate), and you’ll want to make sure to get on an income-driven repayment plan.

3.) Set a budget.

Budgeting tips

 

Life after graduation gets real, real fast. To make a plan to tackle your student loans, you need to understand what money you have coming in, and what expenses you have going out. If you haven’t already, it’s important that you create a budget. This will help determine your repayment strategy. Here are some budgeting tips to help you get started.

4.) Sign up for automatic payments.

Sign up for automatic debit

 

If you don’t like thinking about your student loans, this is a great solution! Ok, ok, so you’ll still have to think about your loans and make sure you have the money in your account to cover your monthly payments, but you won’t have to worry about missing payments, writing checks, or logging into websites every month to pay your loans manually. Sign up for automatic debit through your loan servicer and your payments will be automatically taken from your bank account each month. As an added bonus, you get cashback or discount from bank and no delay in repayment.

5.) Make extra payments whenever you can (and specify how you want those payments applied).

 

Make extra payments after every 2-3 months.

 

Pay early. Pay often. Pay extra!!

  

If any questions please get back to I am always available with my team for any questions.

 

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Bruce Mesnekoff ‘s Tips To Deal With Student Debt

1). Hacking the grace period.

 

Your student loan provider gives you six months after graduation before you have to start paying on your student loans. Think of it as a graduation present, even though it’s a really lousy one. You have time to get yourself together before you have to start paying your debt, so use this time to get a job. Even if it’s not in your field of choice, find something! Make a budget and then pay yourself your student loan payment. When your grace period is up, you will have a huge payment stashed away in savings to apply to your loans. Plus, you’ve just trained yourself to come up with the money for your monthly payment.

 

2) Consolidate your loans.

 

If you have loans with multiple companies, use the National Student Loan Data System to view all the student loans you have borrowed. This database pulls all student loan information in your name and provides you with the carrier and how much you’ve borrowed. If having multiple student loans carriers bug you, consider consolidating into a Direct Consolidation Loan.

 

3) Auto pay your loan.

 

Interest is not your friend. This is the part about student loans that’s going to cause you the most headache. It seems every time you send in a payment, very little goes toward the actual amount you borrowed and the majority goes towards interest! So here’s the thing, if you sign up for automatic payment through your student loan carrier, many of them offer interest rate deductions. You betta save that money! Sign up for the auto pay and keep a nice little buffer in your checking account so you don’t have to worry about the money being available when it’s time for your payment to be withdrawn.

 

4) Refinance Your Loan

 

Again, it’s worth repeating — interest is not your friend. However, using auto-pay to reduce your interest rate is not your only option. If you can afford the standard repayment plan (usually 10 years), you can probably afford to refinance your student loans and get a lower interest rate. Here’s one thing to consider — if you refinance, you lose those little perks the government offers like economic hardship deferment. Make sure you explore your options and choose what’s best for you.

 

5) Start a Side hustle.

 

Now this one is big! Consider this — make a $500 student loan payment for 10 years under the standard repayment plan, or pay $1,000 a month and cut your repayment period in half? Not only does the second one sound appealing because you’d be getting out of debt quicker, you would be saving money too! That’s years shaved off the life of your loan and less interest paid. So, how can you pay twice your minimum payment a month? Pick up a part-time job, work overtime, or utilize my favorite money making method — side hustling. It’s what I’m doing and I can vouch that it’s working!

 

6) Loan Forgiveness

 

There are two ways you can go about this forgiveness thing — volunteer or choose a career path that allows student loan forgiveness. If you work in public service roles such as teaching, nursing, or certain legal fields, you may qualify for student loan forgiveness.

 

7) Avoid new debt like your life depends on it.

 

Bruce Mesnekoff says, “no new friends.” Well, I’m telling you, no new debt! As long as you’re in debt you are missing out on the power of compound interest. With compound interest, instead of paying interest on a loan, you invest your money and reap the rewards of your money working for you. This is much better than paying to borrow others money.

 

Best of Luck Students!!

 

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Bruce Mesnekoff Talking About Student Loan Refinancing or Consolidation

Student Loan Refinancing or consolidation Is A Scam

Student loan refinancing or consolidation is definitely not a scam, however, there are predatory companies that we’ve discussed before. In fact, many reputable lenders offer student loan refinancing. Student loan refinancing is something that everyone with student loan debt should explore, but they need to be clear about what is and isn’t important to them.

 

For example, do they want to save on monthly payments? Pay less interest over the lifetime of their loan? Or do they need income-based repayment programs that Federal loans offer? These are important questions to ask yourself before considering student loan refinancing.

 

Next, make sure that you look for any hidden fees or costs associated with refinancing. Many direct lenders and marketplace lenders today are transparent, but there are still some “student aid agencies” that are not. The best thing to do is use a calculator to see if student loan refinancing makes sense.

 

Student loan consolidation is the same thing as student loan refinancing.

 

Another common myth is that student loan consolidation is the same thing as student loan refinancing. While in some ways similar, they are two different processes that serve two different purposes.

 

Student loan consolidation is the process of consolidating all of your student loans into one single loan and payment. This is typically done for Federal loans, and can be done free of charge at StudentLoans.gov or for consolidation you can contact Bruce Mesnekoff.

 

However, with student loan refinancing, you actually take out a new loan, and use that loan to pay off all other existing loans. This could be done for one loan or many. Some borrowers refinance in order to consolidate multiple loans. The benefit of refinancing is that you are able to change your loan terms – simply because you are taking out a brand new loan. With the new loan, you can decide on length and interest rates that make sense for you.

 

Can’t Refinance Federal Student Loans ?

 

This myth continues to be perpetuated because the government doesn’t offer student loan refinancing. However, borrowers can refinance their Federal student loans into private student loans, and many companies offer this service.

 

There are definite benefits to keeping your Federal student loans, but if you’re making a steady income, there might be opportunities to save. You just need to know what you may be forgoing by refinancing Federal into private student loans.

 

The most common reasons to keep Federal student loans are:

 

1. you take advantage of student loan forgiveness programs.

2. you take advantage of income-based repayment plans.

 

 

However, borrowers shouldn’t dismiss student loan refinancing into a variable rate student loan. Many variable rate student loans offer significantly lower interest rates compared to fixed rate loans. As a result, even if these loans adjust over time, in many scenarios, the total savings will be less versus a fixed rate loan. You can see a variable rate student loan calculator to discover whether a variable rate loan makes sense.

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Tips by Bruce Mesnekoff to Qualifies for the Student Loan Forgiveness Program in USA?

Some public service workers in USA can have their remaining student loan balance forgiven after working full-time for an eligible organization for 10 plus years. But the eligibility conditions are complicated.

 

For an example as a police officer, you may be able to take advantage of the Public Service Loan Forgiveness program. You must work full-time for a federal, state or local government, a tax-exempt 501(c)(3) nonprofit organization in USA, or a private not-for-profit organization that provides emergency management, military service, public safety, law enforcement, early childhood education or other qualifying services. Note that you can qualify based on where you work rather than your type of job in USA.

