Income-based repayment (IBR) student loan help programs are going unused by the majority of the almost 40 million Americans who currently have outstanding post education debt. With only 65% of those who applied currently enrolled to take part of the program, there are many others who could qualify.
The Department of Education offers student loan debt help programs, yet many borrowers are unaware of their repayment options. Borrowers are not educated as to their repayment options when student loans are initially taken out. When it is time to repay, many are falling delinquent with the lack of understanding available options. There are paid for debt services that connect borrowers to qualified programs in order to get their payments back on track. National Student Loan Relief is a great example of a company cutting through the red tape and bringing loan debt opportunities alive for many struggling debtors.
IBR programs are there to help qualified debtors find relief with their student loan debt. This generous repayment program has clear qualification guidelines, but if you do have loans which can be accepted into the program, you will find immense saving opportunities.
President Obama has created a new plan for federal loans issued after October 1, 2007. Those issued prior to that date will continue with the same old plan. Either plan is helpful; any borrower should take advantage of the savings being offered.
Who would not want to be part of a program which caps the years of payments, forgives the remainder and limits the long-term interest. Both IBR programs hold the potential to bring debtors out of delinquent standing and heading towards solving student loan debt affordability problems.
The old IBR program has a 25 year repayment program. The monthly payments are based on up to 15% of a person's discretionary monthly income. A debtor will be able to afford family costs and contribute to their student debt repayment plan.
With the introduction of the 2010 Health Care and Education Reconciliation Act, those who took educational loans out after October 1, 2007 could possibly qualify for additional student loan savings. The repayment period drops from 25 to 30 years and the percentage of discretionary income drops by a third to 10%.
Both programs offer savings. They are only accessible through an application process. NSLR will not only be able to help a client save money through this program but also connect to other forgiveness programs if they qualify.
The Department of Education offers some great free assistance programs for those who know what is available. Both low and high income starting salaried workers will be able to save once connected to the proper program(s). There is a student loan debt mindset which needs to be overcome in order for these programs to be helpful. The fear of being tied to a repayment plan for two decades or more keeps people from applying. Without utilizing the available options for significant relief, debtors who choose forbearance and deferments will often land in default. The numbers of debtors who are just unaware of what is offered is too high. Ask for help, and the programs with the most savings may not be the first option offered. It takes services with all the information to connect a person to the best plan from the get go. The small fee collected to do the leg work involved in qualifying for student debt relief help programs will be worth the tens of thousands in potential savings.
The Department of Education offers student loan debt help programs, yet many borrowers are unaware of their repayment options. Borrowers are not educated as to their repayment options when student loans are initially taken out. When it is time to repay, many are falling delinquent with the lack of understanding available options. There are paid for debt services that connect borrowers to qualified programs in order to get their payments back on track. National Student Loan Relief is a great example of a company cutting through the red tape and bringing loan debt opportunities alive for many struggling debtors.
IBR programs are there to help qualified debtors find relief with their student loan debt. This generous repayment program has clear qualification guidelines, but if you do have loans which can be accepted into the program, you will find immense saving opportunities.
President Obama has created a new plan for federal loans issued after October 1, 2007. Those issued prior to that date will continue with the same old plan. Either plan is helpful; any borrower should take advantage of the savings being offered.
Who would not want to be part of a program which caps the years of payments, forgives the remainder and limits the long-term interest. Both IBR programs hold the potential to bring debtors out of delinquent standing and heading towards solving student loan debt affordability problems.
The old IBR program has a 25 year repayment program. The monthly payments are based on up to 15% of a person's discretionary monthly income. A debtor will be able to afford family costs and contribute to their student debt repayment plan.
With the introduction of the 2010 Health Care and Education Reconciliation Act, those who took educational loans out after October 1, 2007 could possibly qualify for additional student loan savings. The repayment period drops from 25 to 30 years and the percentage of discretionary income drops by a third to 10%.
Both programs offer savings. They are only accessible through an application process. NSLR will not only be able to help a client save money through this program but also connect to other forgiveness programs if they qualify.
The Department of Education offers some great free assistance programs for those who know what is available. Both low and high income starting salaried workers will be able to save once connected to the proper program(s). There is a student loan debt mindset which needs to be overcome in order for these programs to be helpful. The fear of being tied to a repayment plan for two decades or more keeps people from applying. Without utilizing the available options for significant relief, debtors who choose forbearance and deferments will often land in default. The numbers of debtors who are just unaware of what is offered is too high. Ask for help, and the programs with the most savings may not be the first option offered. It takes services with all the information to connect a person to the best plan from the get go. The small fee collected to do the leg work involved in qualifying for student debt relief help programs will be worth the tens of thousands in potential savings.