04 Jun Student Loan Relief in the US Made Easy by Jason Spencer Dallas
In today’s economy, it has become increasingly difficult to repay the student loan. This has made many Americans angry and frustrated due to the weight associated with the hefty loans and interest accruement. It thus comes as no surprise that there are several student loan relief programs available to many people. Offering student loan forgiveness, payment reduction, payment postponement to interest rate reduction; Americans like Jason Spencer Dallas can now breathe easy and begin to enjoy their lives again.
While it is hard to find a job after college, it is even harder to get one that will support your repayments. The government has passed enough laws to help borrowers pay their debt but this information is not reaching the public. This is why going to serving companies that help with student loans is becoming a favored option to many. These companies such as Jason Spencer student loan relief have done extensive research and can guide you on how to benefit from these programs. Borrowers get their applications filled out and create a strategy that will work effectively and reduce the burden.
When it comes to getting assistance with student loans, you will need someone who is well versed and experienced in the repayment process. There are so many repayment plans available. Without qualified help, it would be hard to get a plan that will meet and fulfill your needs. Under these programs, you can either have a payment made directly to the lender by your employer or receive funds to help pay your loan. Plans such as standard plan enable you to pay fixed amounts until the loan is paid in full or the graduated plan where payments start low and increase every two years. By contacting Jason Spencer student loan relief, you will get information on different plans available and advice on the most suitable for you.
Another great opportunity to eliminate a student loan is through student loan forgiveness programs. These programs are backed by the federal government and require one to work full time in public service or apply for student loans under the Perkins and Stafford loans programs. After making approximately 120 monthly payments, your loan is erased completely. Below are a few examples of these programs.
The teacher student loan forgiveness was a program created to encourage people to pursue a teaching career. If you are a teacher or an administrator in a public school where you have served in low income or high-risk schools, you can have up to $17500 forgiven after 5 years. However, constant payments must be made during the five years and you must be under the direct loan program to qualify.
If you are a licensed social worker who has served for 4 years in areas such as mental health, health, child welfare, aging and so much more; you might be eligible for the social worker student loan forgiveness. For this program, borrowers need to have worked in critical human service areas and made their payments on time as well.
The nurse student loan forgiveness program is another area under PLSF. It was created to encourage graduates to seek employment in states with critical nursing shortages. And just like teachers, medics, policemen, and firefighters, you will need to make payments under plans such as PAYE, IBR and the 10-year standard repayment plan. Moreover, your loan should also be a direct loan.
If you fail to make payments as scheduled, you risk going into student loan default. This brings in a lot of negative consequences such as difficulty when applying for home owner’s insurance, signing up for utilities, applying for a cell phone plan and can give you a bad credit rating. Depending on the program, default normally occurs when you fail to make payments for 270 days and forces the federal government, financial institution or school to take action. One of the most popular ways is by student loan garnishment. Employers who have employed graduates who have defaulted deduct 15% of the borrower’s income until the outstanding amount is paid in full or the IRS takes the income tax refund until the defaulted loan is paid. However, to object to garnishment, the borrower should provide a written statement within 65 days of the notice and provide further evidence.
The good news is that there are some rehabilitation programs that can help you get out of default and stop the garnishment and the seizure of tax refunds.
If in any case, you fail to get employment or work under 30 hours per week, you can qualify for unemployed student loans. You can apply for a deferment to temporarily suspend paying your student loan while unemployed. Once you get employment, you should notify your lender and stop the deferment.
Jason Spencer student loan relief can help consolidate multiple federal loans into one in order to make one payment. This provides a real and tangible solution that minimizes the growth of compound interest and gives you room to breathe. Instead of having to deal with multiple payments, you only make one to see a significant change in your student loan debt.
With the right student loan relief program, you will need to make regular payments and keep clear communication with your lender. Only then can you have peace of mind!
by Jason Spencer Dallas Texas