 

You have to make 120 monthly payments before the remaining balance on your loans can be forgiven. Only federal direct student loans count. You can consolidate other loans, such as Perkins loans, into a direct consolidation loan, but the 120-month clock starts ticking after you consolidate the loans; any payments you made before that don't count. Only payments made after October 1, 2007, qualify. Your loan payments can't be more than 15 days late, and you must be enrolled in a qualifying repayment plan, such as an income-based repayment plan or the 10-year standard repayment plan.

 

The Department of Education by US govt. will let you know how many qualifying payments you've made so far if you submit an Employment Certification for Public Service Loan Forgiveness form. You aren't required to submit the form until you make the 120 plus payments and apply for loan forgiveness. But it's a good idea to submit the form every few years and whenever you change employers so you can keep track of your status.

 

For more information you can contact Bruce Mesnekoff student loan consolidation expert.

 

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Types of Repayment plans with its unique benefits

You can choose your repayment plan depending on what kind of student loan you have taken.

There are two kinds of loans: private student loans and federal student loans. Rules are different for both the loans.

Private student loans not being a federal fund, has very fewer repayment options.

 

Further there are two kind of federal loans:

  • Federal family education loan (FFEL): These loans are provided by private lenders that are guaranteed by federal government. This means lender gets reimbursement from federal government, if you default.
  • Federal Direct loans: They are given directly by federal government.

How repayment plans work?

 

Repayment plans helps you to reduce students monthly payment, by providing them various multiple repayment programs from which they can select the best that suits. You can even change repayment plans at any time, that too for free!

 

Private student loans have fewer option of repayment as compare to federal student loan.

 

Some of the options for private student loan repayment plans are:

 

Refinance private student loans

 

The best option you can look for is refinancing and consolidating your private loans. You can refinance your private loans with different banks.

 

However consolidation of federal loans is done automatically, but it’s not the case with consolidating private student loans. You have to apply and get the approval. On the basis of your credit score approval will be decides.

 

Forbearance

 

If repaying student loan is problem for you, you can seek your lenders help. Lender can offer you a few forms of limited relief. You should be aware of the fact that forbearance is short term.  In fact, forbearance is subject to lenders approval.

 

Unlike private student loan repayment plans, federal student loan has many repayment plan options. Student can choose wisely the best for them.

 

Here are the repayment plan options for students with federal loans:

 

  •  Standard Repayment Plan

This plan is for all federal subsidized, unsubsidized and consolidated loans.

 

How It Works: The enrolment in this plan will be done is automatically if you do not opt for another one. You need to pay fixed monthly payments of minimum $50 for up to 10 years. It is best for the one who can afford high monthly payments.

 

The Pros: You will save on your money as the loan will be repaid sooner than other plans, as a result ending up paying less interest.

 

The Cons: as compare to other plans, you will have to pay high monthly payments.

  • Graduated Repayment Plan

How It Works: At first your payments will be lower and will gradually increase usually every two years.
It is best for students who are not able to handle higher monthly payments immediately after graduation but are confident that their income will increase progressively


The Pros: It allows you to pay off your loan within 10 years.


The Cons: as compare to standard plan, for graduate plan -you will end up paying more interest for the loan.

 

  •  Extended Repayment Plan

How It Works: This plan allows repayment to be made for up to 25 years. The repayment window for this plan is up to 25 years. The borrower can choose you pay fixed monthly payment or graduated repayment option, where the monthly payment increases over time. The borrower who is having a loan of more than $30000 is eligible for this plan.

It is best for the borrowers, who want to reduce their monthly payments.


The Pros: You will get relief as the monthly payments amount would be smaller, as the loan repayment period is extended up to 25 years.


The Cons: there will be constant burden of payment as the plan is for longer period of time as well as you will end up paying more interest.

  • Income-Based Repayment (IBR)

How It Works: Your monthly payments will be 10 percent of discretionary income. Payments are recalculated each year and are based on your updated income and family size up to 25 years. To take benefits of this plan your debt amount has to be sufficiently high so as to justify repayment period of 25 years.


The Pros: if you payments are regular then any remaining debt after 25 years will be pardoned. Your debts can be forgiven after 10 years if you work in public service.

 

The Cons: if you fail to provide all the income annual documentation to your loan servicer, you will be enrolled automatically in standard repayment plan, which means huge monthly payments, not only this but you will also have to pay income tax on the amount of debt that is forgiven after 25 years.

 

  • Pay As You Earn Repayment (PAYE

How It Works: under this plan, the monthly payment cannot be more than 10 % of your discretionary income. The readjustments in your payment will be done base on your income readjustments.


The Pros: Regular payment will have you forgiven debt after 20 years and if you work in public service, debt is forgiven after 10 years.


The Cons: this plan is only available for the students who have received loan disbursement on or after 1st October, and whose loan amount is high.

 

 

  • Income-Contingent Payment Plan

How It Works: under this plan your monthly payments are decided on one of the two factors, either up to 20% of your discretionary income or a fixed amount based on a 12 year repayment plan. People can only apply for this loan if they don’t qualify for IBR or PAYE plans.


The Pros: the remaining loan amount will be forgiven after regular payments for 25 years.

 

  • Income-Sensitive Repayment Plan

How It Works: your monthly payments will be decided on the basis of your annual income. The income-sensitive repayment plan is an alternative to the income-contingent plan. The borrowers who do not qualify for the latter apply for Income Sensitive repayment plan. It is best for the person with low income and who wants flexibility in their repayment terms.


The Pros: your monthly payment would be from 4 to 25% of your monthly gross income.


The Cons: the availability of this plan is only up to 5 years, after that you need to switch to another repayment plan, under which you have to repay your debts within 10 years or more. This plan needs reapplication every year and there is no assurance that you will be enrolled in this plan.

 

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Ways to pay off student’s loan

We have often heard education leads to success. It’s absolutely true! Students enroll themselves in the best universities as they offer good placements. To make their future bright most of the students dream of acquiring education from best of the universities. But getting into reputed university is not free! And not every student have sufficient fund for education. Ultimately the option left for them is student’s loan.

 

By the time you graduate, you will have multiple loans to repay, whether they are private student loan or federal student loan, no loan comes without interest. After graduation the immediate loan repayment is sure thing to stress you. The repayment starts within 6 months of graduation.

Paying back students loan can be intimidating. But no need to freak out, with determination and a proper plan you will definitely repay your loan.

 

Everyone wish to be debt free as soon as possible. Who likes to spend their hard earned money in repaying loans? No one right. Everyone wish that they could have a great holiday, buy an expensive car or fulfill any dream they have, from their income.

 

Never forget that, defaulting student’s loans can lead to serious consequences. It can ruin your credit score and you won’t be able to apply for any other loan in future. In case of federal loan, be prepared for your wage garnishment as your paycheck will be send directly to the government for repayment of loan. In case of private student’s loan you are not only putting yourself in trouble but also anyone who co-signed your loan is at equal risk.

 

Here are some ways to pay off student’s loan

 

Take a note of the following points which will guide you in repaying students loan with ease and proper understanding.

  • Get a proper understanding of your loans

The most essential thing is to keep track of your lender, balance and repayment schedule for your student’s loan.

  •  Be attentive of details and paperwork

Make sure you are aware of all the information regarding your loan to understand your loan terms. For example, will the interest rate be fixed? Which means it will be the same for the duration of the loan or it will be variable which means they can change during the duration of the loan. Understanding the terms of your loans will keep you away from possible complications.

  • Know Your Grace Period

Grace period is how long you can wait after leaving school to make your first payment. It depends upon the type of loan you taken, for federal loans it is six months. For private student loan, grace period differs, so it’s very important to go through your paperwork and contact your lender to find out the grace period so that you do not miss your first payment.

  • See if you are eligible for Income-Based Repayment

Only students with federal loans are eligible for Income based repayment. If you income is limited, income based repayment allows you to pay on the basis of what you earn, not on what your actual loan payments are. On the basis of Income based repayment plan, tour monthly payment amount will be 15 percent of your flexible income.

If you are repaying under income based repayment for 25 years and meet certain other requirements, any remaining balance will be canceled.

This program is not for the people who hold private loans. Even though your loan is sponsored by a private company, there are possibilities that it could be a federal loan. To make that sure you can login to www.nslds.ed.gov (national student loan data system) to see if you currently have a federal loan.

  • Start making payment while still in school.

If you want to repay student loan faster start paying your loans before you graduate. The interest meter will go on increasing the whole time you’re in school. When your required payments begin, the unpaid interest is”capitalized”, added to your loan balance; interest then is calculated on the new larger, balance. If you are able to make payments while in school that will help in reducing interest capitalization that will save your money.

  • prepay if possible

If you are able to pay more than your fixed monthly payment every time, this will definitely lower the interest amount that you were supposed to pay over the life of the loan. If you are opting to prepay make sure of that you include written request to your lender specifying that the extra amount be applied to your loan balance, and continue making payments each month. Otherwise, your prepayment may automatically be credited to a future payment and you may not be billed for the next month.

  • Ask for Loan Repayment Money for Gifts

If your friends and family want to gift you something like a holiday or birthday/graduation gift, tell them to rather give you funds that you can use to repay your student loan.

  • Ask your employer’s help

Many employers include student loan repayment option as an incentive. Similar to signing bonuses and health benefits, to attract best talent they offer student loan repayment. You can ask your boss for student loan repayment by offering a good deal for the company in return, such as signing a contract for specific period of time or show willingness to relocate wherever they want.

  • Loan Forgiveness

Federal student loans can be forgiven if you work in certain field or for specific type of employers. Public Service Loan Forgiveness is a federal program that forgives any student debt remaining after 10 years of qualifying payments for people in government, nonprofit, and other public service jobs. You can get more details on IBRinfo.org. There are other federal loan forgiveness options available for teachers, nurses, AmeriCorps and Peace Corps volunteers, and other professions, as well as some state, school, and private programs

  • Consolidate your loans

Consolidation loan combines multiple loans into one for a single monthly payment and one fixed interest rate. Keep in mind that you should never consolidate federal loans into a private student loan, that will make you lose all the repayment options like unemployment deferments and loan forgiveness programs which is applicable for federal loans.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Student Loans

Student loans are generally categorized in to following categories:

  1. Private Loans
  2. Federal Loans

Private Loans

 

The private loans are financed to students by banks or financial institutions and not by any kind of federal assistance. Unlike the loans which are profoundly advertised showing lots of benefits, these loans do not have delay payment options. Though this is the best option for students who have taken federal loans and have exhausted the limit of borrowing more of federal loans. These being funded by private sectors and completely unsecured, have higher fees and processing charges along with lesser flexibility in terms of payment.

Generally, private loans companies offers higher loans as compared to federal along with the benefits of various federal repayment plans. These are accompanied with an added benefit of a 6-12 months grace period after graduation to start repayment of loans which enables students to buy some time to establish themselves.

 

Types of Private Student Loans 

 

The private loans are of two types:

  1. School-Channel
  2. Direct to consumer

School-Channel Loans are loans where funds are disbursed directly to the school, the school signs off the borrowing amount and certifies the loan. However, it takes longer to process than federal loans but offers lowest rates of interest. The processing fees in some loans masks the real borrowing costs which enables the privates to afford such lower rates of interest and manage to earn reasonable profits.

 

Direct-to-customer private loans are loans where funds are disbursed directly to the borrower student. The student has to apply for the loans from the lender with minimum documents, who will after verification of the same grant a loan in a matter of days. The rate of interest however, is higher compared to school-channel loans.

 

Private Student Loan Consolidation

 

Whenever the loan cannot be paid or you need a deferment in payment of loans, consolidation is the best option for buy time and meanwhile continuing with the repayment of loans with a little bit of rescheduling in the repayment structure.

 

Private student loans and Federal student loans cannot be combined or consolidated for both are being funded by different entities and both charging different rates of interest. There are however quite a few options for private student loan consolidation.

 

Since the interest rates are decided by the lender, and not the government, there also subsists some additional fees to process the consolidation. The private sector does not have much competition in themselves regarding the amount of loans, hence the private consolidation is all about replacing two or more private student education loans with one another. The primary reason for any student opting for this scheme would be consolidating multiple payments and converting it into one single payment.

 

Also, the reorganization of the term loans will reduce the number of payments but spread the cumulative interest cost over the lifespan of the loan. The loans have to go through the credit rating test, which shows the credibility of the borrower. If the credit score card shows significant improvised ratings, you may get a lower rate on consolidation of loans. For example, after graduation, you secured a job in a very good company and thereby increased your ratings by a couple of points; the consolidation process will become much easier for you.

 

Refinance Student Loans through Credit Unions

 

Credit unions are like financial institutions which has features just like any other bank. It is a NPO (Non-Profit Organization) whose members provides financial services like accepting deposits, providing savings and loans etc. to their own members. The organization is formed by a group of people sharing a common link/bond such as place of employment, religion, community, caste.

 

The membership is generally free but it may also depend from union to union. The Credit union does not only offers financial services, but it also helps the members in creating a self-employment opportunities like starting up a small business and educating their kids.

 

Once you become a member, you will have to run through a test which varies with every union and determine your eligibility. Membership cost is generally zero, but may differ subject to the credit union. With the arrival of credit unions in 2010, a common underwriting and pricing, millions of credit unions were set up.

 

With the credit unions, you will to be expected be able to refinance your private student loans at lower rates. Also, probably you would save hundreds of dollars per annum in overall interest and payment expenses. And all of these without extending your loan tenure!

 

There biggest advantage attached with the credit unions is that if you have a co-signer, you may pay a lower rate of interest. On top of that, credit union loans often allow the co-signer to waive their debt if the borrower has successfully made 12 payments without any deferment.

 

A credit union is a life savior to those students struggling to pay off their debts.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Difference between refinancing and consolidating

If you graduated from the college with the help of financial aid, you might be bogged down with multiple loans. Managing payments of multiple loans is will surely create a panic situation. The simple and easy way to manage student loan debt and pay it off sooner, consider student loan refinancing and consolidation.

 

Refinancing, Consolidation are often used interchangeably. There is a very common misconception regarding what exactly student loan consolidation and student loan refinancing are, how they differ from each other, and which is the best option for borrower to lessen the burden of his or her student loan.

 

Borrowers are not able to take choose the right option as they are often confused between refinancing and consolidating.

 

Even though they can serve a similar purpose, consolidation and refinancing are not the same.

 

What exactly is student loan consolidation?

 

Consolidating is exactly what it sounds like: condensing multiple loans offers into one single loan. A student loan consolidation combines all federal loans into one loan for free. Managing multiple federal student loans is a headache. Chances to miss out bill increases especially when you receive lots of statements every month.

 

The loan management can be simplified by student loan consolidation. Merging your federal loans into one single loan can save you a lot of trouble. You will have to deal with only one monthly statement, one due date, and one set of loan terms, which usually consists of a low, fixed interest rate.

 

Federal Government offers federal student loan consolidation, and it limits to federal student loans, not private loans. If you owe both federal and private student loans, federal government does not consolidate in that case.

 

That doesn’t mean you are left with no option to simply and combine your private and federal loans into one loan. Yes, it is still possible but instead of federal consolidation, you have to opt for refinancing your loans and that is done by private lender, such as bank or credit union.

 

How is refinancing different?

 

Refinancing is like applying for a new loan to pay off your existing loans. This is an effective move if you owe multiple private loans with variable interest rate and want a fixed interest rate that saves you from rate hikes in near future and in turn saves your money. Private loan refinancing is done by private lender like bank and credit unions.

 

If you are considering refinancing private student loans, prepare a loan application and go through underwriting process, through which lender can evaluate your credit rating and income, to conclude if you are eligible. This process is required as refinancing is through private lender.

 

If you are found eligible for refinancing, be happy to get a lower interest rate that will save your money over the life of the loan. Lower payment lets you utilize the cash for paying of other debts, buy a new house or car, take a vacation and much more. If you are capable of making higher payments, you can pay off your debt faster.

 

If you want to combine federal and private loans into single loan, refinancing is the only way! But before merging your federal loan and private loan it’s important to know that you will lose on all the benefits of federal student loans that a government offers.

 

Some of the benefits for federal loans like they offer income based repayment to help students manage their debt. In case of financial hardship like loss of job, federal loans give you an option of forbearance or deferment. Both options give relief to borrowers as you can stop making payments temporarily.

 

There are no such perks from the side of private lenders. No doubt, refinancing will simplify your financial life, but before merging federal loans and private loans, be sure you have a strong financial base.

 

The outline is, if your credit rating is good, you are financially stable, and would like to merge all your loans into one loan at a lower interest rate and you do not want to preserve your access to federal loan benefits , then refinancing is the best option you should consider.

 

If none of the above option works for you, call for help.

 

If you do not qualify for refinancing your private student loan, make efforts on improving your credit risk profile. Which means pay your student loan payments on time and avoid building up credit on credit card balances. This probably improves your risk profile and helps you qualify for refinancing.

 

By any chance, if you are going through financial difficulty, call your servicer and ask for help by explaining your situation. The programs offered differ by private student loan company. Nothing is wrong in making call, asking for help. Remember one thing: if you do not ask help regarding payment, servicer is not going to walk to you to give solutions.

 

No solution is perfect for the growing student loans problem. It could be of a big help if you qualify refinancing or avail advantages of income-based repayment.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Consolidating student loan often confused with refinancing

After graduating, the struggle to repay loans stress students. Many students pay hundreds of dollars each month for repayment of loan. In fact many end up paying more money to repay college debts than they pay for daily expenses.

 

If you are liable to pay more than one student loan, consider consolidating your student loans. Consolidation is one of the best ways to ease financial pressure. Consolidating student’s loan is the process where multiple loans are clubbed into single loan. You then are liable to pay the one larger loan.

 

However consolidation is often confused with refinancing, the terms are definitely going to leave you confused.
You may have been wondering, “Should I consolidate my student loans?” before that know the myths of student loan consolidation.

Myth 1: It’s considered that loan refinancing and consolidation is one and the same.

(Truth: Both terms are similar, but there are differences that are important to know.)

 

“Consolidation” and “refinancing” are often confused as same, but they are two different repayment options.

 

Consolidation generally clubs your multiple federal loans into one. It is done through federal government.  Consolidating loan makes your monthly payment simpler and you can also get access to more favorable repayment plans or forgiveness programs.

 

Refinancing student loan means you take a totally new loan, one with lower interest rate to repay the debts of existing loans.

 

Refinancing and consolidation goes hand in hand for private loans and that the very reason for people’s confusion. For federal loans that’s not the case. If you decide to refinance your federal loans through private lenders, be prepared to lose all federal loan benefits.

Myth 2: private loan and federal loan has same consolidation process.

(Truth: Both the loans consolidation process is different from each other)

 

Government processes federal student loan consolidation whereas private loans are consolidated through private lenders.

 

You might have taken both private loan and federal loan and you may also consider of consolidating federal and private loans together, but to consolidate them into one loan is a rare advice anyone will give.

 

You can consolidate your federal student loans by applying for federal direct consolidation loan on the website Federal Student Aid. Consolidation do not lower your interest rate, no doubt interest rates are fixed. They are calculated by taking a weighted average of the interest rates of the all the loans you’re consolidating.

 

Private loan consolidation is very different from federal loan consolidation. For consolidating private loan you need to apply for a new loan that will help you pay your existing loans. Your potential lenders will evaluate you on the basis of your credit history and, if you qualify, they will make an offer.

Myth 3: People believe that consolidating student loans involves very little mental effort.

(Truth: Student loan consolidation isn’t appropriate for every person.)

 

If you owe multiple federal student loans, one of the best options is federal loan consolidation. You can organize your multiple interest rates, terms and loan servicers into one monthly payment. But consolidation isn’t for everyone,

 

There are benefits of federal student loan consolidation; you can have access to repayment option. Federal loan consolidation can be beneficial if you need to do it to access a repayment option and forgiveness programs. To avail these benefits the borrowers should have federal direct loan.

 

Consolidating your loans means paying more interest over time, as the loan term lengths from 10 to 30 years, depending on your loan balance. The term will be longer if your loan amount is larger. No doubt the longer term will reduce your monthly payment but will increase the amount of interest you will pay.

 

Even though you have long term consolidation loan, you can pay off early and there is no penalty charged. The aim should be always to pay off loans as early as possible to save the most in interest.

Myth 4: Refinancing of federal student loan can be done through federal government.

(Truth: refinancing of student loan is offered by private lenders only.)

 

Refinancing of both federal and private student loans can be done only by private lenders. Though federal government offer student loan, but refinancing of student loan is not offered by them. Refinancing is always done through private lenders

No matter which way you go, refinancing of federal student loan will ultimately become a private loan.  That will make you lose the benefits of federal loan like income-driven repayment plans, forgiveness programs, and deferment and forbearance.

Myth 5: Consolidating of federal student loans, costs money.

(Truth: federal student loan consolidation is free; you shouldn’t pay third party Company to do it for you)

 

Federal government consolidates your federal student loan for free. But there are companies that try to charge you for consolidation process.


To avoid getting involved with a crooked student loan consolidation company, don’t give out your Federal Student Aid (FSA) ID, and don’t send your loan payments to a third-party company.

 

 

These are some of the myths of consolidating, which always tend to confuse people with refinancing.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Wana Repaying Your Student Loans ?

Its good time to start paying back your student loans?  Contrary to popular belief, your student loan payments don’t have to stop you from living your life. You just have to weigh your options and find a strategy that works within your budget. Here are some steps to get you started.

1. Compare your installments

The amount you pay each month toward your student loans will depend on the repayment plan you choose. If you take no action, you will be automatically enrolled in the 10-year Standard Repayment Plan. If you don’t think you can afford that amount or you want a lower monthly payment, consider switching to an income-driven repayment plan, where your monthly payment could be as low as $0 per month. Just know that when you make payments based on your income your monthly payment amount may be lower, but you will likely pay more in total over a longer period of time.

2. Consolidate/ Not to Consolidate

You can discuss with Bruce Mesnekoff Student loan Consolidation Expert, Actually If you borrowed federal student loans before 2011, you may need to consolidate any Feel loans into the Direct Loan program before you can qualify for the better income-driven repayment plans or Public Service Loan Forgiveness. You may also want to consolidate if you have multiple loans and/or servicer and want a single monthly payment. The application takes about 10 minutes.

3. Ask us we suggests affordable repayment plan

If you decide to consolidate, you will choose a repayment plan from within the consolidation application. If you’d like to choose an income-driven plan, choose the Pay As You Earn Plan. It’s the best plan available, and if you don’t qualify for it, your servicer will put you on the next best income-driven repayment plan.

If you aren’t going to consolidate and you’d like to enroll in one of the income-driven repayment plans, learn how to choose the right income-driven repayment plan and Let’s discuss with Bruce Mesnekoff, he will help you instantly.

if you’re interested in a plan other than the standard or one of the income-driven plans, contact us to ask how to enroll.

 4. Set up your payments

You will never pay the U.S. Department of Education directly. In most cases, federal student loan borrowers will make payments to one of our loan servicers. Loan servicers work on behalf of the U.S. Department of Education to collect your payments and provide customer service. Your loan servicer will contact to let you know when your first payment is due and how to make a payment, so it’s very important that you provide your servicer with updated contact information.

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Bruce Mesnekoff and Marc Lichtenfeld Talk on Oxford Club Radio

It’s time for Marc Lichtenfeld’s Oxford Club Radio, the hardest-hitting half-hour about you and your money.

Our guest today is Bruce Mesnekoff, one of the foremost experts on student loan debt and the co-author of The Ultimate Guide to Student Loans. Bruce, thanks so much for joining us today. I was talking about the perception of a student loan debt bubble that could pop at any moment and significantly impact the economy. Is that accurate?

Bruce Mesnekoff: Hi, Marc. Glad to be here. You hit the nail on the head. There’s over $1 trillion in student loan debt now. It’s bigger than credit card debt, believe it or not. The only debt larger in this country is mortgages. And there’s definitely a bubble brewing. At least 10% of people with student loans are already in default, and millions more are struggling. With the power the government has to collect on these loans, which are trickling down to effect people in other areas of life, it’s already making an impact.

Marc Lichtenfeld: Let’s talk a bit about that impact. What power does the government have to collect on these loans, and do we have to be worried about a massive default rippling through the economy?

Bruce Mesnekoff: The defaults are already coming in staggering numbers. And our government’s power to collect on them is unbelievable. If you don’t pay your credit card debt, for instance, you go to collection. If you decide to ignore it, you can declare bankruptcy and wipe some of it out. Other people just ignore it until the collectors stop calling. With student loans, however, what happens is you go into default, which is the government’s term for “collection.” The government immediately raises the interest rate from 3% to 7%, to over 18%. Then it takes your tax refund checks as payment. And that return usually isn’t extra free money for people; they’re counting on it to pay their bills. Yet it’s gone. It’s called a tax offset. The government will also start to garnish your wages. If you’re working, it will take at least 15% of each paycheck to apply to your loans. Yet with your rate now at over 18%, that’s often barely enough to cover the interest. It’s a process that’s very difficult to get out of. It can be utterly devastating.

Marc Lichtenfeld: It’s amazing that they’ll more than double your rate when you’re already struggling to pay the loan.

Bruce Mesnekoff: Yeah, it is. And here’s the double-edged sword. These loans are given out indiscriminately upfront. There’s no credit check. It doesn’t matter if you’ve never had a job or if you have horrible credit. It doesn’t matter what your major is or if you’ll have a chance to pay this back in your chosen career path. Yet the powers-that-be have incredible control over getting their money back. It’s not like other debts, where the collector has to go to court and get a judge’s approval and so on. They can do it with a letter and a 30-day notice. Just like that, the garnishing begins. A lot of people wouldn’t be able to go to college without these loans, but the power they have to give up to get that money is incredible. So it’s a tough issue.

Marc Lichtenfeld: What options do people have for paying these loans if they haven’t yet gotten a job, or if they’re in a job that isn’t paying particularly well?

Bruce Mesnekoff: Fortunately, there are great programs out there. The government has a fantastic consolidation program that offers what it calls income-driven repayment options. That’s been a buzz-phrase this political season. What it means is you can get a plan that’s based on what you can afford, not on what your loan value is. Each year, it reevaluates how much money you make, how many kids you have and so on, adjusting your payment accordingly. You can have extraordinarily high balances, but if you’re in a job where you’re not making much, you might just have a $50 or $100 monthly payment because it’s based on what you can afford. There are also forgiveness programs. If you work in public service or for nonprofit companies, you can get your loans forgiven – tens of thousands of dollars off your loans after paying for a reduced amount of time.

But the government has done a horrible job publicizing these awesome programs. Nobody knows about them. That’s why everyone’s going into default and staying there. They don’t know what to do. My biggest piece of advice is: Do not ignore these loans like you might do with other debts. Don’t ignore them. They just get worse. They destroy your credit. Once your loans are in default, you can’t go back to school again until you get them out. With these programs I’m talking about though, not only will they help you avoid going into default, they can also get you out if you’re already there. We call it a “get-out-of-jail free card.” Now, you can use it just one time. It’ll reset everything and give you a second chance. It’ll start you off fresh, but you have to be proactive. You have to go out and find it and do it.

Marc Lichtenfeld: It’s funny you mentioned that the government hasn’t done a good job publicizing this. Because, just yesterday, I saw President Obama address college newspaper reporters. He mentioned this program, which was the first I’d heard of it. How do people get in touch with the organizations consolidating these loans to get out of default?

Bruce Mesnekoff: You can do a basic online search for federal student loan consolidations, where you’ll find the government’s program. I encourage people to call companies like ours. We’re the Student Loan Help Center. We look at your situation and get you pointed in the right direction. Because even if you know about the government’s programs, they’re not so easy to navigate if you’re not familiar with how the system works. Some people get involved and it doesn’t go so well for them. So I encourage you to reach out to someone with experience. Call us anytime at 855.280.0850, or we have a website: www.quickconsolitation.org. I can’t stress enough that the wrong thing to do is ignore your loans. There is help. Many people qualify for zero payments, where they don’t have to pay anything because they can’t afford anything. Yet they’ll stay out of default and their loans will still stay current. That’s a real option through these programs, but you have to be proactive.

Marc Lichtenfeld: Wow. Sounds like you’re doing great work. I’m so glad there are solutions because it’s a very scary-sounding thing. So thank you very much for joining us. Again, this was Bruce Mesnekoff, and the website is www.quickconsolidation.org.

 

My thanks to Bruce Mesnekoff, Curtis Daniels, Alex Moschina and all of you for listening. We’ll be back the same time next week. Until then, I hope your longs go up and your shorts go down. I’m Marc Lichtenfeld.

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Bruce Mesnekoff talking about why student loan debit crises hottest issue in USA in elections time

The United States’ student loan debt crisis has become a hot-button issue in this presidential campaign But how, exactly, did we get here in the first place? Well, we’re here to break it down and how this issue will sort out. How we can student can get relief from their loan with government helps.


In 1993, college students graduated with an average of $10,000 each in loan debt. By 2015, they had an average of $35,000. Almost 70% of students who earn Bachelor’s degrees have at least some student loan debt. That means there are 40 million people in the United States who collectively owe $1.2 trillion in student loan debt.

The blame lies with the USA economy itself. Workers haven’t been receiving raises, which means there’s less money to save for college tuition, leading to more loans. On top of that, tuition costs have risen, partly because there’s been less state and federal funding for state schools since 2008. And the icing on the cake? American workers often don’t make enough money to repay their student loan debt, even if they’re employed in fields that require college degrees. Of those who began paying their loans back in 2011, nearly 14 percent had defaulted within two years.

It’s no wonder that our recent Vote Your Values poll, conducted in collaboration with ABC News, found that 21% of millennial women view student loan debt as the most important issue to them this election season.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Bruce Mesnekoff discuss student loan forgiveness plan by US administration

The US administration in this month began sending letters to nearly 400,000 people with permanent disabilities, in an attempt to help them through the process of discharging their student loans debits.

The U.S. Department of Education last week announced a new process to identify those eligible for an already existing federal loan forgiveness program set up for those who are permanently or severely disabled and unable to work.

The letter campaign was set to begin April 18, and included approximately 389,000 people the agency has identified as eligible; more than 179,000 of those people are already in default. The department estimates the loans eligible for forgiveness amount to about $8 billion.

Under Secretary of Education Ted Mitchell said last week that too few borrowers have used the program as they may not know about it, or found it too complicated to apply.

"These are people who are struggling with health issues. We want to take one worry off their plate," Mitchell said in an interview with The Associated Press. He said the department worked with the Social Security Administration to identify those with loans who were also receiving disability payments and were deemed permanently disabled.

 

According to Bruce Mesnekoff expert student loan consultant the letters to be received by those eligible will include an application to be signed and returned. The borrowers will not be required to submit documentation proving eligibility

However, there will be a three-year monitoring period. If the eligible person eans above a certain threshold, they may have to start making payments again.

 

US President called for a more streamlined approach last year as part of his Student Aid Bill of Rights.

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Postpone Student Loan Payments with Deferment & Forbearance Options

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Under certain circumstances, if a borrower is unable to make loan payments on time owing to temporary financial complexities, he/she may qualify for a period of forbearance or deferment. During this period, a debtor is temporarily allowed to reduce or postpone payments for the federal student loan availed. This helps in avoiding credit defaults to great degrees.
So, what exactly is a deferment or forbearance and under what circumstances a person is granted this discretion? This blog attempts to throw light on these interim repayment suspensions options to help readers understand the necessary requirements to qualify for such programs, if and when required.

bruce-mesnekoffDeferment: This option entitles a borrower having short-term problems in repaying federal student loan to postpone his/her monthly principal payment for an explicit period of time. The alternative enables a person to protect his/her credit for a given time. Besides, if a student entails Direct Subsidized Loans, he/she is further discharged from paying interests on the loan all through the deferment period. However, interest would be persistently charge don FFEL Unsubsidized as well as PLUS loans, which if not paid, would be capitalized at the conclusion of the deferment period.

A student, in general, may be eligible for a deferment if:

  • He/she has put down his/her name at a qualified post- secondary school (at least half the time)
  • He/she has completed a full-time course in a fellowship graduate program
  • He/she was a part of an appropriate full-time rehabilitation program for people with disabilities
  • He/she remained unemployed or was unable to acquire a full-time job for a maximum period of 3 years
  • He/she is experiencing a certain kind of economic hardship as distinguished by the federal regulations for a maximum period of 3 years
  • He/she is serving military operations or any other national emergency services before or after October 1, 2007, for a period greater than 180 days following the completion date of the qualifying service
  • He/she has played an active role as a member of the U.S. armed forces or National Services for at least 50% of his/her time at a qualified school or institution

Forbearance: It is a period in which a borrower’s monthly loan instalments are either reduced or suspended temporarily. It is considered as a costly alternative due to the fact that the interest accrued on loan is not suspended for the given time. It is recommended to avail this option only after carefully exploring and evaluating other income-driven loan repayment plans. Besides, it is further advised that people applying for a forbearance option for a period of 12 months should, if possible, elect to exit the status, once their financial situation improves. An individual is granted a forbearance option if he/she meets any one of the requirements as mentioned below:

  • bruce-mesnekoffIf a debtor is not able to timely make the scheduled loan payments due to reasons involving, but not restrained
    to, illness and financial hardships
  • If a person is working as a dental or medical intern or is fulfilling a residency program and essentially meets certain specific requirements
  • If the aggregate amount that an individual is obligated to pay every month for Title IV student loans he/she has received is greater than or equal to 20% of the gross monthly income for a consecutive period of more than three years
  • If a borrower is working in a qualified AmeriCorps firm
  • If a person is serving as a teacher in a capacity that qualifies for loan forgiveness requirements under the Teacher Loan Forgiveness Program
  • If an individual is eligible for a partial repayment of loan underneath the Student Loan Repayment Program, which is administered by the country’s Defense Department
  • If a debtor is actively participating in the operations of the U.S. armed forces

How Making Payments During a Forbearance or Deferment Period Makes Difference?

Managing loan payments with forbearance or deferment alternatives provides a grace period to the borrower. In deferment option, this greatly lowers the overall amount that needs to be paid over the entire span of loan life as interest is not charged during the grace period. And so, any loan payment made in this period reduces the total principal balance. Besides, even if an individual chooses to avail forbearance option and makes any payment during this period then as the interest commences to accrue, it would be based on a relatively lower balance. And so, the total interest required to pay on the loan reduces by a significant amount.

It is, therefore, recommended by the financial advisers, as a general thumb rule, to make payments in the deferment or forbearance period for it reduces both the principal balance as well as interest accrued on the loan.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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Direct Consolidated Loans and Their Effects by Bruce Mesnekoff

Whoever said that education is the key to unlock the golden door to freedom had never heard of Student Loans! Most students, by the time they graduate, will have multiple loans to repay and each of these loans come with a different interest rate. Whether they are federal student loans, private student loans or a combination of both, the loan repayment is expected to start within 6 months of graduation and they are dark shadows that loom over the student’s future until the loan amounts are totally repaid. For most graduates, if they are prudent in their spending and careful about the loan repayment dates, the loan repayment period can be anywhere between 15 to 20 years; it may even extend to longer than that if the student has opted for either a deferred plan or a plan with smaller monthly repayments.

bruce-mesnekoff

Interests form a big enough share of the total loan repayment amount to prompt students to look for alternative methods of loan repayment. Another consideration could be the difficulty in keeping up with the repayment dates of each loan. The direct consolidated loan option can help tackle both challenges. Not only does loan consolidation allow all the interest rates to be averaged out into one, but it also helps in just one repayment per month. The ease of repayment and converting very high interest rates into manageable ones are two significant reasons for any graduate to consider converting to direct consolidated loans.

bruce-mesnekoff

Consolidation of loans is equivalent to refinancing a loan. The terms and conditions of loan repayment and the installment values will change. Keep in mind that only Federal loans can be consolidated. So, if you have taken private loans or loans that carry no federal guarantee to finance your tuition fees and living expenses while in college, be aware that these loans will not come under the purview of consolidated loans. The terms and conditions that you agreed on while applying for any private loan will remain unchanged. The loans that can be included in consolidation are any loans that you have taken under the following programmes : Subsidized or Unsubsidized Stafford Loans, Supplemental Loans for Students (SLS), Federally Insured Student Loans (FISL), PLUS loans, Direct Loans, Perkins Loans and Health Education Assistance Loans.

Bruce-mesnekoff

 

Since the purpose of direct consolidated loan is to have a certain fixed interest rate, which will be calculated as an average of the various interest rates that you have borrowed on, you can expect some relief with regards to those loan repayments that were borrowed on very high interest rates. Bear in mind that the lowest interest rates will also be affected so do your calculations before applying for the consolidated loan. If you are repaying loans from the time when variable interest rates were in operation, then consolidated loans will convert those variable rates into one fixed rate. The repayment terms of the consolidated loan will also change since it will be considered as a new loan and you may extend the repayment period to up to 30 years. This may not necessarily be an advantageous mix for all, as extending the loan repayment period also increases the total interest to be paid on a loan. For detailed information on how your repayment rates will be affected and how much total interest you will pay in case you opt for consolidated loan, check with the consolidated servicer while filling the application.

Another aspect that may be adversely impacted if you opt for direct consolidated loan is the grace period of your existing loan. If your loan provider has offered you a certain grace period for your loan repayment, that period will be wiped out in consolidated loan. Within 60 days of your application approval for consolidated loan, you are expected to begin your repayment. If you have been the beneficiary of Perkin Loans under the firefighters, police officers or teachers schemes, the future benefits of these loans will also be nullified. From the day your consolidated loan application is approved, you will pay a flat interest rate on all federal loans, irrespective of the type or the scheme under which you were initially offered the federal loan.

 

An individual can apply for a direct consolidated loan after graduation or half way through the programme in case he/she is dropping out and StudentLoans.gov is the only website through which applications for loan consolidation can be made. Though the department prefers that you apply online, you can also download and fill paper applications to be submitted by regular mail. Any queries on the process, how it will affect you, which loans can be consolidated, technical assistance, etc can be addressed through this site. Once your application has been successfully submitted, you will be assigned a loan servicer who can answer all questions regarding the subsequent process.

 

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Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

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7 Ways To Know Repayment Options Of Your Federal Student Loans by Bruce Mesnekoff

1 Standard Repayment Plan

Plan works for all federal subsidized, unsubsidized and consolidated loans and is best suitable for those who are ready to pay high monthly installments for 10 years to pay the loan in full.

2 Graduated Repayment Plan

This plan starts with a low repayment amount initially and gradually increases it every two years. It works on the assumption that the student graduate may not be able to keep aside large sums immediately after graduation, and as they progress in their career and as their income increases, they will be able to make higher repayments every couple of years. It still allows for the total loan repayment at the end of 10 years, though the interest charged is higher than the Standard Repayment Plan. This plan, like the Standard Repayment Plan, is not eligible for any cancellation of outstanding debts after the 10 year repayment period. If some amount is still unpaid, the plan will continue. Its attractive terms make this plan one of the most popular federal student loan repayment options.

3 Extended Repayment Plan

This plan allows for the repayments to be made for up to 25 years from the date of graduation but to be eligible for this plan, the borrower needs to have more than $30,000 in student loans. The borrower can choose from fixed monthly installment option or graduated repayment option which means that the repayment amount will be set low at first but will increase as the years pass. Smaller installments at first would ensure easier payment but the borrower has to make payments over a long period of time, thus paying a higher interest compared to the earlier two plans.

4 Income Based Repayment (IBR) Plan

In Income Based Repayment Plan, the monthly payments are capped at 10-15% of your total discretionary income to start with, and this amount can be readjusted every year based on your income and family size. This repayment plan is made with the repayment period of up to 25 years. If at the end of 25 years, any loan amount is still pending, that debt can be forgiven. To avail this plan, your debt amount should be sufficiently large to justify 25 year repayment period and you will have to regularly furnish your income details to readjust the repayment amount.

5 Pay As You Earn (PAYE) Repayment Plan

Under this plan, the monthly payments cannot be more than 10% of your discretionary income, and based on your income readjustments every year, the repayment amount will also be readjusted. If you have been regular in your repayments for 20 years, you may expect the rest of the debt to be forgiven; for those in public service, their debt can be forgiven after only 10 years of regular repayment. But this plan is available to only those who signed up for loan disbursement on or after 1 October 2011 and whose loan amount is high.

6 Income Contingent Repayment (ICR) Plan

This plan is also for repayment upto 20 years after borrowing, though it decides the monthly payment on one of the two factors, either up to 20% of your discretionary income or a fixed amount based on a 12 year repayment plan. Whatever loan amount is still unpaid after 25 years can be forgiven under this plan. This plan is only for those borrowers who do not qualify for the IBR or PAYE plans since the interest rates are considerably higher here.

7 Income Sensitive Repayment Plan

In this plan the monthly repayments are decided according to the annual income and the amount can be anywhere between 4% to 25% of the monthly gross income. The continual enrolment in this plan is not guaranteed and the borrower has to reapply with relevant documents every year. Also this plan can be subscribed to for a maximum of 5 years after which the borrower will have to switch to another plan where he/she may get another 10 year repayment terms. This plan is one of those federal student loan repayment options that are designed for low-income borrowers who cannot predict their future income and would like to consider terms year-on-year.

Contact Bruce mesnekoff for any further assistance

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

You can find Bruce Mesnekoff on socials too.

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Getting Rid of Student Loan Debt without Bankruptcy and through Settlement

Federal student loan debt should not be allowed to go on default, but if this will happen, settlement should be planned, and this will free the student borrower from encountering several future problems, according to Bruce Mesnekoff. As founder and Senior Partner of The Student Loan Help Center, many student borrowers who had problems on their student loans received help and solutions regarding their student loan debts and efficiently managing repayments. Student loans on default will have a great impact on the lives of the student borrowers, especially when wage garnishment is done by the lender, and they don’t even need a court order for this. Garnishment can even include tax refunds and other Social Security benefits the student borrower has. However, filing for bankruptcy may also be not the right option because there can be a solution to this student loan debt problem.bruce-mesnekoff

According to Bruce Mesnekoff, the nationally recognized expert on student loan management and consolidation, borrowers struggling with their student loan debts can have various options with regards to settlement of their loan debts. Settlement can be a good option, rather than filing for bankruptcy, although the student borrower will need a huge sum for this. The overall aim is to have a reduced payment amount for the student loan debt, and the negotiating skills of the student borrower will play a good role in this situation, according to Bruce Mesnekoff. This can also be a situation where the help of the experts is greatly needed, in this particular regard.

Filing for bankruptcy can be with great impact on the credit standing of the student borrower, and this can be of little help. What can be better done is talking with the loan agency or collector and negotiating for discounts on the loan payment to be made, according to Bruce Mesnekoff. Getting help from the experts can also be better done in this situation. There can also be other options like loan consolidation, which can also be of great help. The monthly amount of repayments can be much lower if this is approved and interest rate also changed and loan term extended, although the total amount paid can be higher. What is beneficial to the borrower though is that monthly repayment is already affordable.

What is important is that no wage garnishment is done and the student loan is paid in small and affordable payment amounts. The student borrower will not be placed in a more severe financial difficulty and the loan debt is paid based on financial capability. This will need the help of the experts, to place everything in its proper place, per Bruce Mesnekoff, the expert in this matter.

 

Contact Bruce mesnekoff for any further assistance

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

You can find Bruce Mesnekoff on socials too.

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Getting A Loan Without a Home

It is indeed not wise to rent a home for the rest of your life.  This is so true especially if you already have a growing family.  As a parent, you certainly need to secure your kids with a shelter that they could truly call their own.  Actually, this may even be a more practical choice because if you rent, you could actually be spending a lot more in the end.  However, one of the reasons why you may have never entertained having your own home is that this may seem a bit expensive.  It is a fact though that building a home nowadays is quite costly.

You really do not have to possess a huge amount of cash before you could have your dream house built.  The best option would be to acquire a loan which you could use for the construction.  While this may seem quite convenient, you still could not move forward because of the fact that you do not have a home to present as a collateral for the loan.  The idea that may serve as a blocking device is that without a real property to present to the creditor, there is no way that your loan request would be approved. However, you are totally wrong with this notion.

 

The truth is that it is actually possible for you to acquire a loan even when you do not have a home.  All that is really necessary is for you to be found reliable.  This is the reason why the creditor would have to conduct an investigation on your background.  It may have to pry into your life as an employee or as a business owner.  The main reason, of course, is not about the assault on your privacy.  Instead, it is a way of making sure that you would indeed be able to repay the loan that you have incurred.

The creditor would take a look into your credit record. If it finds out that you are a good borrower and that you would actually make the effort of repaying the loan on an installment basis on time, it would not hesitate to approve your request for a home loan.  This is the reason why you should make it a point to avoid situations where you would find difficulty in paying back the creditors.   To sum this point up, if you have been proven to be a good borrower, no creditor would surely turn your request for a home loan down.

 

Since you do not have a collateral to present though, you should expect that the creditors would expect the risks to be on their end.  This is the reason why they may consider imposing a higher interest rate on the loan that you are getting.  While this may be the sad part, you should remember that this may be a better condition rather than not being able to build a home for yourself and for your family.  After all, the property would ultimately become yours.  This should clearly be a fair deal.

 

Contact Bruce mesnekoff for any further assistance

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

You can find Bruce Mesnekoff on socials too.

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Student Loans on Default and Its Possible Consequences

When student loans start to get delinquent because no payments are made for nine months straight and the student loan going on default, many things can happen and these are not good consequences that the borrower will get, according to Bruce Mesnekoffthe nationally recognized expert on student loan management and consolidation. Wage garnishment can happen, and including other benefits like Social Security benefits and even tax refunds will no longer be enjoyed by the borrower. If the student borrower is married and they file their tax returns jointly, offset of the spouse’s tax returns can also happen. These are bad consequences that student borrowers can avoid if they will not let their student loans go to default.

Since student loan on default is the situation, the student borrower should prevent this from happening, and there are solutions to this, per Bruce MesnekoffConsolidation of student loans is an example, said the expert on student loan management and consolidation, Bruce Mesnekoff.When this is done, the student borrower will already have the more affordable repayment amount, and lesser possibilities for the consolidated loan to get delinquent. Possible financial difficulties will be avoided because the consolidated loan amount for payment is low and thus affordable. What the student borrower should just do is to coordinate and talk this over with the loan provider and collector, for eligibility purposes and also application of the loan consolidation.

There are possibly several repercussions happening when the student loan gets to default status and should be avoided, according to Bruce MesnekoffSince there are steps that can be done, the student borrower should start initiating things. The help of the experts can also be sought because these are the people who know expertly what should be done. The negotiating skills of the borrower should be honed because this is the key to get the loan consolidation approved. Rehabilitation of the student loan can also be a solution, and this will also need the negotiating skills of the student borrower. All these should be thought of because the goal is to prevent the student loan from going to default, of which many possible bad consequences can result.

Aside from wage garnishment and tax refund offset happening, credit standing of the student borrower can also be affected, and these are not good to the overall standing of the borrower. Collection charges and fees can be imposed, and thus increasing the total loan amount, when the student loan is already n default status. These things can be avoided and there are steps that can be done to avoid the loan default, according to Bruce Mesnekoffthe expert on this subject.

Contact Bruce mesnekoff for any further assistance

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

You can find Bruce Mesnekoff on socials too.

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Some Great Ideas to Keep Your Student Loans Reined

Bruce Mesnekoff has always told students to be very careful with the loans that they incurred.  If they are not very careful on this matter, they are most likely to suffer the consequences once the time comes that they would have to start repaying their loans.  This is the reason why you should come to learn about some of the most effective ideas to keep your loans under control.   One of this is not to immediately settle for the first loan offer that you would encounter.  You do have to learn more about the offers of the other potential loan providers so that you could actually get a good deal.

It is normal for creditors to frequently give information to their borrowers regarding their statuses.  bruce-mesnekoffIf you are a borrower, you should see to it that you would be getting this information without misses.  This could be done by just making sure that you check always your mailbox.  Bruce Mesnekoff reminds students that the creditors have always seen to it that the student borrowers are informed about their situations.  Of course, unless you do your part in checking your mailbox or your inbox, there is a possibility that you would not get the necessary information. This is something that Bruce Mesnekoff has been warning students about.

There are many documentary requirements that are asked once you are in the stage of processing your own student loan.  But the paperwork does not stop there.  You would also have to make sure that your papers related to the loan are in order always.  Through this, you would certainly be aware of the developments, especially when you have already begun making payments.  Aside from this, there would be times when you would be required to attend sessions where loan problems are going to be discussed.  Bruce Mesnekoff says that by attending these, you would get more ideas about how to deal with your student loans.

It is during college that you would learn a lot of things.  The learning does not stop at the four walls of the classroom.  In fact, you would get to know more about life outside of it.  It is also during this stage when you would have the opportunity to learn how to take control of your finances.  This includes making your budget and actually sticking to it.  At this point also, says Bruce Mesnekoff, you would get to know how to put your student loans under effective control.

Contact Bruce mesnekoff for any further assistance

Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America

You can find Bruce Mesnekoff on socials too.

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